Related provisions for CASS 7.10.4

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

COND 2.4.4GRP
(1) [deleted]88(2) Relevant matters to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition8may include but are not limited to:(a) (in relation to a firm other than a firm carrying on, or seeking to carry on, a PRA-regulated activity),8 whether there are any indications that the firm may have difficulties if the application is granted, at the time of the grant or in the future, in complying with any of the
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
CASS 5.8.3RRP
(1) A firm which has in its possession or control documents evidencing a client's title to a contract of insurance or other similar documents (other than documents of no value) or which takes into its possession or control tangible assets belonging to a client, must take reasonable steps to ensure that any such documents or items of property:(a) are kept safe until they are delivered to the client;(b) are not delivered or given to any other person except in accordance with instructions
CONC 10.1.1RRP
1This chapter applies to:(1) a debt management firm; and(2) a not-for-profit debt advice body that, at any point in the last 12 months, has held £1 million or more in client money or as the case may be, projects that it will hold £1 million or more in client money at any point in the next 12 months.
CASS 5.4.4RRP
A firm may not handle client money in accordance with the rules in this section unless each of the following conditions is satisfied:(1) the firm must have and maintain systems and controls which are adequate to ensure that the firm is able to monitor and manage its client money transactions and any credit risk arising from the operation of the trust arrangement and, if in accordance with CASS 5.4.2 R a firm complies with both the rules in CASS 5.3 and CASS 5.4, such systems and
EG 8.4.4RP
1Examples of requirements that the FCA may consider imposing when exercising its own-initiative power in support of its enforcement function are: a requirement not to take on new business; a requirement not to hold or control client money; a requirement not to trade in certain categories of specified investment; a requirement that prohibits the disposal of, or other dealing with, any of the firm’s assets (whether in the United Kingdom or elsewhere) or restricts
SUP 6.3.20GRP
In certain cases, the relevant regulator may consider that granting an application for imposition, variation or cancellation of any requirement or for variation of Part 4A permission27 which includes adding further regulated activities or changing a limitation would cause a significant change in the firm's business or risk profile. In these circumstances, the relevant regulator27 may require the firm to complete appropriate parts of the full application pack (see the relevant
FEES 4.2.7KRRP

42Where the measure is not cumulative (e.g. the number of traders for fee-block A10), the firm must use the figure relating to the valuation date specified in FEES 4 Annex 1R Part 548 (e.g. 31 December for A10)48. Table A sets out the reporting requirements for the key fee-blocks when full48 actual data is not available:

Table A: calculating tariff data for second and subsequent years of authorisation when full trading figures are not available

Fee-block

Tariff base

Calculation where trading data are not available

A1. Deposit acceptors

Average MELS for October - December

Use data available at 31 December or, if trading has not commenced by 31 December, use nil48.

A2. Home finance providers and administrators

Number of relevant contracts entered into or being administered in the twelve months up to 31 December

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

A3. Insurers - general

Gross written premium for fees purposes (GWP) 43for the financial year ended in the calendar year ending 31 December and best estimate liabilities for fees purposes (BEL) 43 valued at the end of the financial year

GWP 43 – apply the formula (A÷B) x 12 to arrive at an annualised figure.

BEL – use 43 data at valuation date or, if trading has not commenced by then, use nil48.

A4. Insurers - life

Gross written premium for fees purposes (GWP) 43 for the financial year ended in the calendar year ending 31 December and best estimate liabilities for fees purposes (BEL) 43 valued at the end of the financial year

A5. Managing agents at Lloyd’s

Active capacity in respect of the underwriting year at the beginning of the period to which the fee relates

Not applicable.

A6. The Society of Lloyd’s

Bespoke fee

Not applicable.

A7. Portfolio managers

Funds under management valued at 31 December

Use data as at 31 December or, if trading has not commenced by 31 December, use nil48.

A9. Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes

Annual gross income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

A10. Firms dealing as principal

Number of traders as at 31 December

Use data as at 31 December or, if trading has not commenced by 31 December, use nil48.

A13. Advisors, arrangers, dealers or brokers

Annual income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at the annualised figure

A14. Corporate finance advisers

A18. Home finance providers, advisers and arrangers

A19. General insurance distribution44

A21. Firms holding client money or assets, or both

The highest amount of client money and the highest amount of custody assets held over the 12 months ending 31 December

The highest amount of client money and/or custody assets over the period between the date of authorisation and 31 December or, if trading has not started, use nil48.

B. Market operators,41 MTF operators and OTF operators41

Flat fee

Not applicable.

B. Service companies

Annual income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at the annualised figure.

