Related provisions for INSPRU 1.5.4
81 - 100 of 534 items.
The purpose of REC 3.16 is to ensure that the FCA1receives a copy of the UK recognised body's plans and arrangements for ensuring business continuity if there are major problems with its computer systems. The FCA1does not need to be notified of minor revisions to, or updating of, the documents containing a UK recognised body's business continuity plan (for example, changes to contact names or telephone numbers). [Note:MiFID RTS 7 requires that the operator of a trading venue assess
Where any reserve information technology system of a UK recognised body fails in such a way that, if the main information technology system of that body were also to fail, it would be unable to operate any of its facilities during its normal hours of operation, that body must immediately give the FCA1notice of that event, and inform the FCA:111(1) what action that UK recognised body is taking to restore the operation of the reserve information technology system; and (2) when it
(1) A UK firm which is exercising an EEA right must make and retain a record of:(a) the services or activities it carries on from a branch in, or provides cross-border into, another EEA State under that EEA right; and(b) the details relating to those services or activities (as set out in SUP 13.6 and SUP 13.7)1.11(2) The record in (1) must be kept for five years (for firms passporting under MiFID) or 1three years (for other firms)1from the earlier of the date on which:(a) it was
This section applies to an EEA UCITS management company that provides collective portfolio management services in the United Kingdom by acting as the authorised fund manager1 of an AUT, ACS1 or ICVC which is a UCITS scheme, either by establishing a branch or under the freedom to provide cross border services.11
(1) An EEA UCITS management company may be the authorised fund manager1 of an AUT or ACS,1 or the ACD of an ICVC, that is a UCITS scheme (see SUP 13A (Qualifying for authorisation under the Act)).1(2) An EEA UCITS management company that acts as the authorised fund manager1 of an AUT or ACS,1 or the ACD of an ICVC, that is a UCITS scheme may conduct its business from a branch in the United Kingdom or under the freedom to provide cross border services (without establishing a branch
(1) An EEA UCITS management company which applies to manage a UCITS scheme under paragraph 15A(1) of Schedule 3 to the Act must provide the FCA with the following documents:(a) the written contract3 that has been entered into with the depositary3 of the scheme, as referred to in article 22(2) of the UCITS Directive3; (b) information on any delegation arrangements it has made regarding the functions of investment management and administration, as referred to in Annex II of the
An EEA UCITS management company that operates a UCITS scheme is advised that in particular it needs to comply with:(1) COLL 6.6.3 R (Functions of the authorised fund manager) requiring it to fulfil the obligations placed on it by the instrument constituting the fund2 and the prospectus of that scheme;2(2) Dispute resolution: Complaints sourcebook (DISP - see DISP 1 Annex 2 G for a summary of the relevant requirements that apply, which include the complaints handling rules (under
(1) In addition to the requirements of this section, an EEA UCITS management company that provides collective portfolio management services from a branch in the United Kingdom must comply with the following rules that implement the requirements of article 14(1) of the UCITS Directive:(a) COLL 6.6A.2 R (Duties of AFMs of UCITS schemes and EEA UCITS schemes to act in the best interests of the scheme and its Unitholders);(b) COLL 6.6A.4 R (Due diligence requirements of AFMs of UCITS
(1) 1Part 6 (Marketing) of the AIFMD UK regulation contains restrictions on an AIFM or an investment firmmarketing an AIF. Such a person may not market an AIF in the UK unless the relevant conditions set out in the AIFMD UK regulation are met.(2) The purpose of this section is to give guidance on: (a) the restrictions on an AIFM or investment firmmarketing an AIF (PERG 8.37.2 G and PERG 8.37.3 G);(b) the circumstances in which an AIFM or an investment firmmarkets an AIF (PERG
Regulations 49 and 50 place restrictions on an AIFMmarketing an AIF. These regulations provide that the following types of AIFM may not market the following types of an AIF in the UK unless the conditions summarised below are met.(1) The conditions that need to be met vary depending on whether the AIF falls within regulation 57(1) or not. An AIF falls within this regulation if it is: (a) a feeder AIF that is a UK AIF or an EEA AIF, the master AIF of which is managed by a non-EEA
(1) Under article 31 AIFMD, an AIFM is required to submit the documentation and information in Annex III to AIFMD with its application for permission to market an AIF managed by it and to notify their competent authority of any material changes to this documentation and information. Therefore, the prescribed documentation and information should be in materially final form before the AIFM may apply for permission to market an AIF. Any communications relating to this draft documentation
(1) The restrictions on the marketing of an AIF in regulations 49 to 51 only apply to marketing that takes place in the UK. In addition, under regulation 45, an AIFM or an investment firm only markets an AIF if the investor is domiciled in an EEA State or has its registered office in an EEA State.(2) Under regulation 2(2)(a) (Interpretation), the reference to ‘domicile’ should be construed in line with its meaning in AIFMD, ie its meaning under EU law. This may be different to
Regulation 48 (Marketing under the designation "EuSEF" and "EuVECA") provides that regulations 49 to 51 do not apply to the marketing of an AIF under the designation "EuSEF" and "EuVECA". To be designated as such the AIFM of the AIF is required to apply for registration of the AIF with its Home State under the EuSEF regulation or the EuVECA regulation (and in the UK make a notification under regulation 14 (Notification of new funds under the EuSEF Regulation or the EuVECA Regulation)).
