Related provisions for SUP App 3.3.8
21 - 40 of 288 items.
(1) 1Part 6 (Marketing) of the AIFMD UK regulation contains restrictions on an AIFM or an investment firmmarketing an AIF. Such a person may not market an AIF in the UK or Gibraltar2 unless the relevant conditions set out in the AIFMD UK regulation are met.(2) The purpose of this section is to give guidance on: (a) the restrictions on an AIFM or investment firmmarketing an AIF (PERG 8.37.2 G and PERG 8.37.3 G);(b) the circumstances in which an AIFM or an investment firmmarkets
Regulations 49 and 50 place restrictions on an AIFMmarketing an AIF. These regulations provide that the following types of AIFM may not market the following types of an AIF in the UK unless the conditions summarised below are met.(1) The conditions that need to be met vary depending on whether the AIF falls within regulation 57(1) or not. An AIF falls within this regulation if it is: (a) a feeder AIF that is a UK AIF, a Gibraltar AIF or an EEA AIF, the master AIF of which is
(1) Regulation 45 (References in this part to an AIFM or an investment firm marketing an AIF) provides that:(a) an AIFMmarkets an AIF when the AIFM makes a direct or indirect offering or placement of units or shares of an AIF managed by it to an investor domiciled or with a registered office in the United Kingdom or Gibraltar2, or when another person makes such an offering or placement at the initiative of, or on behalf of, the AIFM; and(b) an investment firmmarkets an AIF when
(1) Under the UK provisions which implemented2 article 31 AIFMD, an AIFM is required to submit the documentation and information set out in the law that implemented2 Annex III to AIFMD with its application for permission to market an AIF managed by it and to notify the FCA2 of any material changes to this documentation and information. Therefore, the prescribed documentation and information should be in materially final form before the AIFM may apply for permission to market an
(1) The restrictions on the marketing of an AIF in regulations 49 to 51 only apply to marketing that takes place in the UK. In addition, under regulation 45, an AIFM or an investment firm only markets an AIF if the investor is domiciled in the United Kingdom or Gibraltar2 or has its registered office in the United Kingdom or Gibraltar2.(2) Under regulation 2(2)(a) (Interpretation), the reference to ‘domicile’ should be construed in line with its meaning in AIFMD2. This may be
In complying with SYSC 4.3.1 R (Responsibility of senior personnel), an authorised fund manager of a UCITS scheme3must ensure that its senior personnel:(1) are responsible for the implementation of the general investment policy for each scheme it manages, as defined, where relevant, in the prospectus or the instrument constituting the fund;22(2) oversee the approval of investment strategies for each scheme it manages;(3) are responsible for ensuring that the authorised fund manager3has
An authorised fund manager of a UCITS scheme3must ensure that its senior personnel receive, on a regular basis, reports on the implementation of investment strategies and of the internal procedures for taking the investment decisions referred to in COLL 6.10.2R (2) to COLL 6.10.2R (5).[Note: article 9(5) of the UCITS implementing Directive]
The purpose of this section is to: 3(1) give directions to authorised payment institutions, small payment institutions and registered account information service providers under regulation 109(1) (Reporting requirements) of the Payment Services Regulations in relation to:31212(a) the information in respect of their provision of payment services and their compliance with requirements imposed by or under Parts 2 to 7 of the Payment Services Regulations that they must provide to
(1) An authorised payment institution, a small payment institution6 or a registered account information service provider3 must submit to the FCA12 the duly completed return applicable to it as set out in column (2) of the table in SUP 16.13.4D.2212(2) An authorised payment institution, a small payment institution or a registered account information service provider3 must submit the return referred to in (1):(a) in the format specified as applicable in column (3) of the table
2SUP 16.3.11 R (Complete reporting) and SUP 16.3.13 R (Timely reporting) also apply to authorised payment institutions, small payment institutions6 and registered account information service providers3 as if a reference to firm in these rules were a reference to these categories of payment service provider3.
The table below sets out the format, reporting frequency and due date for submission in relation to regulatory returns that apply to authorised payment institutions,3small payment institutions6 and registered account information service providers3.
