Related provisions for FEES 13.2.10
141 - 160 of 616 items.
If a rule does not specify who is responsible for complying with it, then the following persons must comply with it:(1) in relation to an offer:(a) the issuer; and(b) the offeror (if this is a person other than the issuer);(2) in relation to a request for the admission to trading of transferable securities:(a) the issuer; and(b) the person requesting admission to trading (if this is a person other than the issuer).
A firm may only6 register or record legal title to its own
applicable asset6
in the same name as that in which legal title to a
client's6safe custody asset2
is registered or recorded if the firm'sapplicable asset is separately identified from the client'ssafe custody asset in the firm's records, and either or both of the conditions in (1) and (2) are met.6262(1) The firm's holding of its own applicable asset arises incidentally to:66(a) designated investment business it carries
(1) 6Taking reasonable steps in CASS 6.2.10R (4) includes following this course of conduct:(a) determining, as far as reasonably possible, the correct contact details for the relevant client;(b) writing to the client at the last known address either by post or by electronic mail to inform it: (i) of the name of the firm with which the client first deposited the safe custody asset in question; (ii) of the firm's intention to pay the safe custody asset to charity under CASS 6.2.10
6Where a firm divests itself of a client'ssafe custody asset under CASS 6.2.10 R, it must comply with either (1)(a) or (1)(b) and, in either case, (2).(1) (a) The firm must unconditionally undertake to pay to the client concerned a sum equal to the value of the safe custody asset at the time it was liquidated or paid away in the event of the client seeking to claim the safe custody asset in future.(b) The firm must ensure that an unconditional undertaking in the terms set out
(1) This section deals with the circumstances and manner in which an AUT is to be wound up or a sub-fund of an AUT is to be terminated. Under section 256 of the Act (Requests for revocation of authorisation order), the manager or trustee of an AUT may request the FCA to revoke the authorisation order in respect of that AUT. Section 257 of the Act (Directions) gives the FCA the power to make certain directions.(2) The termination of a sub-fund under this section will be subject
1This table belongs to COLL 7.4.1 G (4) (Explanation of COLL 7.4)
Summary of the main steps in winding up an AUT or terminating a sub-fund under FCArules Notes: N = Notice to be given to the FCA under section 251 of the Act. E = commencement of winding up or termination W/U = winding up FAP = final accounting period (COLL 7.4.5 R (4)) |
|||
Step number |
Explanation |
When |
|
1 |
Receive FCA approval |
N + one month On receipt of notice from the FCA |
Section 251 of the Act |
2 |
Normal business ceases; notify unitholders |
E |
7.4.3R |
3 |
Trustee to realise and distribute proceeds |
ASAP after E |
7.4.4R(1) to (5) |
4 |
Within 4 months of FAP |
7.4.5R(5) |
|
5 |
Request FCA to revoke relevant authorisation order |
On completion of W/U |
7.4.4R(6) |
(1) Upon the happening of any of the events or dates referred to in (2) and not otherwise:1(a) COLL 6.2 (Dealing), COLL 6.3 (Valuation and pricing) and COLL 5 (Investment and borrowing powers) cease to apply to the AUT or to the units and scheme property in the case of a sub-fund;1(b) the trustee must cease to issue and cancel1units, except in respect of the final cancellation under COLL 7.4.4 R (1) or (2);11(c) the manager must cease to sell and redeem units; (d) the manager
Since a firm that becomes a participant firm in the course of a financial year of the compensation scheme will already be obtaining a discount in relation to the base costs levy through the modified fee provisions of FEES 4.2.6 R, no rule is necessary in FEES 69 for discounts on the base costs levy.119
(1) 22This rule deals with the calculation of:(a) a participant firm'sspecific costs levy in the financial year of the FSCS following the FSCS financial year in which it became a participant firm; or(b) a participant firm'sspecific costs levy in the financial year of the FSCS in which it had its permission extended, and the following FSCS financial year; and(c) the tariff base for the classes3 that relate to the relevant permissions or extensions, as the case may be.3(2) Unless
5For a common platform firm:
- (1)
the MiFID Org Regulation applies, as summarised in SYSC 1 Annex 1 3.2G, SYSC 1 Annex 1 3.2-AR and SYSC 1 Annex 1 3.2-BR; and
- (2)
the rules and guidance apply as set out in the table below:
Subject
Applicable rule or guidance
General requirements
Guidance on record-keeping
5For a MiFID optional exemption firm and a third country firm:(1) the rules and guidance in this chapter apply to them as if they were rules or as guidance in accordance with SYSC 1 Annex 1 3.2CR(1); and(2) those articles of the MiFID Org Regulation in SYSC 1 Annex 1 2.8AR and 3.2CR apply to them as if they were rules or as guidance in accordance with SYSC 1 Annex 1 3.2CR(2).
