Related provisions for REC 6.5.1

81 - 100 of 516 items.

DEPP 7.1.1G01/04/2013

1DEPP 7 applies when the FCA3:3(1) has appointed an investigator at the request of an overseas regulator, under section 169(1)(b) (Assistance to overseas regulators) or of an EEA regulator under section 131FA2 of the Act; and(2) has directed, or is considering directing, the investigator, under section 169(7) or section 131FA2 of the Act, to permit a representative of the overseas regulator or of the EEA regulator2 to attend, and take part in, any interview conducted for the purposes

DEPP 7.1.2G01/04/2013

In DEPP 7, a "requested2 interview" means any interview conducted for the purposes of an investigation under section 169(1)(b) or section 131FA2 of the Act in relation to which the FCA3 has given a direction under section 169(7) or section 131FA2 of the Act.23

DEPP 7.1.3G01/04/2013

The purpose of DEPP 7 is to set out the FCA's3 statement of policy on the conduct of interviews to which a direction under section 169(7) or section 131FA2 has been given or the FCA3 is considering giving. The FCA3 is required to prepare and publish this statement of policy by section 169(9) and (11) and section 131FA2 of the Act. As required by section 169(10) and section 131FA2 of the Act, the Treasury has approved the statement of policy.333

FEES 3.2.5G01/03/2016

(1) (a) 37The appropriate authorisation or registration 8fee is an integral part of an application for, or an application for a variation of, a Part 4A permission ,24 authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations, registration under article 8(1) of the MCD Order80or notification or registration under the AIFMD UK regulation24.16248(b) 37 Any application or notification24 received by the37FCA without the accompanying

