Related provisions for SUP 11.7.1

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EG 9.1.1RP
1The FCA's power under section 56 of the Act to prohibit individuals who are not fit and proper from carrying out functions in relation to regulated activities helps the FCA to work towards achieving its statutory objectives. The FCA may exercise this power to make a prohibition order where it considers that, to achieve any of those objectives, it is appropriate either to prevent an individual from performing any function in relation to regulated activities, or to restrict the
EG 9.1.2RP
1The FCA's effective use of the power under section 63 of the Act to withdraw approval from an approved person will also help ensure high standards of regulatory conduct by preventing an approved person from continuing to perform the controlled function to which the approval relates if he is not a fit and proper person to perform that function. Where it considers this is appropriate, the FCA may prohibit an approved person, in addition to withdrawing their approval.
EG 10.3.1RP
1Where the FCA applies to the court under section 380(3) or sections 381(3) and (4) of the Act, the FCA may ask the court to exercise its inherent jurisdiction to make orders on an interim basis, restraining a person from disposing of, or otherwise dealing with, assets. To succeed in an application for such interim relief, the FCA will have to show a good arguable case for the granting of the injunction. The FCA will not have to show that a contravention has already occurred or
EG 10.3.2RP
1The FCA may request the court to exercise its inherent jurisdiction in cases, for example, where it has evidence showing that there is a reasonable likelihood that a person will contravene a requirement of the Act and that the contravention will result in the dissipation of assets belonging to investors.
REC 6.5.1GRP
If the FCA1 considers that the requirements of the Act are satisfied, it may make a recognition order, which will state the date on which it takes effect.1
REC 6.5.2GRP
Where the FCA1 considers that it is unlikely to make a recognition order, it will discuss its concerns with the applicant with a view to enabling the applicant to make changes to its rules or guidance, or other parts of the application. If the FCA1 decides to refuse to make a recognition order, it will follow the procedure set out in section 298 of the Act (Directions and revocation: procedure) (which applies in consequence of section 290(5) of the Act (Recognition orders)) which
EG 9.9.2RP
1Section 59(1) is relevant where the firm directly employs the person concerned. Under the provision, a firm ('A') must take reasonable care to ensure that no person performs a controlled function under an arrangement entered into by A in relation to the carrying on by it of a regulated activity, unless the appropriate regulator (as defined in section 59(4) of the Act) approves the performance by that person of the controlled function to which the approval relates.
EG 9.9.3RP
1Section 59(2) is relevant where the person is employed by a contractor of the firm. It requires a firm ('A') to take reasonable care to ensure that no person performs a controlled function under an arrangement entered into by a contractor of A in relation to the carrying on by A of a regulated activity, unless the appropriate regulator (as defined in section 59(4) of the Act) approves the performance by that person of the controlled function to which the approval
REC 4.9.1GRP
(1) 1Under sections 312E and 312F of the Act, if the FCA considers that a recognised body has contravened a requirement imposed by the FCA under any provision of the Act that relates to a RIE, or under any provision of the Act whose contravention constitutes an offence the FCA has power to prosecute, or by a qualifying EU provision specified by the Treasury, it may: (a) publish a statement to that effect; or(b) impose on the body a financial penalty of such amount as it considers
REC 4.9.2GRP
(1) Under section 192K of the Act, if the FCA considers that a qualifying parent undertaking of a UK RIE has contravened a requirement of a direction given by the FCA under section 192C of the Act, or a provision of rules made by the FCA under section 192J of the Act, it may:(a) impose a penalty of such amount as it considers appropriate on the qualifying parent undertaking of the UK RIE, or any person who was knowingly concerned in the contravention; or(b) publish a statement
EG 10.4.1RP
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 10.4.4RP
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.
