Related provisions for SUP 9.2.4

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PR 1.2.1UKRP

Sections 85 and 86 of the Act provide for when a prospectus approved by the FCA will be required:

85

(1)

It is unlawful for transferable securities to which this subsection applies to be offered to the public in the United Kingdom unless an approved prospectus has been made available to the public before the offer is made.

(2)

It is unlawful to request the admission of transferable securities to which this subsection applies to trading on a regulated market situated or operating in the United Kingdom unless an approved prospectus has been made available to the public before the request is made.

(3)

A person who contravenes subsection (1) or (2) is guilty of an offence and liable –

(a)

on summary conviction, to imprisonment for a term not exceeding 3 months or a fine not exceeding the statutory maximum or both;

(b)

on conviction on indictment, to imprisonment for a term not exceeding 2 years or a fine or both.

(4)

A contravention of subsection (1) or (2) is actionable, at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.

(5)

Subsection (1) applies to all transferable securities other than –

(a)

those listed in Schedule 11A;

(b)

such other transferable securities as may be specified in prospectus rules [see PR 1.2.2 R].

(6)

Subsection (2) applies to all transferable securities other than –

(a)

those listed in Part 1 of Schedule 11A;

(b)

such other transferable securities as may be specified in prospectus rules [see PR 1.2.3 R].

(7)

"Approved prospectus" means, in relation to transferable securities to which this section applies, a prospectus approved by the competent authority of the home State in relation to the issuer of the securities.

86

Exempt offers to the public

(1)

A person does not contravene section 85(1) if –

(a)

the offer is made to or directed at qualified investors only;

(b)

the offer is made to or directed at fewer than 1502 persons, other than qualified investors, per EEA State;

(c)

the minimum consideration which may be paid by any person for transferable securities acquired by him pursuant to the offer is at least 100,0003 euros (or an equivalent amount);

3

(d)

the transferable securities being offered are denominated in amounts of at least 100,0003 euros (or equivalent amounts);

33

(e)

the total consideration for the transferable securities being offered in the EEA states3 cannot exceed 100,000 euros (or an equivalent amount); or3

3

3(f)

the offer falls within subsection (1A).

3(1A)

An offer (“the current offer”) falls within this subsection where transferable securities are resold or placed through a financial intermediary where:

3(a)

the transferable securities have previously been the subject of one or more offers to the public;

3(b)

in respect of one or more of those previous offers, any of paragraphs (a) to (e) of subsection (1) applied;

3(c)

a prospectus is available for the securities which has been approved by the FCA and meets either of the conditions in subsection (1B);4 and

4

3(d)

the issuer or other person who was responsible for drawing up the prospectus has given written consent to the use of the prospectus for the purpose of the current offer.4

4(1B)

The conditions referred to in subsection (1A)(c) are:

(a)

that the prospectus was approved by the FCA no earlier than 12 months before the date the current offer is made, and is supplemented by every supplementary prospectus which was required to be submitted under section 87G; or

(b)

in the case of non-equity transferable securities falling within article 5(4)(b) of the prospectus directive, that the securities concerned have not ceased to be issued in a continuous or repeated manner.

(2)

Where -

(a)

a person who is not a qualified investor ("the client") has engaged a qualified investor falling within point (1) of Section 1 of Annex II to the markets in financial instruments directive3 to act as his agent; and

3

(b)

the terms on which the qualified investor is engaged enable him to make decisions concerning the acceptance of offers of transferable securities on the client's behalf without reference to the client,

an offer made to or directed at the qualified investor is not to be regarded for the purposes of subsection (1) as also having been made to or directed at the client.

(3)

For the purposes of subsection (1)(b), the making of an offer of transferable securities to –

(a)

trustees of a trust,

(b)

members of a partnership in their capacity as such, or

(c)

two or more persons jointly,

is to be treated as the making of an offer to a single person.

(4)

In determining whether subsection (1)(e) is satisfied in relation to an offer ("offer A"), offer A is to be taken together with any other offer of transferable securities of the same class made by the same person which –

(a)

was open at any time within the period of 12 months ending with the date on which offer A is first made; and

(b)

had previously satisfied subsection (1)(e).

