Related provisions for SUP 16.1.1

IFPRU 11.3.1R19/01/2015

This section applies to:(1) a firm that is the EEA parent undertaking of an RRD group; (2) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(3) an IFPRU 730k firm that is the subsidiary of the EEA parent undertaking of an RRD group where: (a) the EEA parent undertaking is an EEA parent financial holding company or an EEA parent mixed financial holding company that is incorporated in, or formed under, the law of an EEA state other than the

IFPRU 11.3.4R19/01/2015

A firm or qualifying parent undertaking must draw up and maintain a group recovery plan.[Note: article 7(1) of RRD]

IFPRU 11.3.5R19/01/2015

The group recovery plan must: (1) consist of a plan for the recovery of the RRD group as a whole; and(2) identify measures the group may need to implement at the level of:(a) the EEA parent undertaking; and(b) each individual subsidiary.[Note: article 7(1) of RRD]

IFPRU 11.3.10G19/01/2015

A firm or qualifying parent undertaking should include additional information from IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) in its group recovery plan where this information is material to the business of the group.[Note: article 5(5) of RRD]

IFPRU 11.3.10AG09/12/2016

1The FCA may require a firm or qualifying parent undertaking to include the additional information referred to in IFPRU 11.3.10G in its group recovery plan by using its power under:(1) section 55L of the Act to require a firm; or (2) section 192C of the Act to direct a qualifying parent undertaking.[Note: article 4(3) of RRD]

IFPRU 11.3.11G19/01/2015

(1) When identifying recovery options, a firm or qualifying parent undertaking should consider a range of scenarios of severe macroeconomic and financial stress relevant to the group's specific conditions.(2) The range of scenarios should include system-wide events and stress specific to individual legal persons and groups.(3) For each of the scenarios in (1), a group recovery plan should identify whether there are:(a) obstacles to implementing recovery measures within the group,

IFPRU 11.3.12R19/01/2015

A firm or qualifying parent undertaking must not assume any access to, or receipt of, extraordinary public financial support in its group recovery plan.[Note: articles 5(3) and 7(5) of RRD]

IFPRU 11.3.13R19/01/2015

If the group recovery plan includes the use of central bank facilities, the firm or qualifying parent undertaking must: (1) include an analysis of how and when members of the group may apply for the use of central bank facilities; and(2) identify those assets which would be expected to qualify as collateral.[Note: articles 5(4) and 7(5) of RRD]

IFPRU 11.3.14R19/01/2015

A firm or qualifying parent undertaking must:(1) include a framework of indicators in its group recovery plan which identify when it, or another group member, may take appropriate actions in the plan;(2) ensure the group recovery plan indicators can be monitored easily; and(3) have arrangements to monitor the group recovery plan indicators regularly.

IFPRU 11.3.16R09/12/2016

1A firm or qualifying parent undertaking must notify the FCA without delay of a decision to take an action referred to in its recovery plan, whether or not the relevant indicator has been met.

IFPRU 11.3.17R09/12/2016

A firm or qualifying parent undertaking must notify the FCA without delay of a decision not 1to take an action referred to in the group recovery plan1where the relevant indicator has been met.1[Note: article 9(1) of RRD]

IFPRU 11.3.18R19/01/2015

(1) A firm that is an EEA parent undertaking or a qualifying parent undertaking must ensure that its management body assesses and approves the group recovery plan before sending it to its consolidating supervisor.(2) An IFPRU 730k firm that is not an EEA parent undertaking must ensure the management body of its EEA parent undertaking assesses and approves the group recovery plan before the IFPRU 730k firm sends it to its consolidating supervisor.[Note: article 7(7) of RRD]

IFPRU 11.3.19R19/01/2015

A firm or qualifying parent undertaking must demonstrate to its consolidating supervisor that:(1) carrying out its group recovery plan is reasonably likely to maintain or restore the viability and financial position of RRD institutions in the group, taking into account the preparatory measures that the group has taken, or plans to take; and(2) its group recovery plan: (a) is reasonably likely to be carried out quickly and effectively in situations of financial stress; and(b) avoids,

