Related provisions for LR 11.1.1D

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DEPP 6.5C.1GRP
1The FCA3 will seek to deprive an individual of the financial benefit derived as a direct result of the market abuse (which may include the profit made or loss avoided) where it is practicable to quantify this. The FCA3 will ordinarily also charge interest on the benefit.33
DEPP 6.5C.2GRP
(1) The FCA3 will determine a figure dependent on the seriousness of the market abuse and whether or not it was referable to the individual’s employment. This reflects the FCA's3 view that where an individual has been put into a position where he can commit market abuse because of his employment the fine imposed should reflect this by reference to the gross amount of all benefits derived from that employment.33(2) In cases where the market abuse was referable to the individual’s
DEPP 6.5C.3GRP
(1) The FCA3 may increase or decrease the amount of the financial penalty arrived at after Step 2, but not including any amount to be disgorged as set out in Step 1, to take into account factors which aggravate or mitigate the market abuse. Any such adjustments will be made by way of a percentage adjustment to the figure determined at Step 2.3(2) The following list of factors may have the effect of aggravating or mitigating the market abuse:(a) the conduct of the individual in
DEPP 6.5C.4GRP
(1) If the FCA3 considers the figure arrived at after Step 3 is insufficient to deter the individual who committed the market abuse, or others, from committing further or similar abuse then the FCA3 may increase the penalty. Circumstances where the FCA3 may do this include:333(a) where the FCA3 considers the absolute value of the penalty too small in relation to the market abuse to meet its objective of credible deterrence;3(b) where previous FCA3 action in respect of similar
DEPP 6.5C.5GRP
The FCA3 and the individual on whom a penalty is to be imposed may seek to agree the amount of any financial penalty and other terms. In recognition of the benefits of such agreements, DEPP 6.7 provides that the amount of the financial penalty which might otherwise have been payable will be reduced to reflect the stage at which the FCA3 and the individual concerned reached an agreement. The settlement discount does not apply to the disgorgement of any benefit calculated at Step
CASS 1A.3.1-AGRP
3The material in CASS 1A.3.1BG about how CASS 1A.3 fits into the FCA senior managers and certification7 regime for SMCR firms7 also applies to a CASS small firm that is an SMCR firm7 and the function in CASS 1A.3.1R. 8
CASS 1A.3.1ARRP
1A CASS medium firm and a CASS large firm must allocate to a single6director or senior manager of sufficient skill and authority6 the function of:(1) oversight of the operational effectiveness of that firm’s systems and controls that are designed to achieve compliance with CASS;(2) reporting to the firm’sgoverning body in respect of that oversight; and(3) completing and submitting a CMAR to the FCA in accordance with SUP 16.14.[Note: article 7, first paragraph of the MiFID Delegated
CASS 1A.3.1BGRP
(1) (a) This paragraph CASS 1A.3.1BG describes how CASS 1A.3.1AR applies to SMCR firms.8343(b) The8 function in CASS 1A.3.1AR is not a separate controlled function and performing that function does not require approval as an approved person.837(c) 7However, nothing in paragraphs (1A) to (4) affects the requirement for the function in CASS 1A.3.1AR to be allocated to a single director or senior manager of sufficient skill and authority in accordance with CASS 1A.3.1AR and CASS
CASS 1A.3.1CRRP
[deleted]82377
CASS 1A.3.1DGRP
[deleted]8
MAR 10.2.1GRP
(1) 1The following provisions of the MiFI Regulations regulate the establishment, application and resetting of position limits: (a) Regulation 16(1) imposes an obligation on the FCA to establish position limits in respect of commodity derivatives traded on trading venues in the United Kingdom and economically equivalent OTC contracts; (b) Regulation 16(2) imposes an obligation on the FCA to establish position limits on the basis of all positions held by a person in the contract
MAR 10.2.2DRP
(1) 1A person must comply at all times with commodity derivative position limits established by the FCA, published at www.fca.org.uk. (2) A direction made under (1) applies where a commodity derivative is traded on a trading venue in the United Kingdom.2(3) Position limits established under (1) shall apply to the positions held by a person together with those held on its behalf at an aggregate group level (subject to the non-financial entity exemption in regulation 17(1) of the
MAR 10.2.3GRP
(1) 1Regulation 17 of the MiFI Regulations regulates the position limit exemption applicable to positions in a commodity derivative held by or on behalf of a non-financial entity which are objectively measurable as reducing risks directly relating to the commercial activity of that non-financial entity, and which is approved by the FCA in accordance with the relevant criteria and procedures. Regulation 17(1) imposes an obligation on the FCA to disregard such positions, when calculating
MAR 10.2.4DRP
1A non-financial entity must complete the application form in MAR 10 Annex 1D for approval to be exempt from compliance with position limits established by the FCA in accordance with MAR 10.2.2D(1).
MAR 10.2.5GRP
[deleted]21
APER 1.1A.1RRP
1APER applies to FCA-approved persons who are approved to perform a controlled function in SUP 10A (FCA Approved Persons in Appointed Representatives).53
APER 1.1A.1AGRP
[deleted]5
APER 1.1A.6GRP
[deleted]51333
APER 1.1A.7GRP