(5)

For the purposes of this section, an amount (in relation to an amount denominated in euros) is an "equivalent amount" if it is an amount of equal value denominated wholly or partly in another currency or unit of account.

(6)

The equivalent is to be calculated at the latest practicable date before (but in any event not more than 3 working days before) the date on which the offer is first made.

(7)

"Qualified investor" in relation to an offer of transferable securities,3 means –

(a)

a person described in points (1) to (4) of Section I of Annex II to the markets in financial instruments directive, other than a person who, before the making of the offer, has agreed in writing with the relevant firm (or each of the relevant firms) to be treated as a non-professional client in accordance with the final paragraph of Section I of Annex II to that directive;3

3

(b)

a person who has made a request to one or more relevant firms to be treated as a professional client in accordance with Section II of Annex II to that directive and has not subsequently, but before the making of the offer, agreed in writing with that relevant firm (or each of those relevant firms) to be treated as a non-professional client in accordance with the final paragraph of Section I of Annex II to that directive;3

3

(c)

a person who is recognised as an eligible counterparty in accordance with article 24 of that directive and has not, before the making of the offer, agreed in writing with the relevant firm (or each of the relevant firms) to be treated as a non-professional client in accordance with the final paragraph of Section I of Annex II of that directive;3

3

3(d)

a person whom any relevant firm is authorised to continue to treat as a professional client in accordance with article 71(6) of that directive.

3(8)

In subsection (7) “relevant firm” means an investment firm or credit institution acting in connection with the offer.

3(9)

Investment firms and credit institutions must communicate their classification of their clients as being or not being qualified investors on request to an issuer, subject to complying with the Data Protection Act 1998 or any directly applicable EU legislation relating to data protection.

3(10)

In subsections (8) and (9) -

“credit institution” means -

(a) a credit institution authorised under the banking consolidation directive; or

