Related provisions for SUP 1A.4.7

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FEES App 1.1.2GRP
2(1) The purpose of these rules is to set out the requirements for registered societies and sponsoring bodies to pay application fees3.2(2) This set of rules is in respect of the registration functions relating to registered societies transferred to the FCA by section 50 of the Financial Services Act 2012, other than friendly societies authorised under section 31 of the Act.2
FEES App 1.1.5GRP
[deleted]3
LR 10.7.6GRP
If the mineral resources are not directly comparable, the FCA may modify LR 10.7.5R (2) to permit valuations to be used instead of amounts or volumes.
LR 10.7.8GRP
A listedscientific research based company undertaking a transaction should consult the FCA at an early stage to determine whether industry specific tests are required instead of or in addition to the class tests in LR 10 Annex 1.
MCOB 6.9.8RRP
As soon as a SRB agreement provider has provided the written pre-offer document at Stage One to a SRB agreement seller who is in arrears under his regulated mortgage contract or home purchase plan on the property to which the proposed regulated sale and rent back agreement relates, it must, in a durable medium, immediately notify the mortgage lender, home purchase provider or the providers of other loans that may be secured on the property:(1) explaining that the firm is proposing
MCOB 6.9.11RRP
The SRB agreement provider must keep a record of the written pre-offer document at Stage One and the written offer document for signing at Stage Two for a period of:(1) one year after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or(2) five years from the date of the disclosures and warnings, written offer documents and cooling-off period notices;whichever is the longer.
SUP 13.2.2GRP
A UK firm should be aware that the guidance is the FCA's5 interpretation of the Single Market Directives, the Act and the legislation made under the Act. The guidance is not exhaustive and is not a substitute for firms consulting the legislation or taking their own legal advice in the United Kingdom and in the relevant EEA States.5
SUP 13.2.4GRP
7In SUP 13 the "appropriate UK regulator" amounts to whichever of the FCA and the PRA is the competent authority for authorising the relevant UKfirm.
REC 2.9.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(e)

2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that-

satisfactory arrangements are made for recording transactions effected on the [UK RIE], and transactions (whether or not effected on the [UK RIE ]) which are cleared or to be cleared by means of itsfacilities;

