Related provisions for FEES 13.2.10

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SYSC 19B.1.1AGRP
(1) 2Full-scope UK AIFMs are advised that ESMA published Guidelines on sound remuneration policies under the AIFMD on 3 July 2013, which full-scope UK AIFMs should comply with in applying the rules in this section. The Guidelines can be found at: http://www.esma.europa.eu/system/files/2013-232_aifmd_guidelines_on_remuneration_-_en.pdf(2) The FCA has provided additional guidance on the application of principles of proportionality to remuneration policies of AIFM. The guidance also
SYSC 19B.1.13AGRP
(1) 2Taking account of the remuneration principles proportionality rule in SYSC 19B.1.4 R, the FCA does not generally consider it necessary for a firm to apply the rules referred to in (2) where, in relation to an individual ("X"), both of the following conditions are satisfied:(a) Condition 1 is that X’s variable remuneration is no more than 33% of total remuneration; and(b) Condition 2 is that X’s total remuneration is no more than £500,000.(2) The rules referred to in (1) are
SYSC 19B.1.17RRP
(1) Subject to the legal structure of the AIF and the instrument constituting the fund, an AIFM must ensure that a substantial portion, and in any event at least 50% of any variable remuneration, consists of units or shares of the AIF concerned, or equivalent ownership interests, or share-linked instruments or equivalent non-cash instruments. However, if the management of AIFs accounts for less than 50% of the total portfolio managed by the AIFM, the minimum of 50 % does not apply.(2)
BIPRU 7.1.8GRP
The methodologies which have been developed for calculating PRR charges have been based on existing instruments and assume instruments with standard characteristics. However, as a result of innovation and because there are instruments which, although based on a standard contract, contain structural features which would make the rules in the rest of this chapter inappropriate, flexible rules are required. The rules in this section about transactions for which no PRR treatment has
BIPRU 7.1.14RRP
(1) If a firm has a position:(a) in a PRR item in non-standard form; or(b) that is part of a non-standard arrangement; or(c) that, taken together with other positions (whether or not they are subject to PRRcharges under BIPRU 7), gives rise to a non-standard market risk;the firm must notify the appropriate regulator of that fact and of details about the position, PRR item, arrangements and type of risk concerned.(2) Except as (1) provides to the contrary, (1) applies to a position
BIPRU 7.1.16ERP
(1) In BIPRU 7.1.13R and, to the extent that that rule applies BIPRU 7.1.13R, BIPRU 7.1.15R, an "appropriate percentage" is:(a) 100%; or(b) a percentage which takes account of the characteristics of the position concerned and of discussions with the appropriate regulator or a predecessor regulator under the Banking Act 1987 or the Financial Services Act 1986.(2) Compliance with (1) may be relied on as tending to establish compliance with BIPRU 7.1.13R or, insofar as it incorporates
CREDS 9.2.1RRP
A credit union must provide the FCA, once a year, with a report in the format set out in CREDS 9 Annex 1 R (Credit Union complaints return) which contains (for the relevant reporting period) information about:(1) the total number of complaints received by the credit union;(2) (for the product/service groupings within section 5)3 the number of complaints closed by the credit union:(a) within eight weeks of receipt; and(b) more than eight weeks after receipt;(2A) (for other lending
CREDS 9.2.2RRP
A credit union must not include in the report a complaint that has been forwarded in its entirety to another respondent under DISP 1.7 (the complaints forwarding rules).
CREDS 9.2.7RRP
For the purposes of CREDS 9.2.1 R:(1) the relevant reporting period is from 1 April to 31 March each year; and(2) reports are to be submitted to the FCA within one month of the end of the relevant reporting period.[Note: a transitional provision applies to this rule: see CREDS TP 1.16.]1
SUP 4.3.8GRP
The FCA9 is concerned to ensure that every actuary appointed by a firm under PRA rules made under section 340 of the Act or for the purposes of PRA Rulebook: Solvency II firms: Conditions Governing Business, 6,9 has the necessary skill and experience to provide the firm with appropriate actuarial advice from a conduct perspective9. SUP 4.3.9 R to SUP 4.3.10 G set out the FCA’s9 rules and guidance aimed at achieving this.11