IFPRU 11.3.20R19/01/2015

(1) A firm or qualifying parent undertaking must update the group recovery plan at least:(a) annually, if the group: (i) includes an IFPRU 730k firm that is a significant IFPRU firm; or(ii) does not include an IFPRU 730k firm; or(b) once every two years, if the group includes an IFPRU 730k firm that is not a significant IFPRU firm.(2) A firm or qualifying parent undertaking must also update its group recovery plan after a change to any of the following which could materially affect

IFPRU 11.3.21R19/01/2015

(1) A firm or qualifying parent undertaking must send the group recovery plan to its EEAconsolidating supervisor.(2) Where the consolidating supervisor is the FCA, a firm or qualifying parent undertaking must send the group recovery plan in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: articles 6(1) and 7(1) of RRD]

IFPRU 11.5.1R19/01/2015

This section applies to:(1) a firm that is an RRD group member; (2) a qualifying parent undertaking that is an RRD group member; and(3) a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm in an RRD group.

IFPRU 11.5.2G19/01/2015

(1) This section applies where an RRD group member gives, or proposes to give, intra-group financial support using an RRD group financial support agreement.(2) It does not apply to other sorts of intra-group financial arrangements, including funding arrangements and the operation of centralised funding arrangements.(3) It does not apply to financial support arrangements where none of the parties to the arrangement has infringed, or is likely to infringe, an RRD early intervention

IFPRU 11.5.7R19/01/2015

(1) The following must apply to their consolidating supervisor for approval of any proposed RRD group financial support agreement or of any amendment to that agreement:(a) a firm that is the EEA parent undertaking of an RRD group;(b) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(c) an IFPRU 730k firm that is a subsidiary of an EEA parent undertaking of an RRD group: (i) where the EEA parent undertaking is an EEA parent financial holding

IFPRU 11.5.10R19/01/2015

Before entering into an RRD group financial support agreement, a firm or qualifying parent undertaking must ensure that:(1) the RRD group financial support agreement includes principles for the calculation of the consideration for any support made under it; (2) these principles include a requirement that the consideration is set when the financial support is given;(3) each party acts freely and in its own best interests in entering into the RRD group financial support agreement; (4)

IFPRU 11.5.11R19/01/2015

When entering into the proposed RRD group financial support agreement, a firm or qualifying parent undertaking must ensure that none of the parties:(1) has infringed an RRD early intervention condition; or(2) is likely to infringe one of those conditions in the near future.[Note: article 19(8) of RRD]

IFPRU 11.5.14R19/01/2015

A firm or qualifying parent undertaking must not give financial support using an RRD group financial support agreement unless it is satisfied that:(1) there is a reasonable prospect that giving the support will significantly redress the financial difficulties of the group member receiving the support;(2) the support has the objective of preserving or restoring the financial stability of:(a) the group as a whole; or(b) any members of the group;(3) the support is in the interests

IFPRU 11.5.16R19/01/2015

A firm or qualifying parent undertaking intending to give financial support must ensure that:(1) its management body takes the decision to give group financial support using an RRD group financial support agreement; and (2) it is a reasoned decision that sets out:(a) the objective of the proposed support; and(b) how the support complies with the conditions for giving group financial support using an RRD group financial support agreement in IFPRU 11.5.14 R.

IFPRU 11.5.16AG09/12/2016

1A firm or qualifying parent undertaking proposing to give financial support using an RRD group financial support agreement should also refer to articles 33 to 36 of Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing RRD:http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1075&from=EN.

IFPRU 11.5.17R19/01/2015

A firm or qualifying parent undertaking intending to receive financial support must ensure that its management body takes the decision to accept the support using an RRD group financial support agreement.[Note: article 24 of RRD]

IFPRU 11.5.18R19/01/2015

A firm or a qualifying parent undertaking intending to give financial support using an RRD group financial support agreement must ensure that its management body notifies: (1) its competent authority;(2) where different, its consolidating supervisor; (3) where different, the competent authority of the group member receiving the financial support; and(4) the EBA.

