Related provisions for CONC 8.7.7
121 - 140 of 611 items.
Energy market participants should bear in mind that3sections 138A and 138B of the Act requires that in order to give a waiver of particular rules, the FCA4 must be satisfied that:4344(1) compliance with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and(2) the waiver would not adversely affect the advancement of any of the FCA's operational objectives.44
1Equally, however, FCA-confirmed Industry Guidance is not mandatory. The FCA does not regard adherence to Industry Guidance as the only means of complying with FCArules and Principles. Rather, it provides examples of behaviour which meets the FCA's
requirements; and non-compliance with confirmed Industry Guidance creates no presumption of a breach of those requirements.
1Industry Guidance may be relevant to an enforcement case in ways similar to those described at paragraph 2.9.4. But the FCA is aware of the concern that firms must have scope to exercise their own judgement about what FCArules require, and that Industry Guidance should not become a new prescriptive regime in place of detailed FCArules. This, and the specific status of FCA-confirmed Industry Guidance, will be taken into account when the FCA makes judgements about the relevance
(1) Any information which a rule in MCOB requires to be sent to a customer may be sent to another person on the instruction of the customer, so long as the recipient is not connected with the firm. (2) There is no need for a firm to send information to a customer where it has taken reasonable steps to establish that this has been or will be supplied by another person.
(1) 1Subject to (2), (3) and (4)3, this2 chapter applies to a firm to which either or both of CASS 6 (Custody rules) and CASS 7 (Client money rules) applies.23(2) In relation to a firm to which CASS 5 (Client money: insurance distribution6 activity) and CASS 7 (Client money rules) apply, this chapter does not apply in relation to client money that a firm holds in accordance with CASS 5. (3) The rules and guidance in CASS 1A.2 apply to a firm even if at the date of the determination
1The FCA wishes to encourage firms to exercise judgement about, and take responsibility for, what the Principles mean for them in terms of how they conduct their business. But we also recognise the importance of an environment in which firms understand what is expected of them. So we have indicated that firms must be able reasonably to predict, at the time of the action concerned, whether the conduct would breach the Principles. This has sometimes been described as the “reasonable
The Handbook primarily
contains provisions which apply to all firms or
to certain categories of firm.
However, a firm may apply for
a waiver or modification of rules in
certain circumstances as set out in SUP
8; or it may receive individual guidance on
the application of the rules,
as set out in SUP 9.
By waiving or modifying the requirements
of a rule or imposing an additional requirement or limitation,
the FCA2 can
ensure that the rules, and
any other requirements or limitations imposed on a firm,
take full account of the firm's individual
circumstances, and so assist the FCA2 in
meeting its2statutory
objectives under the Act.2221
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)
1Chapter 6 of the General Provisions module of the FCA
Handbook (GEN) contains rules prohibiting a firm or member from entering into, arranging, claiming on or making a payment under a contract of insurance that is intended to have, or has, the effect of indemnifying any person against a financial penalty.
(1) 1A firm must not:(a) request, claim, demand, initiate or take payment of a charge from a customer, or from the customer's payment account, in connection with services it has provided or is to provide; or(b) if the purpose, or one of the purposes, is to collect such a charge from a customer, invite or induce a customer to provide information in relation to a payment card or instrument that would enable a payment from the customer's payment account to be initiated by or through
(1) 1CONC 4.4.3 R prohibits a firm from asking a customer for any payment details, including the card number and security code of a debit card or a credit card, or using those payment details, without first sending an information notice to the customer and receiving a customer confirmation. (2) CONC 4.4.3 R applies in respect of any sum due from a customer, however it is described and irrespective of whether it is payable to the firm or a third party (for example, a firm cannot
(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)
(1) A firm must provide the FCA by the end of February each year (or, if the firm has become subject to the Financial Ombudsman Service part way through the financial year, by the date requested by the FCA) with a statement of:(a) the total amount of relevant business (measured in accordance with the appropriate tariff base(s)) which it conducted; or8(b) in the case of firms in industry blocks 2 and 4, the gross written premium for fees purposes as defined in FEES 4 Annex 1AR
(1) The clear, fair and not misleading rule in CONC 3.3.1 R applies to a communication with a customer or the communication or approval for1communication of a financial promotion in relation to debt counselling or debt adjusting and in relation to a communication with a customer in relation to providing credit information services. (2) In the light of the complexity of debt counselling, it is unlikely that media which provide restricted space for messages would be a suitable means
4Firms are reminded of:(1) the guidance in CONC 3.3.10G(6) to (8) in relation to debt solutions; and(2) the rule in CONC 8.2.4R which requires firms to notify the customer that free debt counselling, debt adjusting and providing of credit information services is available and that the customer can find out more by contacting the Money Advice Service.
Table of Application. This table belongs to COLL 6.7.1 R.
