Related provisions for TC 2.2A.2
81 - 100 of 202 items.
(1) If the appointed representative is appointed to give advice on investments to retail clients7 concerning packaged products, the firm should also satisfy itself that the contract requires compliance with the rules in COBS 6 or COBS 6.1ZA18 (Information about the firm, its services and remuneration).979(2) The contractual requirements in SUP 12.5.5 R should extend to:(a) the activities of the appointed representative, if the appointed representative is an individual; and3(b)
12A firm must ensure that, if appointing an appointed representative to carry on MCD credit intermediation activity, its written contract requires the appointed representative to provide such evidence to the FCA as to the knowledge and competence of the staff of the appointed representative, as the FCA may require from time to time. [Note: article 9(4) of the MCD]
A depositary appointed under COLL 6.6A.8R(3) must: (1) ensure that it has the infrastructure necessary to keep in custody UCITS custodial assets that can be registered in a financial instruments account opened in the depositary’s books; (2) establish adequate policies and procedures sufficient to ensure the compliance of the depositary, including its managers and employees, with its obligations under the regulatory system; (3) have: (a) sound administrative and accounting procedures
(1) Twice a year a firm must provide the FCA with a complete report concerning complaints received from eligible complainants about matters relating to activities carried out by its employees when acting as retail investment advisers. The report must be set out in the format in DISP 1 Annex 1C R.104777(2) DISP 1 Annex 1C R requires (for the relevant reporting period) information about:10(a) the total number of complaints received by the firm about matters relating to activities
For the purposes of DISP 1.10.2R, DISP 1.10.2-AR and DISP 1.10.2AR, when completing the return, the firm should take into account the following matters.106184(1) If a complaint could fall into more than one category, the complaint should be recorded in the category which the firm considers to form the main part of the complaint.10(2) Under DISP 1.10.2R(1)(b), DISP 1.10.2R(2)(b) or DISP 1.10.2-AR, a firm should report information relating to all complaints which are closed and
A firm must take all reasonable steps to record telephone conversations, and keep a copy of electronic communications, that relate to the activities in financial instruments referred to in SYSC 10A.1.1R(2) (and that are not excluded by SYSC 10A.1.4R), and that are made with, sent from, or received on, equipment:(1) provided by the firm to an employee or contractor; or(2) the use of which by an employee or contractor has been accepted or permitted by the firm.[Note: article 16(7)
A firm must take all appropriate9 steps to identify and to prevent or manage9 conflicts of interest between:3(1) the firm, including its managers, employees and appointed representatives (or where applicable, 2tied agents)2, or any person directly or indirectly linked to them by control, and a client of the firm; or2(2) one client of the firm and another client;that arise or may arise in the course of the firm providing any service referred to in SYSC 10.1.1R including those
6An AIFM must take all reasonable steps to identify conflicts of interest that arise, in the course of managing AIFs, between:(1) the AIFM, including its managers, employees or any person directly or indirectly linked to the AIFM by control, and an AIF managed by the AIFM or the investors in that AIF; or(2) an AIF or the investors in that AIF, and another AIF or the investors in that AIF; or(3) an AIF or the investors in that AIF, and another client of the AIFM; or(4) an AIF or
14A full-scope UK AIFM must, in particular:(1) have rules for personal transactions by its employees or for the holding or management of investments it invests on its own account;(2) ensure that each transaction involving the AIFs may be reconstructed according to its origin, the parties to it, its nature, and the time and place at which it was effected; and(3) ensure that the assets of the AIFs managed by the AIFM are invested in accordance with the instrument constituting the
(1) A firm must notify the FCA11 of:3535(a) a significant breach of a rule (which includes a Principle, a Statement of Principle or a COCONrule)20; or2020(aa) a significant breach of any requirement imposed by the CCA or by regulations or an order made under the CCA (except if the breach is an offence, in which case (c) applies), but any notification under (aa) is required to be made only to the FCA; or 14(b) a breach of any requirement imposed by the Act or by regulations
A firm must notify the FCA11 immediately if one of the following events arises and the event is significant:3535(1) it becomes aware that an employee may have committed a fraud against one of its customers; or(2) it becomes aware that a person, whether or not employed by it, may have committed a fraud against it; or(3) it considers that any person, whether or not employed by it, is acting with intent to commit a fraud against it; or(4) it identifies irregularities in its accounting
8The analysis must be set out in writing and dated before the date of issue of the capital instrument and the firm must be able to show that the analysis has been fully considered as part of its decision to proceed with the issue. The analysis must be conducted by a person or persons appropriately qualified to assess the relevant risks and that person may be an independent adviser or an employee of the firm who is not part of the business unit responsible for the transaction
If the person with or for whom the firm is carrying on an activity is acting through an agent, the ability of the firm to treat the agent as its client under COBS 2.4.3 R3 (Agent as client) will not be available. For example, if a general insurer is effecting a general insurance contract through a general insurance broker who is acting as agent for a disclosed policyholder, the policyholder will be a client of the firm and the firm must comply with the Principles accordingly.
