Related provisions for CONC 13.1.5
21 - 40 of 154 items.
3(1) A firm must have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, and internal control mechanisms, including sound administrative and accounting procedures and effective control and safeguard arrangements for information processing systems.8(2) [deleted]1313[Note: article 74
A firm (with the exception of a sole trader who does not employ any person who is required to be approved under section 59 of the Act (Approval for particular arrangements))3 must, taking into account the nature, scale and complexity of the business of the firm, and the nature and range of the financial services and activities 3undertaken in the course of that business:310(1) (if it is a common platform firm or a management company)10 establish, implement and maintain decision-making
A MiFID investment firm and a management company10 must establish, implement and maintain systems and procedures that are adequate to safeguard the security, integrity and confidentiality of information, taking into account the nature of the information in question.[Note: article 5(2) of the MiFID implementing Directive and article 4(2) of the UCITS implementing Directive]10
The matters dealt with in a business continuity policy should include:(1) resource requirements such as people, systems and other assets, and arrangements for obtaining these resources;(2) the recovery priorities for the firm's operations; (3) communication arrangements for internal and external concerned parties (including the appropriate regulator, clients and the press);(4) escalation and invocation plans that outline the processes for implementing the business continuity
The5 following factors may5 be taken into account in determining whether or not information has been made public5, and are indications that it has5 (and therefore is5 not inside information):(1) whether the information has been disclosed to a prescribed market or a prescribed auction platform3 through a regulatory information service or RIS or otherwise in accordance with the rules of that market;(2) whether the information is contained in records which are open to inspection
(1) 5In relation to the factors in
MAR 1.2.12G5
it is not relevant that the information is only generally available outside the UK.(2) In relation to the factors in
MAR 1.2.12G5
it is not relevant that the observation or analysis is only achievable by a person with above average financial resources, expertise or competence.
For example, if a passenger on a train passing a burning factory calls his broker and tells him to sell shares in the factory's owner, the passenger will be using5information which has been made public5, since it is information which has been obtained by legitimate means through observation of a public event.
IT systems include the computer systems and infrastructure required for the automation of processes, such as application and operating system software; network infrastructure; and desktop, server, and mainframe hardware. Automation may reduce a firm's exposure to some 'people risks' (including by reducing human errors or controlling access rights to enable segregation of duties), but will increase its dependency on the reliability of its IT systems.
A firm should establish and maintain appropriate systems and controls for the management of its IT system risks, having regard to:(1) its organisation and reporting structure for technology operations (including the adequacy of senior management oversight);(2) the extent to which technology requirements are addressed in its business strategy;(3) the appropriateness of its systems acquisition, development and maintenance activities (including the allocation of responsibilities
Failures in processing information (whether physical, electronic or known by employees but not recorded) or of the security of the systems that maintain it can lead to significant operational losses. A firm should establish and maintain appropriate systems and controls to manage its information security risks. In doing so, a firm should have regard to:(1) confidentiality: information should be accessible only to persons or systems with appropriate authority, which may require
The following minimum information from
the PD Regulation must be included
in listing particulars:(1) for an issue of bonds including
bonds convertible into the issuer's shares or exchangeable into a third party issuer'sshares or
derivative securities1, irrespective of the denomination
of the issue, the minimum information required by the schedules applicable
to debt and derivative securities with
a denomination per unit of at least 100,000 euros;11(2) the additional information
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.
(1) In the case of listing
particulars for specialist
securities:(a) the issuer must
state in the listing particulars that
it accepts responsibility for the listing particulars;(b) the directors may
state in the listing particulars that
they accept responsibility for the listing
particulars; and(c) other persons may
state in the listing particulars that
they accept responsibility for all or part of the listing
particulars and in that case the statement by the issuer or directors
(1) In considering the factor at MCOB 8.5A.6R (2)(a), a firm should: (a) establish, on the basis of information given by the customer about his needs and objectives, whether these appear to be within the general scope of a local authority (or other) grant (for example where the customer requires funds for essential repairs to his property); and(b) refer a customer to an appropriate source such as his local authority or Citizens Advice Bureau (or other similar agency) to identify
If for any reason a customer: (1) declines to seek further information on means-tested benefits, tax allowances or the scope for local authority (or other) grants; or(2) rejects the conclusion of a firm that alternative methods of raising the required funds are more suitable;a firm can advise the customer (in accordance with the remaining requirements of this chapter) to enter into an equity release transaction where there is an equity release transaction (or more than one equity
At the end of Section 4 of the illustration a statement must be included making clear that changes to any of the information obtained from the customer, and where appropriate to the valuation of the property, could alter the details elsewhere in the illustration and encouraging the customer to ask for a revised illustration in this event.