IFPRU 11.5.19R19/01/2015

A firm or a qualifying parent undertaking must: (1) send a notice of an intention to give financial support before the financial support is given; and(2) include in the notice:(a) the reasoned decision referred to in IFPRU 11.5.16 R of the management body of the group member intending to give the support; and(b) details of the proposed financial support including a copy of the RRD group financial support agreement.[Note: article 25(1) of RRD]

IFPRU 11.5.21R09/12/2016

1A firm or qualifying parent undertaking1must ensure it sends the decision of its management body to give financial support to:(1) its competent authority;(2) where different, its consolidating supervisor; (3) where different, the competent authority of the group member receiving the support; and(4) the EBA.[Note: article 25(6) of RRD]

IFPRU 11.5.22R19/01/2015

A firm or qualifying parent undertaking must: (1) make public:(a) whether or not they have entered into an RRD group financial support agreement; (b) a description of the general terms of any RRD group financial support agreement; and(c) the names of the group members that are a party to the RRD group financial support agreement; and (2) update the information in (1) at least annually.[Note: article 26 of RRD]

IFPRU 11.7.1R19/01/2015

This section applies to: (1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm.

IFPRU 11.7.2R19/01/2015

A firm or qualifying parent undertaking must notify the FCA immediately if its management body considers that any of the following have occurred:(1) the assets of the firm or qualifying parent undertaking have become less than its liabilities; or(2) the firm or qualifying parent undertaking is unable to pay its debts or other liabilities as they fall due; or(3) there are objective reasons to support a determination that (1) or (2) will occur in the near future; or(4) extraordinary

IFPRU 11.7.4R19/01/2015

A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.

IFPRU 11.4.1R19/01/2015

This section applies to: (1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis;(2) a firm that is the EEA parent undertaking of an RRD group;(3) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(4) an IFPRU 730k firm that is the subsidiary of the EEA parent undertaking of an RRD group: (a) where the EEA parent undertaking is an EEA parent financial holding company or an EEA parent mixed financial holding company

IFPRU 11.4.3R19/01/2015

A firm or qualifying parent undertaking must send the information in IFPRU 11 Annex 2R (Resolution plan information) to the FCA in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: article 11(1)(b) of RRD]

IFPRU 11.4.4R19/01/2015

A firm or qualifying parent undertaking must notify the FCA without delay of a change to any of the following which could have materially affect the information in IFPRU 11 Annex 2R (Resolution plan information):(1) its legal or organisational structure; (2) its business; or(3) its financial situation.[Note: article 10(6) second paragraph of RRD]

IFPRU 11.6.1R01/01/2016

This section applies to:(1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is: (a) a mixed activity holding company of an IFPRU 730k firm; and(b) does not hold an RRD institution using an intermediate financial holding company or mixed financial holding company.

IFPRU 11.6.3R09/12/2016

(1) If a liability meets the conditions in (2), a firm or qualifying parent undertaking must include a term in the contract governing the liability which states that the creditor or party to the agreement creating the liability:(a) recognises that the liability may be subject to write-down and conversion powers; and(b) agrees to be bound by any of the following actions of a resolution authority in relation to that liability: (i) reduction of principal or outstanding amount due;

IFPRU 11.6.4G09/12/2016

2A firm or qualifying parent undertaking proposing to provide contractual recognition of bail-in should also refer to articles 42 to 44 of Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing RRD:http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1075&from=EN.

IFPRU 11.1.1R19/01/2015

IFPRU 11 applies to:(1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm.

IFPRU 11.1.3R19/01/2015

This chapter does not apply to: (1) a PRA authorised person; (2) an RRD group member that is: (a) a qualifying parent undertaking of a PRAauthorised person; and(b) subject to supervision on a consolidated basis by the PRA; and(3) a qualifying parent undertaking that is a mixed activity holding company of a PRA authorised person.