SUP 4.3.12ARRP
1A firm must take reasonable steps to ensure that an actuary who is to be, or has been, appointed under PRA rules made under section 340 of the Act, or for the purposes of PRA Rulebook: Solvency II firms: Conditions Governing Business, 69:8(1) does not perform the function of chairman or chief executive of the firm, or does not, if he is to perform the with-profits actuary function, become a member of the firm's governing body; and(2) does not perform any other function on behalf
SUP 4.3.16ARRP
1An actuary appointed to perform the with-profits actuary function must:(1) advise the firm's management, at the level of seniority that is reasonably appropriate, on key aspects of the discretion to be exercised affecting those classes of the with-profits business of the firm in respect of which he has been appointed;(2) [deleted]88(2A) where the firm is a Solvency II firm, advise the firm'sgoverning body as to whether the assumptions used to calculate the future discretionary
TC 4.1.1RRP
1For a firm in relation to its MiFID or equivalent third country business the rules set out in column 1 of the table in TC 4.1.4R below are amended as set out in column 2.
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.
FIT 1.2.1BGRP
7Under sections 60A and 63F 7of the Act, in assessing whether a person is a fit and proper person to perform an FCA designated senior management function or an FCA certification function14, 7a firm16 must have particular regard to whether that person:7714(1) has obtained a qualification; or(2) has undergone, or is undergoing, training; or(3) possesses a level of competence; or(4) has the personal characteristics;required by general rules made by the FCA.
FIT 1.2.1CGRP
7The key general rules relating to the criteria listed in FIT 1.2.1BG1410 include:(1) in the case of very senior employees, SYSC 4.2 (persons who effectively direct the business) and SYSC 4.3A.3R (management body);(2) for personnel14 of firms generally,10 the competent employees rule10; 14(3) in relation to retail activities, TC 2.1.1R, TC 2.1.5BR and14TC 2.1.12R (employees' competence); and14(4) for those who are employees of insurance firms, SYSC 3.1.6R.14
FIT 1.2.4GRP
The Act does not prescribe the matters which the FCA7 should take into account when determining fitness and propriety. However, section 61(2) states that the FCA7 may have regard (among other things) to whether the candidate or approved person:777(1) has obtained a qualification; or(2) has undergone, or is undergoing, training; or(3) possesses a level of competence; or(4) has the personal characteristics;required by general rules made by the FCA.7
COLL 6.12.2GRP
In the FCA's view the requirements relating to risk management policy and risk measurement set out in this section are the regulatory responsibility of the management company'sHome State regulator but to the extent that they constitute fund application rules, are also the responsibility of the UCITS'Home State regulator. As such, these responsibilities may overlap between the competent authorities of the Home and Host States. EEA UCITS management companies providing collective
COLL 6.12.3ARRP
5An authorised fund manager or a UK UCITS management company of an EEA UCITS scheme subject to COLL 6.12.3R(2) must notify the FCA of the information specified in points (a) and (b) of that rule:(1) annually, within 30 business days of 31 October, with information that is accurate as of 31 October of that year;(2) using the form in COLL 6 Annex 2R; and(3) by submitting it:(a) online through the appropriate systems accessible from the FCA’s website; or(b) if the appropriate
COLL 6.12.13GRP
Authorised fund managers are advised that CESR issued guidelines prior to the revision of the UCITS Directive in 2009 which, to the extent they remain compatible with the rules and other guidance in COLL, should be complied with in applying the rules in this section. These guidelines are available at:Guidelines - Risk management principles for UCITS (CESR/09-178)https://www.esma.europa.eu/sites/default/files/library/2015/11/09_178.pdf4
FEES 6.3.18GRP