A firm must ensure that the data series used by its VaR model is reliable. Where a reliable data series is not available, proxies or any other reasonable value-at-risk measurement technique must be used. A firm must be able to demonstrate that the technique is appropriate and does not materially understate the modelled risks.
3The firm's correlation assumptions must be supported by the analysis of objective data in a conceptually sound framework. The approach to capture the incremental risk charge must appropriately reflect issuer concentrations. Concentrations that can arise within and across product classes under stressed conditions must also be reflected.
At least once a year, a firm must conduct, as part of its regular internal audit process, a review of its risk management process. This review must include both the activities of the business trading units and of the independent risk control unit, and must be undertaken by suitably qualified staff independent of the areas being reviewed. This review must consider, at a minimum:(1) the adequacy of the documentation of the risk management system and process;(2) the organisation
(1) In addition to regulatory backtesting programs, testing for model validation should be carried out using additional tests which may include for example:(a) testing carried out using hypothetical changes in portfolio value that would occur were end of day positions to remain unchanged;(b) testing carried out for longer periods than required for the regular backtesting programme (for example, 3 years);(c) testing carried out using confidence intervals other than the 99 percent
The entries in the books or other records, in relation to the taking of the article in pawn, must contain the following information:(1) the date and the number or other reference of the agreement under which the article was taken in pawn, and of the pawn-receipt if separate, sufficient to identify it or them;(2) the date on which the article was taken in pawn;(3) the name and a postal address and, where appropriate, other address of the customer;(4) the description that appears
The entries in the books or other records, where the article has become realisable by the firm, in relation to any sale of the article under section 121(1) of the CCA, must contain the following information:(1) the date of the sale;(2) where the article was sold by auction, the name and a postal address of the auctioneer;(3) where the article was not sold by auction, the postal address of the premises at which the sale took place;(4) the gross amount realised;(5) the itemised
In order to ensure compliance with MIPRU 4.2D.2 R, a firm must:(1) conduct on a regular basis appropriate stress tests so as to:(a) identify sources of potential liquidity strain; and(b) ensure that the risks of current liquidity exposures can be adequately managed; and(2) analyse the separate and combined impact of possible future liquidity stresses on its:(a) cash flows;(b) liquidity position; and(c) solvency; and(3) make, as soon as is practicable after a test has been performed,
The FCA3 may require further information from the applicant and may need to have discussions with the appropriate authorities in the applicant's home territory. To allow sufficient time for applications to be processed and for the necessary contacts to be made with the appropriate home territory authorities, applications should be made not later than six months before the applicant wishes the recognition order to take effect. No guarantee can be given that a decision will be reached
1(1) 1In taking reasonable care to ensure the suitability of advice on a payment protection contract or a pure protection contract a firm should:(a) 1establish the customer's demands and needs. It should do this using information readily available and accessible to the firm and by obtaining further relevant information from the customer, including details of existing insurance cover; it need not consider alternatives to policies nor customer needs that are not relevant to the
1In taking reasonable care to ensure the suitability of advice on a policy included in a packaged bank account, a firm must:(1) establish the customer's demands and needs by using information readily available to the firm and by obtaining further relevant information from the customer, including details of existing insurance cover; it need not consider alternatives to policies nor customer needs that are not relevant to the type of policy in which the customer is interested;(2)
4A request to the FCA to authorise the omission of specific information in a particular case must:(1) be made in writing by the listed company;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the listed company's opinion one or more grounds in LR 13.1.7 G apply.