(1) The rules and guidance in this sourcebook apply to recognised bodies and to applicants for recognition as RIEs under Part XVIII of the Act (Recognised Investment Exchanges and Clearing Houses) and (as RAPs) under the RAP regulations. 5(2) The recognition requirements and guidance in REC 2 relate primarily to UK RIEs which are recognised, or applying to be recognised, to operate a regulated market in the United Kingdom.5(3) While some recognition requirements in REC 2 apply
(1) UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).4(2) UK RIEs4 must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MIFID/MiFIR requirements5.2RAPs must satisfy the recognition requirements prescribed by the Treasury in the RAP regulations, under the
(1) The recognition requirements for UK recognised bodies5are set out, with guidance, in REC 2. The RAP recognition requirements (other than requirements under the auction regulation which are not reproduced in REC) are set out, with guidance, in REC 2A.32(1A) Key relevant MiFID/MiFIR requirements directly applicable to UK recognised bodies are signposted as “Notes”.5(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those rules.(3)
Variation and cancellation of Part 4A permission and imposition, variation and cancellation of requirements. See SUP 6.2.3A G to SUP 6.2.3E G8
8Question |
Variation of Part 4A permission |
Cancellation of Part 4A permission |
Imposition, variation and cancellation of requirements |
What does the application apply to? |
Individual elements of a firm'sPart 4A permission. Variations may involve adding or removing categories of regulated activity or specified investments or varying or removing any limitations in the firm'sPart 4A permission. |
A firm's entire Part 4A permission and not individual elements within it. |
Any requirement imposed on a firm with a Part 4A permission. Requirements may involve requiring the firm concerned to take or refrain from taking a specified action. |
In what circumstances is it usually appropriate to make an application? |
If a firm: 1. wishes to change the regulated activities it carries on in the United Kingdom under a Part 4A permission (SUP 6.3); or 2. has the ultimate intention of ceasing carrying on regulated activities but due to the nature of those regulated activities (for example, accepting deposits, or insurance business) it will require a long term (normally over six months) to wind down (run off) its business (see SUP 6.2.8 G to SUP 6.2.11 G and SUP 6 Annex 4). |
If a firm: 1. has ceased to carry on all of the regulated activities for which it has Part 4A permission (SUP 6.4); or 2. wishes or expects to cease carrying on all of the regulated activities for which it has Part 4A permission in the short term (normally not more than six months). In this case, the firm may apply to cancel its Part 4A permission prior to ceasing the regulated activities (see SUP 6.4.3 G). |
If a firm: 1. wishes to have a new requirement imposed on it; or 2. wishes to vary or cancel an existing requirement imposed by the FCA or PRA (for example, if anything relating to the firm's individual circumstances change and any existing requirement should be varied or cancelled). |
A UK firm should assess the effect of any change to its Part 4A permission, or any requirements,8 on its ability to continue to exercise any EEA right or Treaty right and discuss any concerns with its appropriate supervisory contact(s). This8 may also change the applicable provisions with which it is required to comply by a Host State.88
A UK firm which, as well as applying to vary or cancel its Part 4A permission,8 wishes to vary or terminate any business which it is carrying on in another EEA State under one of the Single Market Directives, should follow the procedures in SUP 13 (Exercise of passport rights by UK firms) on varying or terminating its branch or cross border services business.8
Schedule to the Recognition Requirements Regulations, Paragraph 9
2(1) |
The [UK RIE] must have effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or failure to perform, any of itsregulatory functions. |
|
(2) |
But sub-paragraph (1) does not extend to - |
|
(a) |
complaints about the content of rules made by the [UK RIE], or |
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(b) |
complaints about a decision against which the complainant has the right to appeal under procedures of the kind mentioned in paragraph 8(2)(b). |
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(3) |
The arrangements must include arrangements for a complaint to be fairly and impartially investigated by apersonindependent of the [UK RIE], and for him to report on the result of his investigation to the [UK RIE] and to the complainant. |