| 8 | 8 | Depositary of an ICVC, AUT or ACS8 |
Authorised fund manager of an AUT or ACS8 |
8 | |
6.7.1R to 6.7.5G |
x |
x |
x |
x |
8 |
6.7.6G |
x |
x |
x |
||
6.7.7R |
x |
x |
|||
6.7.8G |
x |
x |
|||
6.7.9R |
x |
x |
|||
6.7.10R |
x |
x |
x |
8 | |
6.7.11G |
x |
x |
x |
8 | |
6.7.12R |
x |
x |
x |
||
6.7.13G |
x |
x |
x |
||
6.7.14R |
x |
||||
6.7.15R |
x |
x |
x |
x |
8 |
6.7.16G |
x |
x |
x |
8 | |
6.7.17R |
x |
x |
x |
||
Note: "x" means "applies", but not every paragraph in every rule will necessarily apply. |
|||||
(1) The only payments which may be recovered from the scheme property of an authorised fund are those in respect of: (a) remunerating the parties operating the authorised fund;(b) the administration of the authorised fund; or(c) the investment or safekeeping of the scheme property.(2) No payment under this rule can be made from scheme property if it is unfair to (or materially prejudices the interests of) any class of unitholders or potential unitholders.(3) Paragraphs (1) and
2(1) No payment may be made from scheme property to any person, other than a payment to the authorised fund manager permitted by the rules in COLL, for the acquisition or promotion of the sale of units in an authorised fund.2(2) 2Paragraph (1) does3 not apply to the costs an authorised fund incurs3 preparing and printing the11key investor information document6, NURS-KII document or key information document11, provided the prospectus states, in accordance with COLL 4.2.5 R (13)
1Under section 300B(2) of the Act, the FCA4may, by rules under section 293 (Notification requirements):4(1) 1specify descriptions of regulatory provision in relation to which, or circumstances in which, the duty in section 300B(1) does not apply, or(2) 1provide that the duty applies only to specified descriptions of regulatory provision or in specified circumstances.
1Under section 300B(3) of the Act, the FCA4may also by rules under section 293: 4(1) 1make provision as to the form and contents of the notice required, and(2) 1require the UK recognised body to provide such information relating to the proposal as may be specified in the rules or as the FCA4may reasonably require.4
1The duty in section 300B(1) of the Act does not apply to any of the following:(1) any regulatory provision which is required under EU2 law or any enactment or rule of law in the United Kingdom; or2(2) (a) the specification of the standard terms of any derivative which a UK RIE proposes to admission to trading, or the amendment of the standard terms of any derivative already admitted to trading; or(b) the specification or any amendment of standard terms relating to the provision
(1) MCOB 6.1 to MCOB 6.6 (with the modifications stated in MCOB 9.5.2 R to MCOB 9.5.4 R) apply to an equity release provider where the home finance transaction is an equity release transaction, except that those provisions that by their nature are only relevant to regulated mortgage contracts do not apply to home reversion plans (see MCOB 9.1.2A G).3(2) The table in MCOB 9.5.2 R shows how the relevant rules and guidance in MCOB 6 must be modified by replacing the cross-references
Table of modified cross-references to other rules:
This table belongs to MCOB 9.5.1 R.
Subject |
Rule or guidance |
Reference in rule or guidance |
To be read as a reference to: |
Application: What? |
MCOB 6.1.5R |
MCOB 6 |
|
Content of offer document |
MCOB 6.1.6G |
MCOB 5.6 |
MCOB 9.4 |
Purpose |
MCOB 6.2.1G |
MCOB 6 |
|
General |
MCOB 6.3.2R |
||
Records |
MCOB 6.4.3R |
||
Modifications to the illustration |
MCOB 6.4.5G |
MCOB 6.4.4R(5)(b) |
MCOB 9.5.4R(6)(b) |
Modifications to the illustration |
MCOB 6.4.6R |
MCOB 6.4.4(1) |
MCOB 9.5.4R(1) |
Modifications to the illustration |
MCOB 6.4.6R(1) and (2) |
MCOB 5.6 |
MCOB 9.4 |
Modifications to the illustration |
MCOB 6.4.7R |
MCOB 6.4.4R(1) |
MCOB 9.5.4R(1) |
Modifications to the illustration |
MCOB 6.4.7R(2) |
MCOB 5 |
MCOB 9 |
Modifications to the illustration |
MCOB 6.4.7R(3) |
||
Modifications to the illustration |
MCOB 6.4.7R(3) |
||
Other information contained in the offer document |
MCOB 6.4.13R |
MCOB 5.6.122R |
MCOB 9.4.126R |
Offer documents in place of illustrations |
MCOB 6.6.1R |
Table of rules in MCOB 6 replaced by rules in MCOB 9:
This table belongs to MCOB 9.5.1 R
Subject |
Rule |
Rule replaced by |
Modifications to the illustration |
MCOB 6.4.4R |
MCOB 9.5.4R |
If a rule does not specify who is responsible for complying with it, then the following persons must comply with it:(1) in relation to an offer:(a) the issuer; and(b) the offeror (if this is a person other than the issuer);(2) in relation to a request for the admission to trading of transferable securities:(a) the issuer; and(b) the person requesting admission to trading (if this is a person other than the issuer).
A firm may only6 register or record legal title to its own
applicable asset6
in the same name as that in which legal title to a
client's6safe custody asset2
is registered or recorded if the firm'sapplicable asset is separately identified from the client'ssafe custody asset in the firm's records, and either or both of the conditions in (1) and (2) are met.6262(1) The firm's holding of its own applicable asset arises incidentally to:66(a) designated investment business it carries
(1) 6Taking reasonable steps in CASS 6.2.10R (4) includes following this course of conduct:(a) determining, as far as reasonably possible, the correct contact details for the relevant client;(b) writing to the client at the last known address either by post or by electronic mail to inform it: (i) of the name of the firm with which the client first deposited the safe custody asset in question; (ii) of the firm's intention to pay the safe custody asset to charity under CASS 6.2.10
6Where a firm divests itself of a client'ssafe custody asset under CASS 6.2.10 R, it must comply with either (1)(a) or (1)(b) and, in either case, (2).(1) (a) The firm must unconditionally undertake to pay to the client concerned a sum equal to the value of the safe custody asset at the time it was liquidated or paid away in the event of the client seeking to claim the safe custody asset in future.(b) The firm must ensure that an unconditional undertaking in the terms set out