Subject
to any other record-keeping rule in
the Handbook, the records required
under the Handbook should be
capable of being reproduced in the English language on paper. Where a firm is required to retain a record of a
communication that was not made in the English language, it may retain it
in that language. However, it should be able to provide a translation on request.
If a firm's records relate to
business carried on from an establishment in a country or territory outside
the
(1) The rules in this chapter specify the types of documents and records that must be maintained in a firm'sCASS resolution pack and the retrieval period for the pack. The firm should maintain the component documents of the CASS resolution pack in order for them to be retrieved in accordance with CASS 10.1.7 R, and should not use the retrieval period to start producing these documents.(2) The contents of the documents that constitute the CASS resolution pack will change from time
For the purpose of this chapter, a firm will be treated as satisfying a rule in this chapter requiring it to include a document in its CASS resolution pack if a member of that firm'sgroup includes that document in its own CASS resolution pack, provided that:(1) that group member is subject to the same rule; and(2) the firm is still able to comply with CASS 10.1.7 R.
1(1) This sourcebook3 applies to every firm that:113(a) carries on a home finance activity3 (subject to 31the business loan and loans to high net worth mortgage customers7 application provisions3); or3(b) communicates or approves a financial promotion of qualifying credit, of a home purchase plan,6of a home reversion plan3or of a regulated sale and rent back agreement.636(2) Where a firm has outsourced activities to a third party processor, any rule in MCOB which requires the
In relation to a regulated mortgage contract for a business purpose or with a high net worth mortgage customer7, if a firm has opted for the tailored route, it must adopt the following modifications to the sourcebook:333(1) 11substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;733337(2) substitute the term 'illustration' for ‘Key facts illustration’ when opting to use the
The disclosure rules in MCOB place particular emphasis on the description of borrowing. Where the regulated mortgage contract is for a business purpose or with a high net worth mortgage customer7 who is not a consumer under an MCD regulated mortgage contract8, a firm should reflect this emphasis in any disclosure by first describing any borrowing before addressing the other facilities provided under the regulated mortgage contract.
(1) 10By virtue of amendments to articles 60B, 60C and 61 of the Regulated Activities Order which came into force on 21 March 2016, certain regulated credit agreements became regulated mortgage contracts (but see the transitional provisions described in (3) below). The provisions of MCOB that apply to these regulated mortgage contracts include:(a) MCOB 7 (Disclosure at start of contract and after sale);(b) MCOB 12 (Charges); and(c) MCOB 13 (Arrears, payment shortfalls and repossessions:
(1) Before making a regulated credit agreement the firm must undertake an assessment of the creditworthiness of the customer.[Note: section 55B(1) of CCA](2) A firm carrying out the assessment required in (1) must consider: (a) the potential for the commitments under the regulated credit agreement to adversely impact the customer's financial situation, taking into account the information of which the firm is aware at the time the regulated credit agreement is to be made; and [Note:
(1) 1This rule applies if, in relation to a regulated credit agreement: (a) an individual other than the borrower (in this rule referred to as “the guarantor”) is to provide a guarantee or an indemnity (or both); and(b) the lender is required to undertake an assessment of the customer under CONC 5.2.1R or CONC 5.2.2R.(2) Before entering into the regulated credit agreement, the lender must undertake an assessment of the potential for the guarantor’s commitments in respect of the
(1) 1The assessment of the guarantor does not need to be identical to the assessment undertaken in respect of the borrower, but should be sufficient in depth and scope having regard to the potential obligations which might fall on the guarantor.(2) The provision of the guarantee or indemnity (or both), and the assessment of the guarantor under CONC 5.2.5R, does not remove or reduce the obligation on the lender to carry out an assessment of the borrower under CONC 5.2.1R or CONC
(1) An application or submission by a firm made under this rule must be made by submitting the form or document online at fca.org.uk using the FCA's and PRA's Connect system.(2) A firm must use the version of the form or document made available on the electronic system referred to in (1), which is based on the version found in the applicable Annex to this chapter or to SUP 10A (which are listed in SUP 10C.15.3G).(3) If the information technology systems used by the FCA fail and
(1) An application or submission by a firm made under this rule must be made in the way set out in SUP 15.7.4R to SUP 15.7.9G (Form and method of notification).(2) A firm must use the version of the form or document found in the applicable Annex to this chapter or to SUP 10A (which are listed in SUP 10C.15.3G).
