Related provisions for SUP 7.1.1
81 - 100 of 149 items.
The appropriate regulator expects most disagreements about the adequacy of capital will be resolved through further analysis and discussion. The appropriate regulator may consider the use of its powers under section 166 of the Act (Reports by skilled persons) to assist in such circumstances. If the appropriate regulator and the firm still do not agree on an adequate level of capital, then the appropriate regulator may consider using its powers under section 55J of the Act to,
(1) (a) CASS 1A.3.1AR describes the FCA controlled function known as the CASS operational oversight function (CF10a). The table of FCA controlled functions3 in SUP 10A.4.4R3 together with SUP 10A.7.9R3 specify the CASS operational oversight function as an FCA required function4 for a firm to which CASS 1A.3.1AR applies.3(b) The CASS operational oversight function does not apply to an SMCR firm. For an SMCR firm, the function in CASS 1A.3.1AR is not a separate controlled function
2An authorised fund manager must ensure that the depositary it appoints under COLL 6.6A.7R is a firmestablished in the United Kingdom that has the Part 4A permission of acting as trustee or depositary of a UCITS and is one of the following:(1) a national central bank; or(2) a credit institution; or(3) a firm which: (a) has own funds of not less than the higher of: (i) the requirement calculated in accordance with articles 315 or 317 of the EU CRR; or(ii) £4million; and(b) either:
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
1Examples of circumstances in which the FCA will consider varying a firm'sPart 4A permission because it has serious concerns about a firm, or about the way its business is being or has been conducted include where: (1) in relation to the grounds for exercising the power under section 55J(1)(a) or section 55L(2)(a) of the Act, the firm appears to be failing, or appears likely to fail, to satisfy the threshold conditions relating to one or more, or all, of its regulated activities,
(1) [deleted]1515(2) The FCA15 will also take into consideration anything that could influence a firm's continuing ability to satisfy the threshold conditions set out in paragraphs 2E and 3D of Schedule 6 to the Act15. Examples include the firm's position within a UK or international group, information provided by overseas regulators about the firm, and the firm's plans to seek to vary its Part 4A permission15 to carry on additional regulated activities once it has been granted
62(1) [deleted]6(1A) Subject to the exceptions in (3) to (8), this chapter applies to a firm with Part 4A permission to carry on any of the following activities:6(a) insurance distribution activity8;6(b) home finance mediation activity; and6(c) MCD article 3(1)(b) credit intermediation activity.6(2) [deleted]61515(3) In6 relation to insurance distribution activity8, this chapter does not apply to a firm if another authorised person which has net tangible assets of more than £10
(1) Given the complexity of issues raised by passporting, UK firms are advised to consult legislation and also to obtain legal advice at earliest opportunity. Firms are encouraged to contact their usual supervisory contact at the appropriate UK regulator5 to discuss their proposals. However, a UK firm which is seeking guidance on procedural or notification issues relating to passporting should contact the FCA and PRA authorisations teams, as and where appropriate.555(2) An applicant
A firm must take reasonable steps, where it has agreed to accept sales leads from a lead generator for debt counselling or debt adjusting or providing credit information services, to ensure that the lead generator: (1) where it does not have a Part 4A permission for debt counselling and is not an appointed representative of a firm with such permission, does not carry on debt counselling in obtaining or passing on sales leads to the firm;(2) where it carries on debt counselling,
(1) CASS 11.3.4R describes the FCA controlled function known as the CASS operational oversight function (CF10a) in relation to CASS large debt management firms, including not-for-profit debt advice bodies.1(2) As a consequence of CASS 11.3.4R (in conjunction with SUP 10A.4.1R and SUP 10A.7.10R), in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4R is required to be discharged by a director
1A non-directive firm4(including, in the case of an FCA-authorised person, a firm with only a limited permission) 5must notify the appropriate regulator6 of any of the following events concerning the firm:46(1) a person becoming controller of the firm; or44(2) an existing controller ceasing to be controller of the firm.444
If agreement through discussion with the appropriate regulator cannot be reached as to the necessary actions and timescales to remedy deviation from that guidance, the appropriate regulator will consider using its powers under the Act (for example, its power under section 55J to vary, on its own initiative, a firm'sPart 4A permission or its power of intervention under section 196) so as to require the firm to take such actions as the appropriate regulator considers are necessary