Related provisions for IFPRU 3.1.2

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

EG 19.20.1RP
1The FCA has investigation and sanctioning powers in relation to both criminal and civil breaches of the Payment Services Regulations. The Payment Services Regulations impose requirements including, amongst other things, obligations on payment service providers to provide users with a range of information and various provisions regulating the rights and obligations of payment service users and providers.
EG 19.20.2RP
1The FCA's approach to enforcing the Payment Services Regulations will mirror its general approach to enforcing the Act, as set out in EG 2. It will seek to exercise its enforcement powers in a manner that is transparent, proportionate, responsive to the issue, and consistent with its publicly stated policies. It will also seek to ensure fair treatment when exercising its enforcement powers. Finally, it will aim to change the behaviour of the person who is the subject of its
MAR 10.3.4GRP
An operator of a trading venue referred to in MAR 10.3.1G may include provisions in its rulebook which impose appropriate obligations on its members or participants as part of compliance with its position management controls obligations.
MAR 10.3.5GRP
A firm must comply with the obligation in MAR 10.3.3R(4) by completing the form available at www.fca.org.uk.
COBS 11.7.3GRP
For the purposes of COBS 11.7.1R (1)(c), any other obligation of the firm under MiFID refers to a firm's obligations under the regulatory system that are not owed to a customer and any of the firm's obligations under another EEA States' implementation of MiFID where it operates a branch in the EEA.
COBS 11.7.5RRP
This section does not apply to the following kinds of personal transaction:(1) personal transactions effected under a discretionary portfolio management service where there is no prior communication in connection with the transaction between the portfolio manager and the relevant person or other person for whose account the transaction is executed;(2) personal transactions in units or shares in collective undertakings that comply with the conditions necessary to enjoy the rights
LR 6.5.4RRP
1An applicant with a controlling shareholder upon admission must have in place a written and legally binding agreement with its controlling shareholder which is intended to ensure that the controlling shareholder complies with undertakings that: (1) transactions and arrangements with the controlling shareholder (and/or any of its associates) will be conducted at arm’s length and on normal commercial terms;(2) neither the controlling shareholder nor any of its associates will take
LR 6.5.5RRP
1An applicant with more than one controlling shareholder is not required to enter into a separate agreement with each controlling shareholder if:(1) the applicant reasonably considers, in light of its understanding of the relationship between the relevant controlling shareholders, that a controlling shareholder can procure the compliance of another controlling shareholder and that controlling shareholder’s associates with the undertakings in LR 6.5.4R; and(2) the agreement, which
COBS 2.3.1RRP
A firm must not pay or accept any fee or commission, or provide or receive any non-monetary benefit, in relation to designated investment business12 carried on for a client other than:(1) a fee, commission or non-monetary benefit paid or provided to or by the client or a person on behalf of the client; or(2) a fee, commission or non-monetary benefit paid or provided to or by a third party or a person acting on behalf of a third party, if:(a) the payment of the fee or commission,
COBS 2.3.15GRP

1This table belongs to COBS 2.3.14 G.

11

Gifts, Hospitality and Promotional Competition Prizes

1

A retail investment product provider5 giving and a firm receiving gifts, hospitality and promotional competition prizes of a reasonable value.

5

Promotion

2

A retail investment product provider5 assisting another firm to promote its retail investment products5 so that the quality of its service to clients is enhanced. Such assistance should not be of a kind or value that is likely to impair the recipient firm's ability to pay due regard to the interests of its clients, and to give advice on, and recommend, retail investment products5 available from the recipient firm's whole range or ranges.

555

Joint marketing exercises

3

A retail investment product provider5 providing generic product literature (that is, letter heading, leaflets, forms and envelopes) that is suitable for use and distribution by or on behalf of another firm if:

5

(a)

the literature enhances the quality of the service to the client and is not primarily of promotional benefit to the retail investment product provider;5 and

5

(b)

the total costs (for example, packaging, posting, mailing lists) of distributing such literature to its client are borne by the recipient firm.

4

A retail investment product provider5 supplying another firm with 'freepost' envelopes, for forwarding such items as completed applications, medical reports or copy client agreements.

5

5

A retail investment product provider5 supplying product specific literature (for example, key features documents, minimum information) to another firm if:

5

(a)

the literature does not contain the name of any other firm; or

(b)

if the name of the recipient firm is included, the literature enhances the quality of the service to the client and is not primarily of promotional benefit to the recipient firm.

6

A retail investment product provider5 supplying draft articles, news items and financial promotions for publication in another firm's magazine, only if in each case any costs paid by the product provider for placing the articles and financial promotions are not more than market rate, and exclude distribution costs.