(b) an institution which would satisfy the requirements for authorisation as a credit institution under that directive if it had its registered office (or if it does not have one, its head office) in an EEA State.
PR 1.2.2RRP
In accordance with section 85(5)(b) of the Act, section 85(1) of the Act does not apply to offers of the following types of transferable securities:(1) shares issued in substitution for shares of the same class already issued, if the issue of the new shares does not involve any increase in the issued capital;(2) transferable securities offered in connection with a takeover by means of an exchange offer, if a document is available containing information which is regarded by the
PR 1.2.3RRP
In accordance with section 85(6)(b) of the Act, section 85(2) of the Act does not apply to the admission to trading of the following types of transferable securities:(1) shares representing, over a period of 12 months, less than 10 per cent of the number of shares of the same class already admitted to trading on the same regulated market;(2) shares issued in substitution for shares of the same class already admitted to trading on the same regulated market, if the issue of the
SUP 4.3.8GRP
The FCA9 is concerned to ensure that every actuary appointed by a firm under PRA rules made under section 340 of the Act or for the purposes of PRA Rulebook: Solvency II firms: Conditions Governing Business, 6,9 has the necessary skill and experience to provide the firm with appropriate actuarial advice from a conduct perspective9. SUP 4.3.9 R to SUP 4.3.10 G set out the FCA’s9 rules and guidance aimed at achieving this.11
SUP 4.3.11RRP
A firm must not appoint under PRA rules made under section 340 of the Act or for the purposes of9 rule 6.1 of the PRA9 Rulebook: Solvency II firms: Conditions Governing Business,9 an actuary who is disqualified by the FCA10 under section 345 of the Act (Disciplinary measures: FCA) or the PRA under section 345A of the Act (Disciplinary measures: PRA10) from acting as an actuary either for that firm or for a relevant class of firm. 1181010
SUP 4.3.12GRP
If it appears to the FCA9 that an actuary1 has failed to comply with a duty imposed on him under the Act, it has9 the power to and10 may disqualify him under section 3459 of the Act. A list of actuaries who are disqualified may be found on the FCA10 website (http://www.fca.org.uk10).101011055110101010
LR 18.2.6GRP
The FCA may modify LR 18.2.5 R to allow partly paid securities if it is satisfied that their transferability is not restricted and investors have been provided with appropriate information to enable dealings in the securities to take place on an open and proper basis. [Note: Articles 46 and 54 CARD]
LR 18.2.7GRP
The FCA may, in exceptional circumstances, modify or dispense with LR 18.2.5 R where the issuer has the power to disapprove the transfer of securities if the FCA is satisfied that this power would not disturb the market in those securities.
LR 18.2.9GRP
The FCA may modify LR 18.2.8 R to accept a percentage lower than 25% if it considers that the market will operate properly with a lower percentage in view of the large number of certificates of the same class and the extent of their distribution to the public. For that purpose, the FCA may take into account certificates of the same class that are held (even though they are not listed) in states that are not EEA States. 1[Note: Article 48 CARD]
COCON 4.1.1GRP
The following is a non-exhaustive list of examples of conduct that would be in breach of rule 1.(1) Misleading (or attempting to mislead) by act or omission:(a) a client; or(b) the firm for whom the person works (or its auditors); or(c) the FCA or;(d) the PRA.(2) Falsifying documents.(3) Misleading a client about:(a) the risks of an investment;(b) the charges or surrender penalties of products;(c) the likely performance of products by providing inappropriate projections of future
COCON 4.1.9GRP
For the purpose of rule 3 in COCON 2.1.3R, regulators other than the FCA and the PRA are those which have recognised jurisdiction in relation to activities to which COCON applies and have a power to call for information from the firm or from individuals performing certain functions in connection with those regulated activities. This may include an exchange or an overseas regulator.
COCON 4.1.11GRP
The following is a non-exhaustive list of examples of conduct that would be in breach of rule 3.(1) Failing to report promptly in accordance with their firm's internal procedures (or, if none exist, direct to the regulator concerned), information in response to questions from the FCA, the PRA, or both the PRA and the FCA.(2) Failing without good reason to: (a) inform a regulator of information of which the approved person was aware in response to questions from that regulator;
MIPRU 2.2.2RRP
The firm may allocate the responsibility for its insurance mediation activity or MCD credit intermediation activity54 to an approved person (or persons) who is:5(1) (if the firm is not a relevant authorised person): 5(a) performing:5(i) an FCA governing function; or5(ii) a PRA governing function;5(other than a person who is a5non-executive director of the firm5); or(b) performing5 the apportionment and oversight function; or(c) performing5 the significant management function in
MIPRU 2.2.3GRP