IFPRU 11.1.6G19/01/2015

(1) RRD applies to credit institutions and to investments firms with an initial capital requirement of €730,000. Together, these are referred to as RRD institutions in our rules.(2) It also applies to financial institutions, financial holding companies and mixed financial holding companies within the same group as these institutions that are subsidiaries of an EEA parent undertaking. An EEA parent undertaking is an institution, a financial holding company or a mixed financial

IFPRU 11.1.7G19/01/2015

The table below summarises whether a section of IFPRU 11 applies to a firm or qualifying parent undertaking:

	(1) IFPRU 730k firm that is not subject to supervision on a consolidated basis	(2) firm or qualifying parent undertaking that is the EEA parent undertaking of an RRD group	(3) specific application to an IFPRU 730k firm that is a subsidiary of an EEA parent undertaking in another EEA State (note 1)	(4) firm or qualifying parent undertaking that is a subsidiary of an EEA parent undertaking of an RRD group	(5) qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm
IFPRU 11.1 (Application and purpose)	Yes	Yes	No	Yes	Yes
IFPRU 11.2 (Individual recovery plans)	Yes	No	No	No	No
IFPRU 11.3 (Group recovery plans)	No	Yes	Yes	No	No
IFPRU 11.4 (Information for resolution plans)	Yes	Yes	Yes	No	No
IFPRU 11.5 (Intra-group financial support)	No	Yes	Yes - IFPRU 11.5.7 R only	Yes	Yes (note 2)
IFPRU 11.6 (Contractual recognition of bail-in)	Yes	Yes	No	Yes	Yes (note 3)
IFPRU 11.7 (Notifications)	Yes	Yes	No	Yes	Yes
Note 1: IFPRU 11.3.1R (3) and IFPRU 11.4.1R (4) more fully describe this type of firm. Where specific application is not provided for this type of firm, the application is explained by (4).
Note 2: IFPRU 11.5 only applies to mixed activity holding companies of an IFPRU 730k firm in an RRD group.
Note 3: IFPRU 11.6 only applies to mixed activity holding companies that do not hold an RRD institution using an intermediate financial holding company or mixed financial holding company.

SUP 16.20.1R19/01/2015

1This section applies to a firm or qualifying parent undertaking who is required to send any of the following types of information to the FCA: (1) recovery plans in line with IFPRU 11.2 (Individual recovery plans); or(2) group recovery plans in line with IFPRU 11.3 (Group recovery plans); or(3) information required for resolution plans in line with IFPRU 11.4 (Information for resolution plans).

SUP 16.20.2R13/04/2018

A firm or qualifying parent undertaking must send its recovery plan or group recovery plan to the FCA within three months of the reporting reference dates specified in the table below:

Type of firm or qualifying parent undertaking	Type of plan	Total balance sheet assets (see SUP 16.20.3 G)	First reporting reference date	Ongoing reporting reference date
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm	group recovery plan	More than £2.5 billion	30 June 2015	Every year on the same date as the first reporting reference date.
		More than £1 billion and less than £2.5 billion	30 September 2015
		More than £500 million and less than £1 billion	31 December 2015
		Less than £500 million	31 March 2016
significant IFPRU firm	recovery plan	More than £2.5 billion	30 June 2015	Every year on the same date as the first reporting reference date.
		More than £1 billion and less than £2.5 billion	30 September 2015
		More than £500 million and less than £1 billion	31 December 2015
		Less than £500 million	31 March 2016
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm 4 (but does not include an IFPRU 730k firm that is a significant IFPRU firm 4)	group recovery plan	More than £50 million and less than £500 million	30 September 2015	Every two years on the same date as the first reporting reference date.
		More than £15 million and less than £50 million	31 December 2015
		More than £5 million and less than £15 million	31 March 2016
		Less than £5 million	30 June 2016
non-significant IFPRU firm	recovery plan	More than £50 million and less than £500 million	30 September 2015	Every two years on the same date as the first reporting reference date.
		More than £15 million and less than £50 million	31 December 2015
		More than £5 million and less than £15 million	31 March 2016
		Less than £5 million	30 June 2016

[Note: articles 4(1)(b) and 6(1) of RRD]

SUP 16.20.4R13/04/2018

A firm or qualifying parent undertaking must send the information required for a resolution plan to the FCA within three months of the reporting reference dates specified in the table below:

Type of firm or qualifying parent undertaking	First reporting reference date	Ongoing reporting reference date
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm	30 June 2015	Every two years on the same date as the first reporting reference date.
significant IFPRU firm	30 June 2015	Every two years on the same date as the first reporting reference date.
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm (but does not include an IFPRU 730k firm that is a significant IFPRU firm)	31 December 2015	Every three years on the same date as the first reporting reference date.
non-significant IFPRU firm	31 December 2015	Every three years on the same date as the first reporting reference date.