5

Seminars and conferences

7

A retail investment product provider5 taking part in a seminar organised by another firm or a third party and paying toward the cost of the seminar, if:

5

(a)

its participation is for a genuine business purpose; and

(b)

the contribution is reasonable and proportionate to its participation and by reference to the time and sessions at the seminar when its staff play an active role.

Technical services and information technology

8

A retail investment product provider5 supplying a 'freephone' link to which it is connected.

5

9

A retail investment product provider5 supplying another firm with any of the following:

5

(a)

quotations and projections relating to its retail investment products5 and, in relation to specific investment transactions (or for the purpose of any scheme for review of past business), advice on the completion of forms or other documents;

5

(b)

access to data processing facilities, or access to data, that is related to the retail investment product provider’s5 business;

5

(c)

access to third party electronic dealing or quotation systems that are related to the retail investment product provider's5 business; and

5

(d)

software that gives information about the retail investment product provider's retail investment products5 or which is appropriate to its business (for example, for use in a scheme for review of past business or for producing projections or technical product information).

5

10

A retail investment product provider5 paying cash amounts or giving other assistance to a firm not in the same immediate group for the development of software or other computer facilities necessary to operate software supplied by the retail investment product provider,5 but only to the extent that by doing so it will generate equivalent cost savings to itself or clients.

55

11

A retail investment product provider5 supplying another firm with information about sources of mortgage finance.

5

12

A retail investment product provider5 supplying another firm with generic technical information in writing, not necessarily related to the product provider's business, when this information states clearly and prominently that it is produced by the product provider or (if different) supplying firm.

5

Training

13

A retail investment product provider5 providing another firm with training facilities of any kind (for example, lectures, venue, written material and software).

5

Travel and accommodation expenses

14

A retail investment product provider5 reimbursing another firm's reasonable travel and accommodation expenses when the other firm:

5

(a)

participates in market research conducted by or for the retail investment product provider;5

5

(b)

attends an annual national event of a United Kingdom trade association, hosted or co-hosted by the retail investment product provider;5

5

(c)

participates in the retail investment product provider’s5 training facilities (see 13);

5

(d)

visits the retail investment product provider’s5United Kingdom office in order to:

5

(i)

receive information about the retail investment product provider's5 administrative systems; or

5

(ii)

attend a meeting with the retail investment product provider5 and an existing or prospective client of the receiving firm.

