Related provisions for CONC 8.7.7
361 - 380 of 616 items.
The rules and guidance relating to training and competence in SYSC 3 and SYSC 5 and 6 in TC for a firm carrying on retail business 6extend to any employee of the firm in respect of whom the relevant rules apply. For these purposes, an employee of a firm includes: (1) an individual who is an appointed representative of a firm; and(2) an individual who is employed or appointed by an appointed representative of a firm (whether under a contract of service or for services) in connection
A sponsor, or a 8person48applying for approval as a sponsor, will not satisfy LR 8.6.5R (2) unless it has:4888(1) 8submitted a sponsor declaration to the FCA:(a) for a person applying for approval as a sponsor, within three years of the date of its application; and(b) for a sponsor, within the previous three years; and(2) 8a sufficient number of employees with the skills , knowledge and expertise necessary for it to:(a) provide sponsor services in accordance with LR 8.3; (b)
4For each 8sponsor service requiring the submission of a document to the FCA or contact with the FCA, a sponsor must:8(1) at the time of submission or on first making contact with the FCA8notify the FCAof the name and contact details of a key 8contact within8 the sponsor for that matter8; and8888(2) ensure that its key8contact : 88(a) has8 sufficient knowledge about the listed company or applicant and the proposed matter8to be able to answer queries from the FCA about it; 888(b)
1A persistency report or data report must report on a life policy or stakeholder pension if:(1) it is not of a type listed in SUP 16.8.13 R or SUP 16.8.14 R;(2) it was effected by:(a) the firm submitting the report; or(b) an unauthorised member of the group of the firm submitting the report and in circumstances in which that firm was responsible for the promotion of that life policy or stakeholder pension; or(c) another firm, but is being carried out by the firm submitting the
1A persistency or data report must not report on any of the following:(1) a life policy or stakeholder pension that was cancelled from inception whether or not this was as a result of service of a notice under the rules on cancellation (COBS 15)5;5(2) [deleted]77(3) a life policy (excluding income withdrawal) or stakeholder pension which has terminated as a result of death, critical illness, retirement, maturity or other completion of the contract term;(4) income withdrawals that
(1) Taking account of the remuneration principles proportionality rule in SYSC 19E.2.4R, the FCA does not generally consider it necessary for a management company to apply the rules referred to in (2) where, in relation to an individual (“X”), both the following conditions are satisfied: (a) Condition 1 is that X’s variable remuneration is no more than 33% of total remuneration; and (b) Condition 2 is that X’s total remuneration is no more than £500,000. (2) The rules to which
(1) Subject to the legal structure of the UCITS and the instrument constituting the fund, a management company must ensure that a substantial portion, and in any event at least 50%, of any variable remuneration component consists of: (a) units or shares of the UCITS concerned; or (b) equivalent ownership interests in the UCITS concerned; or (c) share-linked instruments relating to the UCITS concerned; or (d) equivalent non-cash instruments relating to the UCITS concerned with
A firm must:(1) have written agreements with all investment firms pursuing a market making strategy on trading venues operated by it (market making agreements);(2) have schemes, appropriate to the nature and scale of a trading venue, to ensure that a sufficient number of investment firms enter into market making agreements which require them to post firm quotes at competitive prices with the result of providing liquidity to the market on a regular and predictable basis; (3) monitor
A firm which permits direct electronic access to an OTF it operates must:(1) not permit members or participants of the OTF to provide such services unless they are:(a) investment firms authorised under MiFID; or(b) CRD credit institutions; or(c) third country firms providing the direct electronic access in the course of exercising rights under article 46.1 of MiFIR; or(d) third country firms providing the direct electronic access in the course of exercising rights under article
The rules in GENPRU and BIPRU do not allow a firm to use the IRB approach. A firm that wishes to use the IRB approach should therefore apply for permission to use the IRB approach using the application procedure explained in BIPRU 1.3. If a firm's application is granted, its terms will be set out in an IRB permission.
By modifying GENPRU 2.1.51 R to allow the firm to use the IRB approach to calculate all or part of its risk weighted exposure amounts, the appropriate regulator is treating it like an application rule. The modification means that the provisions of BIPRU relating to the IRB approach supersede the rules relating to the standardised approach for exposures coming within the scope of the IRB permission.
