1Activity |
Products/Sectors |
Is there an appropriate qualification4requirement? 4 |
|
Designated investment business carried on for a retail client |
|||
Providing basic advice |
1. |
Stakeholder products excluding a deposit-based stakeholder product |
No |
Advising |
2. |
Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds |
Yes |
3. |
Yes2 |
||
4. |
Packaged products6Retail investment products6 which are not broker funds |
Yes2 |
|
5. |
Friendly Societylife policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales |
No2 |
|
6. |
Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5 |
Yes2 |
|
7. |
Yes2 |
||
8. |
Investments in the course of corporate finance business |
Yes2 |
|
9. |
Yes2 |
||
129A. |
Yes |
||
Undertaking the activity in column 2 |
10. |
Yes |
|
11. |
Yes2 |
||
Advising and dealing |
12. |
Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds |
Yes |
13. |
Yes2 |
||
4Dealing |
13A.8 |
Securities which are not stakeholder pension schemes, personal pension schemes7 or broker funds |
No |
No |
|||
13C. |
No |
||
Managing |
14. |
Yes |
|
Overseeing on a day-to-day basis |
15. |
Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme |
Yes |
16. |
Safeguarding and administering investments or holding client money |
Yes2 |
|
17. |
Administrative functions in relation to managing investments |
Yes2 |
|
18. |
Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies |
Yes2 |
|
19. |
Administrative functions in relation to the operation of stakeholder pension schemes |
Yes2 |
|
Mortgage Activity10 and reversion activity carried on for a customer 10 |
|||
910Advising; arranging (bringing about) an execution-only sale, excluding variations to an existing home finance transaction except where the effect is to change all or part of the home finance transaction from one interest rate to another. See Note 3, which for the avoidance of doubt forms part of this rule. |
20 |
Regulated mortgage contracts for a non-business purpose |
Yes |
20A |
Regulated mortgage contracts for a business purpose |
No |
|
21 |
Yes |
||
9Designing scripted questions for execution-only sales |
21A |
Regulated mortgage contracts for a non-business purpose |
Yes |
21B |
Regulated mortgage contracts for a business purpose |
No |
|
22 |
Yes |
||
Overseeing execution-only sales on a day-to-day basis9 9 |
23. |
Yes |
|
11MCD credit agreement activities carried on for consumers |
|||
11manufacturing |
23A |
No |
|
11entering into a regulated mortgage contract or entering into a regulated credit agreement as lender |
23B |
No |
|
11arranging (bringing about) regulated mortgage contracts or acting as an MCD credit broker |
23C |
No |
|
11advising on a regulated mortgage contract or advising on a regulated credit agreement for the acquisition of land |
23D |
No |
|
11directly managing or supervising employees who carry on any of the MCD credit agreement activities 23A to 23D |
23E |
No |
|
Non-investment insurance business carried on for a consumer |
|||
Advising |
24. |
No |
|
3Regulated sale and rent back activity carried on for a customer |
|||
Advising |
25. |
No |
|
Overseeing an execution-only sale10 on a day-to-day basis 10 |
26. |
No |
|
Notes: |
|||
1. |
In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them. |
||
2. |
Thus, for example, paragraph 24consistent with the heading above it3, refers only to advice on non-investment insurance contracts given to a consumer.10 3 |
||
122A. |
In relation to activity number 9A, see TC 2.1.5HR and TC 2.1.6R(2). There is no qualification for this activity in the list of qualifications set out in TC Appendix 4E. However, the effect of TC 2.1.5HR is that an employeeadvising on P2P agreements must be qualified to the same standard as if that employee were providing investment advice to retail clients on retail investment products. |
||
103. |
For the purpose of product numbers 20, 20A and 21 the activity of arranging (bringing about) referred to in the activity column: (a) includes activity which would be arranging (bringing about) but for the exclusion in article 28A of the Regulated Activities Order; and (b) does not include activities which taken on their own would not fall within the definition of that activity. For these purposes no account should be taken of the fact that for an activity to be a regulated activity it must be carried on by way of business (see PERG 4.3). |
||
4. |
In this Appendix, paragraphs 23A, 23B, 23C, 23D and 23E relate to the implementation of article 9(1) of the MCD. The specified activities do not, in and of themselves, attract a qualification requirement. However, where those activities overlap with those specified under the heading "mortgage activity and reversion activity carried on for a customer", qualification requirements may apply. |
||
Related provisions for LR 15.5.3
81 - 100 of 135 items.