(1) Typically a firm will appoint a director who is an approved person of that firm5 to direct its insurance mediation activity or MCD credit intermediation activity45. A firm that is not a relevant authorised person may also appoint a person performing another FCA governing function or PRA governing function.5(1A) A firm should not appoint someone performing one of the FCA’s or PRA’s non-executive directorcontrolled functions or any other non-executive director.5(1B) Where5 responsibility
MIPRU 2.2.5GRP
The FCA will specify in the Financial Services Register the name of the persons to whom the responsibility for the firm'sinsurance mediation activity or MCD credit intermediation activity4 has been allocated. by inserting after the relevant controlled function the words "(insurance mediation)" or “(MCD intermediation)”.4 In the case of a sole trader, the FCA will specify in the Financial Services Register the name of the sole trader as the 'contact person' in the firm.
TC 2.1.10AGRP
16TC Appendix 5G sets out:(1) the criteria which the FCA may take into account when assessing a qualification provider; and(2) the information the FCA will expect the qualification provider to provide if it asks the FCA to add a qualification to the list of appropriate qualifications in TC Appendix 4E.
TC 2.1.30GRP
The Glossary definition of accredited body contains a list of bodies recognised by the FCA for the purpose of providing the independent verification required under TC 2.1.27 R. Information on accredited bodies, including guidance on the process for including a body in the list is set out inTC Appendix 6G and the obligation to pay the application fee is set out in FEES 3.2.1717
TC 2.1.31RRP
17A firm must notify the FCA as soon as reasonably practicable after it becomes aware, or has information which reasonably suggests, that any of the following events has occurred or may have occurred in relation to any of its retail investment advisers, and the event is significant:(1) a retail investment adviser, who has been assessed as competent for the purposes of TC 2.1.1 R, is no longer considered competent for those purposes; (2) a retail investment adviser has failed to
TC 2.1.33GRP
17The Retail Investment Adviser Competence Notification Form approved by the FCA for notifications under TC 2.1.31 R may be found at the FCA's website www.fca.org.uk/firms/regulatory-reporting/adviser-reporting-requirements23.
SYSC 19D.1.7GRP
(1) The dual-regulated firms Remuneration Code does not contain specific notification requirements. However, general circumstances in which the FCA expects to be notified by firms of matters relating to their compliance with requirements under the regulatory system are set out in SUP 15.3 (General notification requirements).(2) For remuneration matters in particular, those circumstances should take into account unregulated activities, as well as regulated activities and the activities
SYSC 19D.1.8GRP
The FCA's policy on individual guidance is set out in SUP 9. Firms should particularly note the policy on what the FCA considers to be a reasonable request for guidance (see SUP 9.2.5G). For example, where a firm is seeking guidance on a proposed remuneration structure, the FCA will expect the firm to provide a detailed analysis of how the structure complies with the dual-regulated firms Remuneration Code, including the general requirement for remuneration policies, procedures
LR 15.4.8RRP
Unless LR 15.4.8A R applies, a6closed-ended investment fund must :666166(1) submit any proposed material change to its published investment policy to the FCA for approval; and6(2) having obtained the FCA's approval, obtain the prior approval of its shareholders to any material change to its published investment policy.6
LR 15.4.8ARRP
6A closed-ended investment fund is not required to seek the FCA’s approval for a material change to its published investment policy if:(1) the change is proposed to enable the winding up of the closed-ended investment fund; and(2) the winding up: (a) is in accordance with the constitution of the closed-ended investment fund; and(b) will be submitted for approval by the shareholders of the closed-ended investment fund at the same time as the proposed material change to the investment
LR 15.4.28RRP
(1) 5A closed-ended investment fund is not required to comply with LR 9.2.23 R in so far as it relates to LR 9.2.2A R, LR 9.2.2E R and LR 9.2.2F R.(2) A closed-ended investment fund is not required to comply with LR 9.2.24 R to LR 9.2.25 R.
SUP 6.1.3AGRP
(1) 7In SUP 6 the "relevant regulator" is the regulator to which a firm with a Part 4A permission has made or can make (in accordance with SUP 6) an application to vary or cancel its Part 4A permission or to have imposed on it a new requirement or to vary or cancel any existing requirement (see SUP 6.2.3A G to SUP 6.2.3E G).(2) Where the PRA can only determine an application with the consent of the FCA, the FCA may request further information as if it were the relevant regulator.(3)
SUP 6.1.5GRP
This chapter also outlines the relevant regulator's powers to withdraw authorisation from a firm whose Part 4A permission7 has been cancelled at the firm's request.727
SUP 6.1.6GRP