[deleted]5

3
PERG 4.1.1GRP
This chapter applies to any person who needs to know whether the activities he conducts in relation to mortgages are subject to FCA regulation.
PERG 4.1.2GRP
Certain4 activities relating to mortgages are regulated by the FCA4. The purpose of this guidance is to help persons decide whether they need authorisation and, if they do, to determine the scope of the Part 4A permission4 for which they will need to apply.444
PERG 4.1.3GRP
This guidance is issued under section 139A of Act (Guidance). It is designed to throw light on particular aspects of regulatory requirements, not to be an exhaustive description of a person's obligations. If a person acts in line with the guidance in the circumstances contemplated by it, then the FCA will proceed on the footing that the person has complied with aspects of the requirement to which the guidance relates.
PERG 4.1.4GRP
Rights conferred on third parties cannot be affected by guidance given by the FCA. This guidance represents the FCA's view, and does not bind the courts, for example, in relation to an action for damages brought by a private person for breach of a rule (see section 138D of the Act (Action for damages)), or in relation to the enforceability of a contract where there has been a breach of the general prohibition on carrying on a regulated activity in the United Kingdom without authorisation
SUP 15.2.1GRP
A firm is required to provide the FCA2 with a wide range of information to enable the FCA2 to meet its responsibilities for monitoring the firm's compliance with requirements imposed by or under the Act. Some of this information is provided through regular reports, including those set out in SUP 16 (Reporting requirements) and SUP 17 (Transaction reporting). In addition, other chapters in the Handbook set out specific notification and reporting requirements. Principle 11 includes
SUP 15.2.1AGRP
7Payment service providers are required to provide the FCA with such information as the FCA may direct in respect of their provision of payment services or compliance with the requirements imposed by or under Parts 2 to 7 or regulation 105 of the Payment Services Regulations. The purpose of SUP 15.8 is to request information from full credit institutions where they provide (or propose to provide) account information services or payment initiation services. In addition to this
SUP 15.2.3GRP
Rules and guidance have also been included to set out how firms should make a notification and to determine when it may be appropriate to discuss matters with their usual supervisory contact at the FCA2 by telephone (SUP 15.7).9
SUP 15.2.5GRP
3SUP 15.11 (Notification of COCON breaches and disciplinary action) provides rules and guidance on notifications to the FCA by an SMCR firm where the SMCR firm8 takes disciplinary action in relation to any conduct rules staff and the reason for taking that action is a reason specified in rules made by the FCA. This is a requirement imposed4 under section4 64C of the Act.4
SUP 15.2.6GRP
3SUP 15.12 (Ongoing alerts for retail adviser complaints) sets out rules and guidance on a firm’s obligation to notify the FCA of complaints against an employee acting as a retail investment adviser.
COCON 3.1.2GRP
In assessing compliance with, or a breach of, a rule in COCON, the FCA will have regard to the context in which a course of conduct was undertaken, including: (1) the precise circumstances of the individual case; (2) the characteristics of the particular function performed by the individual in question; and (3) the behaviour expected in that function.
COCON 3.1.4GRP
In determining whether or not the particular conduct of a person complies with the rules in COCON, factors the FCA would expect to take into account include: (1) whether that conduct relates to activities that are subject to other provisions of the Handbook; (2) whether that conduct is consistent with the requirements and standards of the regulatory system relevant to the person'sfirm.
COCON 3.1.5GRP
In determining whether or not the conduct of a senior conduct rules staff member complies with rules SC1 to SC4 in COCON, factors the FCA would expect to take into account include:(1) whether they exercised reasonable care when considering the information available to them;(2) whether they reached a reasonable conclusion upon which to act;(3) the nature, scale and complexity of the firm's business;(4) their role and responsibility as determined by reference to the relevant statement
COCON 3.1.7GRP
UK domestic firms with a premium listing1 are subject to the UK Corporate Governance Code, whose internal control Provisions1 are explained in the publication entitled ‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting (September 2014)’1 issued by the Financial Reporting Council. Therefore, firms in this category will be subject to that code, as well as to the rules in COCON. In forming an opinion as to whether a senior conduct rules staff
SUP 1A.4.1GRP
In order to meet the statutory objectives and address identified risks to those objectives, the FCA has a range of supervisory tools available to it, including the power to impose financial penalties.
SUP 1A.4.4GRP
