Business areas and management functions |
Explanation |
(1) Payment services |
This means: (1) payment services; (2) issuing and administering other means of payment (for example, cheques and bankers' drafts); (3) issuing electronic money; and (4) current accounts. |
(2) Settlement |
This means clearing and settlement of any transactions described in rows (3) and (6) to (9) of this annex, in relation to the assets covered by (9). It also includes clearing and settlement of any transactions described in row (10). |
(3) Investment management |
This has the same meaning as managing investments with the following adjustments: (a) it covers all types of assets; and (b) the exclusions in the Regulated Activities Order do not apply. It also covers fund management. |
(4) Financial or investment advice |
This includes advising on investments. |
(5) Mortgage advice |
This has the same meaning as advising on regulated mortgage contracts but is expanded to cover land anywhere in the world and to cover security of any kind over land. |
(6) Corporate investments |
This means acquiring, holding, managing and disposing a firm's investments made for its own account. |
(7) Wholesale sales |
This means the selling of any investment to a person other than a retail customer. It does not include the activities in (1). |
(8) Retail sales |
This means the selling of any investment to a retail customer. It includes savings accounts. It does not include the activities in (1). |
(9) Trading for clients |
This means dealing in investments as agent and execution of orders on behalf of clients but the list of products includes money market instruments and foreign exchange. |
(10) Market making |
This has the same meaning as it does in MIFID (see the definition of market maker in article 4.1(8)). |
(11) Investment research |
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(12) Origination/syndication and underwriting |
Origination and syndication include: (1) entering into or acquiring (directly or indirectly) any commitment or investment with a view to transferring some or all of it to others, or with a view to others investing in the same transaction; (2) sub-participation; and (3) any transaction described in the Glossary definition of originator. Underwriting includes underwriting that is not on a firm commitment basis. A commitment or investment includes an economic interest in some or all of it. This activity also includes the provision of services relating to such transactions. |
(13) Retail lending decisions |
Deciding whether, and on what terms, to lend to retail customers. Lending includes granting credit, leasing and hire (including finance leasing). |
(14) Wholesale lending decisions |
Deciding whether, and on what terms, to lend to persons who are not retail customers. Lending includes granting credit, leasing and hire (including finance leasing). |
(15) Design and manufacturing of products intended for wholesale customers |
Wholesale customers mean persons who are not retail customers |
(16) Design and manufacture of products intended for retail customers |
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(17) Production and distribution of marketing materials and communications |
This includes financial promotions |
(18) Customer service |
This means dealing with clients after the point of sale, including queries and fulfilment of client requests |
(19) Customer complaints handling |
This includes the firm's compliance with DISP. It also includes: (1) any similar procedures relating to activities that do not come under the jurisdiction of the Financial Ombudsman Service; (2) activities that take place outside the UK; and (3) activities that are not subject to any ombudsman service. |
(20) Collection and recovering amounts owed to a firm by its customers Dealing with customers in arrears |
‘Customer’ means any person falling into any of the definitions of client in the Glossary so far as they apply to the FCA's Handbook. The definition is extended to cover all services provided by the firm and not just those that are provided in the course of carrying on a regulated activity or an ancillary service. |
(21) Middle office |
This means risk management and controls in relation to, and accounting for, transactions in securities or derivatives |
(22) The firm's information technology |
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(23) Business continuity planning |
This means the functions described in SYSC 4.1.6R and SYSC 4.1.7R |
(24) Human resources |
This includes recruitment, training and competence and performance monitoring |
(25) Incentive schemes for the firm's staff |
This is not limited to schemes based on sales. |
(26) Providing information in relation to a specified benchmark |
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Note (1): The purpose of this annex is explained in SYSC 4.5 (Management responsibilities maps for UK2 relevant authorised persons) and SYSC 4.7.37G. This annex is also referred to in SYSC 4.6 (Management responsibilities maps for non-UK relevant authorised persons) and SYSC 4.8 (Senior management responsibilities for third-country relevant authorised persons: allocation of responsibilities) (see SYSC 4.6.14 and SYSC 4.8.35).2 |
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Note (2): A firm does not have to use the split of activities in this annex for the purposes in Note (1). If a firm does decide to use it, it may adapt it to suit its management arrangements better. For example, a firm may find the split of activities into retail and wholesale activities unsuitable. If so, the firm might: (a) treat retail and wholesale activities together; or (b) use its own definition of retail and wholesale activities. |
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Related provisions for BIPRU 13.5.23
81 - 100 of 123 items.
Examples of when the FCA may suspend the listing of securities include (but are not limited to) situations where it appears to the FCA that:(1) the issuer has failed to meet its continuing obligations for listing; or(2) the issuer has failed to publish financial information in accordance with the listing rules; or(3) the issuer is unable to assess accurately its financial position and inform the market accordingly; or(4) there is insufficient information in the market about a
1COBS applies as set out in the table to firms in respect of activities referred to in the general application rule related to:
- (1)
- (2)
- (3)
contracts for differences related to an underlying commodity; or
- (4)
other futures or contracts for differences which are not related to commodities, financial instruments or cash;
which is not MiFID or equivalent third country business and energy market activity or oil market activity.
