Related provisions for PERG 4.4.6

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COLL 7.3.6RRP
(1) Winding up or termination must commence once the conditions referred to in COLL 7.3.4 R (3) are both satisfied or, if later, once the events in COLL 7.3.4 R (4) have occurred. (2) Once winding up or termination has commenced: (a) COLL 6.2 (Dealing), COLL 6.3 (Valuation and pricing) and COLL 5 (Investment and borrowing powers) cease to apply to the ICVC or to the units and scheme property in the case of a sub-fund; (b) the ICVC must cease to issue and cancel3units, except
PRIN 1.2.6GRP
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.
BIPRU 7.8.9GRP
(1) Block trades, including bought deals, and private placements are not within the scope of BIPRU 7.8 because they involve an outright purchase by the firm of the relevant securities.(2) For the purpose of BIPRU 7.8securities include debt and equity instruments and convertibles but excludes loans.
CONC 3.10.3GRP
2Firms are reminded that:(1) section 49 of the CCA makes it a criminal offence to canvass borrower-lender agreements, for example cash loans, off trade premises (within the meaning of section 48 of the CCA); and(2) section 154 of the CCA makes it a criminal offence to canvass off trade premises credit broking of a kind specified by article 36A(1)(a) to (c) of the Regulated Activities Order, debt adjusting, debt counselling or providing credit information services (within the meaning
IFPRU 4.6.8GRP
Accordingly, the FCA expects a firm using a variable scalar approach should adopt a PD that is the long-run default rate expected over a representative mix of good and bad economic periods, assuming that the current lending conditions including borrower mix and attitudes and the firm's lending policies remain unchanged. If the relevant lending conditions or policies change, then the FCA would expect the long-run default rate to change (see article 180(1)(a), (b) and (2)(a) of
PERG 4.10.10GRP
1There are exclusions that apply, in relation to each of the regulated mortgage activities and to advising on regulated credit agreements for the acquisition of land,6 if the person carrying on the activity is a local authority or a wholly owned subsidiary of a local authority. They can be found in article 72G of the Regulated Activities Order, but only apply where:63(a) the relevant agreement was entered into before 21 March 2016; or6(b) the relevant agreement is entered into
REC 2.3.12GRP
4For the purposes of REC 2.3, "net capital" should be in the form of equity. For this purpose, the FCA5 considers that common stock, retained earnings, disclosed reserves and other instruments classified as common equity tier one capital or additional tier one capital constitute equity. The FCA5 considers that, when calculating its net capital, a UK recognised body:55(1) should deduct holdings of its own securities, or those of any undertaking in the same group as the UK recognised
CREDS 3A.5.4RRP
(1) The firm must:(a) give the relevant credit union client a statement in the form in (2) on paper or another durable medium; and(b) obtain confirmation in writing from the relevant credit union client that the relevant credit union client has signed it,in good time before the relevant credit union client has committed to buy the deferred share.(2) “I make this statement in connection with my proposed investment in deferred shares issued by a credit union. I have been made aware
COLL 5.7.2GRP
(1) This section contains rules on the types of permitted investments and any relevant limits with which non-UCITS retail schemes operating as FAIFs must comply. These rules allow for the relaxation of certain investment and borrowing powers from the requirements for non-UCITS retail schemes under COLL 5.6 .(2) One example2 of the different investment and borrowing powers under the rules in this section for non-UCITS retail schemes operating as FAIFs is the power to invest up
MCOB 7.1.5RRP
This chapter also applies in relation to regulated mortgage contracts in circumstances where the original mortgage lender has passed on ownership of the loan to a third party through securitisation. In such a case, the rules in MCOB 7.5 - MCOB 7.7.4 R will apply to the firm which administers the regulated mortgage contract.
COLL 7.4.3RRP
(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
BIPRU 12.3.23RRP
For the purposes of BIPRU 12.3.22R, a firm must, in relation to all currencies in which it has significant positions and all jurisdictions in which it carries on significant business activities, ensure that it:(1) can calculate all of its collateral positions, including assets currently provided as collateral, relative to the total amount of security required;(2) can calculate the amount of unencumbered assets available to it to be provided as collateral;(3) can mobilise collateral
PERG 4.6.2GRP
In the FCA's view, the circumstances in which a person is giving advice on the borrower varying the terms of a regulated mortgage contract so as to vary his obligations under the contract include (but are not limited to) where the advice is about:(1) the borrower obtaining a further advance secured on the same land as the original loan; or(2) a rate switch or a product switch (that is, where the borrower does not change lender but changes the terms for repayment from, say, a variable
PERG 4.11.11GRP
There may also be situations where a lender, who does not maintain an establishment in the United Kingdom, provides services in the United Kingdom. For instance, a lender might attend a property exhibition in the United Kingdom at which he sets up a loan with a borrower. A lender might also attend the offices of its UK-based lawyers, or appoint them as its agent, to enter into a contract with a borrower. In these cases, the overseas lender would only be carrying on a regulated
MCOB 5.1.9GRP
In relation to a regulated mortgage contract, where2 part of the loan is not a regulated mortgage contract, for example it is a linked unsecured loan, the details of this loan can be shown in Section 12 of the illustration as an additional feature. It should not be added to the regulated mortgage contract loan amount in MCOB 5.6.6 R(2).2
DISP App 1.2.3GRP
The measure of any financial loss suffered by the complainant will be arrived at by:12(1) comparing the complainant's current capital position with the position he would have been in had the loan been a standard repayment mortgage as at the date the firm decides to regard the complaint as justified; and(2) comparing the cost of the complainant's actual monthly outgoings and those he would have made had his loan been on a standard repayment basis as at the date the firm decides
BIPRU 11.3.4RRP
A firm must, if requested, explain its rating decisions to SMEs and other corporate applicants for loans, providing an explanation in writing when asked. The administrative costs of the explanation have to be at an appropriate rate to the size of the loan.[Note: BCD Article 145(4)]
IPRU-INV 5.17.2RRP