7This chapter does not cover the FCA's use of its own-initiative variation power to vary or cancel a firm'sPart 4A permission or its own-initiative requirement power to impose, vary or cancel a requirement (see SUP 7 (Individual requirements) and EG 8 (Variation and cancellation of permission on the FCA's own initiative and intervention against incoming firms)).
COLL 6.5.2AGRP
4COLL 6.6A and COLL 6.6B set out additional FCArules and guidance applicable to the authorised fund manager and depositary of a UCITS scheme in relation to the appointment and duties of the depositary.
COLL 6.5.3RRP
(1) The directors (or director) of an ICVC must take all practicable steps to ensure the ICVC has at all times as its ACD a person who is qualified to act as ACD.(2) If the ICVC ceases to have any director, the depositary must exercise its powers, under the OEIC Regulations, to appoint a person to be an ACD of the ICVC.(3) For an ICVC that holds annual general meetings under the OEIC Regulations, the1 appointment of an ACD (other than the first ACD), under (1) or (2), must terminate
COLL 6.5.10RRP
(1) The depositary of an authorised fund may not retire voluntarily except upon the appointment of a new depositary.(2) The depositary of an authorised fund must not retire voluntarily unless, before its retirement, it has ensured that the new depositary has been informed of any circumstance of which the retiring depositary has informed the FCA.(3) When the depositary of an authorised fund wishes to retire or ceases to be an authorised person, the authorised fundmanager may, subject
LR 10.2.5GRP
For the purposes of LR 10.2.4R (1), the FCA considers the following indemnities not to be exceptional:(1) those customarily given in connection with sale and purchase agreements;(2) those customarily given to underwriters or placing agents in an underwriting or placing agreement;(3) those given to advisers against liabilities to third parties arising out of providing advisory services; and(4) any other indemnity that is specifically permitted to be given to a director or auditor
LR 10.2.6GRP
If the calculation under LR 10.2.4R (1) produces an anomalous result, the FCA may disregard the calculation and modify that rule to substitute other relevant indicators of the size of the indemnity or other arrangement given, for example 1% of market capitalisation.
LR 10.2.11GRP
The FCA may modify these rules to require the aggregation of transactions in circumstances other than those specified in LR 10.2.10 R.Note: If an issuer is proposing to enter into a transaction that could be a Class 1 transaction or reverse takeover it is required under LR 8 to obtain the guidance of a sponsor to assess the potential application of LR 10.
COLL 2.1.3GRP
(1) This chapter sets out the requirements that a person must follow in applying for an authorisation order for a scheme under regulation 12 of the OEIC Regulations (Applications for authorisation),2section 242 of the Act (Applications for authorisation of unit trust schemes) or section 261C of the Act (Applications for authorisation of contractual schemes)2.2(2) COLLG 3A (The FCA’s responsibilities under the Act) and COLLG 4A (The FCA’s responsibilities under the OEIC Regulations)
COLL 2.1.4DRP
An application for an authorisation order in respect of an authorised fund must be:(1) in writing in the manner directed and contain the information required in the application form available from the FCA;(2) addressed for the attention of a member of FCA staff responsible for collective investment scheme authorisation matters; and(3) delivered to the FCA'saddress by one of the following methods:(a) posting; or(b) leaving it at the FCA's address and obtaining a time-stamped receipt;
COLL 2.1.5GRP
1An EEA UCITS management company that proposes to act as the authorised fund manager2 of an AUT, ACS or2ICVC that is a UCITS scheme, should be aware that it is required under paragraph 15A(1) of Schedule 3 to the Act to apply to the appropriate regulator for approval to do so. The form that the firm must use for this purpose is set out in SUP 13A Annex 3 R (EEA UCITS management companies: application for approval to manage a UCITS scheme established in the United Kingdom). In
SYSC 13.9.2GRP
Firms should take particular care to manage material outsourcing arrangements and, as SUP 15.3.8 G (1)(e) explains, a firm should notify the FCA2 when it intends to enter into a material outsourcing arrangement.
SYSC 13.9.5GRP
In negotiating its contract with a service provider, a firm should have regard to:(1) reporting or notification requirements it may wish to impose on the service provider;(2) whether sufficient access will be available to its internal auditors, external auditors or actuaries (see section 341 of the Act) and to the FCA2 (see SUP 2.3.5 R (Access to premises) and SUP 2.3.7 R (Suppliers under material outsourcing arrangements);(3) information ownership rights, confidentiality
SYSC 13.9.9GRP
(1) 1Parts of the guidance in SYSC 13.9 do not apply to a Solvency II firm. They are SYSC 13.8.3G, SYSC 13.9.4G(1), (2), (4) and (5) and SYSC 13.9.5G(6).(2) A Solvency II firm is subject to the outsourcing requirements in PRA Rulebook: Solvency II firms: Conditions Governing Business 7. (3) The Solvency II Regulation (EU) 2015/35 of 10 October 2014 (article 274) also imposes specific requirements on firms which outsource, or propose to outsource, functions or insurance activities.
LR 7.2.1RRP

