Related provisions for CASS 5.5.27
81 - 100 of 159 items.
(1) This section helps in achieving the statutory objective of securing an appropriate degree of protection for consumers. In accordance with Principle 6, this section is also concerned with ensuring the authorised fund manager pays due regard to its clients' interests and treats them fairly.(2) An authorised fund manager of an AUT, ACS or ICVC7 is responsible for arranging for the issue and the cancellation of units for the authorised fund. An authorised fund manager of an AUT,
(1) As the authorised fund manager normally controls the issue, cancellation, sale and redemption of an authorised fund'sunits, it occupies a position that could, without appropriate systems and controls, involve a conflict of interest between itself and its clients.(2) SYSC 3.1.1 R (Systems and controls) requires that a firm take reasonable care to establish and maintain such systems and controls as are appropriate to its business and Principle 8 requires a firm to manage conflicts
17The Ombudsman can also consider a complaint under the Compulsory Jurisdiction if it relates to an act or omission by:
(1) an investment firm authorised under MiFID when providing investment services or ancillary services;(2)
a CRD credit institution when providing one or more investment services;(3)
an investment firm authorised under MiFID or a CRD credit institution when selling structured deposits to clients, or advising clients on them;(4)
a collective portfolio management
17For the purposes of DISP 2.3.1AR, the Ombudsman can consider a complaint about an act carried out by a MiFID investment firm that is preparatory to the provision of an investment service or ancillary service which is an integral part of such a service. This includes, for example, generic advice given by a MiFID investment firm to a client prior to, or in the course of, the provision of investment advice or another investment service or ancillary service.
[Note: recitals 15 and
The5 following factors may5be taken into account in determining whether or not a person'sbehaviour5 is in pursuit of legitimate business, and are indications that it is:(1) the extent to which the relevant trading by the person is carried out in order to hedge a risk, and in particular the extent to which it neutralises and responds to a risk arising out of the person's legitimate business; or(2) whether, in the case of a transaction on the basis of inside information about a
The5following factors may5 be taken into account in determining whether or not a person'sbehaviour in executing5 an order (including an order relating to a bid)41 on behalf of another is carried out legitimately in the normal course of exercise of that person’s employment, profession or duties5, and are indications that it is:(1) whether the person has complied with the applicable provisions of
COBS2
, or their equivalents in the relevant jurisdiction;
(1) This rule applies to members of a firm’sconduct rules staff apart from conduct rules staff in COCON 1.1.9R. 6522(2) Subject to (3), COCON only applies to the conduct of persons to whom this rule applies (as set out in (1)) if that conduct:6(a) 6is performed from an establishment maintained in the United Kingdom by the SMCR firm; or12(b) 6involves dealing with a client of the firm in the United Kingdom from an establishment overseas.5(3) 6Paragraph (2)(b) only applies to a
6The FCA interprets the phrase ‘a client of the firm in the United Kingdom’ in COCON 1.1.10R as referring to:(1) for a client which is a body corporate, its office or branch in the United Kingdom; or(2) for a client who is an individual, a client who is in the United Kingdom at the time of the dealing.
To be eligible for the retail exposure class, an exposure must meet the following conditions:(1) the exposure must be either to an individual person or persons, or to a small or medium sized entity;(2) the exposure must be one of a significant number of exposures with similar characteristics such that the risks associated with such lending are substantially reduced; and(3) the total amount owed to the firm, its parent undertakings and its subsidiary undertakings, including any
(1) The definition of group of connected clients is set out in the Glossary. Paragraph (2) of that definition is "two or more persons ... who are to be regarded as constituting a single risk because they are so interconnected that, if one of them were to experience financial problems, the other or all of the others would be likely to encounter repayment difficulties".(2) Say that a firm has exposures to A and B. When deciding whether A and B come within paragraph (2) of the definition
(1) 3Where a firm communicates any promotion of a non-mainstream pooled investment in the context of advice, it should have regard to and comply with its obligations under COBS 9 or 9A (as applicable)10. Firms should also be mindful of the appropriateness requirements in COBS 10 and 10A10 which apply to a wide range of non-advised services.(2) (a) A firm which wishes to rely on exemptions 2 (certified high net worth investors), 9 (self-certified sophisticated investors) or 12
(1) 3A firm which wishes to rely on any of the self-certified sophisticated investor exemptions (see Part II of the Schedule to the Promotion of Collective Investment Schemes Order, Part II of Schedule 5 to the Financial Promotions Order and COBS 4.12.8 R) should have regard to its duties under the Principles and the client's best interests rule. In particular, the firm should consider whether the promotion of the non-mainstream pooled investment is in the interests of the client
In the FCA's view, a person such as an investment manager or adviser is not conducting an organised marketing campaign purely because he regularly provides a particular client with financial promotions as part of his service. Neither is such a person conducting an organised marketing campaign purely because he may have several clients whose personal circumstances and objectives may suggest that a particular investment opportunity may attract them. If he considers the individual
However, persons are not to be regarded as having a common interest with each other and a company simply because:(1) they would have such an interest if they became its members or creditors; or(2) they all carry on a particular trade or profession; or(3) they have an existing business relationship with the company whether by being it clients, customers, contractors, suppliers or otherwise.