2FEES 6.3.17 R deals with how FSCS may use money available to it and does not affect the rules on levy allocation in FEES 6.4, 6.5 and 6.5A8.8
FEES 6.3.20RRP
(1) Where8 the FSCS makes recoveries in relation to protected claims where a8 related compensation costs levy8 would have been allocated to a class (class A) had the levy limit for class A not been reached and has been allocated to another class or classes in the retail pool, the recoveries must be applied:8888(a) 8first, to the classes to which the costs levied were allocated in accordance with FEES 6.5A in the same proportion as those classes contributed, up to the total amount
FEES 6.3.22CRRP
(1) 4This rule applies to the calculation of the levies of a firm (A) if:(a) either:(i) A acquires all or a part of the business of another firm (B), whether by merger, acquisition of goodwill or otherwise; or(ii) A became authorised as a result of B's simple change of legal status (as defined in FEES 3 Annex 1R9 Part 6); (b) B is no longer liable to pay a levy; and(c) that acquisition or change takes place after the date to which, or as of which, A's most recent statement of
SYSC 18.3.3GRP
(1) A firm may wish to operate its arrangements under SYSC 18.3.1R internally, within its group or through a third party. (2) Firms will have to consider how to manage any conflicts of interest.(3) If the firm uses another member of its group or a third party to operate its arrangements under SYSC 18.3.1R it will continue to be responsible for complying with that rule.
SYSC 18.3.6RRP
This rule applies to an EEA SMCR banking firm3 and a third-country SMCR banking firm3.2(1) A person subject to this rule (‘P’) 2must, in the manner described in (2), communicate to its UK-based employees that they may disclose reportable concerns to the PRA or the FCA and the methods for doing so. P 2must make clear that:(a) reporting to the PRA or to the FCA is not conditional on a report first being made using P’s 2internal arrangements; (b) it is possible to report using P’s
SYSC 18.3.10RRP
(1) This rule applies where an EEA SMCR banking firm3 or a third-country SMCR banking firm3 has:(a) a branch in the United Kingdom; and(b) a group entity which is a UK SMCR banking firm3.(2) An EEA SMCR banking firm3 and a third-country SMCR banking firm3 must, in the manner described in (3), communicate to the UK-based employees of its UKbranch:(a) the whistleblowing arrangements of the group entity that is a UK SMCR banking firm3; and(b) indicate that these arrangements may
LR 10.2.6GRP
If the calculation under LR 10.2.4R (1) produces an anomalous result, the FCA may disregard the calculation and modify that rule to substitute other relevant indicators of the size of the indemnity or other arrangement given, for example 1% of market capitalisation.
LR 10.2.10RRP
(1) Transactions completed during the 12 months before the date of the latest transaction must be aggregated with that transaction for the purposes of classification if:(a) they are entered into by the company with the same person or with persons connected with one another;(b) they involve the acquisition or disposal of securities or an interest in one particular company; or(c) together they lead to substantial involvement in a business activity which did not previously form a
LR 10.2.11GRP
The FCA may modify these rules to require the aggregation of transactions in circumstances other than those specified in LR 10.2.10 R.Note: If an issuer is proposing to enter into a transaction that could be a Class 1 transaction or reverse takeover it is required under LR 8 to obtain the guidance of a sponsor to assess the potential application of LR 10.
REC 5.2.7GRP
At any time after making a formal application, the applicant may make amendments to its rules, guidance or any other part of its application submitted to the FCA.555
REC 5.2.12GRP
Where the FCA5 considers that it is unlikely to make a recognition order it will discuss its concerns with the applicant as early as possible with a view to enabling the applicant to make changes to its rules or guidance, or other parts of the application (see REC 5.2.7 G). If the FCA5 decides that it will not make a recognition order, it will follow the procedure set out in section 298 of the Act (Directions and revocation: procedure) or (in the case of an RAP) regulation 5 of
REC 5.2.14GRP