EG 19.3.1RP
1The Credit Unions Act enables certain societies in Great Britain to be registered under IPSA65 and makes provisions in respect of these societies. It gives the FCA certain powers in addition to the powers that it has under the Act in respect of those credit unions which are authorised persons. The FCA's powers under the Credit Unions Act include the power to: require the production of books, accounts and other documents in the exercise of certain functions (section 17);appoint
EG 19.3.2RP
1The FCA will use these powers in a manner consistent with its approach to using the same powers under the Act. Where the FCA decides to cancel or suspend a credit union’s registration under section 20(1) of the Credit Unions Act, the credit union may appeal that decision to the High Court or, in Scotland, the Court of Session.
COLL 9.1.1RRP
This chapter applies to operators of recognised schemes and to operators of schemes making a notification in respect of them under Chapter V of Part XVII of the Act (Recognised overseas schemes).
COLL 9.1.2GRP
This chapter enables potential operators of recognised schemes to know what information and documents the FCA wish to receive to enable it to consider whether to recognise the scheme under the Act for marketing in the United Kingdom.
LR 4.3.2RRP
The FCA will approve listing particulars or supplementary listing particulars if it is satisfied that the requirements of the Act and this chapter have been complied with.
LR 4.3.3GRP
The FCA will try to notify the applicant of its decision on an application for approval of listing particulars or supplementary listing particulars within the same time limits as are specified in section 87C of the Act (consideration of application for approval) for an application for approval of a prospectus or supplementary prospectus.
SUP 5.2.1GRP
Under section 166 of the Act (Reports by skilled persons), the FCA1 may, by giving a written notice, itself appoint a skilled person to provide it with a report, or 2require any of the following persons to provide it with a report by a skilled person:22(1) a firm; or1(2) any other member of the firm's group; or1(3) a partnership of which the firm is a member; or1(4) a person who has at any relevant time been a person falling within (1), (2) or (3);but only if the person is,
SUP 5.2.2GRP
2Under section 166A of the Act (Appointment of skilled person to collect and update information), the FCA1 may require a firm to appoint, or itself appoint, a skilled person to collect or update information.
REC 4.3.1GRP
Information is needed to support the FCA's1 risk based approach to the supervision of all regulated entities. Risk based supervision is intended to ensure that the allocation of supervisory resources and the supervisory process are compatible with the regulatory objectives and the FCA's1 general duties under the Act. The central element of the process of risk based supervision is a systematic assessment by the FCA1 (a risk assessment) of the main supervisory risks and concerns
REC 4.3.2GRP
For each UK recognised body, the FCA1 will conduct a periodic risk assessment. This assessment will take into account relevant considerations including the special position of recognised bodies under the Act, the nature of the UK recognised body's members, the position of other users of its facilities and the business environment more generally.1
DEPP 8.1.1GRP
1DEPP 8 sets out the FCA's statement of policy on the exercise of its power under section 63ZB of the Act to vary, on its own initiative, an approval given by the FCA or the PRA for the performance of a designated senior management function in relation to the carrying on of a regulated activity by a relevant authorised person. The FCA is required to publish this statement of policy by section 63ZD of the Act. [Note: the FCA’s statement of policy on the exercise of its power under
DEPP 8.1.2GRP
In DEPP 8, the power under section 63ZB of the Act described in DEPP 8.1.1G is referred to as the FCA’s “own-initiative variation of approval power”.
PERG 1.1.1GRP
This manual applies to:(1) a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he needs to be an authorised person;(2) a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom;(3) a person who is seeking guidance on whether any communication he may be seeking
PERG 1.1.2GRP
The purpose of this manual is to give guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Act and the exclusions which are available.
REC 6A.1.1GRP
1Under section 312A of the Act, an EEA market operator may make arrangements in the United Kingdom to facilitate access to, or use of, a regulated market or multilateral trading facility operated by it if:(1) the operator has given its Home State regulator notice of its intention to make such arrangements; and(2) the Home State regulator has given the FCA3 notice of the operator's intention.3
REC 6A.1.4GRP
2In accordance with the RAP regulations, references in section 312A of the Act to specified regulated market and market are to be read as including reference to a specified auction platform and an auction platform as applicable.
