Related provisions for LR 8.6.7B
641 - 660 of 1081 items.
A firm and its controllers are required to notify certain changes in control (see7SUP 11 (Controllers and close links)). The purpose of the rules and guidance in this section is:7(1) to ensure that, in addition to such notifications, the FCA12 receives regular and comprehensive information about the identities of all of the controllers of a firm, which is relevant to a firm's continuing to satisfy the effective supervision threshold conditions15; 15158(2) to implement certain
(1) [deleted]10151510(2) [deleted]101510(3) [deleted]1010(4) [deleted]1010(4A) [deleted]105151510(4B) [deleted]1051515151510(5) [deleted]8108(6) 10A firm must submit annually by electronic means to the FCA12 the Controllers Report which contains the information specified in the form in SUP 16 Annex 37A, within four months of the firm'saccounting reference date9.
A UK firm should be aware that the guidance is the FCA's5 interpretation of the Single Market Directives, the Act and the legislation made under the Act. The guidance is not exhaustive and is not a substitute for firms consulting the legislation or taking their own legal advice in the United Kingdom and in the relevant EEA States.5
(1) UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).4(2) UK RIEs4 must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MiFID implementing requirements in the MiFID Regulation.2RAPs must satisfy the recognition requirements prescribed by the Treasury in the
(1) The recognition requirements for UK recognised bodies and the MiFID implementing requirements2are set out, with guidance, in REC 2. The RAP recognition requirements (other than requirements under the auction regulation which are not reproduced in REC) are set out, with guidance, in REC 2A.3(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those rules.(3) Guidance on the FCA's4 approach to the supervision of recognised bodies
This chapter provides
guidance on the Market Abuse Regulation5. It is therefore likely to be helpful to persons who:545(1) want to avoid engaging in market abuse5; or(2) want to determine whether they are required by article 16 of the Market Abuse Regulation5 to report a transaction
5or order to the
FCA
as a suspicious one.
4It is the responsibility of an insurance intermediary's senior management to determine, on a continuing basis, whether the insurance intermediary is an exempt insurance intermediary and to appoint an auditor if management determines the firm is no longer exempt. SUP 3.7 (amplified by SUP 15) sets out what a firm should consider when deciding whether it should notify the FCA of matters raised by its auditor.6
4The rights and duties of auditors are set out in SUP 3.8 (Rights and duties of all auditors) and SUP 3.10 (Duties of auditors: notification and report on client assets). SUP 3.8.10 G includes the auditor's statutory duty to report certain matters to the FCA8 imposed by regulations made by the Treasury under sections 342(5) and 343(5) of the Act (information given by auditor or actuary to a regulator8). An auditor should bear these rights and duties in mind when carrying out client
(1) This direction applies to an application under Form A or Form E.(2) Subject to (2A), an1 application by a firm other than a credit union must be made by submitting the Form online at fca.org.uk using the form specified on the FCA's and PRA'sonline notification and application system3. 122(2A) An application by a firm whose application for permission or whose Part 4A permission covers only credit-related regulated activities must be made using the form in SUP 10A Annex 4 or
If the information technology systems used by the FCA fail and online submission is unavailable for 24 hours or more, the FCA and PRA will endeavour to publish a notice on their websites confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 10A.16.1D (4) and SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification) should be used.
4The FCA also has measures available to it where it considers it is appropriate to take protective or remedial action. These include: (1) where a firm's continuing ability to meet the threshold conditions or where an approved person's or other individual’s1 fitness and propriety1 are called into question: (a) varying and/or cancelling of permission and the withdrawal of a firm’s authorisation (see chapter 8); and (b) the withdrawal of an individual’s status as an approved person
2Where a person who is a shareholder has contravened one or more relevant transparency provisions (as defined in section 89NA(11) of the Act) in respect of shares in a company admitted to trading on a regulated market and the FCA considers the breach to be serious, the FCA may apply to the Court for an order suspending that person’s voting rights as set out in section 89NA of the Act.
Section 21 precludes the promotion by unauthorised persons of unregulated collective investment schemes unless the financial promotion is approved by an authorised person or is exempt. Section 238 then precludes the promotion of an unregulated collective investment scheme by authorised persons except where:(1) there is an exemption in an order made by the Treasury under section 238(6); or(2) the financial promotion is permitted under rules made by the FCA under section 238(5)
The FCA has made rules under section 238(5) which allow authorisedfirms to communicate or approve a financial promotion for an unregulated collective investment scheme in certain specified circumstances. These circumstances are set out in COBS 4.12.4 R3 To date, the Treasury has not made an order exempting single property schemes under section 239.23
The purpose of this section is to give directions to the electronic money issuers referred to in SUP 16.1.1B D under regulation 49 (Reporting requirements) of the Electronic Money Regulations in relation to:(1) the information in respect of their issuance of electronic money and provision of payment services and their compliance with requirements imposed by or under Parts 2 to 5 of the Electronic Money Regulations that they must provide to the FCA6; and 6(2) the time at which
An electronic money issuer that is not a credit institution must submit to the FCA:66(1) the duly completed return applicable to it as set out in column (2) of the table in SUP 16.15.8 D; and(2) the return referred to in (1):(a) in the format specified as applicable in column (3) of the table in SUP 16.15.8 D; (b) at the frequency and in respect of the periods specified in column (4) of that table;(c) by the due date specified in column (5) of that table; and (d) by electronic
A firm should keep a record of, and be ready to explain to its supervisory contacts in the FCA, the reasons for any difference between the deficit reduction amount and any commitment the firm has made in any public document to provide funding in respect of a defined benefit occupational pension scheme.