Information and supporting documentation (see REC 5.2.4 G).

(1)

Details of the applicant's constitution, structure and ownership, including its memorandum and articles of association (or similar or analogous documents ) and any agreements between the applicant, its owners or other persons relating to its constitution or governance (if not contained in the information listed in REC 5.2.3A G)1. An applicant for RAP status must provide details of the relationship between the governance arrangements in place for the UK RIE and the RAP.3

(2)

Details of all business to be conducted by the applicant, whether or not a regulated activity (if not contained in the information listed in REC 5.2.3A G)1.

(3)

Details of the facilities which the applicant plans to operate, including details of the trading platform or (for an RAP) auction platform,3 settlement arrangements, clearing facilitation services5 and custody services which it plans to supply. An applicant for RAP status must provide details on the relationship between the auction platform and any secondary market in emissions auction products4 which it operates or plans to operate.3

54

(4)

Copies of the last three annual reports and accounts and, for the current financial year, quarterly management accounts.

(5)

Details of its business plan for the first three years of operation as a UK recognised body (if not contained in the information listed in REC 5.2.3A G)1.

(6)

A full organisation chart and a list of the posts to be held by key individuals (with details of the duties and responsibilities) and the names of the persons proposed for these appointments when these names are available (if not contained in the information listed in REC 5.2.3A G)1.

(7)

Details of its auditors, bankers, solicitors and any persons providing corporate finance advice or similar services (such as reporting accountants) to the applicant.

(8)

Details of any relevant functions to be outsourced or delegated, with copies of relevant agreements.

(9)

Details of information technology systems and of arrangements for their supply, management, maintenance and upgrading, and security.

(10)

Details of all plans to minimise disruption to operation of its facilities in the event of the failure of its information technology systems.

(11)

Details of internal systems for financial control, arrangements for risk management and insurance arrangements to cover operational and other risks.

(12)

Details of its arrangements for managing any counterparty risks.

5

(13)

Details of internal arrangements to safeguard confidential or privileged information and for handling conflicts of interest.

(14)

Details of arrangements for complying with the notification rules and other requirements to supply information to the FCA5.

5

(15)

Details of the arrangements to be made for monitoring and enforcing compliance with its rules and with its clearing, settlement and default arrangements.

(16)

A summary of the legal due diligence carried out in relation to ascertaining the enforceability of its rules (including default rules) and the results and conclusions reached.

5

(17)

Details of the procedures to be followed for declaring a member in default, and for taking action after that event to close out positions, protect the interests of other members and enforce its default rules.

(18)

Details of membership selection criteria, rules and procedures, including (for an RAP) details of how the rules of the UK RIE will change in order to reflect RAP status.3

(19)

Details of arrangements for recording transactions effected by, or cleared through, its facilities.

(20)

Details of arrangements for detecting financial crime and market abuse , including arrangements for complying with money laundering law.

(21)

Details of criteria, rules and arrangements for selecting specified investments to be admitted to trading on (or cleared by) an RIE and, where relevant, details of how information regarding specified investments will be disseminated to users of its facilities.

5

(22)

Details of arrangements for cooperating with the FCA5 and other appropriate authorities, including draft memoranda of understanding or letters.

5

(23)

Details of the procedures and arrangements for making and amending rules, including arrangements for consulting on rule changes.

(24)

Details of disciplinary and appeal procedures, and of the arrangements for investigating complaints.
MCOB 3A.4.4GRP
Most of the rules in this chapter apply when a firmapproves a financial promotion of qualifying credit in the same way as when a firmcommunicates a financial promotion of qualifying credit itself. Therefore, a firm has a similar responsibility for a financial promotion of qualifying credit that it approves, as for one that it communicates.
MCOB 3A.4.6RRP
If a firmapproves a financial promotion of qualifying credit in circumstances in which one or more of the rules in this chapter are expressly disapplied, the approval must be given on terms that it is limited to those circumstances.
MCOB 3A.4.8RRP
A firm must not communicate or approve a financial promotion which relates to qualifying credit provided by an overseas person, unless:(1) the financial promotion of qualifying credit makes clear which firm has approved or communicated it and, where relevant, explains:(a) that the rules made under the Act for the protection of customers do not apply;(b) the extent and level to which the compensation scheme will be available or, if the scheme will not be available, a statement
SYSC 4.7.5RRP
(1) [deleted] Editor’s note: The text of this provision has been moved to SYSC 24.2.1R]66(2) [deleted]66(3) [deleted]6(4) [deleted]66(5) [deleted] Editor’s note: The text of this provision has been moved to SYSC 24.2.3R(1)]6(6) [deleted] Editor’s note: The text of this provision has been moved to SYSC 24.2.3R(2)]66(7) [deleted] Editor’s note: The text of this provision has been moved to SYSC 24.2.4R]6
SYSC 4.7.7RRP