B. Regulated benchmark45 administrators

Annual income for the financial year ended in the calendar year ending 31 December39

Apply the formula (A÷B) x 12 to arrive at the annualised figure.39

B. Recognised investment exchanges

Annual income for the financial year ended in the calendar year ending 31 December39

Apply the formula (A÷B) x 12 to arrive at the annualised figure.39

B. Recognised auction platforms

Flat fee

Not applicable.

B. Recognised overseas investment exchanges

Flat fee

Not applicable.

CC1. Credit-related regulated activities with limited permission

Annual income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

CC2. Credit related regulated activities

40

40

40

G.2 Payment services institutions – deposit acceptors

See A1 deposit acceptors

G.3. Large payment services institutions

Relevant income

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

G.4 Small payment institutions

Flat fee

Not applicable.

G.5 Other payment institutions

Relevant income

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

G.10 Large electronic money institutions

Average outstanding e-money over 12 months ending 31 December

Average over the period from authorisation to 31 December.

G.11 Small electronic money institutions

Flat fee

Not applicable.

G.15 Issuer of regulated covered bonds

Value as at 31 December

Not applicable.

G.20 Consumer buy-to-let (CBTL) lender

Flat fee

Not applicable.

G.21 CBTL adviser and arranger
CASS 6.6.54RRP
(1) This rule applies where a firm identifies a discrepancy as a result of, or that reveals, a shortfall, which the firm has not yet resolved.(2) Subject to paragraphs (3) and (4)7, until the discrepancy is resolved a firm must do one of the following:(a) appropriate a sufficient number of its own applicable assets to cover the value of the shortfall and hold them for the relevant clients under the custody rules in such a way that the applicable assets, or the proceeds of their
COBS 18.5.10ERP
  1. (1)

    In order to provide adequate information to describe how the fund6 is governed, a small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 should include in the fund6 documents a provision about each of the items of relevant information set out in the following table (Content of fund6 documents).

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  2. (2)

    Compliance with (1) may be relied on as tending to establish compliance with COBS 18.5.5 R.

  3. (3)

    Contravention of (1) may be relied on as tending to establish contravention of COBS 18.5.5 R.

Table: Content of fund6 documents

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Thefund6 documents should include provision about:

6

(1)

Regulator

The firm statutory status in accordance with GEN 4 Annex 1 R (Statutory status disclosure);

(2)

Services

the nature of the services that the firm will provide6;

6

(3)

Payments for services

details of any payment for services payable by the fund or from the property of the fund6 or investors in the fund to the firm6, including where appropriate:

66

(a)

the basis of calculation;

(b)

how it is to be paid and collected;

(c)

how frequently it is to be paid; and

(d)

whether or not any other payment is receivable by the firm6 (or to its knowledge by any of its associates) in connection with any transactions effected by the firm6 with or for the fund6, in addition to or in lieu of any fees;

666

(4)

Commencement

when and how the firm6 is appointed;

6

(5)

Accounting

the arrangements for accounting to the fund or investors in the fund6 for any transaction effected;

6

(6)

Termination method

how the appointment of the firm6 may be terminated;

6

(7)

Complaints procedure

how to complain to the firm6 and a statement that the investors in the fund6 may subsequently complain direct to the Financial Ombudsman Service;

66

(8)

Compensation

whether or not compensation may be available from the compensation scheme should the firm6 be unable to meet its liabilities, and information about any other applicable compensation scheme; and, for each applicable compensation6 scheme, the extent and level of cover and how further information can be obtained;

6

(9)

Investment objectives

the investment objectives for the portfolio of the fund6;

6

(10)

Restrictions

(a)

any restrictions on:

(i)

the types of investments or property which may be included in the portfolio of the fund6;

6

(ii)

the markets on which investments or property may be acquired for the portfolio of the fund6;

6

(iii)

the amount or value of any one investment or asset, or on the proportion of the portfolio of the fund6 which any one investment or asset or any particular kind of investment or asset may constitute; or

6

(b)

that there are no such restrictions;

(11)

Holding fund6 assets

6

(a)

if it is the case, that the firm6 will:

6

(i)

hold money on behalf of the fund6 or be the custodian of investments or other property of the fund6; or

66

(ii)

arrange for some other person to act in either capacity and, if so, whether that person is an associate of the firm6 identifying that person and describing the nature of any association; and

6

(b)

in either case:

(i)

how any money is to be deposited;

(ii)

the arrangements for recording and separately identifying registrable investments of the fund6 and, where the registered holder is the firm's6 own nominee, that the firm6 will be responsible for the acts and omissions of that person;

666

(iii)

the extent to which the firm6 accepts liability for any loss of the investment of the fund6;

66

(iv)

the extent to which the firm6 or any other person mentioned in (11)(a)(ii), may hold a lien or security interest over investments of the fund6;