[Note: articles4 4(1)(b), 11(1) and 13(1) of RRD]

SUP 16.20.5R01/08/2016

Where an RRD institution is authorised or an RRD group is created after the first reporting reference date that would have applied to that firm or qualifying parent undertaking in line with SUP 16.20.2 R and SUP 16.20.4 R, the firm or qualifying parent undertaking must: (1) send its first recovery plan or group recovery plan and resolution plan information within three months of the first quarter end date which falls after six months of the date of the authorisation of the RRD

REC 4.9.2G01/04/2013

(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

IFPRU 10.6.4R01/05/2014

A firm that is a subsidiary must apply this chapter on a sub-consolidated basis if the firm, or the parent undertaking where it is a financial holding company or mixed financial holding company, have an institution or financial institution as a subsidiary in a third country or hold a participation in such an institution or financial institution. [Note: articles 129(1) (part) and 130(1) (part) of CRD]

GENPRU 2.1.60R01/01/2014

(1) This rule applies to a bank that meets the following conditions:(a) on 31 December 2006 it had the benefit of IPRU(BANK) rule 3.3.12 (Reduced minimum capital requirement for a bank that is a credit institution which immediately before 1 January 1993 was authorised under the Banking Act 1987);(b) the relevant amount (as referred to in IPRU(BANK) rule 3.3.12) applicable to it was below €5 million as at 31 December 2006; and(c) on 1 January 2007 it did not comply with the base

GENPRU 2.1.62R01/01/2014

For the purpose of GENPRU 2.1.60 R:(1) an existing controller of a bank means:(a) a person who has been a parent undertaking of that bank since 31 December 2006 or earlier; or(b) a person who became a parent undertaking of that bank after 31 December 2006 but who, when he became a parent undertaking of that bank, was a subsidiary undertaking of an existing controller of that bank;(2) the relevant amount of capital as referred to in GENPRU 2.1.60R (2)(a) is adjusted by identifying

SUP 16.1.3R13/04/2018

Application of different sections of SUP 16 (excluding49 SUP 16.13, SUP 16.15, SUP 16.16 and SUP 16.17) 42 66 39and SUP 16.2239)27