The Listing Principles are as follows:

Listing3 Principle 1

A listed company must take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations.3

3

Listing3 Principle 2

A listed company must deal with the FCA in an open and co-operative manner.3

3

Principle 3

[deleted]3

3

Principle 4

[deleted]3

3

Principle 5

[deleted]3

3

Principle 6

[deleted]3

3
LR 7.2.2GRP
Listing Principle 13 is intended to ensure that listed companies have adequate procedures, systems and controls to enable them to comply with their obligations under the listing rules, disclosure requirements4, transparency rules and corporate governance rules.3 In particular, the FCA considers that listed companies should place particular emphasis on ensuring that they have adequate procedures, systems and controls in relation to, where applicable:333(1) identifying whether any
LR 7.2.4GRP
3In assessing whether the voting rights attaching to different classes of premium listedshares are proportionate for the purposes of Premium Listing Principle 4, the FCA will have regard to the following non-exhaustive list of factors:(1) the extent to which the rights of the classes differ other than their voting rights, for example with regard to dividend rights or entitlement to any surplus capital on winding up;(2) the extent of dispersion and relative liquidity of the classes;
SUP 13A.4.1AGRP
4An EEA UCITS management company may not exercise an EEA right to provide collective portfolio management services for a UCITS scheme from a branch in the United Kingdom until approved by the FCA11 to do so (see SUP 13A.3.1C G).11
SUP 13A.4.4-AGRP
8When the FCA receives a consent notice from the EEA firm'sHome State regulator in respect of a EEA firm within paragraph 5(i) of Part I of Schedule 3 to the Act, it will, under paragraph 13(3A);(1) notify the firm of the applicable provisions (if any); and (2) use the information received from the EEA firm'sHome State regulator to enter the necessary information into the Financial Services Register.
SUP 13A.4.4AGRP
(1) 11Where the PRA receives a consent notice, it will give a copy to the FCA without delay, and where the FCA receives a consent notice it will give a copy to the PRA, where relevant, without delay.(2) In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notification by the FCA which relates to:(a) a PRA-regulated activity;(b) a PRA-authorised person; or(c) a person whose immediate group includes a PRA-authorised person.
IFPRU 6.1.2GRP
This chapter:(1) implements article 101 of CRD; (2) contains the rule that exercises the discretion afforded to the FCA as competent authority under article 327(2) of the EU CRR; and(3) contains the guidance for market risk.
IFPRU 6.1.5GRP
(1) The methodology for the identification of the risks in IFPRU 6.1.4 R and the calculation of those additional own funds for value-at-risk (VaR) and stressed value-at-risk (stressed VaR) models is called the "RNIV framework". A firm is responsible for identifying these additional risks and this should be an opportunity for risk managers and management to better understand the shortcomings of the firm's models. Following this initial assessment, the FCA will engage with the firm
IFPRU 6.1.6GRP
A firm that wishes to use own estimates for delta for the purposes of the standardised approach for options, should provide the FCA with confirmation that it meets the minimum standards set out in IFPRU 6.1.8 G to IFPRU 6.1.15 R (Minimum standards for own estimates of delta) for each type of option for which it calculates delta. Where a firm meets the minimum standards, it can expect to be permitted to use own estimates of delta for the relevant option.
IPRU-INV 14.2.4GRP
(1) A firm'sparent is a financial holding company if it is either a financial institution or a securities and futures firm that is subject to the financial rules in Chapter 3 and that is a broad scope firm (but not a venture capital firm) and if its subsidiary undertakings carry out mainly listed activities, activities of a credit institution or activities undertaken by a Chapter 3 broad scope firm. For this purpose
IPRU-INV 14.2.5RRP
A firm may, having first notified the FCA in writing, exclude from its group the following: (1) any entity the total assets of which are less than the smaller of the following two amounts: (a) 10 million euros; or (b) 1% of the total assets of the group's parent or the undertaking that holds the participation; provided that the total assets of such entities do not collectively breach these limits. (2) any entity the inclusion of which within the group
IPRU-INV 14.2.6GRP
(1) The FCA may require a firm to provide information about the position in the group of any undertaking excluded from the consolidation under rule 14.2.5. (2) An exclusion under rule 14.2.5(2) would normally be appropriate when an entity would be excluded from the scope of consolidation under the relevant UK generally accepted accounting principles.
CONC 7.18.3RRP
(1) The firm must, when the firm next sends a statement to the borrower, give or send the borrower a notice including the information set out in CONC 7.18.5 R.(2) A firm must accompany the notice required by (1) with a copy of the current arrears information sheet under section 86A of the CCA with the following modifications:(-a) for the heading “Arrears” substitute “Arrears – peer-to-peer lending”;1(a) for the bullet point headed “Work out how much money you owe” substitute:“Work
CONC 7.18.5RRP
The notice referred to in CONC 7.18.3 R must contain the following information:(1) a form of wording to the effect that it is given in compliance with the rules because the borrower is behind with his payments under the agreement;(2) a form of wording encouraging the borrower to discuss the state of his account with the firm;(3) the date of the notice;(4) a description of the agreement sufficient to identify it;(5) (a) the name, telephone number, postal address and, where appropriate,
CONC 7.18.7RRP
(1) Subject to (2), where the total amount which the borrower has failed to pay in relation to the last two payments due under the agreement prior to the date on which the firm came under a duty to give the borrower a notice under CONC 7.18.3 R is not more than £2, the notice:(a) need not include any of the information or statements referred to in CONC 7.18.4 R;(b) but, in that event, shall contain a statement in the following form:"You have failed to make two minimum paymentsFailing
FEES 7.2.2RRP
The CFEB levy is calculated as follows:(1) identify each of the activity groups set out in Part 1 of FEES 7 Annex 1 that apply to the business of the firm for the relevant period (for this purpose, the activity groups are defined in accordance with Part 1 of and the activity groups under are defined in accordance with Part 1 of that Annex);FEES 4 Annex 1A);66(2) for each of those activity groups, calculate the amount payable in the way set out in FEES 7.2.3 R;(3) add the amounts
FEES 7.2.4RRP
For the purposes of FEES 7.2.3 R:(1) a firm may apply the relevant tariff bases and rates to its non-UK business, as well as to its UK business, if:(a) it has reasonable grounds for believing that the costs of identifying the firm'sUK business separately from its non-UK business in the way described in Part 3 of FEES 4 Annex 1A6 and Part 1 of FEES 4 Annex 111 are disproportionate to the difference in fees payable; and (b) it notifies the FCA in writing at the same time as it provides
FEES 7.2.9RRP