FEES 3.2.7R01/04/2016

Table of application, notification, vetting and other fees payable to the FCA32

31Part 1: Application, notification and vetting fees
31(1) Fee payer	(2) Fee payable (£)37	Due date
(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (ga) of this table26	(1) Unless (2) or (3) 80applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part 11 which apply to that application. When both (A) and (B) apply, 50% of the tariff payable under (1):34 (2) 50% of the tariff payable under (1) is payable when either (a) or (b) apply: (a) the application is one referred to in paragraph p; or (b) the application is a limited permission case under . (A) the application only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6; and34 (B) the application is:34 (i) a straightforward case under paragraph 2(d) or 3(g) of FEES 3 Annex 1; (ii) a moderately complex case under paragraph 2(e) or 3(h) of FEES 3 Annex 1; or (iii) a limited permission case under paragraph 3(i) of FEES 3 Annex 1. (3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission, the fee payable is the higher of: 80 (i) the fee otherwise payable in (1) or (2); and 80 (ii) the fee payable in FEES 3 Annex 10AR. 80 1 34 34 34 34	On or before the application is made
(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant application”)30	As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application.	Within 30 days of the date of the invoice.
(b) Any Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right, except for a firm providing cross border services only4	(1) Where no certificate has been issued under paragraph 3(4) of Schedule 4 to the Act the fee payable is, in respect of a particular exercise, set out in FEES 3 Annex 1, part 4 (2) Where a certificate in (i) has been issued no fee is payable	On or before the notice of exercise is given
(c) Any applicant for a certificate under article 54 of the Regulated Activities Order	2,000	On or before the application is made
(d) Applicants for an authorisation order for, or recognition under section 272 of the Act 27 of, a collective investment scheme	FEES 3 Annex 2R, part 227 27	On or before the application is made
(da) Applicants for the authorisation of an AIF as a UK ELTIF 36	FEES 3 Annex 2R, part 2A36	On or before the date the application is made36
(e) The management company 27 of a scheme making a notification under section 264 of the Act 27 27	FEES 3 Annex 2R, part 327 27	On or before the date the application is made28
28(ea) (i) An AIFM (other than a UK AIFM or an EEA AIFM with a branch in the UK) notifying the FCA of its intention to market an AIF in the UK under regulation 57 of the AIFMD UK regulation (ii) An AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation	FEES 3 Annex 2 R, part 4	On or before the date the notification is made
28(eb) An applicant for registration on the register of small registered UK AIFM which the FCA is required to maintain under regulation 10 of the AIFMD UK regulation	£750	On or before the date the application is made
(f) Any person seeking an order under section 326(1) of the Act to become a designated professional body.	10,000	30 days after the order is granted
(g) Any applicant for recognition as a UK recognised body:17 (i) under section 287 of the Act; or17 (ii) under regulation 2(1) of the RAP regulations 17 78	FEES 3 Annex 3, part 1	On or before the date the application is made26
26(ga) Any applicant for: (i) a Part 4A permission to carry out the regulated activity of administering a specified benchmark; or35 administering a specified benchmark for one or more specified benchmarks or;35 (ii) varying its Part 4A permission to carry out the regulated activity of administering a specified benchmark for one or more specified benchmarks 35	FEES 3 Annex 3, part 1	On or before the date the application is made
(h) Any applicant for recognition as an ROIE 78 under section 287 or section 292 of the Act 78 78	FEES 3 Annex 3, part 2	On or before the date the application is made
(i) [deleted]35 35	35	35
(j) [deleted]38	38	38
(k) [deleted]35 35	35	35
(l) [deleted]38	38 7 2	38
(m) [deleted]38	38 7 2	38
(n) Applicants to be added to the list of designated investment exchanges	50,000	On or before the date the application is made
2(o) In relation to a BIPRU firm, either:29 (i) a firm applying to the FCA 29 for permission to use one of the advanced prudential calculation approaches listed in FEES 3 Annex 6 R (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the FCA 29 as EEA consolidated supervisor under the (transposing parts of the BCD and CAD, as applicable under article 95(2) of the EU CRR 29)) any firm making such an application ;5 or (ii) in the case of an application to 5a Home State regulator other than the FCA 29 5for the use of the Internal Ratings Based approach and the Home State regulator requesting the FCA's 29 assistance in accordance with the Capital Requirements Regulations 2006 (transposing parts of the BCD and CAD, as applicable under article 95(2) of the EU CRR 29), any firm to which the FCA 29 would have to apply any decision to permit the use of that approach.5 1 1 2 29 5 78 29 5 78 29 5 78 29 78 29 78 29	(1) Unless5 (2) applies, FEES 3 Annex 6.5 (2) (a) Unless5 (b) applies a1 firm submitting a second application for the permission or5 guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6, but only in respect of that second application (b) No fee is payable by a firm in relation to a successful application for a permission5 based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements.1 (c) No fee is payable where the Home State regulator has requested the assistance described in paragraph (o)(ii) of column 1 except in the cases specified in 5FEES 3 Annex 6.2 5 2 5 1 2 5 5 5 78 5 78 5	Where the firm has made an application directly to the FCA 29, on or before the date the application is made, otherwise within 30 days after the FCA 29 notifies the firm that its EEA parent's Home State regulator has requested assistance.2 29 2 78 29 78 29 78