(1) 2This section applies to:(a) the authorised fund manager of a feeder UCITS;(b) the depositary of a feeder UCITS; and(c) an ICVC which is a feeder UCITS;where the scheme is a UCITS scheme.(2) Where this section refers to a rule or guidance in COLL 5.1 to COLL 5.5 , those rules and guidance, and any rules and guidance to which they refer, must be read as if a reference to a UCITS scheme were a reference to a feeder UCITS.(3) Where the sub-fund of a UCITS scheme is a feeder UCITS,
A feeder UCITS may hold up to 15% in value of the scheme property in one or more of the following:(1) cash or near cash in accordance with COLL 5.5.3 R (Cash and near cash);(2) derivatives and forward transactions which may be used only for the purposes of hedging and in accordance with the rules set out at COLL 5.8.7 R (Other provisions applicable to a feeder UCITS); and(3) (for an ICVC) movable and immovable property which is essential for the direct pursuit of the business.[Note:
The following rules and guidance in COLL 5.1 (Introduction), COLL 5.2 (General investment powers and limits for UCITS schemes) and COLL 5.5 (Cash, borrowing, lending and other provisions) apply to the authorised fund manager of a UCITS scheme which is a feeder UCITS and to an ICVC which is a feeder UCITS:(1) COLL 5.1.1 R (Application), COLL 5.1.2G (1) (Purpose) and COLL 5.1.3 R (Treatment of obligations);(2) COLL 5.2.1 R (Application), COLL 5.2.2 R (Table of application) and
A firm must take reasonable steps to ensure that all information it gives to the FCA3 in accordance with a rule in any part of the Handbook (including Principle 11) is:99(1) factually accurate or, in the case of estimates and judgements5, fairly and properly based after appropriate enquiries have been made by the firm; and(2) complete, in that it should include anything of which the FCA3 would reasonably expect notice.99
SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:(1) Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FCA and PRA99 on their9 own initiative);9(2) SUP 15 (Notifications to the FCA3):99(3) SUP 16 (Reporting requirements); (4) SUP 17 (Transaction reporting); 1(5) any notification rule (see Schedule 2 which contains
Firms are reminded that section 398 of the Act (Misleading the FCA or PRA:9 residual cases) makes it an offence for a firm knowingly or recklessly to provide the FCA3 with information which is false or misleading in a material particular in purported compliance with the FCA's3rules or any other requirement imposed by or under the Act. An offence by a body corporate, partnership or unincorporated association may be attributed to an officer or certain other persons (section 400
This section has rules requiring a firm to identify and assess risks to its ability to meet its liabilities as they fall due, how it intends to deal with those risks, and the amount and nature of financial resources that the firm considers necessary. IFPRU 2.2.43 R (Documentation of risk assessment) provides that a firm should document that assessment. The FCA will review that assessment as part of its own assessment of the adequacy of a firm's capital under its supervisory review
This section has rules requiring a firm to carry out appropriate stress tests and scenario analyses for the risks it has previously identified and to establish the amount of financial resources and internal capital needed in each of the circumstances and events considered in that analyses. The FCA will consider, as part of its SREP, whether the firm should hold a capital planning buffer and the amount and quality of that buffer. The capital planning buffer is an amount separate,
1This section has rules on the individual, sub-consolidated basis and consolidated basis application of:(1) the ICAAP rules in IFPRU 2.2.45R to IFPRU 2.2.49R (Level of application: ICAAP rules);(2) the risk control rules in IFPRU 2.2.58R to IFPRU 2.2.60R (Level of application: risk control rules); and(3) the overall financial adequacy rule in IFPRU 2.2.61R to IFPRU 2.2.63R (Level of application: overall financial adequacy rule).
(1) Where8 the FSCS makes recoveries in relation to protected claims where a8 related compensation costs levy8 would have been allocated to a class (class A) had the levy limit for class A not been reached and has been allocated to another class or classes in the retail pool, the recoveries must be applied:8888(a) 8first, to the classes to which the costs levied were allocated in accordance with FEES 6.5A in the same proportion as those classes contributed, up to the total amount
(1) 4This rule applies to the calculation of the levies of a firm (A) if:(a) either:(i) A acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise; or(ii) A became authorised as a result of B's simple change of legal status (as defined in FEES 3 Annex 1 Part 6); (b) B is no longer liable to pay a levy; and(c) that acquisition or change takes place after the date to which, or as of which, A's most recent statement of business
(1) The distance marketing rules in CONC 2.6, including the right to cancel in CONC 11, apply to firms with respect to distance contracts which are credit agreements, consumer hire agreements and agreements the subject matter of which comprises, or relates to, debt counselling, debt adjusting, providing credit information services and providing credit references. CONC 11 excludes various credit agreements from the right to cancel.(2) Where a consumer uses the right to cancel under
A firm must ensure that the obligations of the customer in relation to the amount, or the timing of payment, of its fees or charges:(1) do not have the effect that the customer pays all, or substantially all, of those fees in priority to making repayments to lenders in accordance with the debt management plan; and(2) do not undermine the customer's ability to make (through the firm acting on the customer's behalf) significant repayments to the customer'slenders throughout the
(1) A firm may wish to operate its arrangements under SYSC 18.3.1R internally, within its group or through a third party. (2) Firms will have to consider how to manage any conflicts of interest.(3) If the firm uses another member of its group or a third party to operate its arrangements under SYSC 18.3.1R it will continue to be responsible for complying with that rule.