The conditions referred to in IPRU-INV 13.15.7R are:(1) the subordinated loan must have an original maturity of at least two years or, if it has no fixed term, it is subject to not less than two years' notice of repayment;(2) the agreement governing the subordinated loan must not permit payment of interest unless a firm has at least 120% of its capital resources requirement after that payment2;(3) the agreement governing the subordinated loan must only permit repayment, prepayment
If an unauthorised administrator makes arrangements for a mortgage administrator to administer its regulated mortgage contracts, the exclusion may cease to be available because the mortgage administrator ceases to have the required permission, or because the arrangement is terminated. The exclusion gives the unauthorised administrator a one-month grace period during which it may administer the contracts itself. If the period of administration exceeds one month, the unauthorised
Under article 63 of the Regulated Activities Order, a person who is not an authorised person does not administer a regulated mortgage contract if he administers the contract under an agreement with a firm with permission to administer a regulated mortgage contract. A firm with permission to administer a regulated mortgage contract may thus outsource or delegate the administration function to an unauthorised third party. A firm that proposes to do this should however note, as set
(1) The FCA takes the view that sections 77, 78 and 79 of the CCA should be read in a way that allows the borrower or hirer to obtain the information needed in order to be properly informed without imposing unnecessary burden on firms.(2) The statement referred to in the relevant section must be prepared according to the information to which it is 'practicable' for the firm to refer. In the FCA's view, this means practicable at the time of the request and includes information
(1) Failure to comply with the provisions means that the agreement becomes unenforceable while the failure to comply persists, and the courts have no discretion to allow enforcement.(2) In such cases, a firm should in no way, either by act or omission, mislead a customer as to the enforceability of the agreement.(3) In particular, a firm should not in such cases either threaten court action or other enforcement of the debt or imply that the debt is enforceable when it is not.(4)
A firm must arrange for orderly records to
be kept of its business and internal organisation, including all services
and transactions undertaken by it, which must be sufficient to enable the appropriate
regulator or any other
relevant competent authority under MiFID or the UCITS Directive4 to monitor the firm's compliance
with the requirements under the regulatory
system, and in particular to ascertain that the firm has complied with all obligations with
respect to clients.[Note:
article
An issuer whose registered office is in a non-EEA State2 is exempted from DTR 5.5.1R, DTR 5.6.1R and DTR 5.8.12R(2) if:2(1) the law of the non-EEA State in question lays down equivalent requirements; or2(2) the issuer complies with requirements of the law of a non-EEA State that the FCA considers as equivalent.2[Note: article 23(1) of the TD]2
The FCA maintains a published list of non-EEA States2, for the purpose of article 23.1 of the TD, whose laws2 lay down requirements equivalent to those imposed upon issuers by this chapter, or where the requirements of the law of that non-EEA State are considered to be equivalent by the FCA2. Such issuers remain subject to the following requirements of DTR 6:(1) the filing of information with the FCA;(2) the language provisions; and(3) the dissemination of information provisi
Section 137C of the Act (FCA general rules: cost of credit and duration of credit agreements) as amended by the Financial Services (Banking Reform) Act 2013, places a duty on the FCA to make general rules with a view to securing an appropriate degree of protection for borrowers against excessive charges.
In accordance with that duty, the purpose of this chapter is:(1) to specify the descriptions of regulated credit agreement appearing to the FCA to involve the provision of high-cost short-term credit to which this chapter applies by using the definition of high-cost short-term credit set out in the Glossary;(2) to secure an appropriate degree of protection for borrowers against excessive charges; and (3) as a result, to restrict the charges for such high-cost short-term credi
(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
2Where:(1) an authorised fund manager of a UCITS scheme which is a master UCITS or a qualifying master scheme3temporarily suspends the issue, cancellation, sale and redemption of its units, whether at its own initiative or at the request of the FCA; or(2) an operator of an EEA UCITS scheme which is a master UCITS or a qualifying master scheme3temporarily suspends the issue, cancellation, sale or redemption of its units, whether at its own initiative or at the request of its Home