29(oa) Either: (i) a firm applying to the 37 FCA for permission to use one of the internal approaches listed in FEES 3 Annex 6A (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the 37 FCA as consolidating supervisor under the EU CRR) any firm making such an application; or (ii) in the case of an application to the consolidating supervisor other than the 37 FCA for the use of the IRB approach and the consolidating supervisor requesting the 37 FCA's assistance in accordance with the EU CRR, any firm to which the 37 FCA would have to apply any decision to permit the use of that approach. 37 37 37 37 37	(1) Unless (2) applies, FEES 3 Annex 6A. (2) (a) Unless (b) applies a firm submitting a second application for the permission or guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6A, but only in respect of that second application. (b) No fee is payable by a firm in relation to a successful application for a permission based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements. (c) No fee is payable where the consolidating supervisor has requested the assistance described in paragraph (oa)(ii) of column 1. 37	Where the firm has made an application directly to the 37 FCA , on or before the date the application is made, otherwise within 30 days after the 37 FCA notifies the firm that its EEA parent's consolidating supervisor has requested assistance. 37 37
(p) A firm applying for a variation of its Part 4A permission whose fee is not payable pursuant to sub- paragraph (ga) of this table26	(1) Unless (2), (2A), (3), (3A), (3B) or 3(C) 80 applies, if the proposed new1 business of the firm would1 fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1AR not applicable before the application1, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 which apply to that application. (2) Subject to (2A) below, if the firm's application includes an application for a Part 4A permission to carry on a new credit-related regulated activity, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 that would be payable under (1) above or, if higher, 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 that would be payable in relation to the new credit-related regulated activity 30.37 (2A) If an applicant which already has a Part 4A permission to carry on a credit-related regulated activity exclusively applies for a Part 4A permission to carry on a new credit-related regulated activity, that is specified in Part 3 of FEES 3 Annex 1R37 in the straightforward category (or if it exclusively applies for a number of such permissions), the fee is £25030.37 (3) If the firm is in the A.1 fee-block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3 Annex 1 R that applies to that application11 (3A) If the applicant had a limited permission prior to the application to vary its Part 4A permission, 100% of the highest of the tariffs set out in FEES 3 Annex 1R37 which apply to that application30.37 (3B) If the applicant has a limited permission and its application exclusively relates to another limited permission, the fee is 030 (3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its Part 4A permission, the fee is the highest of the fees set out in FEES 3 Annex 10AR and the amount otherwise payable in (1), (2), (2A), (3), (3A) or (3B), or (4).80 (4) 11 In all other cases, other than applications by credit unions, the fee payable is 250 for firms which are not, or are not seeking to become, a PRA-authorised person, and 125 for firms which are, or are seeking to become, a PRA-authorised person,78 unless the variation involves only the reduction (and no other increases) in the scope of a Part 4A permission in which case no fee is payable.1 30 30 80 80 1 78 78 37 78 37 80 80 37 1 37 30 30 23 37 37 37 11 37	On or before the date the application is made
30(pa) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant variation application”)	As (a) or 31(p) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application.	Within 30 days of the date of the invoice.
2(q) [deleted]38 7 7 13 79 13 79 7 7 22 22 7	38	38 3 3 3
2(r) Providers of reporting or trade matching systems applying for recognition under MiFID as an Approved Reporting Mechanism.	100,0006 6	Having received its application, within 30 days after the FCA has notified the applicant that it is to commence testing of the applicants systems.6 5 6
5(s) In the case of an insurance business transfer scheme, a transferor. Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly.	Either (1) or (2) as set out below: (1) In the case of an insurance business transfer scheme involving long term insurance business, 9,25037; or (2) in the case of an insurance business transfer scheme not involving long term insurance business, 5,000. 77 77 37 77 77 37 77 37	On or before any application is made for the appointment of a person as an independent expert. 37
6(t) A firm, a third party acting on a firm's behalf, an operator of a regulated market or an operator of an MTF applying to the FCA to report transaction reports directly to the FCA. 20	100,000	Having received its application, within 30 days after the FCA has notified the applicant that it is to commence testing of the applicants systems.
(u) [deleted]34 34	34	34
(v) [deleted]38 22 22	38	38
[deleted]35 35	35	35
(x)[deleted]38	38	38 8
8(y) An applicant for authorisation as an authorised payment institution under regulation 5 of the Payment Services Regulations	The highest of the tariffs set out in FEES 3 Annex 8 which apply to that application. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R	On or before the date the application is made.