Table of rules in FEES 4that also apply to FEES 7 to the extent that in FEES 4 they apply to fees payable to the FCA6

FEES 4 rules incorporated into FEES 7

Description

FEES 4.2.4 R

Method of payment

FEES 4.2.7B R

Calculation of periodic fee and tariff base for a firm's second financial year

FEES 4.2.8 R

How FEES 4.2.7 R applies in relation to an incoming EEA firm or an incoming Treaty firm

FEES 4.2.10 R

Extension of time

FEES 4.2.11 R (first entry only)

Due date and changes in permission for periodic fees

FEES 4.3.7 R

Groups of firms

FEES 4.3.13 R

Firms applying to cancel or vary permission before start of period

FEES 4.3.15 R

Firms acquiring businesses from other firms

FEES 4.4.1 R to FEES 4.4.6 R

Information on which fees are calculated
COLL 6.4.6RRP
(1) Every unitholder of an AUT1 is entitled to transfer units held on the register by an instrument of transfer in any form that the person responsible for the register may approve, but that person is under no duty to accept a transfer unless it is permitted by the trust deed or prospectus.3(1A) Provided:1(a) the requirements in COLL 6.4.6A R (Transfer of units in an ACS) are satisfied; and(b) transfers of units are allowed by the contractual scheme deed and prospectus in accordance
COLL 6.4.6ARRP
(1) 1Where transfer of units in an ACS is allowed by its contractual scheme deed and prospectus in accordance with the conditions specified by FCArules, the authorised contractual scheme manager of the ACS must take reasonable care to ensure that units are only transferred if the conditions specified by the FCA under (2) are met.(2) The FCA specifies that for the purposes of (1), and for the purposes of COLL 3.2.6 R(27G) (ACSs: UCITS and NURS transfer of units) and COLL 4.2.5
COLL 6.4.6BGRP
1The FCA recognises that some transfers of units arise by operation of law (such as upon death or bankruptcy of the unitholder, or otherwise) and are accordingly outside the control of the authorised contractual scheme manager. The authorised contractual scheme manager is expected to comply with its responsibilities under COLL 6.6.3B R (Redemption of ACS units by an authorised contractual scheme manager) in such cases by redeeming such units.