Some of these tools, for example the use of public statements to deliver messages to firms or consumers1, do not involve the FCA in direct oversight of the business of firms. In contrast, other tools do involve a direct relationship with firms. The FCA also has powers to act on its own initiative to impose or vary individual requirements on a firm (see SUP 7) and to ban or impose requirements in relation to specific financial promotions1. The FCA may also use its general rule-making
SUP 1A.4.5GRP
The FCA uses a variety of tools to monitor whether a firm, once authorised, remains in compliance with regulatory requirements. These tools include (but are not limited to):(1) desk-based reviews;(2) liaison with other agencies or regulators;(3) meetings with management and other representatives of a firm;(4) on-site inspections;(5) reviews and analysis of periodic returns and notifications;(6) reviews of past business;(7) transaction monitoring;(8) use of auditors; and(9) use
SUP 1A.4.6GRP
The FCA also uses a variety of tools to address specific risks identified in firms. These tools include:(1) making recommendations for preventative or remedial action;(2) giving other individual guidance to a firm;(3) imposing individual requirements; and(4) varying a firm'spermission in another way.
SUP 1A.4.7GRP
For further discussion of the FCA's regulatory approach, see publications on the FCA's website.
INSPRU 8.2.24RRP
The Society must, as soon as it is practical to do so, notify the FCA2of its intention to make any amendment which may alter the meaning or effect of any byelaw, including:2(1) any Lloyd's trust deed;(2) any standard form letter of credit prescribed by the Society from time to time; or(3) any standard form guarantee agreement prescribed by the Society from time to time.
INSPRU 8.2.25RRP
The Society must provide the FCA2with full details of:2(1) the form of any new Lloyd's trust deed it intends to approve, as described in INSPRU 8.2.23 R and(2) any amendments falling within INSPRU 8.2.24 R.
INSPRU 8.2.28RRP
The information provided to the 2FCA2by the Society under INSPRU 8.2.25 R must include:(1) a statement of the purpose of any proposed amendment or new Lloyd's trust deed and the expected impact, if any, on policyholders, managing agents, members, and potential members; and(2) a description of the consultation undertaken under INSPRU 8.2.26 R including a summary of any significant responses to that consultation.
INSPRU 8.2.29GRP
The FCA2would normally expect to receive the information required under INSPRU 8.2.25 R and INSPRU 8.2.28 R not less than three months in advance of the proposed change.2
SUP 9.3.1GRP
Business and internal control risks vary from firm to firm, according to the nature and complexity of the business. The FCA's assessment of these risks is reflected in how its rules apply to different categories of firm as well as in the use of its other regulatory tools. One of the tools the FCA has available is to give a firm individual guidance on the application of the requirements or standards under the regulatory system in the firm's particular circumstances.
SUP 9.3.2GRP
The FCA6 may give individual guidance to a firm on its own initiative if it considers it appropriate to do so. For example:6(1) the FCA6 may consider that general guidance in the Handbook does not appropriately fit a firm's particular circumstances (which may be permanent or temporary) and therefore decide to give additional individual guidance to the firm;6(2) some of the FCA's6 requirements are expressed in general terms; however, there may be times when the FCA6 will wish to
SUP 9.3.3GRP
If the FCA intends to give a firm individual guidance on its own initiative, it will normally seek to discuss the issue with the firm and agree suitable individual guidance.
SUP 9.3.4GRP
Individual guidance given to a firm on the FCA's own initiative will normally be given in writing.
SUP 1A.1.1GRP
1This chapter applies to every firm, except that its relevance for an ICVC is limited as the FCA does not intend to carry out an assessment of an ICVC that is specific to that ICVC.
SUP 1A.1.2GRP
The Act (section 1L) requires the FCA to "maintain arrangements for supervising authorised persons". Section 1K of the Act also requires the FCA to provide general guidance about how it intends to advance its operational objectives in discharging its general functions in relation to different categories of authorised person or regulated activity. One purpose of this guidance is to discharge the duties of the FCA set out in sections 1L and 1K of the Act. The FCA's approach to
SUP 1A.1.3GRP
The design of these arrangements is shaped by the FCA'sstatutory objectives in relation to the conduct supervision of2firms as well as the prudential supervision of firms not supervised by the PRA. These objectives are set out in Chapter 1 of the Act. The FCA has one strategic objective: ensuring that the relevant markets function well. In discharging its general functions, the FCA must, so far as is reasonably possible, act in a way which is compatible with its strategic objective
SUP 1A.1.4GRP
(1) In designing its approach to supervision, the FCA has regard to the regulatory principles set out in section 3B of the Act. In particular, the FCA's regulatory approach aims to focus and reinforce the responsibility of the senior management of each firm (section 3B(1)(d) of the Act) to ensure that it takes reasonable care to organise and control the affairs of the firm responsibly and effectively, and develops and maintains adequate risk management systems. It is the responsibility