(z) An application by a small payment institution for authorisation as an authorised payment institution because regulation 15 of the Payment Services Regulations applies	The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application.	On or before the date the application is made.
(za) An applicant for registration as a small payment institution under regulation 12 of the Payment Services Regulations	FEES 3 Annex 8R, paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R.	On or before the date the application is made.
(zb) An authorised payment institution applying to vary its authorisation under regulation 8 of the Payment Services Regulations.	(1) If the payment services carried on by the authorised payment institution prior to the variation only fall within paragraph (f) or (g) or (h) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. (2) Where the authorised payment institution:(i) already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (g); or (ii) has authorisation to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its authorisation to include the other paragraph ((f) or (g)); the fee payable is 250 irrespective of the number of agents it has. (3) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable.	On or before the date the application is made.
(zc) A small payment institution applying to vary its registration under regulation 12 of the Payment Services Regulations	(1) If the payment services carried on by the small payment institution prior to the variation only fall within paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8Rwhich apply to that application. (2) Where the small payment institution: (i) is already registered to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other of the services in (a) to (g); or (ii) is registered to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its registration to include the other paragraph ((f) or (g));the fee payable is 250 irrespective of the number of agents it has. (2) (3) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable.	On or before the date the application is made.
A financial institution notifying the FSA FCA in accordance with regulation 121(2)(a) of the Payment Services Regulations.	50% of the highest of the tariffs set out in FEES 3Annex 8R, paragraphs (2) to (5) which apply to that application.	On or before the date the application is made.
(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12 12	Special Project Fee for restructuring in accordance with FEES 3 Annex 9 .	30 days of the date of the invoice.9
(zf) [deleted]78 78	78	9 16 78
16(zg) An applicant for authorisation as an authorised electronic money institution under regulation 5 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zh) An applicant for registration as a small electronic money institution under regulation 12 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zi) An application by a small electronic money institution for authorisation as an authorised electronic money institution 14because regulation 16 of the Electronic Money Regulations applies.	The amount set out in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zj) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zk) A small electronic money institution applying to vary its registration under regulation 12 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R.	On or before the date the application is made.
15(zl) An applicant for recognition as an accredited body.	2,500	On or before the date the application is made.18
18(zm) An issuer applying for registration of a regulated covered bond.	(1) Unless (2) applies, 45,000. (2) In the case of a proposed covered bond or programme where the assets in the asset pool will consist primarily of UK residential mortgages, 25,000.	On or before the date the application is made.
18(zn) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4 D.	6,500	On or before the date the notification under RCB 3.5.4 D is made.21
21(zo) In the case of persons in respect of which the FCA has given notice of its intention to take, or appoint a competent person to take, any steps under CONRED 2.5.12R, either: (i) a Firm (as defined in CONRED 2.1.1R(1); or (ii) a person falling within CONRED 2.1.2R(1).	An amount equal to: (1) a sum determined by the number of hours, or part of an hour, taken by the FCA in relation to work conducted in taking steps under recorded on the FCA's systems, multiplied by the rate in FEES 3 Annex 9 (11)R; or (2) any amount invoiced to the FCA by a competent person in relation to any work carried out by that competent person in connection with its appointment by the FCA under CONRED 2.5.12R.	Within 30 days of the date of the invoice.
78(zp) A person in respect of which the FCA 37 has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act and SUP 5.2. 37	Any amount invoiced to the FCA 37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166(3)(b) of the Act. 37	Within 30 days of the date of the invoice.
78(zq) A person in respect of which the FCA 37 has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act . 37	Any amount invoiced to the FCA 37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166A(2)(b) of the Act. 37 37	Within 30 days of the date of the invoice.33
33(zr) [deleted]38	38	38
30(zs) Applicant for FCA permission for an agreement to be enforced under section 28A(3)(a) and/or money paid or property transferred under and agreement to be retained under 3128A(3)(b) of the Act	(1) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act and for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act, the fee is 31£3,500 per type of agreement specified in the application.30 (2) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act only, the fee is £3,500 per type of agreement specified in the application.31 (3) If the application is for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act only, the fee is £3,500 per type of agreement specified in the application.31 Where there are a number of agreements of the same type, only one fee is payable in respect of those agreements. A number of agreements are of the same type when those agreements are entered into on the same terms and conditions.	On or before the date the application is made.
(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 80	Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 80 (1) If the applicant is applying for a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (a), column (2) paragraph (3) of this Table. 80 (2) If the applicant is applying for a variation of a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (p), column 2 paragraph (3)(c) of this Table. 80	On or before the application is made.80
39(zv) Any person to which the Designated Credit Reference Agencies Fee applies under FEES 3 Annex 10B.	Designated Credit Reference Agencies Fee in accordance with FEES 3 Annex 10B.	Within 30 days of the date of the invoice.
32Part 2: UKLA38 fees
(1) Fee payer	(2) Fee payable	(3) Due date
(a) (i) An issuer which has not made public its annual financial report before the latest time specified in DTR 4.1.3 R. (ii) An issuer which has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2).	FEES 3 Annex 12R38	Within 30 days of the date of the invoice.
38(b) An applicant for approval as a sponsor.	FEES 3 Annex 12R	On or before the date the application is made.
38(c) Under the listing rules, an issuer requesting approval of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(d) Under the prospectus rules, Prospectus Rules or the Prospectus Regulation, an issuer or a person requesting approval or review of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(e) An issuer requesting the approval or review of a document in connection with a super transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(f) An issuer requesting the approval or review of a document in connection with a significant transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(g) A person who requests the FCA’s approval of a document that includes a mineral expert’s report and who is a fee payer under one or more of the categories (c), (d), (e), and (f) above must additionally pay a fee under this category.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(h) An applicant for approval as a primary information provider.	FEES 3 Annex 12R	On or before the date the application is made.

