Related provisions for TC 2.1.2
61 - 80 of 202 items.
In this chapter, the following interpretations of risk management terms apply:(1) a firm's risk culture encompasses the general awareness, attitude and behaviour of its employees and appointed representatives or, where applicable, its tied agents,1to risk and the management of risk within the organisation;(2) operational exposure means the degree of operational risk faced by a firm and is usually expressed in terms of the likelihood and impact of a particular type of operational
Any sale for cash, transfer for the purposes
of or pursuant to an employees' share scheme or
cancellation of treasury shares that represents over 0.5% of the listed company'sshare capital 2 must be notified to a RIS as
soon as possible and in any event by no later than 7:30 a.m. on the business day following the calendar day on
which the sale, transfer or cancellation occurred. The notification must include:2(1) the date of the sale, transfer
or cancellation;(2) the number of
The policy of professional indemnity insurance must incorporate terms which make provision for: (1) cover in respect of claims for which an exempt CAD
firm may be liable as a result of the conduct of itself, its employees and its appointed representatives or where applicable, its tied agent (acting within the scope of their appointment); (2) the minimum levels of indemnity per year as set out in the rules relating to professional indemnity insurance above;
(1) This chapter sets out minimum requirements for a reference. It does not prevent a firm from including more than is required by this chapter.(2) If a firm does disclose more than is required by this chapter the reference should still meet its duties under general law to its former employee and the recipient (see SYSC 22.5.3G to SYSC 22.5.5G).
An exceptionally urgent case in these circumstances is one where the FCA staff believe that a decision to begin proceedings1(1) should be taken before it is possible to follow the procedure described in paragraph 10.1.2; and1(2) t is necessary to protect the interests of consumers or potential consumers.12
(1) A firm must have appropriate procedures in place for its employees to report breaches internally through a specific, independent and autonomous channel.(2) The channel in (1) may be provided through arrangements provided for by social partners, subject to the Public Interest Disclosure Act 1998 and the Employment Rights Act 1996 to the extent that they apply.[Note: article 71(3) of CRD]
1A firm must make appropriate records to demonstrate compliance with the rules in this sourcebook and keep them for the following periods after an employee stops carrying on the activity:(1) at least 5 years for MiFID business;(2) 3 years for non-MiFID business; and(3) indefinitely for a pension transfer specialist.[Note: article 9(4) of the MCD]2
(1) The steps that a relevant authorised person must take to secure that its conduct rules staff understand how the rules in COCON apply to them include the provision of suitable training.(2) Suitable training should always ensure that those who are subject to the rules in COCON have an awareness and broad understanding of all of the rules in COCON, and that they also have a deeper understanding of the practical application of the specific rules which are relevant to their work.(3)
1An exceptionally urgent case in these circumstances is one where the FCA staff believe that a decision to begin proceedings (1) should be taken before it is possible to follow the procedure described in paragraph 13.2.3; and (2) it is necessary to protect the interests of consumers or potential consumers.
The policy must incorporate terms which are appropriate and must make provision for cover in respect of any claim for loss or damage, for which the firm may be liable as a result of an act or omission by: (1) the firm; or (2) any person acting on behalf of the firm including employees, appointed representatives or its other agents.
The cover provided by the policy should be wide enough to include the liability of the firm, its appointed representatives, its tied agents,
employees and its agents for breaches under the regulatory systems or civil law. If the firm operates outside the United Kingdom then the policy should cover other regulatory requirements imposed under the laws of other countries in which the firm operates.
10For 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
Competent employees rule, knowledge and competence and segregation11 of functions
SYSC 5.1.2G to SYSC 5.1.5AG, SYSC 5.1.5AAR, SYSC 5.1.5ABR, SYSC 5.1.5ACG to SYSC 5.1.5AEG,11SYSC 5.1.7R, SYSC 5.1.8G to SYSC 5.1.11G
Certification regime
2If a firm requires employees who are not subject to a qualification7 requirement in TC to pass a relevant examination from the list of appropriate qualifications11 maintained by the FCA, or for the purposes of meeting its obligations under SYSC 5.1.5ABR11, the FCA10 will take that into account when assessing whether the firm has ensured that the employee satisfies the knowledge component of the competent employees rule.7777
5Even though working for more than one firm is likely to mean that the person will not be able to rely on the grounds in PERG 2.3.6 G to escape the general prohibition (see PERG 2.3.7G (6)), that will not always be the case. In particular, say that a person is acting as an employee of one firm (Firm A) and as a self-employed agent of another firm (Firm B). In his capacity as an employee of Firm A, the person would not be carrying on his own business. Thus, the general prohibition
A person3 who is(1) the lender or owner;(2) an employee or agent of the lender or owner or a person who otherwise acts on behalf of the lender or owner in relation to the credit agreement or consumer hire agreement; or(3) an associate of the lender or owner, may only make a statement of high net worth if the lender or owner is a person who has Part 4A permission to accept deposits.
A statement of high net worth for the purposes of articles 60H(1)(d) and 60Q(c) of the Regulated Activities Order must have the following form and content: 2“Statement of High Net Worth(articles 60H(1) and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)2I/We* (insert full name) .............................................................. of (insert address and postcode).............................................................. confirm