66

(v)

where investments of the fund6 will be registered collectively in the same name, a statement that the entitlements of the fund6 may not be identifiable by separate certificates or other physical documents of title, and that, should the firm6 default, any shortfall in investments of the fund6 registered in that name may be shared proportionately among all fund6 and any other customers of the firm6 whose investments are so registered;

666666

(vi)

whether or not investments or other property of the fund6 can be lent to, or deposited by way of collateral with, a third party and whether or not money can be borrowed on behalf of the fund6 against the security of those investments or property and, if so, the terms upon which they may be lent or deposited;

66

(vii)

the arrangements for accounting to the fund6 for investments of the fund6, for income received (including any interest on money and any income earned by lending investments or other property) of the fund6, and for rights conferred in respect of investments or other property of the fund6;

666

(viii)

the arrangements for determining the exercise of any voting rights conferred by investments of the fund6; and

6

(ix)

where investments of the fund6 may be held by an eligible custodian outside the United Kingdom, a general statement that different settlement, legal and regulatory requirements, and different practices relating to the segregation of those investments, may apply;

6

(12)

Clients' money outside the United Kingdom

if it is the case, that the firm6 may hold the money of the fund6 in a client bank account outside the United Kingdom;

66

(13)

Exchange rates

if a liability of the fund6 in one currency is to be matched by an asset in a different currency, or if the services to be provided to the firm for the fund6 may relate to an investment denominated in a currency other than the currency in which the investments of the fund6 are valued, a warning that a movement of exchange rates may have a separate effect, unfavourable or favourable, on the gain or loss otherwise made on the investments of the fund6;

6666

(14)

Stabilised investments

if it is the case, that the firm6 is to have the right under the fund6documents to effect transactions in investments the prices of which may be the subject of stabilisation;

66

(15)

Conflict of interest and material interest

if it is the case, that the firm6 is to have the right under the agreement or instrument constituting the fund6 to effect transactions on behalf of the fund6 in which the firm6 has directly or indirectly a material interest (except for an interest arising solely from the investment of the firm6 as agent for the fund6), or a relationship of any description with another party which may involve a conflict with the firm6 duty to the fund6, together with a disclosure of the nature of the interest or relationship;

66666666

(16)

Research and inducements12

how the firm intends to pay for research. For example, whether the firm proposes to pay for research directly or to use a research payment account12;

66

(17)

Acting as principal

if it is the case, that the firm6 may act as principal in a transaction with the fund6;

66

(18)

Stock lending

if it is the case, that the firm6 may undertake stock lending activity with or for the fund6 specifying the type of assets of the fund6 to be lent, the type and value of relevant collateral from the borrower and the method and amount of payment due to the fund6 in respect of the lending;

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(19)

Transactions involving contingent liability investments

(a)

if it is the case, that the agreement orinstrument constituting the fund6 allows the firm6 to effect transactions involving contingent liability investments for the account of the portfolio of the fund6;

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(b)

if applicable, whether there are any limits on the amount to be committed by way of margin and, if so, what those limits are; and

(c)

if applicable, that the firm6 has the authority to effect transactions involving contingent liability investments otherwise than under the rules of a recognised investment exchange and in a contract traded thereon;

68

(20)

Periodic statements

(a)

the frequency of any periodic statement (this should not be less than once every 12 months) except where a periodic statement is not required (see COBS 18.5.13R); and

(b)

whether those statements will include some measure of performance, and, if so, what the basis of that measurement will be;

(21)

Valuation

the bases on which assets comprised in the portfolio of the fund6 are to be valued;

6

(22)

Borrowings

if it is the case, that the firm6 may supplement the funds in the portfolio of the fund6 and, if it may do so:

66

(a)

the circumstances in which the firm6 may do so;

6

(b)

whether there are any limits on the extent to which the firm6 may do so and, if so, what those limits are; and

6

(c)

any circumstances in which such limits may be exceeded;

(23)

Underwriting commitments

if it is the case, that the firm6 may for the account of the portfolio of the fund6 underwrite or sub-underwrite any issue or offer for sale of securities, and:

66

(a)

whether there are any restrictions on the categories of securities which may be underwritten and, if so, what these restrictions are; and

(b)

whether there are any financial limits on the extent of the underwriting and, if so, what these limits are;

(24)

Investments in other funds6

whether or not the portfolio may invest in fund either managed or advised by the firm6 or by an associate of the firm or in a fund6 which is not a regulated collective investment scheme;

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(25)

Investments in securities underwritten by the firm6

whether or not the portfolio may contain securities of which any issue or offer for sale was underwritten, managed or arranged by the firm6 or by an associate of the firm6 during the preceding 12 months.

666