[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19

EG 10.4.101/03/2016

1The FCA has a range of powers it can use to take remedial, protective and disciplinary action against a person who has contravened a relevant requirement or engaged in market abuse, as well as its powers to seek injunctions under sections 380 and 381 of the Act and under the courts' inherent jurisdiction. Where appropriate, the FCA may exercise these other powers before, at the same time as, or after it applies for an injunction against a person.

EG 10.4.401/03/2016

1In certain cases, conduct that may be the subject of an injunction application will also be an offence which the FCA has power to prosecute under the Act. In those cases, the FCA will consider whether it is appropriate to prosecute the offence in question, as well as applying for injunctions under section 380, section 381, or both.

SUP 8.2.1G01/04/2013

Under section 138A12of the Act (Modification or waiver of rules), the appropriate regulator12 may, on the application or with the consent of a firm, direct that its 9rules:121299(1) are not to apply to the firm; or(2) are to apply to the firm with such modifications as may be specified.

SUP 8.2.1AG01/04/2013

12SUP 8.2.1 G does not apply to:(1) rules made by either regulator under section 137O of the Act;(2) rules made by the FCA under sections 247 or 248 of the Act.

SUP 8.2.3G01/07/2013

Sections 250 and 261L11 of the Act and regulation 7 of the OEIC Regulations allow the FCA12 to waive the application of certain rules in COLL to:111210(1) a person, as respects a particular AUT, ACS11 or ICVC, on the application or with the consent of that person; and(2) an AUT, ACS11 or ICVC on the application or with the consent of the manager and trustee (in the case of an AUT), the authorised contractual scheme manager and depositary (in the case of an ACS)11 or the ICVC and

LR 4.2.1G01/04/2013

Section 80 (1) of the Act (general duty of disclosure in listing particulars) requires listing particulars submitted to the FCA to contain all such information as investors and their professional advisers would reasonably require, and reasonably expect to find there, for the purpose of making an informed assessment of:(1) the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the securities; and(2) the rights attaching to the securi

LR 4.2.9G01/04/2013

Under section 82 of the Act (exemptions from disclosure) the FCA may authorise the omission from listing particulars of information on specified grounds.

LR 4.2.10R01/04/2013

A request to the FCA to authorise the omission of specific information in a particular case must:(1) be in writing from the issuer;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the issuer's opinion one or more of the grounds in section 82 of the Act applies.