The depositary must ensure that the cash flows of each UCITS scheme are properly monitored and that:(1) all payments made by, or on behalf of, investors upon the subscription of units of the scheme have been received; (2) all cash of the scheme has been booked in cash accounts which are: (a) opened in the name of:(i) the scheme; or(ii) the authorised fund manager, acting on behalf of the scheme; or(iii) the depositary acting on behalf of the scheme; and(b) at:(i) a central bank;
In relation to article 113(6)(e), the FCA will consider the following non-exhaustive criteria when assessing whether this condition has been met:(1) the speed with which funds can be transferred or liabilities repaid to the firm and the simplicity of the method for the transfer or repayment. As part of the FCA's overall assessment, it would consider ownership of 100% of the subsidiary as one of the indicators that prompt transfer of own funds is likely to be achieved;(2) whether
(1) If there is no initial service agreement but the successive or separate operations of the same nature performed over time are performed between the same contractual parties, the distance marketing disclosure rules (CONC 2.7.2 R to CONC 2.7.5 R) will only apply:(a) when the first operation is performed; and(b) if no operation of the same nature is performed for more than a year, when the next operation is performed (the next operation being deemed the first in a new series
The following are the criteria that the appropriate regulator will take into account when considering whether the condition in BIPRU 2.1.24 R is going to be met:(1) the speed with which funds can be transferred or liabilities repaid to the firm and the simplicity of the method for the transfer or repayment;(2) whether there are any interests other than those of the firm in the subsidiary undertaking and what impact those other interests may have on the firm's control over the
(1) A firm which has in its possession or control documents evidencing a client's title
to a contract of insurance or
other similar documents (other
than documents of no value) or which takes into its possession or control
tangible assets belonging to a client,
must take reasonable steps to ensure that any such documents or
items of property:(a) are
kept safe until they are delivered to the client;(b) are
not delivered or given to any other person except
in accordance with instructions
For the purposes of this section, an undertaking is an SPV if the main activity of the SPV is to raise funds for undertakings in:(1) (in the case of a UK consolidation group) that UK consolidation group; or(2) (in the case of a non-EEA sub-group) that non-EEA sub-group or any UK consolidation group of which it forms part.
(1) The authorised fund manager may, with the prior agreement of the depositary, and must without delay, if the depositary so requires, temporarily1 suspend the issue, cancellation, sale and redemption of units in an authorised fund (referred to in this chapter as "dealings in units"), where due to exceptional circumstances it is in the interest of all the unitholders in the authorised fund. (1A) The authorised fund manager and the depositary must ensure that the suspension is
(1) Before entering into a regulated credit agreement or regulated consumer hire agreement, or before a P2P agreement is entered into, under which the customer may grant a continuous payment authority, the firm must provide the customer with an adequate explanation of the matters in (2).(2) The matters referred to in (1) are:(a) what a continuous payment authority is and how it works;(b) how the continuous payment authority will be applied by the firm, including where the firm
The following events are examples of events likely to affect an assessment of whether an ROIE1 is continuing to satisfy the recognition requirements11(1) significant changes to any relevant law or regulation in its home territory, including laws or regulations:(a) governing exchanges or, if relevant to an ROIE's satisfaction of the recognition requirements,1clearing houses;(b) designed to prevent insider dealing, market manipulation or other forms of market abuse or misconduct;(c)
An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure a high level of security during the electronic data processing referred to in COLL 6.13.5 R as well as the integrity and confidentiality of the recorded information, as appropriate.[Note: article 7(2) of the UCITS implementing Directive]
(1) 3A firm will, subject to (3), be deemed to comply
with CASS 5.3 to CASS
5.6 if it receives or holds client
money and it either:2(a) in relation to a service charge,
complies with the requirement to segregate such money in accordance with section
42 of the Landlord and Tenant Act 1987 ("the 1987 Act"); or2(b) in relation to money which is clients'
money for the purpose of the Royal Institution of Chartered Surveyors' Rules
of Conduct ("RICS rules") in force as at 14 January
For persons who are MiFID2investment firms, the activities that must be caught by the Regulated Activities Order are those that are caught by MiFID2. To achieve this result, some of the exclusions in the Order (that will apply to persons who are not caught by MiFID2) have been made unavailable to MiFID2investment firms when they provide or perform investment services and activities. A "MiFID investment firm", for these purposes, includes credit institutions to which MiFID applies
5When calculating the number of certificates for the purposes of LR 18.2.8R (4)(a)(v), holdings of investment managers in the same group where investment decisions are made independently by the individual in control of the relevant fund and those decisions are unfettered by the group to which the investment manager belongs will be disregarded.