5
COBS 2.3.16GRP
1In interpreting the table of reasonable non-monetary benefits, retail investment product providers5 should be aware that where a benefit is made available to one firm and not another, this is more likely to impair compliance with the client's best interests rule and that, where any benefits of substantial size or value (such as adviser training programmes or significant software) are made available to firms that are subject to the rules on adviser charging and remuneration (COBS
EG 19.14.2RP
1The FCA is responsible for monitoring and enforcing compliance with the Money Laundering Regulations2 not only by authorised firms who are within the Money Laundering Regulations’ scope, but also by what the Regulations describe as “Annex I financial institutions”. These are businesses which are not otherwise authorised by us but which carry out certain of the activities listed in Annex I of the Banking Consolidation Directive28, now Annex I of the CRD. The activities include
EG 19.14.2ARP
2The FCA is also responsible for monitoring and enforcing compliance with the Funds Transfer Regulation by payment service providers specified under regulation 62(1) of the Money Laundering Regulations.
MCOB 14.1.5RRP
An MCD article 3(1)(b) creditor or MCD article 3(1)(b) credit intermediary must elect to comply with either:(1) MCOB 3A.1 to MCOB 3A.5 (financial promotions and communications with customers); or (2) MCOB 3A.2, MCOB 3A.5 and CONC 3 (financial promotions and communications with customers) (except for CONC 3.4, CONC 3.5.3R to CONC 3.5.10R, CONC 3.6.6R, and CONC 3.9);and having made an election, the firm must comply with the provisions with which it has elected to comply.
MCOB 14.1.6GRP
(1) A firm should generally make one election under MCOB 14.1.5R for all of its MCD article (3)(1)(b) credit intermediation activity or all of its lending under MCD article 3(1)(b) credit agreements, at any given time.(2) Where a firm wishes to make different elections for different types of MCD article (3)(1)(b) credit intermediation activity or lending under MCD article 3(1)(b) credit agreements, it should maintain processes to ensure that the rules applicable to each type of
RCB 2.2.7GRP
The FCA expects the issuer to be able to justify any reliance it places on advice or reports which are not reasonably contemporaneous with the confirmation the senior manager gives in relation to compliance with the requirements of the RCB Regulations and RCB.
RCB 2.2.8DRP
The issuer must ensure that the senior manager, who verifies the application for registration under this section, gives their consent to the FCA displaying their confirmation of compliance with the relevant requirements on the FCA's website.
COLL 11.5.1RRP
Where a master UCITS and a feeder UCITS have different auditors, those auditors must enter into an information-sharing agreement in order to ensure the fulfilment of their respective duties, including the arrangements taken to comply with COLL 11.5.3 R and COLL 11.5.4 R (Preparation of the audit report).[Note: article 62(1) first paragraph of the UCITS Directive]
COLL 11.5.6RRP
The authorised fund managers of a master UCITS and a feeder UCITS must ensure that the terms on which auditors of their respective schemes are appointed require each auditor to comply with the rules in this section.
LR 1.4.2RRP
If a listing rule refers to a requirement in legislation applicable to a listed company incorporated in the United Kingdom, a listed overseas company must comply with the requirement so far as:(1) information available to it enables it to do so; and(2) compliance is not contrary to the law in its country of incorporation.
LR 1.4.3RRP
A listed overseas company must, if required to do so by the FCA, provide the FCA with a letter from an independent legal adviser explaining why compliance with a requirement referred to in LR 1.4.2 R is contrary to the law in its country of incorporation.
COBS 2.4.6RRP
(1) This rule applies if the applicable4rule on reliance on other investment firms or insurance distributors (COBS 2.4.4 R and COBS 2.4.5AR4) does not apply.(2) A firm will be taken to be in compliance with any rule in this sourcebook that requires it to obtain information to the extent it can show it was reasonable for it to rely on information provided to it in writing by another person.
COBS 2.4.7ERP
(1) In relying on COBS 2.4.6 R, a firm should take reasonable steps to establish that the other person providing written information is not connected with the firm and is competent to provide the information.(2) Compliance with (1) may be relied upon as tending to establish compliance with COBS 2.4.6 R.(3) Contravention of (1) may be relied upon as tending to establish contravention of COBS 2.4.6 R.
TC 4.1.3RRP
References in TC 4.1.4R to a relevant individual’s knowledge and competence are to the knowledge and competence necessary to ensure that the firm, on behalf of which the relevant individual acts, is able to meet its obligations under:(1) those rules which implement articles 24 and 25 of MiFID (including those rules which implement related provisions under the MiFID Delegated Directive); and(2) related provisions of the MiFID Org Regulation.
TC 4.1.4RRP

Unless the context requires otherwise the rules in column 1 of the table are amended as set out in column 2:

Column 1

Column 2

Relevant rule

Amendments

TC 2.1.1R(1)

Insert the following at the end of TC 2.1.1R(1):

“In addition, a firm must not assess a relevant individual as competent unless the firm has satisfied itself that the relevant individual possesses the knowledge and competence to enable the firm to meet its obligations under SYSC 5.1.5ABR. This means that the relevant individual has also:

(a) obtained appropriate experience which means that the relevant individual has successfully demonstrated the ability to carry on the activities through previous work experience. This work must have been performed, on a full-time equivalent basis, for a minimum period of 6 months; and

(b) attained an appropriate qualification which means a qualification or other test or training course that meets the criteria set out by the ESMA guidelines.

The level of knowledge and competence needed to fulfil the firm’s obligations reflects the scope and degree of the activities, as described in TC 4.1.2R above, carried out by the relevant individual.”

TC 2.1.2R

The provision is amended by adding after TC 2.1.2R:

“A relevant individual, who has not acquired the necessary knowledge or competence to carry out the activities in TC 4.1.2R above, cannot provide those activities under supervision for a period exceeding 48 months.”

TC 2.1.5R(1)

The provision is amended by adding after TC 2.1.5R:

“Where a relevant individual has not acquired the necessary knowledge and competence to carry out the activities described in TC 4.1.2R above:

(a) the firm must ensure that the individual supervising the relevant individual:

(i) has been assessed as competent to provide such personal recommendation or information;

(ii) has the necessary skills and resources to act as a competent supervisor; and

(iii) takes responsibility for the personal recommendation or information, referred to in TC 4.1.2R above, provided by the relevant individual under supervision as if the supervisor is providing the personal recommendation including any suitability report (COBS 9) or information; and

(b) the firm must ensure that the supervision provided to a relevant individual is tailored to the services provided by the individual.”
EG 2.1.2RP
1There are a number of principles underlying the FCA's approach to the exercise of its enforcement powers: (1) The effectiveness of the regulatory regime depends to a significant extent on maintaining an open and co-operative relationship between the FCA and those it regulates.(2) The FCA will seek to exercise its enforcement powers in a manner that is transparent, proportionate, responsive to the issue, and consistent with its publicly stated policies.(3) The FCA will seek to
EG 2.1.4RP
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
LR 15.4.1RRP
A closed-ended investment fund must comply with all of the requirements of LR 9 (Continuing obligations) subject to the modifications and additional requirements set out in this section.
LR 15.4.6RRP
If a closed-ended investment fund principally invests its funds in the manner set out in LR 15.2.6 R1, the closed-ended investment fund must ensure that LR 15.2.6 R is complied with at all times.1
LR 7.2.1RRP