SUP 5.6.1G01/04/2013

Within the legal constraints that apply, the appropriate regulator2 may pass on to a skilled person any information which it considers relevant to the skilled person's function. A skilled person, being a primary recipient under section 348 of the Act (Restrictions on disclosure of confidential information by Authority etc.), is bound by the confidentiality provisions in Part XXIII of the Act (Public record, disclosure of information and cooperation) as regards confidential information

SUP 5.6.3G01/04/2013

2In respect of the appointment of a skilled person under section 166A (Appointment of skilled person to collect and update information) of the Act, a contractual or other requirement imposed on a person to keep any information confidential will not apply if:(1) the information is or may be relevant to anything required to be done as part of the skilled person's appointment under section 166A (Appointment of skilled person to collect and update information) of the Act;(2) a firm

SUP 5.6.4G01/04/2013

2A firm may provide information that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done in respect of the skilled person's collection or updating of information under section 166A (Appointment of skilled person to collect and update information) of the Act.

FEES 7.1.4G01/04/2013

Paragraph 12(1) of Part 2 of Schedule 1A to the Act enables the FCA to make rules requiring certain2authorised persons or payment service providers or electronic money issuers2 to pay to the FCA specified amounts or amounts calculated in a specified way in order to meet a proportion of:22(1) the expenses incurred by the FCA in establishing the CFEB, whenever these were incurred; and(2) the expenses incurred, or expected to be incurred, by the CFEB in connection with the discharge

FEES 7.1.9G01/04/2013

Paragraph 7(1) of Part 1 of Schedule 1A to the Act requires the CFEB to adopt an annual budget which has been approved by the FCA.

SUP 1A.1.2G01/04/2013

The Act (section 1L) requires the FCA to "maintain arrangements for supervising authorised persons". Section 1K of the Act also requires the FCA to provide general guidance about how it intends to advance its operational objectives in discharging its general functions in relation to different categories of authorised person or regulated activity. One purpose of this guidance is to discharge the duties of the FCA set out in sections 1L and 1K of the Act. The FCA's approach to

SUP 1A.1.3G01/04/2013

The design of these arrangements is shaped by the FCA'sstatutory objectives in relation to the conduct supervision of financial services firms as well as the prudential supervision of firms not supervised by the PRA. These objectives are set out in Chapter 1 of the Act. The FCA has one strategic objective: ensuring that the relevant markets function well. In discharging its general functions, the FCA must, so far as is reasonably possible, act in a way which is compatible with

SUP 1A.1.4G01/04/2013

(1) In designing its approach to supervision, the FCA has regard to the regulatory principles set out in section 3B of the Act. In particular, the FCA's regulatory approach aims to focus and reinforce the responsibility of the senior management of each firm (section 3B(1)(d) of the Act) to ensure that it takes reasonable care to organise and control the affairs of the firm responsibly and effectively, and develops and maintains adequate risk management systems. It is the responsibility

REC 6A.2.1G01/04/2013

1Under section 312B of the Act, the FCA5 may prohibit an EEA market operator from making or, as the case may be, continuing arrangements in the United Kingdom, to facilitate access to, or use of, a regulated market, or multilateral trading facility, operated by the operator if:5(1) the FCA5 has clear and demonstrable grounds for believing that the operator has contravened a relevant requirement, and5(2) the FCA5 has first complied with sections 312B(3) to (9) of the Act.5

REC 6A.2.3G01/04/2013

The procedure the FCA5 will follow if it is to exercise this prohibition power is set out in sections 313B(3) to (9) of the Act.5

PERG 8.6.1G01/04/2013

The word ‘communicate’ is extended under section 21(13) of the Act and includes causing a communication to be made. This means that a person who causes the communication of a financial promotion by another person is also subject to the restriction in section 21. Article 6(d) of the Financial Promotion Order also states that the word ‘communicate’ has the same meaning when used in exemptions in the Order. Article 6(a) also states that the word ‘communication’ has the same meaning

EG 19.14.401/03/2016

1This means that there will be situations in which the FCA has powers to investigate and take action under both the Act and the Money Laundering Regulations. The FCA will consider all the circumstances of the case when deciding what action to take and, if it is appropriate to notify the subject about the investigation, will in doing so inform them about the basis upon which the investigation is being conducted and what powers it is using. The FCA will adopt the approach outlined

EG 19.14.701/03/2016

1However, the Money Laundering Regulations say little about the way in which investigation and sanctioning powers should be used, so the FCA has decided to adopt enforcement and decision making procedures which are broadly akin to those under the Act. Key features of the FCA's approach are described below.