(1) Regulation 15(9) of the OEIC Regulations, and sections 243(8) and 261D(10)6 of the Act require that an authorised fund's name must not be undesirable or misleading. This section contains guidance on some specific matters the FCA will consider in determining whether the name of an authorised fund is undesirable or misleading. It is in addition to the requirements of regulation 19 of the OEIC Regulations (Prohibition on certain names).6(2) The FCA will take into account whether
(1) 8ESMA has issued guidelines on the use of the term ‘UCITS ETF’. A ‘UCITS ETF’ is a UCITS with at least one unit or share class which is traded throughout the day, on at least one regulated market or multilateral trading facility, with at least one market maker that takes action to ensure that the stock exchange value of its units or shares does not significantly vary from its net asset value and, where applicable, its indicative net asset value.(2) A ‘UCITS ETF’ should use
(1) This rule has effect for determining the length of any period for the purposes of calculations under CONC App 1.1.7 R to CONC App 1.1.9 R.(2) A period which is not a whole number of calendar months or a whole number of weeks shall be counted in years and days.(3) Subject to (4) below, a period which is a whole number of calendar months or a whole number of weeks shall be counted in calendar months or in weeks, as the case may be.(4) Where a period is both a whole number of
- (1)
This rule applies to any land-related agreement which provides for the possibility of any variation of the rate of interest if it is to be assumed, by virtue of CONC App 1.1.3R (1)(e), that the variation will take place but the amount of the variation cannot be ascertained at the date of the making of the credit agreement.
- (2)
In this rule
“initial standard variable rate”
means
(a)
the standard variable rate of interest which would be applied by the lender to the credit agreement on the date of the making of the credit agreement if the credit agreement provided for interest to be paid at the lender's standard variable rate with effect from that date, or
(b)
if there is no such rate, the standard variable rate of interest applied by the lender on the date of the making of the credit agreement in question to other land-related agreements or, where there is more than one such rate, the highest such rate,
taking no account (for the avoidance of doubt) of any discount or other reduction to which the borrower would or might be entitled; and
“varied rate”
means any rate of interest charged when a variation of the rate of interest is to be assumed to take place by virtue of CONC App 1.1.3R (1)(e).
- (3)
Where a land-related agreement provides a formula for calculating a varied rate by reference to a standard variable rate of interest applied by the lender, or any other fluctuating rate of interest, but does not enable the varied rate to be ascertained at the date of the making of the credit agreement because it is not known on that date what the standard variable rate will be or (as the case may be) at what level the fluctuating rate will be fixed when the varied rate falls to be calculated, it shall be assumed that that rate or level will be the same as the initial standard variable rate.
- (4)
Where a land-related agreement provides for the possibility of any variation in the rate of interest (other than a variation referred to in (3) above) which it is to be assumed, by virtue of CONC App 1.1.3R (1)(e) will take place but does not enable the amount of that variation to be ascertained at the date of the making of the credit agreement, it shall be assumed that the varied rate will be the same as the initial standard variable rate.
(1) 6An authorised fund may only enter into a stock lending arrangement or repo contract in accordance with the rules in this section if the arrangement or contract is: (a) for the account of and for the benefit of the scheme; and(b) in the interests of its unitholders. (2) An arrangement or contract in (1) is not in the interests of unitholders unless it reasonably appears to the ICVC or authorised fund manager of an authorised fund to be appropriate with a view to generating
(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
64A recognised body may also have obligations to pay fees to the FCA under other rules arising from legislation other than the Act. For example a recognised body may have an obligation to pay a fee as an approved operator of a relevant system under the Uncertificated Securities Regulations 1995 (SI 1995/3272).
42If a firm does not have sufficient tariff data to enable the periodic fees calculation to be made in respect of that fee year, it must calculate an annualised figure based on actual data where possible. If the tariff base is a cumulative measure like income, covering the full year, it must apply the formula (A÷B) x 12, where:A = the total income from the date of authorisation up to the firm’s financial year end or 31 December (whichever is sooner), calculated according to the
(1) A firm must monitor both the quality of the purchased receivables and the financial condition of the seller and servicer. In particular a firm must comply with the remaining provisions of this rule.(2) A firm must assess the correlation among the quality of the purchased receivables and the financial condition of both the seller and servicer, and have in place internal policies and procedures that provide adequate safeguards to protect against such contingencies, including
The risk weights for dilution risk for purchased receivables (both corporate exposures and retail exposures) must be calculated according to this rule. The risk weights must be calculated according to the formula in BIPRU 4.4.58 R. However, for the purposes of that formula, the total annual sales referred to in BIPRU 4.4.59 R are the weighted average by individual exposures of the pool. The input parameters PD and LGD and the exposure value must be determined under the applicable
(1) FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. 30(2) FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer.30(3) FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example:3330(a) 33various application fees (including those in relation to authorisation,
(1) 13This rule applies where a mineral company does not hold controlling interests in a majority (by value) of the properties, fields, mines or other assets in which it has invested.(2) The mineral company is not required to comply with LR 9.2.2IR where it can demonstrate the factors set out in LR 6.10.3R(2).