This rule applies to a firm, an EEA relevant authorised person and a third-country relevant authorised person.2(1) A person subject to this rule (‘P’) 2must, in the manner described in (2), communicate to its UK-based employees that they may disclose reportable concerns to the PRA or the FCA and the methods for doing so. P 2must make clear that:(a) reporting to the PRA or to the FCA is not conditional on a report first being made using P’s 2internal arrangements; (b) it is possible
(1) This rule applies where an EEA relevant authorised person or a third-country relevant authorised person has:(a) a branch in the United Kingdom; and(b) a group entity which is a UK relevant authorised person.(2) An EEA relevant authorised person and a third-country relevant authorised person must, in the manner described in (3), communicate to the UK-based employees of its UKbranch:(a) the whistleblowing arrangements of the group entity that is a UK relevant authorised person;
(1) When calculating the PRR of the protection seller, unless specified differently by other rules and subject to (2), the notional amount of the credit derivative contract must be used. For the purpose of calculating the specific riskPRR charge, other than for total return swaps, the maturity of the credit derivative contract is applicable instead of the maturity of the obligation.4(2) When calculating the PRR of the protection seller, a firm may choose to replace the notional
A second-asset-to-default credit derivative creates a position for the notional amount in an obligation of each reference entity less one (that with the lowest specific riskPRR requirement). If the size of the maximum credit event payment is lower than the PRR requirement under the method in the first sentence of this rule, this amount may be taken as the PRR requirement for specific risk.
(1) BIPRU 7.11.14R - BIPRU 7.11.17R relate to specific riskPRR for trading bookpositions hedged by credit derivatives for the purposes of the calculation of the securities PRR.(2) A firm may take an allowance for protection provided by credit derivatives for the purposes in (1) in accordance with the principles set out in the rules referred to in (1).(3) [deleted]44
1(1) This rule applies to an overseas company for whom the United Kingdom is a host Member State for the purposes of the Transparency Directive.11(2) An overseas company must appoint a registrar in the United Kingdom if:11(a) there are 200 or more holders resident in the United Kingdom; or1(b) 10% of more of the shares4 are held by persons resident in the United Kingdom.14
A company2 must notify a RIS as soon as possible (unless otherwise indicated in this rule) of the following information relating to its capital:2(1) any proposed change in its capital structure including the structure of its listeddebt securities, save that an announcement of a new issue may be delayed while marketing or underwriting is in progress;(2) [deleted]11(3) any redemption of listedshares4 including details of the number of shares4 redeemed and the number of shares4 of
(1) Whenever a firm provides a consumer with information specific to the amount that the consumer wants to borrow on a particular MCD regulated mortgage contract, following an assessment of the consumer's needs and circumstances to comply with MCOB 4.7A.2 R, it must give, clearly and prominently, the following information:(a) the same information on the firm's product range as is required by MCOB 4.4A.1 R, MCOB 4.4A.2 R and MCOB 4.4A.4R (1) (which require firms to provide information
To demonstrate compliance with MCOB 5A.3.10R (1), a firm may wish to consider, for example, doing one or more of the following actions: (1) giving the messages to the consumer in a durable medium;(2) building the requirements into the firm's training of staff, as evidenced by its training and compliance manuals;(3) insert appropriate prompts into paper-based or automated sales systems;(4) having procedures to monitor compliance by its staff with that rule.What is required in each
(1) Whenever, as part of an execution-only sale (or potential execution-only sale), a consumer provides a firm with the information in MCOB 4.8A.14R (1), MCOB 4.8A.14R (2) or (3), the firm must inform the consumer, clearly and prominently, that the consumer has the right to request an ESIS for any MCD regulated mortgage contract which the firm is able to offer the consumer.(2) A firm need not give the information in (1) if it has previously given that information in compliance