SUP 10C.9.4G07/03/2016

The FCA is under a duty, under section 59A of the Act (Specifying functions as controlled functions: supplementary), to exercise the power to specify any senior management function as an FCA controlled function in a way that it considers will minimise the likelihood that approvals need to be given by both the FCA and the PRA for the performance by a person of senior management functions in relation to the same PRA-authorised person.

SUP 10C.9.12G07/03/2016

Under section 59B of the Act (Role of FCA in relation to PRA decisions), the FCA may arrange with the PRA that, in agreed cases, the PRA may give approval without obtaining the consent of the FCA. No such arrangements are currently in force.

SYSC 4.8.9R07/03/2016

Table: FCA-prescribed senior management responsibilities for third-country relevant authorised persons.

FCA-prescribed senior management responsibility in relation to the branch	Explanation	Equivalent PRA-prescribed UK branch senior management responsibility
(1) Responsibility for the firm’s performance of its obligations under the senior management regime	The senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as they relate to SMF managers performing designated senior management functions, including SUP 10C (FCA senior management regime for approved persons in relevant authorised persons). This responsibility includes: (1) compliance with conditions and time limits on approval; (2) compliance with the requirements about the statements of responsibilities (but not the allocation of responsibilities recorded in them); and (3) compliance by the firm with its obligations under section 60A of the Act (Vetting of candidates by relevant authorised persons).	PRA-prescribed UK branch senior management responsibility 6.2(1)
(2) Responsibility for the firm’s performance of its obligations under the employee certification regime	The employee certification regime means the requirements of sections 63E and 63F of the Act (Certification of employees) and all other requirements of the regulatory system about the matters dealt with in those sections, including SYSC 5.2 (Certification Regime) and the corresponding PRA requirements.	PRA-prescribed UK branch senior management responsibility 6.2(2)
(3) Responsibility for compliance with the requirements of the regulatory system about the management responsibilities map	This responsibility does not include allocating responsibilities recorded in it.	PRA-prescribed UK branch senior management responsibility 6.2(3)
(4) Responsibility for management of the firm’s risk management processes in the UK		PRA-prescribed UK branch senior management responsibility 6.2(4)
(5) Responsibility for the firm’s compliance with the UK regulatory system applicable to the firm		PRA-prescribed UK branch senior management responsibility 6.2(5)
(6) Responsibility for the escalation of correspondence from the PRA, FCA and other regulators4 in respect of the firm to the governing body and/or the management body of the firm or, where appropriate, of the parent undertaking or holding company of the firm’s group	This includes taking steps to ensure that the senior management of the firm and, where applicable, the group, are made aware of any views expressed by the regulatory bodies and any steps taken by them in relation to the branch, firm or group.	PRA-prescribed UK branch senior management responsibility 6.2(6)
(7) Local responsibility for the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime	(A) This includes the function in SYSC 6.3.8R (a firm must allocate overall responsibility to a director or senior manager within the firm for the establishment and maintenance of effective anti-money laundering systems and controls), if that rule applies to the firm. (B) The firm may allocate this FCA-prescribed senior management responsibility to the MLRO but does not have to. (C) If the firm does not allocate this FCA-prescribed senior management responsibility to the MLRO, this FCA-prescribed senior management responsibility includes responsibility for supervision of the MLRO. (D) Local responsibility is defined in SYSC 4.8.10R (Local responsibility for a branch’s activities, business areas and management functions).	None
(8) Local responsibility for the firm’s compliance with CASS	(A) This responsibility only applies to a firm to which CASS applies. (B) A firm may include in this FCA-prescribed senior management responsibility whichever of the following functions apply to the firm: (1) CASS 1A.3.1R (certain CASS compliance functions for a CASS small firm); (2) CASS 1A.3.1AR (certain CASS compliance functions for a CASS medium firm or a CASS large firm); (3) CASS 11.3.1R (certain CASS compliance functions for certain CASS small debt management firms); or (4) CASS 11.3.4R (certain CASS compliance functions for a CASS large debt management firm); but it does not have to. (C) If the firm does not include the functions in (B) in this FCA-prescribed senior management responsibility, this FCA-prescribed senior management responsibility includes responsibility for supervision of the person performing the functions in (B) that apply to the firm. (D) Local responsibility is defined in SYSC 4.8.10R (Local responsibility for a branch’s activities, business areas and management functions).	None