The Listing Principles are as follows:

Listing3 Principle 1

A listed company must take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations.3

3

Listing3 Principle 2

A listed company must deal with the FCA in an open and co-operative manner.3

3

Principle 3

[deleted]3

3

Principle 4

[deleted]3

3

Principle 5

[deleted]3

3

Principle 6

[deleted]3

3
LR 7.2.2GRP
Listing Principle 13 is intended to ensure that listed companies have adequate procedures, systems and controls to enable them to comply with their obligations under the listing rules, disclosure requirements4, transparency rules and corporate governance rules.3 In particular, the FCA considers that listed companies should place particular emphasis on ensuring that they have adequate procedures, systems and controls in relation to, where applicable:333(1) identifying whether any
EG 2.9.3RP
1DEPP 6.2.1G(4) explains that the FCA will not take action against someone where we consider that they have acted in accordance with what we have said. However, guidance does not set out the minimum standard of conduct needed to comply with a rule, nor is there any presumption that departing from guidance indicates a breach of a rule. If a firm has complied with the Principles and other rules, then it does not matter whether it has also complied with other material the FCA has
EG 2.9.4RP
1Guidance and supporting materials are, however, potentially relevant to an enforcement case and a decision maker may take them into account in considering the matter. Examples of the ways in which the FCA may seek to use guidance and supporting materials in an enforcement context include: (1) To help assess whether it could reasonably have been understood or predicted at the time that the conduct in question fell below the standards required by the Principles.(2) To explain the
COLL 5.1.2GRP
(1) This chapter helps in achieving the statutory objective of protecting consumers by laying down minimum standards for the investments that may be held by an authorised fund. In particular:(a) the proportion of transferable securities and derivatives that may be held by an authorised fund is restricted if those transferable securities and derivatives are not listed on an eligible market; the intention of this is to restrict investment in transferable securities or derivatives
COLL 5.1.3RRP
(1) Where a rule in this chapter allows a transaction to be entered into or an investment to be retained only if possible obligations arising out of the transaction or out of the retention would not cause the breach of any limits in this chapter, it must be assumed that the maximum possible liability of the authorised fund under any other of those rules has also to be provided for.(2) Where a rule in this chapter permits a transaction to be entered into or an investment to be
COLL 12.2.4RRP
A UK UCITS management company that operates an EEA UCITS scheme must decide and be responsible for adopting and implementing all the arrangements and organisational decisions that are necessary to ensure compliance with rules drawn up by the EEA State in which that scheme is established, in implementation of its obligations under articles 19(3) and 19(4) of the UCITS Directive.[Note: article 19(6) of the UCITS Directive]
COLL 12.2.6GRP
(1) Each EEA State, including the United Kingdom, is required to implement article 14 of the UCITS Directive by drawing up rules of conduct which management companies authorised in that State must observe at all times, except as explained in (3).(2) UK UCITS management companies operating an EEA UCITS scheme under the freedom to provide cross border services (otherwise than by establishing a branch in that State) are advised that, as provided for elsewhere in the Handbook, they
IPRU-INV 12.1.4GRP
More generally, having adequate financial resources1 gives the firm a degree of resilience and some indication to consumers of creditworthiness, substance and the commitment of its owners. The rules in this chapter aim to ensure that a firm has financial resources1 which can provide cover for operational and compliance failures and pay redress, as well as reducing the possibility of a shortfall in funds and providing a cushion against disruption if the firm ceases to trade.
IPRU-INV 12.1.5RRP
A firm must recognise an asset or liability, and measure its amount, in accordance with the relevant accounting principles applicable to it for the purpose of preparing its annual financial statements unless a rule requires otherwise.
IFPRU 2.2.23RRP
In IFPRU 2.2.22 R, the processes, strategies and systems relating to concentration risk must include those necessary to ensure compliance with Part Four of the EU CRR (Large exposures).
IFPRU 2.2.46RRP
A firm that is not a member of a FCAconsolidation group must apply the ICAAPrules on an individual basis. [Note: article 108(1) of CRD]
IFPRU 2.2.47RRP
A firm which is a parent institution in a Member State must comply with the ICAAPrules on a consolidated basis. [Note: article 108(2) of CRD]