[Note: article 25 of MiFIR requires the operator of a trading venue to keep relevant data relating to all orders in financial instruments which are advertised through their systems at the disposal of the FCA]4
REC 2.9.3GRP
In determining whether a UK recognised body has satisfactory arrangements for recording the transactions effected on its facilities,3 or cleared or to be cleared by another person3 by means of, its facilities, the FCA3 may have regard to:3(1) whether the UK recognised body has arrangements for creating, maintaining and safeguarding an audit trail of transactions for at least five years4; and(2) the type of information recorded and the extent to which the record includes4: (a)
SYSC 9.1.1RRP
A firm (other than a common platform firm)5 must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the FCA5 or any other relevant competent authority under 5the UCITS Directive4 to monitor the firm's compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to
SYSC 9.1.1ARRP
(1) 5A common platform firm must arrange for records to be kept of all services, activities and transactions undertaken by it. (2) The records in (1) must be sufficient to enable the FCA to fulfil its supervisory tasks and to perform the enforcement actions under the regulatory system including MiFID, MiFIR and the Market Abuse Regulation, and in particular to ascertain that the common platform firm has complied with all obligations including those with respect to clients or potential
MAR 1.1.2GRP
This chapter provides guidance on the Market Abuse Regulation5. It is therefore likely to be helpful to persons who:545(1) want to avoid engaging in market abuse5; or(2) want to determine whether they are required by article 16 of the Market Abuse Regulation5 to report a transaction 5or order to the FCA as a suspicious one.
MAR 1.1.3GRP
The FCA's statement of policy about the imposition, duration5 and amount of penalties in cases of market abuse (required by section 124 of the Act) is in DEPP 63 .3
DTR 5.8.9GRP
The FCA provides a link to1 a calendar of trading days through its website at http://www.fca.org.uk1 which applies in the United Kingdom for the purposes of this chapter.[Note: article 7 of the TD implementing Directive]11
DTR 5.8.10RRP
A notification in relation to shares admitted to trading on a regulated market, must be made using the form TR1 available in electronic format at the FCA's website at http://www.fca.org.uk.
SUP 3.2.5GRP
4It is the responsibility of an insurance intermediary's senior management to determine, on a continuing basis, whether the insurance intermediary is an exempt insurance intermediary and to appoint an auditor if management determines the firm is no longer exempt. SUP 3.7 (amplified by SUP 15) sets out what a firm should consider when deciding whether it should notify the FCA of matters raised by its auditor.6
SUP 3.2.6GRP
4The rights and duties of auditors are set out in SUP 3.8 (Rights and duties of all auditors) and SUP 3.10 (Duties of auditors: notification and report on client assets). SUP 3.8.10 G includes the auditor's statutory duty to report certain matters to the FCA8 imposed by regulations made by the Treasury under sections 342(5) and 343(5) of the Act (information given by auditor or actuary to a regulator8). An auditor should bear these rights and duties in mind when carrying out client
MAR 5.3.1ARRP
4A firm must:(1) ensure the MTF has at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation;[Note: article 18(7) of MiFID](2) have arrangements to ensure it is adequately equipped to manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify all significant risks to its operation and put in place effective measures to mitigate those risks;[Note: article
MAR 5.3.7GRP
1The FCA will be minded to impose a variation on thePart 4A permission4 of an MTF operator that operates a primary market in financial instruments4 not admitted to trading on a regulated market in order to ensure its fulfilment of the requirements in MAR 5.3.1 R as regards fair and orderly trading.
SUP 10A.10.6GRP
The FCA interprets the phrase “dealing with” as including having contact with customers5 and extending beyond “dealing” as used in the phrase “dealing in investments”. “Dealing in” is used in Schedule 2 to the Act to describe in general terms the regulated activities which are specified in Part II of the Regulated Activities Order.
SUP 10A.10.9GRP
The FCA would expect an individual from overseas to be accompanied on a visit to a customer. TC 2.1.9 R (2) (where it applies)7 provides that the firm will have to be satisfied that the individual has at least three years of up-to-date, relevant experience obtained outside the United Kingdom. However, the remaining provisions of TC 2.1.9 R (2) are disapplied in these circumstances (except for an individual who gives advice to retail clients on retail investment products, gives
CONC 13.1.2GRP
(1) The FCA takes the view that sections 77, 78 and 79 of the CCA should be read in a way that allows the borrower or hirer to obtain the information needed in order to be properly informed without imposing unnecessary burden on firms.(2) The statement referred to in the relevant section must be prepared according to the information to which it is 'practicable' for the firm to refer. In the FCA's view, this means practicable at the time of the request and includes information
CONC 13.1.6GRP
(1) Failure to comply with the provisions means that the agreement becomes unenforceable while the failure to comply persists, and the courts have no discretion to allow enforcement.(2) In such cases, a firm should in no way, either by act or omission, mislead a customer as to the enforceability of the agreement.(3) In particular, a firm should not in such cases either threaten court action or other enforcement of the debt or imply that the debt is enforceable when it is not.(4)
FEES 5.8.2RRP
(1) 1This rule deals with the calculation of:(a) a firm'sgeneral levy in the 12 months ending on the 31 March in which it obtains permission, or was authorised under the Payment Services Regulations or the Electronic Money Regulations4or had its permission and/or payment services activities extended (relevant permissions)3 and the following 12 months ending on the 31 March;3 and33(b) the tariff base for the industry blocks that relate to each of the relevant permissions3.3(2)
FEES 5.8.3GRP

1The table below sets out the period within which a firm's tariff base is calculated (the data period) for second year levies calculated under FEES 5.8.2R. The example is based on a firm that acquires permission on 1 November 20146and has a financial year ending 31 March. Where valuation dates fall before the firm receives permission it should use projected valuations in calculating its levies.

References in this table to dates or months are references to the latest one occurring before the start of the FCA's financial year unless otherwise stated.

6

Type of permission acquired on 1 November

Tariff base

Valuation date but for FEES 5.8.2R

Data period under FEES 5.8.2R

Insurers - general

Relevant annual gross premium income and gross technical liabilities6

31 March 20146- so projected valuations will be used

6

1 November to 31 December 20146.

6

Portfolio managers (including those holding client money/ assets and not holding client money/ assets)

6

Relevant funds under management

Valued at 31 December

Valued at 31 December

Advisers,6arrangers, dealers or brokers holding and controlling client money and/or assets

6

Annual income as defined in FEES 4 Annex 11A6

6

31 December. 6

This is because the firm's tariff base is calculated by reference to the firm's financial year end in the calendar year before the start of the FCAfee year. Therefore FEES 5.8.2R (3)(c) applies. 6

6

1 November to 31 December but annualised in accordance with FEES 5.8.2R (3)(c)(iii)6

6

7[Note: Transitional provisions apply to FEES 5.8.1R, FEES 5.8.2R and FEES 5.8.3G – see FEES TP 13]

