Related provisions for SUP 11.4.1
121 - 140 of 333 items.
1Section 301A(1) of chapter3 1A of Part XVIII of the Act places an obligation on a person who decides to acquire or increase control (see sections 301D and 301E of the Act) over a UK RIE3to notify the FCA5, before making the acquisition3. Furthermore, those persons are required to obtain the FCA's5 approval before acquiring control 3or increasing the level of control held.3353533
(1) 2For the purposes of BIPRU 12.7.9R (2)(b) the requirements are that:(a) the securities are in excess of the amount of collateral required to be held by that central bank; and(b) the firm is entitled to regain legal title to such securities without any encumbrance.(2) The firm may only count securities that meet the requirements of BIPRU 12.7.9 R and BIPRU 12.7.9AR (1) from the point in time when the firm would regain legal title to the securities from the central bank, subsequent
The appropriate regulator regards as encumbered any asset which the firm in question has provided as collateral. Therefore, where assets have been used as collateral in this way (for example, in a repo), they should not be included in the firms liquid assets buffer. However, any assets provided by the firm to a central bank as collateral which meet the requirements in BIPRU 12.7.9A R will be recognised as unencumbered by the for the purposes of BIPRU 12.7.9R (1). For the avoidance
A firm does not have to give notice to the FCA2 under SUP 15.9.1 R if it or another member of the consolidation group has already given notice of the relevant fact to:55(1) the FCA2 or55(2) (if another competent authority is co-ordinator of the financial conglomerate ) that competent authority; or(3) (in the case of a financial conglomerate that does not yet have a co-ordinator ) the competent authority who would be co-ordinator under Article 10(2) of the Financial Groups Directive
3Where an issuer or person is required to file regulated information under DTR 6.2.2R, the issuer or person must, at the same time, notify the following to the FCA: (1) the legal entity identifier (LEI) of the issuer concerned; and(2) the classifications relevant to the regulated information using the classes and sub-classes in DTR 6 Annex 1R.
A closed-ended investment fund must notify to 1a RIS within five business days of the end of each quarter a list of all investments in other listedclosed-ended investment funds, as at the last business day of that quarter, which themselves do not have stated investment policies to invest no more than 15% of their total assets in other listedclosed-ended investment funds.11
(1) Where a depositary of a master UCITS detects any irregularities with regards to the scheme which may have a negative impact on the relevant feeder UCITS, the depositary must immediately inform:(a) the FCA;(b) the feeder UCITS or, where applicable, its management company; and(c) the depositary of the feeder UCITS.(2) The irregularities referred to in (1) include, but are not limited to:(a) errors in the valuation of the scheme property performed in accordance with COLL 6.3.3
(1) When notifying the FCAof any irregularities in accordance with COLL 11.4.3R (1), the depositary of the master UCITS should also inform the depositary of the feeder UCITS how the master UCITS or its authorised fund manager has resolved or proposes to resolve the irregularity.(2) Where the depositary of a UCITS scheme that is a feeder UCITS is informed by the depositary of a master UCITS of an irregularity and is not satisfied that the resolution or proposed resolution is in
(1) 1A person who notifies the FCA of a desire to obtain interim permission in accordance with article 56 (Interim permission) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 must pay to the FCA, in full and without deduction, a fee of :(a) where the person is a sole trader:(i) if the notification is made on or before 30 November 2013, £105; or(ii) £150; (b) in any other case:(i) if the notification is made on or before 30 November
(1) 2A local authority which notifies the FCA of a desire to obtain interim permission in accordance with article 56 (Interim permission) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 must pay to the FCA, in full and without deduction, a fee of £350.(2) The fee required by (1) must be paid by debit card (Maestro/Visa only), credit card (Visa/Mastercard only), bankers draft, cheque, or other payable order.(3) The fee required
The E-Commerce Directive does not affect the responsibilities of Home State under the Single Market Directives. This includes the obligation of a Home State regulator to notify the Host State regulator of a firm's intention to establish a branch in, or provide cross border services into, the other EEA State.
1The Single Market Directives require credit institutions, insurance undertakings (other than reinsurance undertakings)5, MiFID investment firms3, AIFMs, 7UCITS management companies,8insurance intermediaries and MCD credit intermediaries8 to make a notification to the Home State before establishing a branch or providing cross border services.SUP 13.5 (Notices of intention) sets out the notification requirements for a firm seeking to establish a branch or provide cross border services.
A firm must notify the FCA, using the form in SUP 15 Annex 8R,
where:(a) in any 12-month period, it has upheld three complaints about
matters relating to activities carried out by any one employee
when acting as a retail investment adviser; or(b) it has upheld a complaint about matters relating to activities
carried out by any one employee when acting as a retail
investment adviser, where the redress paid exceeds £50,000.(2) A notification made under (1)(a) must be made by the
The FCA receives the information in SUP 2.1.3 G through a variety of means, including notifications by firms (see SUP 15) and regular reporting by firms (see SUP 16). This chapter is concerned with the methods of information gathering that the FCA may use on its own initiative in the discharge of its functions under the Act. This chapter does not deal with the information gathering powers that the FCA has under the Unfair Terms Regulations and the CRA. 7These are dealt with in
The FCA prefers to discharge its functions by working in an open and cooperative relationship with firms. The FCA will look to obtain information in the context of that relationship unless it appears that obtaining information in that way will not achieve the necessary results, in which case it will use its statutory powers. The FCA has exercised its rule-making powers to make Principle 11 which requires that a firm must deal with its regulators in an open and cooperative way,
(1) 6A firm need not comply with CASS 7.13.20R if, following an assessment, it is able to demonstrate that the requirement under that rule is not proportionate, in view of: (a) the small balance of client money that it holds; (b) the nature, scale and complexity of its business; and (c) the safety offered by the relevant third parties referred to under CASS 7.13.20R.(2) A firm must review any assessment it makes under (1) periodically. (3) A firm must notify its assessment under
6Where a firm decides following an assessment under CASS 7.13.21AR(1) that it intends to use the approach under that rule, the firm must give the FCA notice of this upon reaching that decision and before it starts to use that approach.Where, following a review under CASS 7.13.21AR(2) a firm decides that it will either cease to use the approach under CASS 7.13.21AR(1) or continue to use it, it must give the FCA notice of this upon reaching that decision.