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(4) |
The arrangements must confer on thepersonmentioned in sub-paragraph (3) the power to recommend, if he thinks appropriate, that the [UK RIE] - |
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(a) |
makes a compensatory payment to the complainant, |
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(b) |
remedies the matter complained of, |
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or takes both of those steps. |
||
(5) |
Sub-paragraph (3) is not to be taken as preventing the [UK RIE] from making arrangements for the initial investigation of a complaint to be conducted by the [UK RIE]. |
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In determining whether a UK recognised body has effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or failure to perform, any of its regulatory functions, the FCA3 may have regard to the extent to which the UK recognised body's resources and procedures enable it to:3(1) acknowledge complaints promptly;(2) make an objective, prompt and thorough initial investigation of complaints;(3) provide a timely reply to
In determining whether a UK recognised body's arrangements for the investigation of complaints include appropriate arrangements for the complaint to be fairly and impartially investigated by an independent person (a "complaints investigator"), the FCA3 may have regard to:3(1) the arrangements made for appointing (and removing) a complaints investigator, including the terms and conditions of such an appointment and the provision for remuneration of a complaints investigator; (2)
If a person established in the EEA: (1) does not have an EEA right; (2) does not have permission as a UCITS qualifier; and(3) does not have, or does not wish to exercise, a Treaty right (see SUP 13A.3.4 G to SUP 13A.3.11 G);to carry on a particular regulated activity in the United Kingdom, it must seek Part 4A permission from the appropriate UK regulator3 to do so (see the appropriate UK regulator's website: www.fca.org.uk/firms/authorisation/apply-authorisation for the FCA and
Where theappropriate UK regulator3 grants a top-up permission to an incoming EEA firm to carry on regulated activities for which it has neither an EEA right nor a Treaty right, the appropriate UK regulator3 is responsible for the prudential supervision of the incoming EEA firm, to the extent that the responsibility is not reserved to the incoming EEA firm'sHome State regulator. 33
For guidance on how to apply for Part 4A permission3 under the Act, see the appropriate UK regulator's website: http://www.fca.org.uk/firms/about-authorisation/getting-authorised for the FCA and www.bankofengland.co.uk/pra/Pages/authorisations/newfirm/default.aspx for the PRA.31 If an EEA firm or Treaty firm wishes to make any subsequent changes to its top-up permission, it can make an application for variation of that permission (see SUP 6 (Applications to vary and cancel Part
An EEA firm3(other than7 an EEA firm that received authorisation under article 18 of the auction regulation)31should note that the requirement under the Single Market Directives to give a notice of intention to provide cross border services applies whether or not:(1) it has established a branch in the United Kingdom; or(2) those cross border services are regulated activities.
(1) Before an EEA firm (other than7 an EEA firm that has received authorisation under article 18 of the auction regulation)3 exercises an EEA right to provide cross border services into the United Kingdom, the Act requires it to satisfy the service conditions, as set out in paragraph 14 of Part II of Schedule 3 to the Act. 1(2) For the purposes of paragraph 14(1)(b) of Part II of Schedule 3 to the Act, the information to be contained in the regulator's notice has been prescribed
An EEA firm (other than an EEA UCITS management company)2 that has satisfied the service conditions in paragraph 14 of Part II of Schedule 3 to the Act is entitled to start providing cross border services into the United Kingdom. In the case of an EEA UCITS management company, FCA9 approval must first be obtained, as explained in SUP 13A.5.3 G (see also SUP 13A.3.1C G).2 However, an EEA firm that wishes to start providing cross border services but has not yet received notification
The FCA3 will usually consider revoking a recognition order if:3(1) the recognised body is failing or has failed to satisfy 2one or more of the recognised body requirements1and that failure has or will have serious consequences; or2(2) it would not be possible for the recognised body to comply with a direction under section 296 of the Act (FCA's3 power to give directions) or (for RAPs) regulation 3 of the RAP regulations;2 or 3(3) for some other reason, it would not be appropriate