CASS 6.4.1AGRP
5The FCA expects firms which enter into arrangements under CASS 6.4.1 R with retail clients to only enter into securities financing transactions and not otherwise use retail clients' 6safe custody assets.
CASS 6.4.2GRP
Firms are reminded of the client's best interests rule, which requires the firm to act honestly, fairly and professionally in accordance with the best interests of their clients. For any transactions involving retail clients carried out under this section the FCA expects that:55(1) the firm ensures that relevant collateral is provided by the borrower in favour of the client;(2) the current realisable value of the safe custody asset2 and of the relevant collateral is monitored
COND 2.2.1CGRP
5The FCA is not responsible for the location of offices threshold condition for firms carrying on, or seeking to carry on, regulated activities which include a PRA-regulated activity.
COND 2.2.3GRP
Neither the UCITS Directive6, MiFID,3 the IDD7, AIFMD6 nor the Act define what is meant by a firm's 'head office'. This is not necessarily the firm's place of incorporation or the place where its business is wholly or mainly carried on. Although the FCA5 will judge each application on a case-by-case basis, the key issue in identifying the head office of a firm is the location of its central management and control, that is, the location of: 16(1) the directors and other senior
PERG 8.20.2GRP
Section 21 precludes the promotion by unauthorised persons of unregulated collective investment schemes unless the financial promotion is approved by an authorised person or is exempt. Section 238 then precludes the promotion of an unregulated collective investment scheme by authorised persons except where:(1) there is an exemption in an order made by the Treasury under section 238(6); or(2) the financial promotion is permitted under rules made by the FCA under section 238(5)
PERG 8.20.4GRP
The FCA has made rules under section 238(5) which allow authorisedfirms to communicate or approve a financial promotion for an unregulated collective investment scheme in certain specified circumstances. These circumstances are set out in COBS 4.12.4 R3 To date, the Treasury has not made an order exempting single property schemes under section 239.23
APER 2.1A.1GRP
7APER 2.1A.3R1 sets out the Statements of Principle issued by the FCA to which APER 1.2.1A G refers and to which the provisions of the Code of Practice for Approved Persons1 in APER 3 and APER 4 apply.17
APER 2.1A.3RRP

1Statements of Principle issued under section 64A(1)(a) of the Act

Statement of Principle 1

An approved person must act with integrity in carrying out his accountable functions.

Statement of Principle 2

An approved person must act with due skill, care and diligence in carrying out his accountable functions.

Statement of Principle 3

An approved person must observe proper standards of market conduct in carrying out his accountable functions.

Statement of Principle 4

An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice.

Statement of Principle 5

An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the APER employer4 for which they are 1responsible in their 1accountable function is organised so that it can be controlled effectively.

Statement of Principle 6

An approved person performing an accountable higher management function1 must exercise due skill, care and diligence in managing the business of the APER employer4 for which they are1 responsible in their 1accountable function.

Statement of Principle 7

An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the APER employer4 for which they are 1responsible in their 1accountable function complies with the relevant requirements and standards of the regulatory system.
IPRU-INV 13.15.5GRP
A firm should keep a record of, and be ready to explain to its supervisory contacts in the FCA, the reasons for any difference between the deficit reduction amount and any commitment the firm has made in any public document to provide funding in respect of a defined benefit occupational pension scheme.
IPRU-INV 13.15.8RRP
The conditions referred to in IPRU-INV 13.15.7R are:(1) the subordinated loan must have an original maturity of at least two years or, if it has no fixed term, it is subject to not less than two years' notice of repayment;(2) the agreement governing the subordinated loan must not permit payment of interest unless a firm has at least 120% of its capital resources requirement after that payment2;(3) the agreement governing the subordinated loan must only permit repayment, prepayment
EG 7.2.1RP
4The FCA also has measures available to it where it considers it is appropriate to take protective or remedial action. These include: (1) where a firm's continuing ability to meet the threshold conditions or where an approved person's or other individual’s1 fitness and propriety1 are called into question: (a) varying and/or cancelling of permission and the withdrawal of a firm’s authorisation (see chapter 8); and (b) the withdrawal of an individual’s status as an approved person
EG 7.2.2RP
2Where a person who is a shareholder has contravened one or more relevant transparency provisions (as defined in section 89NA(11) of the Act) in respect of shares in a company admitted to trading on a regulated market and the FCA considers the breach to be serious, the FCA may apply to the Court for an order suspending that person’s voting rights as set out in section 89NA of the Act.
PERG 4.8.6GRP
If an unauthorised administrator makes arrangements for a mortgage administrator to administer its regulated mortgage contracts, the exclusion may cease to be available because the mortgage administrator ceases to have the required permission, or because the arrangement is terminated. The exclusion gives the unauthorised administrator a one-month grace period during which it may administer the contracts itself. If the period of administration exceeds one month, the unauthorised
PERG 4.8.7GRP
Under article 63 of the Regulated Activities Order, a person who is not an authorised person does not administer a regulated mortgage contract if he administers the contract under an agreement with a firm with permission to administer a regulated mortgage contract. A firm with permission to administer a regulated mortgage contract may thus outsource or delegate the administration function to an unauthorised third party. A firm that proposes to do this should however note, as set