Assets and Off-Balance Sheet Items

Risk Factor

Assets

Cash at bank and in hand and equivalent items

NIL

Assets secured by acceptable collateral including deposits and certificates of deposit with lending institutions

NIL

Amount due from trustees of authorised unit trusts or depositaries of authorised contractual schemes

NIL

Note 1

This only applies to firms who are authorised unit trust managers in relation to authorised unit trusts or authorised contractual scheme managers in relation to authorised contractual schemes they manage.

Amount due from depositaries of ICVCs

NIL

Note 2

This only applies to firms who are authorised corporate directors in relation to ICVCs they operate

Other receivables due from or explicitly guaranteed by or deposits with category a bodies

NIL

Other receivables due from or explicitly guaranteed by or deposits with category b bodies

1.6%

Pre-payments and accrued income (see paragraph 10 of IPRU-INV 5.8.2R)

8%

Defined benefit asset

NIL

Deferred acquisition cost asset

NIL

All other assets

8%

OFF-BALANCE SHEET ITEMS

Full Risk Items e.g.

Charges granted against assets

8% x counterparty weight (see IPRU-INV 5.14.1R)

Guarantees given

Medium Risk Items e.g.

Undrawn credit facilities granted by the firm with an original maturity of more than one year

4% x counterparty weight (see IPRU-INV 5.14.1R)

Low Risk Items e.g.

Undrawn credit facilities granted by the firm with an original maturity of one year or less

NIL

Note

(1)

In determining the appropriate other assets requirement (OAR) for guarantees given in a group context, a firm should follow the calculation below:

(a)

Categorise the guarantee agreements into:

(i)

those with the character of credit substitutes; or

(ii)

those not having the character of credit substitutes; or

(iii)

agreements to provide guarantees.

(b)

Calculate the weighted value.

(i)

For guarantees falling under (1)(a)(i), the weighted value will be 100% of the estimated current year liability under the guarantee.

(ii)

For guarantees falling under (1)(a)(ii) the weighted value will be 50% of the estimated current year liability under the guarantee.

(iii)

For guarantees falling under (1)(a)(iii), the weighted value will be nil.

(c)

The OAR is calculated as:

Weighted value x 8% x counterparty weighting (IPRU-INV 5.14.1R)

(2)

For the purpose of this requirement, in assessing whether the guarantee has the characteristics of a credit substitute the following factors should be considered:

(a)

do the agreements allow for periodic or ad-hoc calling of funds;

(b)

have the guarantees been drawn upon on a regular basis;

(c)

do firms in the group rely on such guarantees to meet their working capital or regulatory capital requirements?

(3)

Where a firm is part of a group including other FCA regulated entities which together have entered into cross-group guarantee arrangements which give rise to an OAR, the estimate of the potential liability under the guarantee may be apportioned between the regulated entities for the purpose of calculating each firm's OAR.