The FCA3 would be likely to consider the conditions in REC 4.7.3 G (2) or REC 4.7.3 G (3) to be triggered1in the following circumstances:31(1) the recognised body appears not to have the resources or management to be able to organise its affairs so as to satisfy one or more of the recognised body requirements; or212(2) the recognised body does not appear to be willing to satisfy one or more of the recognised body requirements; or212(3) the recognised body is failing or has failed
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(d)
[Note: This sub-paragraph is relevant to regulated markets only. See REC 2.16A regarding MTFs or OTFs.]4 |
2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that - |
satisfactory arrangements which comply with paragraph 7D are made for securing the timely discharge (whether by performance, compromise or otherwise) of the rights and liabilities of the parties to transactions effected on the [UK RIE] (being rights and liabilities in relation to those transactions); |
[Note: article 29 of MiFIR and MiFID RTS 26 contain requirements for the clearing of derivative transactions for operators of regulated markets]4
Schedule to the Recognition Requirements Regulations, Paragraph 7D
2(1) |
The rules of the [UK RIE] must permit a user or member of a regulated market operated by it to use whatever settlement facility he chooses for a transaction. |
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(2) |
Sub-paragraph (1) only applies where - |
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(a) |
such links and arrangements exist between the chosen settlement facility and any other settlement facility as are necessary to ensure the efficient and economic settlement of the transaction; and |
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(b) |
the [UK RIE] is satisfied that the smooth and orderly functioning of the financial markets will be maintained. |
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In determining whether there are satisfactory arrangements for securing the timely discharge of the rights and liabilities of the parties to transactions effected on its regulated markets4, the FCA3 may have regard to4:3(1A) (in relation to transactions in derivatives) the UK recognised body’s ability to demonstrate that such transactions are cleared by a CCP in accordance with article 29(1) of MiFIR;4(1B) (in relation to transactions in derivatives which are to be cleared pursuant
(1) The Compulsory Jurisdiction covers complaints about the activities of a firm (including its appointed representatives), of a payment service provider (including agents of a payment institution), of an electronic money issuer (including agents of an electronic money institution), of a CBTL firm, of a designated credit reference agency or of a designated finance platform which:1615establishment in the United Kingdom.771111141214121411(c) are, or are ancillary to, regulated claims
This:519(1) includes incoming EEA firms, incoming EEAauthorised payment institutions6, incoming EEA authorised electronic money institutions820 and incoming Treaty firms; but(2) excludes complaints about business conducted in the United Kingdom on a services basis from an establishment outside the United Kingdom other than:13(a) complaints about collective portfolio management services provided by an EEA UCITS management company in managing a UCITS scheme; and 13(b) complaints
The Voluntary Jurisdiction covers only complaints about the activities of a VJ participant carried on from an establishment:519(1) in the United Kingdom; or(2) elsewhere in the EEA if the following conditions are met:(a) the activity is directed wholly or partly at the United Kingdom (or part of it);(b) contracts governing the activity are (or, in the case of a potential customer, would have been) made under the law of England and Wales, Scotland or Northern Ireland; and(c) the
(1) This chapter contains the recognition requirements for UK RIEs (other than RAPs) and sets out guidance on those requirements. Except for REC 2.5A, references to recognised body or UK recognised bodies in the rest of this chapter shall be read as referring to UK RIEs. 5(2) This chapter also contains “Notes” with informative text in relation to MiFID/MiFIR requirements applicable directly to UK RIEs operating trading venues.5(3) This chapter directs UK RIEs to certain recognition