11The RAO and the auction regulation together generate three broad categories of person in relation to bidding for emission allowances26 on an auction platform:(1) The first category consists of an investment firm to which MiFID applies, a CRD credit institution and a third country credit institution where the 26 firm is bidding on behalf of its clients or on its own account for emissions auction products26. For these purposes a third country credit institution refers to a credit
8In the FCA's view, it is generally the case that providers of back office administration services do not carry out the regulated activity of making arrangements with a view to transactions in investments. This is based essentially on the fact that providers of back office administration services aim to assist a broker firm to deal with the aftermath of transactions it has entered into on behalf of its clients. The broker firm has assumed full responsibility to its clients for
An EEA UCITS management company that manages a UCITS scheme must comply with the rules of the FCAHandbook which relate to the constitution and functioning of the UCITS scheme (the fund application rules), as follows:(1) the setting up and authorisation of the UCITS scheme (COLL 1 (Introduction), COLL 2 (Authorised fund applications), COLL 3 (Constitution), COLL 6.5 (Appointment and replacement of the authorised fund manager and the depositary), COLL 6.6 (Powers and duties of
As indicated in PERG 5.6.8 G, the article 72C exclusion (Provision of information on an incidental basis) is potentially available to unauthorisedprofessional firms including exempt professional firms. This may be relevant to professional firms arranging contracts of insurance for clients on an individual basis.
14If a firm appoints a MiFID optional exemption appointed representative or a structured deposit appointed representative, that firm must:
(1) monitor the activities of the appointed representative to ensure that the firm complies with those obligations which implement provisions of MiFID and to which it is subject when acting through its appointed representative;(2)
ensure that its appointed representative discloses the capacity in which it is acting and the firm it is representing
The Principles for Businesses (PRIN) apply as a whole to firms with respect to credit-related regulated activities and ancillary activities in relation to credit-related regulated activities (see PRIN 3). In carrying on their activities, firms should pay particular attention to their obligations under: (1) Principle 1 (a firm must conduct its business with integrity);(2) Principle 2 (a firm must conduct its business with due skill, care and diligence);(3) Principle 3 (a firm must
(1) If any information refers to a particular tax treatment, a firm must ensure that it prominently states that the tax treatment depends on the individual circumstances of each client and may be subject to change in future.6(2) This rule applies in relation to a financial promotion except6 to the extent that it relates to66a pure protection contract that is a long-term care insurance contract6.
The purpose of the CASS resolution pack is to ensure that a firm maintains and is able to retrieve information that would:6(1) in the event of its insolvency, assist an insolvency practitioner in achieving a timely return of client money and safe custody assets held by the firm to that firm’sclients; and6(2) in the event of its or another firm’s resolution, assist the Bank of England in its capacity as resolution authority under the RRD; and6(3) in either case, assist the FCA
A contravention of a rule in SYSC 11 to 2SYSC 21,7SYSC 22.8.1R, SYSC 22.9.1R or to 9SYSC 288 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action). 34437
For example, it may be necessary for a person referred to in PERG 8.31.3G (1) or PERG 8.31.3G (2) to advise a client to sell all his assets for tax, legal or debt reduction reasons. However, it may not be necessary for him to recommend selling some investments and not others. Whether or not this is the case will depend on the circumstances in which the advice is given.