8 8 8 9 9 9 9

(1) Section(s)	(2) Categories of firm to which section applies			(3) Applicable rules and guidance
SUP 16.1,SUP 16.2andSUP 16.3	All categories of firm except:			Entire sections
	(a)	an ICVC;
	(b)	an incoming EEA firm or incoming Treaty firm, which is not:
		(i)	a firm of a type to which SUP 16.6 or 20SUP 16.1220 applies; or
		(ii)	an insurer with permission to effect or carry out life policies 49; orcarry outlife policies; or
		(iii)3	a with to establish, operate or wind up a stakeholder pension scheme;14a firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme;14 or39
		39(iv)	a payment service provider to which SUP 16.22 applies; and
	(c)	a UCITS qualifier.
SUP 16.4 and SUP 16.52	All categories of firm except:			Entire sections
	(-a)	a credit union;2
	(a)	an ICVC;
	(b)	an incoming EEA firm;
	(c)	an incoming Treaty firm;
	(d)	a non-directive friendly society;
	(e)4	[deleted]4
	(f)	a sole trader;
	(g)	a service company;
	(h)	a UCITS qualifier;8 8
	(i)8	a firm with permission to carry on only retail investment activities;8
	(ia)38	a firm with permission only to advise on P2P agreements (unless that activity is carried on exclusively with or for professional clients);38
	(j)8	a firm with permission to carry on only insurance mediation activity, home finance mediation activity,16 or both;8 16
	(ja)30	an FCA-authorised person with permission to carry on only credit-related regulated activity;
	(k)8	a firm falling within a combination of (i), (ia),38 (j) and (ja). 30 30
SUP 16.6	Bank 27			SUP 16.6.4 R to SUP 16.6.5 R
	41			41
				36
	41			41 26 28
	41 28			41 28
	Depositary of an authorised fund 41			SUP 16.6.6R to SUP 16.6.11R41
33SUP 16.7A	A firm subject to the requirement in SUP 16.7A.3 R or SUP 16.7A.5 R			Sections as relevant
SUP 16.8	Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society 3			Entire section
	3 Firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme 14 14			Entire section3
SUP 16.95	Firm with permission to advise on investments; arrange (bring about) deals in investments; make arrangements with a view to transactions in investments; or arrange safeguarding and administration of assets 5			Entire section5
SUP 16.109	All categories of firm except:9			Entire section9
	(a)9	an ICVC;9
	(b)9	a UCITS qualifier; 21and42
	(c)9	[deleted]42 21 9
	21(d)	a dormant account fund operator.
32SUP 16.11	(1)	A firm, other than a managing agent, which is:
		(a)	a home finance provider; or	Entire section
		(b)	an insurer; or	Entire section
		(c)	the operator of a regulated collective investment scheme or an investment trust savings scheme; or	Entire section
		(d)	a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product; or	Entire section
		(e)	a firm with permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or
	(2)	a firm in whom the rights and obligations of the lender under a regulated mortgage contract are vested.		The provisions governing performance data reports in SUP 16.11 and SUP 16 Annex 21
17SUP 16.12	A firm undertaking the regulated activities as listed in SUP 16.12.4 R, unless exempted in SUP 16.12.1 G			Sections as relevant to regulated activities as listed in SUP 16.12.4 R23
23 24 25SUP 16.14	A CASS large firm and a CASS medium firm			Entire section29
29SUP 16.18	A full-scope UK AIFM and a small authorised UK AIFM			SUP 16.8.3 R
34SUP 16.20	An IFPRU 730k firm and a qualifying parent undertaking that is required to send a recovery plan, a group recovery plan or information for a resolution plan to the FCA.			Entire Section
40SUP 16.23	A firm subject to the Money Laundering Regulations and within the scope of SUP 16.23.1R			Entire Section
27Note 2 = The application of SUP 16.13 is set out under SUP 16.13.1 G;66 the application of SUP 16.15 is set out under SUP 16.15.1 G; the application of SUP 16.16 is set out SUP 16.16.1 R and SUP 16.16.2 R and the application of SUP 16.17 is set out in SUP 16.17.3 R and SUP 16.17.4 R66. 66
29Note 3 = The application of SUP 16.18 for the types of AIFMs specified in SUP 16.1.1C G is set out in SUP 16.18.2 G.

REC 2.4A.2UK03/01/2018

Schedule to the Recognition Requirements Regulations, paragraph 2B

(1)	If the [UK RIE] is significant the following requirements apply to the management body -
	(a)	members of the management body must not at the same time hold positions exceeding more than one of the following combinations –
		(i)	one executive directorship with two non-executive directorships (or where so authorised by the FCA under regulation 44(1) [of the MiFI Regulations], three non-executive directorships); or
		(ii)	four non-executive directorships (or where so authorised by the FCA under regulation 44(1) [of the MiFI Regulations], five non-executive directorships); and
	(b)	the management body must have a nomination committee unless it is prevented by law from selecting and appointing its own members.
(2)	For the purposes of sub-paragraph (1)(a) -
	(a)	any directorship in which the person represents the United Kingdom is not counted;
	(b)	executive or non-executive directorships -
		(i)	held within the same group, or
		(ii)	held within the same undertaking where the [UK RIE] holds a qualifying holding within the meaning of Article 4.1.31 of the markets in financial instruments directive [MiFID],
		shall be counted as a single directorship; and
	(c)	any directorship in an organisation which does not pursue predominantly commercial objectives is not counted.
(3)	The nomination committee referred to in sub-paragraph (1)(b) must -
	(a)	be composed of members of the management body who do not perform an executive function in the [UK RIE];
	(b)	identify and recommend to the [UK RIE] persons to fill management body vacancies;
	(c)	at least annually assess the structure, size, composition and performance of the management body and make recommendations to the management body;
	(d)	at least annually assess the knowledge, skills and experience of individual members of the management body and of the management body collectively and report to the management body accordingly; and
	(e)	periodically review the policy of the management body for the selection and appointment of senior management and make recommendations to the management body; and
	(f)	be able to use any forms of resource it deems appropriate, including external advice.
(4)	In performing its functions under sub-paragraph (3), the nomination committee must take account of the need to ensure that the management body’s decision making is not dominated by-
	(a)	any one individual; or
	(b)	a small group of individuals,
	in a manner that is detrimental to the interests of the [UK RIE] as a whole.
(5)	In performing its function under sub-paragraph 3(b) the nomination committee must -
	(a)	evaluate the balance of knowledge, skills, diversity and experience of the management body;
	(b)	prepare a description of the roles, capabilities and expected time commitment for any particular appointment;
	(c)	decide on a target for the representation of the underrepresented gender in the management body and prepare a policy on how to meet that target;
	(d)	engage a broad set of qualities and competences, and for that purpose have a policy promoting diversity on the management body.
(6)	In sub-paragraph (1), “significant” in relation to a [UK RIE] means significant in terms of the size and internal organisation of the [UK RIE] and the nature, scale and complexity of the [UK RIE’s] activities.