1In
determining whether or not an approved person's conduct
under APER 4.4.4 G complies with Statement of Principle 4,
the following are factors which, in the opinion of the FCA, are to be taken into account:3(1) the
likely significance to the regulator concerned (as defined in APER 4.4.4 G1) of the information which it was
reasonable for the individual to assume;31(2) whether
the information related to the individual himself or to his firm;(3) whether
any decision not to report
1In determining whether or not an approved person's conduct under APER 4.4.7G complies with Statement of Principle 4, the following are factors which, in the opinion of the FCA, are to be taken into account:(1) the likely significance of the information to the regulator concerned (as defined in APER 4.4.4G) which it was reasonable for the approved person to assume;(2) whether any decision not to inform the regulator concerned (as defined in APER 4.4.4G) was taken after reasonable
Where there is a dispute as to the identity of the borrower or hirer or as to the amount of the debt, it is for the firm (and not the customer) to establish, as the case may be, that the customer is the correct person in relation to the debt or that the amount is the correct amount owed under the agreement.[Note: paragraphs 3.9j of DCG and 7.11 (box) of ILG]
(1) Before significantly increasing:(a) the amount of credit to be provided under a regulated credit agreement; or(b) a credit limit for running-account credit under a regulated credit agreement;the lender must undertake an assessment of the customer's creditworthiness. [Note: section 55B(2) of CCA](2) A firm carrying out the assessment in (1) must consider: (a) the potential for the commitments under the regulated credit agreement to adversely impact the customer's financial
A firm must consider sufficient information available to it at the time of the increase referred to in CONC 6.2.1 R to enable it to make a reasonable assessment required by that rule or CONC 6.2.1AR. The provision of the guarantee or indemnity (or both), and the assessment of the guarantor, does not remove or reduce the obligation on the firm to carry out an assessment of the borrower under CONC 6.2.1R. Firms are reminded of the rule in CONC 5.3.4R that the assessment of the borrower
It is the responsibility of the firm to ensure compliance with MCOB 5A.3.1 R. However, where a firm can show that it was reasonable for it to rely on information provided by another person, other than the MCD mortgage lender, that an ESIS was accurate, it may be able to rely on MCOB 2.5.2 R, if this turns out not to be the case.
The purpose of MCOB 5A.3.3 R is not to require a firm to ascertain whether a consumer is eligible for a particular MCD regulated mortgage contract before providing an ESIS. Instead, the purpose is to ensure that the firm takes into account the information it has obtained from the consumer before providing an ESIS to the consumer.
Where a master UCITS and a feeder UCITS have different auditors, those auditors must enter into an information-sharing agreement in order to ensure the fulfilment of their respective duties, including the arrangements taken to comply with COLL 11.5.3 R and COLL 11.5.4 R (Preparation of the audit report).[Note: article 62(1) first paragraph of the UCITS Directive]
(1) The information-sharing agreement referred to in COLL 11.5.1 R must include:(a) identification of the documents and categories of information which are to be routinely shared between both auditors;(b) whether the information or documents referred to in (a) are to be provided by one auditor to the other or made available on request;(c) the manner and timing, including any applicable deadlines, of the transmission of information by the auditor of the master UCITS to the auditor
(1) Before a P2P agreement is made, a firm must undertake an assessment of the creditworthiness of the prospective borrower.(2) A firm carrying out the assessment in (1) must consider: (a) the potential for the commitments under the P2P agreement to adversely impact the prospective borrower's financial situation, taking into account the information of which the firm is aware at the time the P2P agreement is to be made; and (b) the ability of the prospective borrower to make repayments
A firm must include within its CASS resolution pack:(1) a master document containing information sufficient to retrieve each document in the firm'sCASS resolution pack;(2) a document which identifies the institutions the firm has appointed (including through an appointed representative, tied agent, field representative or other agent):(a) in the case of client money, for the placement of money in accordance with CASS 7.13.3 R1 or to hold client money in accordance with CASS 7.14.2