Application of COBS to other non-MiFID business related to commodity derivative instruments |
All of COBS applies, except COBS 18.2.6 R to COBS 18.2.9 E applies instead of COBS 11.2 (Best execution) |
A UK market operator operating a trading venue which trades commodity derivatives must apply position management controls on that trading venue, in accordance with paragraph 7BA of the Schedule to the Recognition Requirements Regulations, as inserted by the MiFI Regulations.
[Note: article 57(8) to 57(10) of MiFID]
In particular, unless an exception applies, GENPRU 1.3.4 R should be applied for the purposes of GENPRU or BIPRU14 to determine how to account for:(1) netting of amounts due to or from the firm;(2) the securitisation of assets and liabilities (see also GENPRU 1.3.7 G);(3) leased tangible assets;(4) assets transferred or received under a sale and repurchase3 or stock lending transaction; and(5) assets transferred or received by way of initial or variation margin under a derivative
(1) A firm must ensure that a marketing communication that comprises an invitation to purchase units in a UCITS scheme or EEA UCITS scheme and that contains specific information about the scheme:(a) makes no statement that contradicts or diminishes the significance of the information contained in the prospectus and the key investor information document or EEA key investor information document for the scheme;(b) indicates that a prospectus exists for the scheme and that the key
This manual applies in the following way:(1) FEES 1, 2 and 3 apply to the fee payers listed in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R29. 1050(a) [deleted]1010(b) [deleted]1010(c) [deleted]1010(d) [deleted]1010(e) [deleted]10(f) [deleted]1010(g) [deleted]1010(h) [deleted]1010(i) [deleted]1010(j) [deleted]1010(k) [deleted]1010(l) [deleted]1010(m) [deleted]1010(n) [deleted]104(o) 3345410[deleted]10(p) 55410[deleted]10(q) 6510[deleted]10(r)
(1) The depositary is responsible for the safekeeping of all the scheme property.(2) The depositary must:(a) take all steps to ensure that transactions properly entered into for the account of the scheme are completed;(b) take all steps to ensure that instructions properly given by the authorised fund manager in respect of the exercise of rights related to scheme property are carried out;(c) ensure that any scheme property in registered form is as soon as reasonably practicable
Where a UK recognised body suspends providing clearing facilitation services generally in respect of any derivative (other than an option in relation to a security), type of security or type of option in relation to a security, it must immediately give the FCA notice of that event, particulars of that derivative, type of security or type of option in relation to a security, as the case may be, and the reasons for the action taken.33
The values that have been obtained for the delta-equivalent positions of instruments included in the scenario matrix should then be treated in the same way as positions in the underlying. Where the delta obtained relates to interest rate position risk, the delta equivalent positions may be fed into the firm's interest rate pre-processing model to the extent that the positions fall within the scope of interest rate pre-processing models as set out in BIPRU 7.9.7G and provided that
A firm may use a combination of the CCR standardised method, the CCR mark to market method and the CCR internal model method on a permanent basis with respect to the firm's UK consolidation group or non-EEA sub-group for the purposes of calculating the consolidated credit risk requirement. In particular, where the firm is permitted to apply the CCR internal model method on a consolidated basis with respect to its UK consolidation group or non-EEA sub-group, it may combine the
Short cash positions and derivative instruments held in the non-trading book are permitted to offset long positions in the same individual stocks provided that these instruments have been explicitly designated as hedges of specific equity exposures and that they provide a hedge for at least another year. Other short positions must be treated as if they are long positions with the relevant risk weight assigned to the absolute value of each position. In the context of maturity mismatched
(1) If any class of units in an authorised fund has different rights from another class of units in that fund, the instrument constituting the fund5 must provide how the proportion of the value of the scheme property and the proportion of income available for allocation attributable to each such class must be calculated.5(2) For an authorised fund which is not an umbrella, the instrument constituting the fund5 must not provide for any class of units in respect of which:5(a) the
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
(1) Collateral is adequate for the purposes of this section only if it is:(a) transferred to the depositary or its agent;(aa) 6for a UCITS scheme, received under a title transfer arrangement;(ab) 6for a UCITS scheme, at all times equal in value to the market value of the securities transferred by the depositary plus a premium;(b) for a non-UCITS retail scheme, at all times 6at least equal in value 6to the value of the securities transferred by the depositary; and(c) for a non-UCITS
Where a credit derivative is not prevented from terminating prior to expiration of any grace period required for a default on the underlying obligation to occur as a result of a failure to pay the maturity of the protection must be reduced by the amount of the grace period.[Note: BCD Annex VIII Part 4 point 5]