These recognition requirements must be satisfied by applicants for UK RIE4 status before recognition is granted and by all UK RIEs4 at all times while they are recognised. In addition the MiFID implementing requirements must be satisfied by applicants for UK RIE status before recognition is granted and by all UK RIEs at all times while they are recognised. 2The same standards apply both on initial recognition and throughout the period recognised body status is held. The term UK
(1) The paragraphs in the Schedule to the Recognition Requirements Regulations are grouped in this sourcebook in sections which give guidance on the same subject for UK RIEs.44(2) The table in REC 2.1.4 G indicates in which section each of those paragraphs (and the associated guidance) can be found.2
Location of recognition requirements and guidance
Recognition Requirements Regulations |
Subject |
|
Regulation 6 |
Method of satisfying recognition requirements |
2.2 |
Part I of the Schedule |
UK RIE recognition requirements |
|
Paragraph 1 |
Financial resources |
2.3 |
Paragraph 2 |
Suitability |
2.4 |
5Paragraphs 2A and 2B |
Management Body |
2.4A |
Paragraphs 3, 3A, 3B, 3C, 3D, 3E, 3G and 3H5 |
Systems and controls, market making agreements, halting trading, direct electronic access, co-location services, fee structures, algorithmic trading, tick size regimes, synchronisation of business clocks5 |
2.5 |
Paragraphs 4(1), 4(2)(aa) and 4C5 22 |
General safeguards for investors and publication of data regarding execution of transactions5 |
2.6 |
Paragraph 4(2)(a) |
Access to facilities |
2.7 |
Paragraph 4(2)(c) |
Availability of relevant information |
2.12 |
Paragraph 4(2)(d) |
Settlement |
2.8 |
Paragraph 4(2)(e) |
Transaction recording |
2.9 |
2Paragraph 4(2)(ea) |
Conflicts |
2.5 |
Paragraph 4(2)(f) and 4(2)(fa)5 |
Financial crime and market abuse |
2.10 |
Paragraph 4(2)(g) |
Custody |
2.11 |
Paragraph 4(3) |
Definition of relevant information |
2.12 |
| 2 | ||
| 2 | ||
Paragraph 6 |
Promotion and maintenance of standards |
2.13 |
Paragraph 7 |
Rules and consultation |
2.14 |
Paragraphs 7A and 9ZB (regulated markets only)5 2 |
Admission of financial instruments to trading |
2.12 |
Paragraphs 7B, 7C and 9ZC (regulated markets only)5 2 |
Access to facilities |
2.7 |
5Paragraphs 7BA & 7BB |
Position management and position reporting re commodity derivatives |
2.7A |
2Paragraph 7D |
Settlement and clearing facilitation services5 |
2.8 |
Paragraphs 7E and 7F5 2 |
Suspension and removal of financial instruments from trading |
2.6 |
Paragraph 8 |
Discipline |
2.15 |
Paragraph 9 |
Complaints |
2.16 |
Paragraphs 9A, 9B, 9C, 9D, 9E, 9F, 9G, 9H and 9ZD5 2 |
Operation of a multilateral trading facility or an organised trading facility5 |
2.16A/MAR 5 and MAR 5A |
5Paragraph 9ZA (regulated markets only) |
Order execution |
2.6 |
5Paragraph 9K |
Provision of data reporting services |
2.16B/ MAR 9 |
Part II of the Schedule |
UK RIE default rules in respect of market contracts |
2.174 |
(1) 15A must be a fit and proper person having regard to all the circumstances, including-(a) A’s connection with any person;(b) the nature (including the complexity) of any regulated activity that A carries on or seeks to carry on;(c) the need to ensure that A’s affairs are conducted in an appropriate manner, having regard in particular to the interests of consumers and the integrity of the UK financial system;(d) whether A has complied and is complying with requirements imposed
(1) 15B must be a fit and proper person, having regard to the operational objectives of the FCA.(2) The matters which are relevant in determining whether B satisfies the condition in sub-paragraph (1) include-(a) B’s connection with any person;(b) the nature (including the complexity) of any regulated activity that B carries on or seeks to carry on;(c) the need to ensure that B’s affairs are conducted in an appropriate manner, having regard in particular to the interests of consumers
(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
Examples of the kind of particular considerations to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition include, but are not limited to, whether:1515(1) the firm has been open and co-operative in all its dealings with the FCA15and any other regulatory body (see Principle 11 (Relations with regulators)) and is ready, willing and organised to comply with the requirements and standards under the regulatory system
10In the application of this section to activities carried on by a non-EEA insurer:(1) INSPRU 1.5.13 R to INSPRU 1.5.13B G apply in relation to the whole of its business carried on world-wide;(2) all other provisions of this section apply only in relation to:(a) in the case of any UK-deposit insurer, activities carried on from branches in any EEA State; and(b) in any other case, activities carried on from a branch in the United Kingdom.