(1) This rule applies to a listed company that has published:(a) any unaudited financial information in a class 1 circular or a prospectus; or(b) any profit forecast or profit estimate.(2) The first time a listed company publishes financial information as required by DTR 4.17 after the publication of the unaudited financial information, profit forecast or profit estimate, it must:7(a) reproduce that financial information, profit forecast or profit estimate in its next annual report
(1) 1MCOB 4.7A sets out standards to be observed by firms when advising a particular customer on regulated mortgage contracts.(2) The rules at MCOB 4.8A require firms which are selling regulated mortgage contracts to, or entering into variations of existing regulated mortgage contracts with, certain types of vulnerable customer, to provide advice to them.(3) The rules at MCOB 4.8A also provide that advice must be given wherever the sales process involves spoken or other interactive
1Subject to the exemptions in SYSC 10A.1.4R, this chapter applies to a firm:(1) that is a:(a) UK MiFID investment firm; or(b) full-scope UK AIFM; or(c) small authorised UK AIFM or residual CIS operator; or(d) incoming EEA AIFM; or(e) UCITS management company; or(f) MiFID optional exemption firm, performing activities covered by the exemption; or(g) EEA MiFID investment firm; or(h) third country investment firm; or(i) that carries on activities referred to in the general application
A notification referred to in SYSC 10A.1.11R is only required to be made by the firm once, at the following times:(1) to a new client prior to the provision of any investment services; and(2) to an existing client prior to the provision of any investment services following:(a) the commencement of these rules; or(b) the firm otherwise becoming subject to these rules, after the date of commencement.[Note: article 16(7) of MiFID, fifth subparagraph]
(1) The diagram in COLL 4.3.3 G explains how an authorised fund manager should treat changes it is proposing to a scheme and provides an overview of the rules and guidance in this section.(2) Regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company), section 261Q of the Act (Alteration of contractual schemes and changes of operator or depositary)5 and section 251 of the Act (Alteration of schemes and changes of manager or trustee)
3Where the authorised fund manager of either a feeder UCITS or a feeder NURS4 is notified of any change in respect of its master UCITS or qualifying master scheme4which has the effect of a change to the feeder UCITS or feeder NURS4, the authorised fund manager must:4(1) classify it as a fundamental change, significant change or a notifiable change to the feeder UCITS or feeder NURS4 in accordance with the rules in this section; and(2) (a) for a fundamental change, obtain approval
(1) Guidance on what constitutes a branch is given in SUP App 3.18(2) (a) Where a UK MiFID investment firm is seeking to use a tied agent established in another EEA State in which a branch is already established, the tied agent will be assimilated into the branch.18(b) If a UK MiFID investment firm is seeking to use a tied agent established in another EEA State in which no branch is already established, the rules in SUP 13 will apply as if that firm were seeking to establish a
A UK firm17 cannot establish a branch in another EEA State for the first time under an EEA right unless the relevant13 conditions in paragraphs 19(2), (4) and (5)12 of Part III of Schedule 3 to the Act are satisfied. It is an offence for a UK firm which is not an authorised person to contravene this prohibition (paragraph 21 of Part III of Schedule 3 to the Act). These conditions are that:913121213(1) the UKfirm has given the appropriate UK regulator,20 in accordance with the
Where a firm understands, or reasonably suspects, a customer has or may have a mental capacity limitation the firm should take particular care that the customer is not provided with credit which the firm knows, or reasonably believes, to be unsuitable to the customer's needs, even where the credit would be affordable.[Note: paragraph 4.43 of MCG]
(1) A firm'sCCR internal model method model must meet the validation requirements in (2) to (8).(2) The qualitative validation requirements set out in BIPRU 7.10 must be met.(3) Interest rates, foreign currency rates, equity prices, commodities, and other market risk factors must be forecast over long time horizons for measuring CCRexposure. The performance of the forecasting model for market risk factors must be validated over a long time horizon.(4) The pricing models used to