[deleted] [Editor’s note: The text of this provision has been moved to SYSC 24.2.6R]6

SYSC 4.7.8RRP
(1) [deleted] Editor’s note: The text of this provision has been moved to SYSC 26.3.1R]6(2) [deleted] Editor’s note: The text of this provision has been moved to SYSC 26.4.2R]6(3) [deleted] Editor’s note: The text of this provision has been moved to SYSC 26.3.4R]6
MCOB 1.3.1BRRP
(1) 7The application of MCOB to an incoming EEA firm that is an MCD credit intermediary is modified to the extent necessary to be compatible with European law.(2) MCOB 1.3.1BR(1) overrides every other rule in this sourcebook.[Note: article 34 of the MCD]
MCOB 1.3.1CGRP
7Guidance on MCOB 1.3.1AR and MCOB 1.3.1BR is in MCOB 1 Annex 5. For applicable rules in relation to knowledge and competence requirements for staff, incoming EEA firms should also refer to TC 2.1.5AR to TC 2.1.5FG and to the territorial application rules in TC Appendices 1 and 2.
MCOB 1.3.4RRP
(1) The rules in (2) do not apply to a firm with respect to a regulated mortgage activity or a home purchase activity2 exclusively concerning a distance contract if the following conditions are satisfied:2(a) the firm carries on the activity from an establishment maintained by the firm in an EEA State other than the United Kingdom; and(b) either the EEA State:(i) has implemented the Distance Marketing Directive3; or3(ii) has obligations in its domestic law corresponding to those
COLL 5.1.1RRP
(1) Subject to 1(A),3COLL 5.1 to COLL 5.5 apply to the authorised fund manager and the depositary of an authorised fund, and to an ICVC, which is or ever has been a UCITS scheme.(1A) The only sections of COLL 5 that apply to the authorised fund manager and the depositary of a feeder UCITS, and to an ICVC which is a feeder UCITS, are COLL 5.3 and COLL 5.8, although particular rules in COLL 5.1, COLL 5.2 and COLL 5.5 are incorporated by reference.3(2) Subject to 2(A),1COLL 5.1,
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
FEES 6.4.5AGRP
[deleted]53
FEES 6.4.10GRP
[deleted]8517991
FEES 6.4.10ARRP
[deleted]8
CONC 7.1.1RRP
1This chapter applies, unless otherwise stated in or in relation to a rule, to:(1) a firm with respect to consumer credit lending;(2) a firm with respect to consumer hiring;(3) a firm with respect to operating an electronic system in relation to lending, in relation to a borrower under a P2P agreement;(4) a firm with respect to debt collecting.
CONC 7.1.3GRP
(1) In accordance with CONC 1.2.2 Rfirms must ensure that their employees and agents comply with CONC and must take reasonable steps to ensure that other persons acting on the firm's behalf act in accordance with CONC.(2) The rule in CONC 1.2.2 R is particularly important in relation to the requirements in CONC 7, for example, in dealing with an individual from whom the person referred to in the rule is seeking to collect a debt.(3) In this chapter the expression “arrears” includes
CONC 7.1.4RRP
(1) 2In this chapter, except for CONC 7.6.15AG:(a) a reference to a borrower, a customer or a hirer includes a reference to an individual other than the borrower or the hirer (in this chapter, referred to as “the guarantor”) who has provided a guarantee or an indemnity (or both) in relation to:(i) a regulated credit agreement; or(ii) a regulated consumer hire agreement; or(iii) a P2P agreement in respect of which the borrower is an individual;where it would not do so but for this
CONC 11.1.2RRP
(1) For a credit agreement there is no right to cancel under CONC 11.1.1 R, unless (2) or (3) applies, in respect of:(a) a regulated consumer credit agreement (within the meaning of that section) to which section 66A (right to withdraw) of the CCA applies;(b) a credit agreement under which a lender provides credit to a consumer and where the consumer's obligation to repay is secured by a legal mortgage on land;(c) a credit agreement cancelled under regulation 15(1) of the Consumer
CONC 11.1.6RRP
(1) The firm must disclose to a consumer in good time before or, if that is not possible, immediately after the consumer is bound by a contract to which the right to cancel applies under CONC 11.1.1 R, and in a durable medium, the existence of the right to cancel, its duration and the conditions for exercising it including information on the amount which the consumer may be required to pay, the consequences of not exercising it and practical instructions for exercising it, indicating
CONC 11.1.11RRP
(1) When a consumer exercises the right to cancel the consumer may only be required to pay, without any undue delay, for the service actually provided by the firm in accordance with the contract. The amount payable must not:(a) exceed an amount which is in proportion to the extent of the service already provided in comparison with the full coverage of the contract;(b) in any case be such that it could be construed as a penalty.[Note: article 7(1), (2) and (3) of the Distance Marketing
CONC 3.3.3RRP
(1) A firm must not in a financial promotion or a communication to a customer state or imply3 that credit is available regardless of the customer’s financial circumstances or status.[Note: paragraphs 3.7o of CBG and 5.2 of ILG](2) This rule does not apply to a financial promotion or communication relating to a credit agreement under which a person takes an article in pawn and the customer’s total financial liability (including capital, interest and all other charges) is limited
CONC 3.3.9GRP
A firm should in a financial promotion or other communication which includes a premium rate telephone number indicate in a prominent way the likely total cost of a premium rate call including the price per minute of a call, the likely duration of calls and the total cost a customer would incur if the customer calls for the full estimated duration.Firms should note the effect of the call charges rule in GEN 7.2[Note: paragraphs 3.9h of CBG and 3.18x (box) of DMG]
CONC 3.3.10GRP
Examples of practices that are likely to contravene the clear, fair and not misleading rule in CONC 3.3.1 R include:(1) stating or implying that a firm is a lender (where this is not the case);[Note: paragraph 3.7e (box) of CBG](2) misleading a customer as to the availability of a particular credit product; [Note: paragraph 3.9p of CBG(3) concealing or misrepresenting the identity or name of the firm; [Note: paragraph 3.7g (box) of CBG(4) using false testimonials, endorsements
COLL 7.4.1GRP
(1) This section deals with the circumstances and manner in which an AUT is to be wound up or a sub-fund of an AUT is to be terminated. Under section 256 of the Act (Requests for revocation of authorisation order), the manager or trustee of an AUT may request the FCA to revoke the authorisation order in respect of that AUT. Section 257 of the Act (Directions) gives the FCA the power to make certain directions.(2) The termination of a sub-fund under this section will be subject
COLL 7.4.2AGRP