PR 4.2.1RRP
If a prospectus relating to an issuer that has its registered office in a country that is not an EEA State is drawn up in accordance with the legislation of that country, the FCA may, if the United Kingdom is the Home State in relation to the issuer, approve the prospectus if it is satisfied that:(1) the prospectus has been drawn up in accordance with international standards set by international securities commission organisations, including the IOSCO disclosure standards; and(2)
PR 4.2.2GRP
An applicant for the approval of a prospectus referred to in PR 4.2.1 R will need to comply with relevant requirements of the Act, the PD regulation and these rules including (to the extent applicable) PR 3.1 relating to applying for approval of a prospectus.
LR 2.1.2GRP
Under the Act, the FCA may not grant an application for admission unless it is satisfied that:(1) the requirements of the listing rules are complied with; and(2) any special requirement (see LR 2.1.4 R) is complied with.
LR 2.1.3GRP
Under the Act, the FCA may also refuse an application for admission if it considers that:(1) admission of the securities would be detrimental to investors' interests; or(2) for securities already listed in another EEA State, the issuer has failed to comply with any obligations under that listing.
EG 11.4.1RP
1The FCA may obtain information relating to the amount of profits made and/or losses or other adverse effects resulting from the conduct of firms or unauthorised persons as a result of the exercise of its powers to appoint investigators under sections 167 or 168 of the Act.
EG 11.4.2RP
1As well as obtaining information through the appointment of investigators, the FCA may consider using its power under section 166 of the Act to require a firm to provide a report prepared by a skilled person or appoint a skilled person itself to prepare a report. That report may be requested to help the FCA to: (1) determine the amount of profits which have been made by the firm; or (2) establish whether the conduct of the firm has caused any losses or other adverse effects to
SUP 4.4.4RRP
A firm must not appoint as appropriate actuary an actuary who has been disqualified by the FCA5 under section 345 of the Act (Disciplinary measures: FCA) or the PRA under section 345A of the Act (Disciplinary measures: PRA5) from acting as an actuary either for that firm or for a relevant class of firm.55
SUP 4.4.5GRP
If it appears to the FCA4 that an appropriate actuary has failed to comply with a duty imposed on him under the Act, it may have the power to and5 may disqualify him under section 3454 of the Act. A list of actuaries who have been disqualified may be found on the FCA5 website (http://www.fca.org.uk5).5553325555
EG 19.12.2RP
2The FCA's powers to vary a firm’s Part 4A permission or to impose requirements under sections 55J and 55L of the Act have been extended under these Regulations. The FCA is able to use these powers where it is desirable to do so for the purpose of: supervision in accordance with the Financial Conglomerates Directive;acting in accordance with specified provisions of the Capital Requirements Directive; andacting in accordance with specified provisions of the Solvency II Directi
EG 19.12.3RP
2The duty imposed by section 55B(3) (The threshold conditions) of the Act does not prevent the FCA from exercising its own-initiative power for these purposes. But subject to that, when exercising this power under the Regulations, the FCA will do so in a manner consistent with its approach generally to variation under the Act.
EG 8.7.1RP
1The FCA adopts a similar approach to the exercise of its power of intervention under section 196 as it does to its own-initiative powers to vary Part 4A permission or impose requirements, but with suitable modification for the differences in the statutory grounds for exercising the powers. Consequently the factors and considerations set out in paragraphs 8.2.1 to 8.4.4 and 8.6.1 to 8.6.8 may also be relevant when the FCA is considering regulatory concerns about incoming firm
EG 8.7.2RP
1When it is considering action against an incoming firm, the FCA will co-operate with the firm'sHome State regulator as appropriate, including notifying and informing the firm'sHome State regulator as required by the relevant section of the Act.