(1) Under section 19 of the Act (The general prohibition), no person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is an authorised person, or he is an exempt person in relation to that activity.(2) A person will be an exempt person if he satisfies the conditions in section 39(1) of the Act, guidance on which is given in SUP 12.2.2 G. A person who is exempt as a result of satisfying these conditions is referred to in the Act as an appointed
(1) 15Under sections 20(1) and (1A) of the Act (Authorised persons acting without permission), if an authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with his permission, he is to be taken to have contravened a requirement imposed by the FCA (in the case of a FCA-authorised person) or the FCA and the PRA (in the case of a PRA-authorised person).(2) In addition, under section 23(1A) of the Act (Contravention
(1) 12A tied agent is a person who acts for and under the responsibility of a MiFID investment firm (or a third country investment firm) in respect of MiFID business (or the equivalent business of the third country investment firm). Most tied agents appointed by firms are also appointed representatives.(2) Unless otherwise provided, this chapter applies to a firm that appoints a tied agent that is an appointed representative in the same way as it applies to the appointment of
(1) 20
A MiFID optional exemption appointed representative is a person who acts for and under the responsibility of a MiFID optional exemption firm. Such appointed representatives are not also tied agents since they do not act on behalf of a MiFID investment firm in respect of MiFID business.(2)
Unless otherwise provided, this chapter applies to a firm that appoints a MiFID optional exemption appointed representative in the same way as it applies to the appointment of any other
(1) 20
If a MiFID investment firm or a third country investment firm appoints a person to act under its full and unconditional responsibility but only for the purpose of selling, or advising clients in relation to, structured deposits (and not any of the activities within article 4(1)(29) of MiFID), that person will not be a tied agent in respect of that activity.(2)
Unless otherwise provided, this chapter applies to a firm that appoints a structured deposit appointed representative
(1) 1The general application rule in ICOBS 1.1.1 R applies to this section subject to the modifications in (2).(2) This section applies to:(a) any firm solely with respect to the activities of:(i) carrying out contracts of insurance; or(ii) managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's;in relation to general insurance contracts and, in either case, including business accepted under reinsurance to close;(b) all incoming EEA firms or incoming
The purpose of ICOBS 8.4 is to assist individuals with claims arising out of their course of employment in the United Kingdom for employers carrying on, or who carried on, business in the United Kingdom, to identify an insurer or insurers that provided employers' liability insurance (other than certain co-insurance and excess cover arrangements)2 by requiring insurers to produce an employers’ liability register and to conduct effective searches for historical policies3. In particular
(1) A firm carrying out contracts of insurance, or a managing agent managing insurance business, including in either case business accepted under reinsurance to close, which includes United Kingdom commercial lines employers' liability insurance, must:(a) produce an employers’ liability register complying with the requirements in (2) and ICOBS 8 Annex 1;(b) [deleted]5(c) [deleted]5(1A) [deleted]5(2) For the purposes of (1)(a) the employers’ liability register is required to:(a)
3A firm with actual or potential liability for United Kingdom commercial lines employers' liability insurance claims must take reasonable steps to conduct effective searches of their records when they receive a request to carry out a search for a historical policy from persons falling into one of the categories in ICOBS 8.4.4R (2)(c) or a tracing office which meets the conditions in ICOBS 8.4.9 R.
(1) 3Where a firm has established that a historical policy does exist, the response should confirm what cover was provided and set out any available information that is relevant to the request received.(2) Where there is evidence to suggest that a historical policy does exist, but the firm is unable to confirm what cover was provided, the response should set out any information relevant to the request and describe the next steps (if any) the firm will take to continue the search.
(1) 1This section applies to:(a) an authorised fund manager of a UCITS scheme; and(b) a UK UCITS management company providing collective portfolio management services for an EEA UCITS scheme from a branch in another EEA State or under the freedom to provide cross border services.(2) This section does not apply to an EEA UCITS management company providing collective portfolio management services for a UCITS scheme under the freedom to provide cross border services.
In complying with SYSC 4.3.1 R (Responsibility of senior personnel), an authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure that its senior personnel:(1) are responsible for the implementation of the general investment policy for each scheme it manages, as defined, where relevant, in the prospectus or the instrument constituting the fund;22(2) oversee the approval of investment strategies for each scheme it manages;(3)
An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure that its senior personnel receive, on a regular basis, reports on the implementation of investment strategies and of the internal procedures for taking the investment decisions referred to in COLL 6.10.2R (2) to COLL 6.10.2R (5).[Note: article 9(5) of the UCITS implementing Directive]
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(f)
2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that- |
appropriate measures (including the monitoring of transactions effected on the [UK RIE]) are adopted to reduce the extent to which the [UK RIE's ]facilities can be used for a purpose connected withmarket abuse orfinancial crime, and to facilitate their detection and monitor their incidence; |
In determining whether a UK recognised body's measures are appropriate to reduce the extent to which its facilities can be used for a purpose connected with market abuse or financial crime, to facilitate their detection and to monitor their incidence, the FCA3 may have regard to:3(1) whether the rules of the UK recognised body enable it to disclose any information to the FCA,3 or other appropriate bodies involved in the detection, prevention or pursuit of market abuse or financial