1This table belongs to COLL 7.4.1 G (4) (Explanation of COLL 7.4)

Summary of the main steps in winding up an AUT or terminating a sub-fund under FCArules

Notes: N = Notice to be given to the FCA under section 251 of the Act.

E = commencement of winding up or termination

W/U = winding up

FAP = final accounting period (COLL 7.4.5 R (4))

Step number

Explanation

When

COLLrule (unless stated otherwise)

1

Receive FCA approval

N + one month

On receipt of notice from the FCA

Section 251 of the Act

2

Normal business ceases; notify unitholders

E

7.4.3R

3

Trustee to realise and distribute proceeds

ASAP after E

7.4.4R(1) to (5)

4

Send annual long report of manager and trustee to the FCA

Within 4 months of FAP

7.4.5R(5)

5

Request FCA to revoke relevant authorisation order

On completion of W/U

7.4.4R(6)
COLL 7.4.3RRP
(1) Upon the happening of any of the events or dates referred to in (2) and not otherwise:1(a) COLL 6.2 (Dealing), COLL 6.3 (Valuation and pricing), COLL 6.6.20R to COLL 6.6.24G (Assessment of value)4 and COLL 5 (Investment and borrowing powers) cease to apply to the AUT or to the units and scheme property in the case of a sub-fund;1(b) the trustee must cease to issue and cancel1units, except in respect of the final cancellation under COLL 7.4.4 R (1) or (2);11(c) the manager