SUP 11.3.2AG01/04/2014

The Treasury have made the following exemptions from the obligations under section 178 of the Act10:(1) controllers and potential controllers of non-directive friendly societiesare exempt from the obligation to notify a change in control (The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 (SI 2009/77410));10(2) controllers and potential controllers of building societies are exempt from the obligation to notify a change in control unless the change

SUP 16.3.14AG07/03/2016

9Failure to submit a report in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 may also lead to the imposition of a financial penalty and other disciplinary sanctions. A firm may be subject to reporting requirements under relevant legislation other than the Act, not referred to in this chapter. An example of this is reporting to the FCA28 by building societies under those parts of the Building Societies Act 1986 which

SUP 16.3.23G07/03/2016

When the FCA28 receives a report which contains confidential information and whose submission is required under this chapter, it is obliged under Part 2349of the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential. (See SUP 2.2.4 G for the FCA and SUP 2.2.4A G for the PRA49) 494949

FEES 4.4.9D01/04/2013

3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444

EG 19.10.1401/03/2016

1The FCA anticipates that its powers under the Act will be adequate to address the majority of breaches which it would also be able to enforce under the Enterprise Act and that there will therefore be limited cases in which it would seek to use its powers as an Enterprise Act enforcer. Where the FCA does use its powers under the Enterprise Act, it will have regard to the enforcement guidelines which are published on the CMA’s website.2323www.gov.uk/governmentorganisations

EG 19.10.2101/03/2016

1POCA also contains various powers of investigation which the FCA may use in specified circumstances. However, where these powers overlap with powers under the Act, the FCA will in most cases consider it more appropriate to rely on its investigation powers under the Act.

REC 2.3.13G01/04/2013

(1) 4Under the standard approach, the amount of eligible financial resources is equal to six months of operating costs.(2) Under the standard approach, the FCA5 assumes liquid financial assets are needed to cover the costs that would be incurred during an orderly wind-down of the UK recognised body'sexempt activities, while continuing to satisfy all the recognition requirements and complying with any other obligations under the Act (including the obligations to pay periodic fees

REC 4.6.1G01/04/2013

Under section 296 of the Act (FCA's4 power to give directions) and (for RAPs) under regulation 3 of the RAP regulations3, the FCA4 has the power to give directions to a recognised body to take specified steps 1in order to secure its compliance with the recognised body requirements. In the case of a UK RIE (including one which operates an RAP) 3those steps may include granting the FCA4 access to the UK RIE's premises for the purposes of inspecting those premises or any documents

REC 4.6.3G01/04/2013

The FCA4 is likely to exercise its power under section 296 of the Act or regulation 3 of the RAP regulations3 if it considers that:4(1) there has been, or was likely to be, a failure to satisfy one or more of the recognised body requirements31which has serious consequences; (2) compliance with the direction would ensure that 1one or more of the recognised body requirements is3 satisfied; and(3) the recognised body is capable of complying with the direction.

REC 4.6.4G01/04/2013

Under section 298(7) of the Act (Directions and revocation: procedure), and (for RAPs) regulation 5(7) of the RAP regulations,3 the FCA4 need not follow the consultation procedure set out in the rest of section 298 (see REC 4.8) or may cut short that procedure, if it considers it reasonably necessary to do so. For RAPs, the FCA need not follow the procedure set out in regulation 5 of the RAP regulations or may cut short the procedure, if it considers it essential to do so.44

Related provisions for REC 6.5.1

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Table of application, notification, vetting and other fees payable to the FCA32