CASS 1A.2.5RRP
(1) Notwithstanding CASS 1A.2.2 R, provided that the conditions in (2) are satisfied a firm may elect to be treated:(a) as a CASS medium firm, in the case of a firm that is classed by the application of the limits in CASS 1A.2.7 R as a CASS small firm; and (b) as a CASS large firm, in the case of a firm that is classed by the application of the limits in CASS 1A.2.7 R as a CASS medium firm.(2) The conditions to which (1) refers are that in either case:(a) the election is notified4
CASS 1A.2.9RRP
Once every calendar year a firm must notify to the FCA in writing the information specified in (1), (2) or (3) as applicable, and the information specified in (4), in each case no later than the day specified in (1) to (4):44(1) if it held client money or safe custody assets in the previous calendar year, the highest total amount of client money and the highest total value of safe custody assets held during the previous calendar year, notification of which must be made no later
CASS 1A.2.11GRP
For the purpose of CASS 1A.2.9R (1), the FCA will treat that obligation as satisfied if a firm submitted4 a CMAR for each period within the previous calendar year 4 in compliance with SUP 16.14.3 R.3434343
CASS 1A.2.12RRP
4A firm's 'CASS firm type' and any change to it takes effect:(1) if the firm notifies the FCA in accordance with CASS 1A.2.9 R (1) or CASS 1A.2.9 R (2), on 1 February following the notification; or(2) if the firm notifies the FCA in accordance with CASS 1A.2.9 R (3), on the day it begins to hold client money or safe custody assets; or(3) if the firm makes an election under CASS 1A.2.5 R (1), and provided the conditions in CASS 1A.2.5 R (2) are satisfied, on the day the notification
CASS 1A.2.13GRP
4Any written notification made to the FCA under this chapter should be marked for the attention of: "Client Assets Firm Classification".
RCB 3.6.1RRP
If an issuer or owner does not provide the notifications to the FCA required by directions made under this chapter by the date specified, then that issuer or owner must pay to the FCA an administrative fee of £250.
RCB 3.6.2GRP
The FCA's exercise of its powers under Part 1 paragraph 3 of the Schedule to the RCB Regulations (power to require information) may include requesting information on the reviews undertaken or advice given by accountants and where appropriate lawyers.
RCB 3.6.3GRP
The form and content of the notifications in this chapter are a matter for direction by the FCA which will determine any additional information and documentation required on a case-by-case basis.
RCB 3.6.5DRP
Unless otherwise stated, the issuer or the owner, as the case may be, must send the relevant forms and information to the FCA's address marked for the attention of the "Covered Bonds Team, Prudential Specialists Department1" by any of the following methods:(1) post; or(2) leaving it at the FCA's address and obtaining a time-stamped receipt; or(3) email to rcb@fca.org.uk.
SUP 16.11.2GRP
(1) The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, consumer credit lending8 and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data, and to report individual performance data on regulated mortgage contracts,7 to the FCA17. In the case of firms in the sale and rent back market, there is a requirement to record, but not to submit, sales data13. These requirements apply6 whether
SUP 16.11.4GRP
(1) A firm may submit a sales 7data report more frequently than required by SUP 16.11.3 R7if it wishes.7(2) If it is easier and more practical for a firm to submit additional data relating to products other than those specified in SUP 16.11.5 R, it may submit that additional data to the FCA17 in a data report.17
SUP 16.11.9RRP
A firm must provide a 7data report to the FCA17 electronically in a standard format provided by the FCA17.71717
SUP 16.11.10GRP
A data report will have been provided to the FCA17 in accordance with SUP 16.11.9 R only if all mandatory data reporting fields (as set out in SUP 16 Annex 21R) have been completed correctly and the report has been accepted by the relevant FCA17 reporting system.1717
SUP 16.11.11RRP
(1) A firm may appoint another person to provide a 7data report on the firm's behalf if the firm has informed the FCA17 of that appointment in writing.717(2) Where (1) applies, the firm must ensure that the data report complies with the requirements of SUP 16.11 and identifies the originator of the transaction.
SUP 2.4.2GRP
The FCA uses mystery shopping to help it protect consumers. This may be by seeking information about a particular practice across a range of firms (SUP 2.4.3 G (1)) or the practices of a particular firm (SUP 2.4.3 G (2)). One of the risks consumers face is that they may be sold products or services3 which are inappropriate to them. A problem in protecting consumers from this risk is that it is very difficult to establish after the event what a firm has said to a 'genuine' consumer
SUP 2.4.3GRP
The FCA may carry out mystery shopping:(1) together with a programme of visits to obtain information about a particular practice, looking at a particular issue across a range of firms, when the FCA may advise the firms of the issues beforehand; the practice being scrutinised may be that of firms or a class of firms in carrying on regulated activities or ancillary activities or in communicating or approving financial promotions; (2) together with focused visits (concentrating on