EG 7.1.203/07/2016

3The FCA has the following powers to impose sanctions2.(1) It may publish a statement: (a) against an approved person or conduct rules staff1 under section 66 of the Act; (b) against an issuer under section 87M of the Act; (c) against a sponsor under section 88A of the Act; (ca) against a primary information provider under section 89Q of the Act; (d) where there has been a contravention

SUP 10C.10.5G07/03/2016

In accordance with section 60 of the Act (Applications for approval), applications must be submitted by, or on behalf of, the firm itself, not by:(1) the FCA candidate; or(2) (where the FCA candidate works for the firm'sparent undertaking or holding company) by the firm'sparent undertaking or holding company.

DEPP 2.5.18G03/01/2018

Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by

SUP 11.3.2AG01/04/2014

The Treasury have made the following exemptions from the obligations under section 178 of the Act10:(1) controllers and potential controllers of non-directive friendly societiesare exempt from the obligation to notify a change in control (The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 (SI 2009/77410));10(2) controllers and potential controllers of building societies are exempt from the obligation to notify a change in control unless the change

EG 1.1.203/07/2016

3In the areas set out below, the Act expressly requires the FCA to prepare and publish statements of policy or procedure on the exercise of its enforcement and investigation powers and in relation to the giving of statutory notices. (1) section 63C requires the FCA to publish a statement of its policy on the imposition, and amount, of financial penalties on persons that perform a controlled function without approval; (1-A) 1section 63ZD requires the FCA, among other things, to

GENPRU 3.1.3G22/04/2016

(1) In general the process in (2) to (8) applies for identifying financial conglomerates.(2) Competent authorities that have authorised regulated entities should try to identify any consolidation group that is a financial conglomerate. If a competent authority is of the opinion that a regulated entity authorised by that competent authority is a member of a consolidation group which may be a financial conglomerate it should communicate its view to the other competent authorities

DEPP 6.5.1G01/04/2013

2For the purpose of DEPP 6.5 to DEPP 6.5D and DEPP 6.6.2 G, the term “firm” means firms, sponsors, primary information providers, recognised investment exchanges, qualifying parent undertakings, actuaries, auditors3 and those unauthorised persons who are not individuals.

REC 4.6A.1G01/04/2013

(1) 1Under section 192C of the Act (Power to direct qualifying parent undertaking), the FCA has the power to give a direction to the qualifying parent undertaking of a UK RIE if the general condition is satisfied.(2) For the purposes of section 192C of the Act, a parent undertaking of a UK RIE is a ‘qualifying parent undertaking’ if:(a) the parent undertaking is a body corporate which is incorporated in the United Kingdom, or has a place of business in the United Kingdom;(b) the

Related provisions for SUP 16.1.1

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Application of different sections of SUP 16 (excluding49 SUP 16.13, SUP 16.15, SUP 16.16 and SUP 16.17) 42 66 39and SUP 16.2239)27