Related provisions for SUP 10C.12.8
201 - 220 of 399 items.
Firms, approved persons and conduct rules staff1 have an obligation to be open and co-operative with the FCA (as a result of Principle 11 for Businesses,1 Statement of Principle 4 for Approved Persons and Rule 3 of COCON 2.11). The FCA will make it clear to the person concerned whether it requires them to produce information or answer questions under the Act or whether the provision of answers is purely voluntary. The fact that the person concerned may be a regulated person does
1The grounds on which the FCA may exercise its power to cancel an authorised person's
permission under section 55J of the Act are the same as the grounds for variation and for imposition of requirements. They are set out in section 55J(1) and section 55L(2) and described in EG 8.1.1. Examples of the types of circumstances in which the FCA may cancel a firm'sPart 4A permission include: (1) non-compliance with a Financial Ombudsman Service award against the
1Where a firm or other person has failed to comply with the requirements of the Act, the rules, or other relevant legislation, it may be appropriate to deal with this without the need for formal disciplinary or other enforcement action. The proactive supervision and monitoring of firms, and an open and cooperative relationship between firms and their supervisors, will, in some cases where a contravention has taken place, lead the FCA to decide against taking formal disciplinary
(1) Paragraph 9 of Schedule 4 of FSBRA and the 2015 Interchange Regulations applying FSBRA in a modified form and the Payment Services Regulations applying FSBRA in a modified form6 allow3 the FCA to make rules requiring participants2 in regulated payment systems and IFR card payment systems6 to pay the FCA specified amounts or amounts calculated in a specified way to:(a) meet the relevant costs referred to in (2) below; and (b) enable the PSR to maintain adequate reserves.(1A)
Where a UK recognised body is to circulate any notice or other document proposing any amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution) to:(1) its shareholders (or any group or class of them); or(2) its members (or any group or class of them); or(3) any other group or class of persons which has the power to make that amendment or whose consent or approval is required before it may be made;that UK recognised
In assessing whether to terminate a relationship with an appointed representative, a firm should be aware that the notification rules in SUP 15 require notification to be made immediately to the FCA if certain events occur. Examples include a matter having a serious regulatory impact or involving an offence or a breach of any requirement imposed by the Act or by regulations or orders made under the Act by the Treasury.
(1) The effect of section 59 of the Act is that if a person is to perform certain functions (which are known as controlled functions) for a credit union, the credit union should first apply for approval to:2(a) the FCA (if the controlled function is specified by the FCA in its rules); or2(b) the PRA (if the controlled function is specified by the PRA in its rules).2(2) The firm should not allow the person to perform that function until the firm receives the approval.2(3) A person
1The FCA's enforcement activities in respect of registrant-only societies focus on prosecuting societies that fail to submit annual returns. As registrant-only societies are not subject to the rules imposed by the Act and by the FCA
Handbook, the requirement that they submit annual returns provides an important check that the interests and investments of members, potential members, creditors and other interested parties are being safeguarded. The power to prosecute
If a prospectus relating
to an issuer that has its registered
office in a country that is not an EEA State is
drawn up in accordance with the legislation of that country, the FCA may, if the United
Kingdom is the Home State in
relation to the issuer, approve
the prospectus if it is satisfied
that:(1) the prospectus has
been drawn up in accordance with international standards set by international
securities commission organisations, including the IOSCO disclosure standards;
and(2)
Where any member of the management body2 of a UK recognised body:(1) is the subject of any disciplinary action because of concerns about his or her2 alleged misconduct; or2(2) resigns as a result of an investigation into his or her2 alleged misconduct; or(3) is dismissed for misconduct;that body must immediately give the FCA1 notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.1
Where a UK recognised body has taken any disciplinary action against any member or any employee of a member, in respect of a breach of a rule relating to the carrying on by the UK recognised body of any of its regulatory functions, that body must immediately notify the FCA1of that event, and give:1(1) the name of the person concerned;(2) details of the disciplinary action taken by the UK recognised body; and(3) the UK recognised body's reasons for taking that disciplinary act
1The FCA recognises the importance of consistency in its decision-making and that it must consider the approach previously taken to, say, the application of a particular rule or Principle in a given context. This applies equally to consideration by the RDC or by the settlement decision makers when they look at action taken by the FCA in earlier, similar, cases. This is not to say that the FCA cannot take a different view to that taken in the earlier case: the facts of two enforcement