SUP 2.4.4GRP
Telephone calls and meetings held during mystery shopping will be recorded. The FCA expects that any mystery shopping it arranges will be conducted in accordance with the Market Research Society Code of Practice.
SUP 2.4.5GRP
1The FCA may use the information it obtains from mystery shopping in support of both its supervisory functions and its enforcement functions. This includes sharing any information so obtained with firms and approved persons.
EG 11.1.1RP
1Decisions about whether to apply to the civil courts for restitution orders under the Act will be made by the RDC Chairman or, in an urgent case and if the Chairman is not available, by an RDC Deputy Chairman. In an exceptionally urgent case the matter will be decided by the director of Enforcement or, in his or her absence, another member of the FCA's executive of at least director of division level.
EG 11.1.2RP
1An exceptionally urgent case in these circumstances is one where the FCA staff believe that a decision to begin proceedings (1) should be taken before it is possible to follow the procedure described in paragraph 11.1.1; and (2) it is necessary to protect the interests of consumers or potential consumers.
EG 11.1.3RP
1The FCA has power to apply to the court for a restitution order under section 382 of the Act and (in the case of market abuse) under section 383 of the Act. It also has an administrative power to require restitution under section 384 of the Act. When deciding whether to exercise these powers, the FCA will consider whether this would be the best use of the FCA's limited resources taking into account, for example, the likely amount of any recovery and the costs of achieving and
EG 11.1.4RP
1Instances in which the FCA might consider using its powers to obtain restitution for eligible counterparties are likely to be very limited.
EG 4.7.1RP
2The FCA's standard practice is generally to use statutory powers to require the production of documents, the provision of information or the answering of questions in interview. This is for reasons of fairness, transparency and efficiency. It will sometimes be appropriate to depart from this standard practice, for example: (1) For suspects or possible suspects in criminal or market abuse investigations, the FCA may prefer to question that person on a voluntary basis, possibly
EG 4.7.2RP
Firms, approved persons and conduct rules staff1 have an obligation to be open and co-operative with the FCA (as a result of Principle 11 for Businesses,1 Statement of Principle 4 for Approved Persons and Rule 3 of COCON 2.11). The FCA will make it clear to the person concerned whether it requires them to produce information or answer questions under the Act or whether the provision of answers is purely voluntary. The fact that the person concerned may be a regulated person does
EG 4.7.3RP
2The FCA will not bring disciplinary proceedings against a person for failing to be open and co-operative with the FCA1 simply because, during an investigation, they choose not to attend or answer questions at a purely voluntary interview. However, there may be circumstances in which an adverse inference may be drawn from the reluctance of a person (whether or not they are a firm or individual1) to participate in a voluntary interview. If a person provides the FCA with misleading
EG 4.7.4RP
2If a person does not comply with a requirement imposed by the exercise of statutory powers, they may be held to be in contempt of court. The FCA may also choose to bring proceedings for breach of Principle 11,1 Statement of Principle 4 or COCON 2.1.3R1 as this is a serious form of non-cooperation.
LR 1.2.1RRP
(1) The FCA may dispense with or modify the listing rules in such cases and by reference to such circumstances as it considers appropriate (subject to 4the Act).(2) A dispensation or modification may be either unconditional or subject to specified conditions.(3) If an issuer or sponsor has applied for, or been granted, a dispensation or modification, it must notify the FCA immediately it becomes aware of any matter which is material to the relevance or appropriateness of the dispensation
LR 1.2.2RRP
(1) An application to the FCA to dispense with or modify a listing rule must be in writing.(2) The application must:(a) contain a clear explanation of why the dispensation or modification is requested;(b) include details of any special requirements, for example, the date by which the dispensation or modification is required;(c) contain all relevant information that should reasonably be brought to the FCA's attention;(d) contain any statement or information that is required by
LR 1.2.4GRP
If an issuer applies to the FCA to dispense with or modify a listing rule on the basis that it is in severe financial difficulty, the FCA would ordinarily expect the issuer to comply with the conditions in LR 10.8 (to the extent relevant to the particular rule for which the dispensation or modification is sought). In particular, the FCA would expect the issuer to comply with those conditions that are directed at demonstrating that it is in severe financial difficulty.
LR 1.2.5GRP