At least three months before adopting the alternative approach for a particular business line, a firm must: (1) inform the FCA in writing that it intends to adopt the alternative approach for that particular business line; and(2) if requested by the FCA, make any documents it created under CASS 7.13.55 R2 available to the FCA for inspection.
(1) 1An appointed representative must not commence an insurance distribution activity15 until they are15 included on the Financial Services Register as carrying on such activities (see SUP 12.5.2 G (3)). (2) If an appointed representative's scope of appointment is to include an insurance mediation activityinsurance distribution activity15, the principal must notify the FSAFCA of the appointment before the appointed representative commences that activity (see SUP 12.7.1 R (1)).
(1) 10If an appointed representative's scope of appointment is to include MCD credit intermediation activity, the principal must notify the FCA of the appointment before the appointed representative commences that activity (see SUP 12.7.1 R (1)).(2) An appointed representative must not commence an MCD credit intermediation activity until they are included on the Financial Services Register. (3) If an appointed representative's scope of appointment is to include MCD credit intermediation
(1) 8A tied agent that is an appointed representative may not start to act as a tied agent until it is included on the applicable register (section 39(1A) of the Act). If the tied agent is established in the UK, the register maintained by the FCA is the applicable register for these purposes. If the tied agent is established in another EEA State, 13the applicable register is that maintained by the competent authority in the EEA State in which the tied agent is established13.(2)
(1) Guaranteed variable remuneration should be subject to the same requirements applicable to variable remuneration awarded by the firm including deferral, malus and clawback.(2) The FCA expects that guaranteed variable awards and retention awards should not be common practice for dual-regulated firms Remuneration Code staff and should be limited to rare, infrequent occurrences. The FCA expects a firm to provide prior notification to the FCA of any proposed retention1 awards.
(1) Sections 137H and 137I of the Act enable the FCA to make rules that render void any provision of an agreement that contravenes specified prohibitions in the dual-regulated firms Remuneration Code, and that provide for the recovery of any payment made, or other property transferred, in pursuance of such a provision.(2) SYSC 19D.3.66R and SYSC 19D.3.67R (together with SYSC 19D Annex 1) are:(a) rules referred to in (1) that render void provisions of an agreement that contravene
4If a firm disagrees with the appropriate regulator's assessment as to the amount or quality of capital planning buffer that it should hold, it should, consistent with Principle 11 (Relations with regulators), notify the appropriate regulator of its disagreement. The appropriate regulator may reconsider its initial assessment if, after discussion with the firm, the appropriate regulator concludes that the amount or quality of capital that the firm should hold as capital planning
4Consistent with Principle 11 (Relations with regulators), a firm should notify the appropriate regulator as early as possible in advance where it has identified that it would need to use its capital planning buffer. The firm's notification should at least state:(1) what adverse circumstances are likely to force the firm to draw down its capital planning buffer;(2) how the capital planning buffer will be used up in line with the firm's capital planning projections; and(3) what
For a dormant fund account operator, unless2 any of SUP App 2.4.1 R, SUP App 2.5.1 R, SUP App 2.5.3 R or SUP App 2.6.1 R applies, if a firm's circumstances change, such that its capital resources have fallen, or are expected to fall, below the level advised in individual capital guidance1 given to the firm by the FCA2 , then, consistent with PRIN 2.1.1 RPrinciple 11 (Relations with regulators), a firm should inform the appropriate regulator of this fact as soon as practicable,
The Principles
1 Integrity |
A firm must conduct its business with integrity. |
2 Skill, care and diligence |
A firm must conduct its business with due skill, care and diligence. |
3 Management and control |
A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems. |
4 Financial prudence |
A firm must maintain adequate financial resources. |
5 Market conduct |
A firm must observe proper standards of market conduct. |
6 Customers' interests |
A firm must pay due regard to the interests of its customers and treat them fairly. |
7 Communications with clients |
A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. |
8 Conflicts of interest |
A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. |
9 Customers: relationships of trust |
A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment. |
10 Clients' assets |
A firm must arrange adequate protection for clients' assets when it is responsible for them. |
11 Relations with regulators |
A firm must deal with its regulators in an open and cooperative way, and must disclose to the FCA1 appropriately anything relating to the firm of which that regulator would reasonably expect notice. |
A UK recognised body must give the FCA1a summary of:1(1) any proposal to change the fees or charges levied on its members (or any group or class of them), at the same time as the proposal is communicated to those members; and(2) any such change, no later than the date when it is published or notified to those members.