When considering whether a business unit is significant for the purposes of SUP 10C.8.4R, the firm should take into account all relevant factors in the light of the firm's current circumstances and its plans for the future, including:(1) the risk profile of that unit;(2) its use or commitment of the firm’s capital; (3) its contribution to the profit and loss account;(4) the number of employees or approved persons working in the business unit;(5) the number of customers; and(6)
The word ‘communicate’ is extended under section 21(13) of the Act and includes causing a communication to be made. This means that a person who causes the communication of a financial promotion by another person is also subject to the restriction in section 21. Article 6(d) of the Financial Promotion Order also states that the word ‘communicate’ has the same meaning when used in exemptions in the Order. Article 6(a) also states that the word ‘communication’ has the same meaning
Some typical examples of where the business test is unlikely to be satisfied, assuming that there is no direct financial benefit to the arranger, include:(1) arrangements which are carried out by a person for himself, or for members of his family;(2) where employers provide insurance benefits for staff; and(3) where affinity groups or clubs set up insurance benefits for members.
Schedule to the Recognition Requirements Regulations, Paragraph 7B
2(1) |
The [UK RIE] must make transparent and non-discriminatory rules, based on objective criteria, governing access to, or membership of, its facilities. |
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(2) |
In particular those rules must specify the obligations for users or members of its facilities arising from - |
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(a) |
the constitution and administration of the [UK RIE]; |
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(b) |
rules relating to transactions on its trading venues4; |
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(c) |
its professional standards for staff of any investment firm or credit institution having access to or membership of a financial market operated by the [UK RIE]; |
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(d) |
conditions established under sub-paragraph (3)(c) for access to or membership of a trading venue4 operated by the [UK RIE] by persons other than investment firms or credit institutions; and |
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(e) |
the rules and procedures for clearing and settlement of transactions concluded on a trading venue4 operated by the [UK RIE]. |
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(3) |
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[Note: see paragraph 9ZC below, replacing paragraph 7B(3)]4 |
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(4) |
Rules under this paragraph must enable - |
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(a) |
an investment firm authorised under Article 5 of [MiFID], or |
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(b) |
a credit institution authorised under the [CRD]4, |
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by the competent authority of another EEA State (including a branch established in the United Kingdom of such a firm or institution) to have direct or remote access to or membership of, any trading venue4 operated by the [UK RIE] on the same terms as a UK firm. |
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(5) |
The [UK RIE] must make arrangements regularly to provide the [FCA]3 with a list of users or members of its facilities. 3 |
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(6) |
This paragraph is without prejudice to the generality of paragraph 4. |
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(1) The obligations to supply information to the FCA under:(a) SUP 10C; or(b) the sections of the Act listed in SUP 10C.14.22R;apply notwithstanding any agreement (for example, a 'COT 3' Agreement settled by the Advisory, Conciliation and Arbitration Service (ACAS)) or any other arrangements entered into by a firm and an employee upon termination of the employee's employment. (2) A firm should not enter into any such arrangements or agreements that could conflict with its obligations
In determining whether a UK recognised body's arrangements for the investigation of complaints include appropriate arrangements for the complaint to be fairly and impartially investigated by an independent person (a "complaints investigator"), the FCA3 may have regard to:3(1) the arrangements made for appointing (and removing) a complaints investigator, including the terms and conditions of such an appointment and the provision for remuneration of a complaints investigator; (2)
None of the following is to be liable in damages for anything done or omitted to be done in the discharge (or purported discharge) of any functions in connection with the Voluntary Jurisdiction:318(1) FOS Ltd;(2) any member of its governing body;(3) any member of its staff;(4) any person acting as an Ombudsman for the purposes of the Financial Ombudsman Service;except where:(5) the act or omission is shown to have been in bad faith; or(6) it would prevent an award of damages being
1For the purposes of LR 6.14.1R and LR 6.14.2R, shares are not held in public hands if they are:(1) held, directly or indirectly by:(a) a director of the applicant or of any of its subsidiary undertakings; or(b) a person connected with a director of the applicant or of any of its subsidiary undertakings; or(c) the trustees of any employees’ share scheme or pension fund established for the benefit of any directors and employees of the applicant and its subsidiary undertakings;
The FCA4 is entitled to rely on any information it receives from a firm and to consider any notification received as being made by a person authorised by the firm to do so. A firm should therefore consider whether it needs to put procedures in place to ensure that only appropriate employees make notifications to the FCA4 on its behalf.7777
LR 9.3.11 R does not apply to:8(1) a listed company incorporated in the United Kingdom if a 8disapplication of statutory pre-emption rights has been authorised by shareholders in accordance with section 57053(Disapplication of pre-emption rights: directors acting under general authorisation) or section 571 (Disapplication of pre-emption rights by special resolution) of the Companies Act 2006 and the issue of equity securities78 or sale of treasury shares that are equity shares