An issuer or sponsor should consult with the FCA at the earliest possible stage if it:

  1. (1)

    is in doubt about how the listing rules apply in a particular situation; or

  2. (2)

    considers that it may be necessary for the FCA to dispense with or modify a listing rule.

LR 1.2.6GRP

2Where a listing rule refers to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency or in the case of a submission from a sponsor in relation to the provision of a sponsor service.

Address for correspondence

Note:The FCA's address for correspondence is:

The Financial Conduct Authority

12 Endeavour Square3

London, E20 1JN3

Tel: 020 7066 8333

www.fca.org.uk/markets/ukla

PERG 8.32.2GRP
Article 25(1) applies only where the arrangements bring about or would bring about the particular transaction in question. This is because of the exclusion in article 26. In the FCA's view, a person brings about or would bring about a transaction only if his involvement in the chain of events leading to the transaction is of enough importance that without that involvement it would not take place. The second limb (article 25(2)) is potentially much wider as it does not require
PERG 8.32.4GRP
The ordinary business of a publisher or broadcaster can involve him in publishing or broadcasting financial promotions (for example, advertisements) on behalf of authorised or exempt persons. Journalists who write about investments or financial services may promote the services of an authorised or exempt person. In the FCA's opinion, such persons would not normally be regarded as making arrangements under article 25(2). This is the case even if any arrangements they may have made
PERG 8.32.5GRP
The Regulated Activities Order contains an exclusion (article 27: Enabling parties to communicate) to bring a degree of certainty to this area. This applies to arrangements which might otherwise fall within article 25(2) merely because they provide the means by which one party to a transaction (or potential transaction) is able to communicate with other parties. In the FCA's view, the crucial element of the exclusion is the inclusion of the word ‘merely’. So that, where a publisher,
PERG 8.32.6GRP
For example, in the FCA's view a publisher or broadcaster would be likely to be making arrangements within the meaning of article 25(2) and be unable to make use of the exclusion in article 27 if:(1) he enters into an agreement with a provider of investment services such as a broker or product provider for the purpose of carrying their financial promotion; and(2) as part of the arrangements, the publisher or broadcaster does one or more of the following:(a) brands the investment
PERG 8.32.9GRP
Other persons who may benefit from the exclusion in article 27 include persons who provide the means for someone to route an order to another person. A person providing such order routing services would not, in the FCA's view, be merely facilitating communication (of the orders) if he provides added value. This added value could be in the form, for example, of such things as formatted screens, audit trails, checking completeness of orders or matching orders or reconciling tra