Related provisions for EG 13.10.3
381 - 400 of 498 items.
1The Bank Recovery and Resolution Order 2016 amended the Act by adding sections 71B to 71I. The FCA has powers to remove directors and senior executives and to appoint temporary managers of relevant firms or parent undertakings, as defined by section 71I of the Act. Where a temporary manager has been appointed, the FCA also has powers to require the directors not to exercise specified functions during the period of appointment and to consult the temporary manager, or obtain the
United States ('US') legislation restricts the ability of non-US firms to trade on behalf of customers resident in the US ('US customers') on non-US futures and options exchanges. The relevant US regulator (the CFTC) operates an exemption system for firms authorised under the Act. Under the Part 30 exemption order, eligible firms may apply for confirmation of exemptive relief from Part 30 of the General Regulations under the US Commodity Exchange Act. In line with this system,
1Under section 293A of the Act, the FCA3may require a UK recognised body to give such information as it reasonably requires in order to satisfy itself that the UK recognised body is complying with any qualifying 4provision that is specified, or of a description specified, for the purposes of section 293A of the Act by the Treasury.333
The purposes of SYSC are:(1) to encourage firms' directors and senior managers to take appropriate practical responsibility for their firms' arrangements on matters likely to be of interest to the FCA3 because they impinge on the FCA’s3 functions under the Act;(2) to increase certainty by amplifying Principle 3, under which a firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems;1(3) to encourage
The Act prohibits any person from carrying on, or purporting to carry on, regulated activities in the United Kingdom unless that person is an authorised person or an exempt person. If an overseas investment exchange wishes to undertake regulated activities in the United Kingdom, it will need to:2(1) obtain a Part 4A permission2 from the FCA2; or422(2) [deleted]4(3) [deleted]4113331(4) obtain exempt person status by being declared by the FCA2 to be an ROIE.222
1When it decides whether to exercise its power to disqualify an auditor or actuary under section 345(1), and what the scope of any disqualification will be, the FCA will take into account all the circumstances of the case. These may include, but are not limited to, the following factors: (1) the nature and seriousness of any breach of rules and the effect of that breach: the rules are set out in SUP 3 (Auditors) and SUP 4 (Actuaries), and in the case of firms which are ICVCs,
The purpose of the requirements in DTR 8 is to make the Part 6 rules permitted under section 89P of the Act in relation to primary information providers and persons applying for approval as primary information providers. [Note: When exercising its functions under Part VI of the Act, the FCA may use the name: the UK Listing Authority.][Note: Other parts of the Handbook that may also be relevant to primary information providers include DEPP (Decision Procedure and Penalties manual)
1The FCA's policy with respect to the prosecution of criminal offences is set out in EG 12 and applies to the prosecution of CCA offences under section 401 of the Act. The FCA will not prosecute a person for an offence under the CCA in respect of an act or omission where the FCA has already disciplined the person under section 66, 205, 206 or 206A of the Act in respect of that act or omission.
(1) This chapter sets out rules governing the amounts payable by
FOS Ltd to the FCA to
fund the FCA’s functions under the ADR
Regulations.(2) These rules are made
using the rule-making power in paragraph 23 (Fees) Schedule 1ZA of the Act, as
applied with modifications by Regulation 15A of the ADR
Regulations.
1Except where the FCA has issued a warning notice, and the FCA has subsequently discontinued the proceedings, the Act does not require the FCA to provide notification of the termination of an investigation or subsequent enforcement action. However, where the FCA has given a person written notice that it has appointed an investigator and later decides to discontinue the investigation without any present intention to take further action, it will confirm this to the person concerned
1When deciding whether or not to disqualify an auditor under section 249(1) or section 261K(1) of the Act (concerning the power to disqualify an auditor for breach of trust scheme
rules or contractual scheme rules), and in setting the disqualification, the FCA will take into account all the circumstances of the case. These may include, but are not limited to, the following circumstances: (1) the effect of the auditor's breach of a duty imposed by trust scheme
1The RAO sets out those activities which are regulated for the purposes of the Act. Part V of the RAO also requires the FCA to maintain a register of all those people who are not authorised by the FCA but who carry on insurance distribution2 activities. Under article 95 RAO, the FCA has the power to remove from the register an appointed representative who carries on insurance distribution2 activities if it considers that he is not fit and proper. The FCA will give the person a
1In cases where it decides to petition for the compulsory winding up of a body under section 367 of the Act, the FCA will also consider whether it should seek the appointment of a provisional liquidator. The FCA will have regard, in particular, to the extent to which there may be a need to protect consumers' claims and consumers' funds or other assets. Where the FCA decides to petition for the compulsory winding up of a company or partnership on the just and equitable ground and
1Even where action is not taken against connected parties, these parties may have what the Act calls ‘third party rights’. Broadly, if any of the reasons contained in a warning notice or decision notice identifies a person (the third party) other than the person to whom the notice is given, and in the opinion of the FCA is prejudicial to the third party, a copy of the notice must be given to the third party unless that person receives a separate warning notice or decision notice
Sections 393 (Third party rights) and 394 (Access to FCA1 material) of the Act confer additional procedural rights relating to third parties and to disclosure of FCA1 material. These rights apply in certain warning notice and decision notice cases referred to in section 392 of the Act (Application of sections 393 and 394). The cases in which these additional rights apply are identified in DEPP 2 Annex 1 by asterisks; these are generally cases in which the warning notice or decision
1This chapter explains the FCA's policies on how it uses its powers under the Act to apply to the court for orders under existing insolvency legislation and exercise its rights under the Act to be involved in proceedings under that legislation. The FCA's effective use of its powers and rights in insolvency proceedings helps it pursue its statutory objectives, including its operational objectives of securing an appropriate degree of protection for consumers, protecting and enhancing
1As is explained in the chapter of this guide on publicity (chapter 6), the FCA will not normally make public the fact that it is or is not investigating a matter and its expectation is that the person under investigation will also treat the matter as confidential. However, subject to the restrictions on disclosure of confidential information in section 348 of the Act, this does not stop the person under investigation from seeking professional advice or making their own enquiries