(1) |
(2) |
(3) |
(4) |
(5) |
Type of payment service provider3 |
Return |
Format |
Reporting Frequency |
Due date |
Authorised Payment Institution Capital Adequacy Return |
FSA056 (Note 1) |
Annual (Note 2) |
30 business days (Note 3) |
|
Authorised Payment Institution Capital Adequacy Return |
FSA056 (Note 1) |
Annual (Note 2) |
30 business days (Note 3) |
|
Payment Services Directive Transactions |
FSA057 (Note 4) |
Annual (Note 5) |
||
Note 1 |
When submitting the completed return required, the authorised payment institution or registered account information service provider3 must use the format of the return set out in SUP 16 Annex 27CD3. Guidance notes for the completion of the return are set out in SUP 16 Annex 27DG3. |
|||
Note 2 |
This reporting frequency is calculated from an authorised payment institution's or registered account information service provider’s 3accounting reference date. |
|||
Note 3 |
The due dates are the last day of the periods given in column (5) of the table above following the relevant reporting frequency period set out in column (4) of the table above. |
|||
Note 4 |
When submitting the completed return required, the small payment institution must use the format of the return set out in SUP 16 Annex 28CD3. Guidance notes for the completion of the return are set out in SUP 16 Annex 28DG3. |
|||
Note 5 |
This reporting frequency is calculated from 31 December each calendar year. |
|||
Under the Act and the Regulated Activities Order, the activities of effecting and carrying out contracts of insurance are treated as being carried on in the United Kingdom on the basis of legal tests under which the location of the risk is only one factor. If the risk is located in the United Kingdom, then (other relevant factors being taken into account) the activity will, in the vast majority of cases, also be viewed as carried on in the United Kingdom. There are exceptions,
So, the effect of App 3.12.1 is that an insurer may be carrying on insurance business in the United Kingdom which is to be treated as a regulated activity under article 10 to the Regulated Activities Order (Effecting and carrying out contracts of insurance) in circumstances where the risks covered are treated as located in another EEA State. In that event, the insurer is required by Schedule 3 to the Act to passport into the State concerned and may be subject to conduct of business
An insurer authorised in another EEA State who is insuring UK risks and so passports on a services basis under the Solvency II Directive7 into the United Kingdom may not be carrying on a regulated activity in the United Kingdom. But, if it passports into the United Kingdom, it will qualify for authorisation under paragraph 12 of Schedule 3 to the Act (Firms qualifying for authorisation). Where this is the case, the insurer will be subject to conduct of business requirements in
(1) This chapter applies to a firm which is considering appointing, has decided to appoint or has appointed an appointed representative.1(1A) This chapter applies to a MiFID investment firm6 which is considering appointing, has decided to appoint or has appointed an FCA registered tied agent6.2(1B) 4This chapter applies to a CBTL firm other than a CBTL lender which is considering appointing, has decided to appoint or has appointed an appointed representative in relation to CBTL
2This chapter also sets out:5(1) guidance about section 39A of the Act, which is relevant to a MiFID investment firm6 that is considering appointing an FCA registered tied agent; and5(2) the FCA’s rules, and guidance on those rules, in relation to the appointment of:5(a) an FCA registered tied agent by a MiFID investment firm6;5(b) a MiFID optional exemption appointed representative; and5(c) a structured deposit appointed representative.5
(1) 1This section applies to a firm in relation to a communication to a client, including an excluded communication, that is a marketing communication within the meaning of the UCITS Directive.(2) This section does not apply to:(a) image advertising; or(b) the instrument constituting the fund2, the prospectus, the key investor information3 or the periodic reports and accounts of a UCITS scheme4.2[Note: recital (58) of the UCITS Directive]
(1) A firm must ensure that a marketing communication that comprises an invitation to purchase units in a UCITS scheme4 and that contains specific information about the scheme:(a) makes no statement that contradicts or diminishes the significance of the information contained in the prospectus and the key investor information document4 for the scheme;(b) indicates that a prospectus exists for the scheme and that the key investor information document4 is available; and(c) specifies
Where an authorised fund manager of a feeder UCITS enters into a master-feeder agreement or, if applicable, internal conduct of business rules, with the management company of an EEA UCITS scheme, references in COLL 11 Annex 1 R and COLL 11 Annex 2 R to COLLrules that implemented4 provisions in the UCITS Directive which are the responsibility of the EEA UCITS scheme'sHome State regulator should be read as referring to the corresponding provisions in the laws and regulations of
(1) Where the feeder UCITS and the master UCITS are UCITS schemes, the master-feeder agreement must provide that the law of a specified part of the United Kingdom applies to the agreement and that both parties agree to the exclusive jurisdiction of the courts of that part of the United Kingdom.(2) Where the master UCITS is established in an EEA State, the master-feeder agreement must provide that the applicable law shall be UK law,4and that both parties agree to the exclusive
(1) The authorised fund managers of a master UCITS and its feeder UCITS must take appropriate measures to co-ordinate the timing of their net asset value calculation and publication, including the publication of dealingprices, in order to avoid market timing in their units, preventing arbitrage opportunities.(2) Where 4the master UCITS4is an EEA UCITS scheme managed by an EEA UCITS management company, the authorised fund manager must co-ordinate with that management company.[Note:
36The RAO and the UK auctioning regulations together generate three broad categories of person in relation to bidding for emission allowances on an auction platform:(1) The first category consists of a MiFID investment firm (other than a collective portfolio management investment firm).(1A) The first category also consists of a person that is exempt from MiFID under article 2(1) (j), as onshored by Part 1 of Schedule 3 to the RAO, where it is bidding on behalf of a client of its
26The definition of a UKmultilateral trading facility33 covers:(1) a multilateral trading facility as defined by article 2(1)(14A) of MiFIR33 (see PERG 13, Q24) operated by an investment firm, a credit institution or a market operator; or(2) a facility which:(a) is operated by an investment firm, a credit institution or a market operator that is set up outside the United Kingdom33; and(b) would come within (1) if its operator was set up in the United Kingdom33.
26The definition of an UK organised trading facility33 covers:(1) UK33 organised trading facility as defined by article 2(1)(15A) of MiFIR33 (see PERG 13, Q24A) operated by an investment firm, a credit institution or a market operator; or(2) a facility which:(a) is operated by an investment firm, a credit institution or a market operator that is set up outside the United Kingdom33; and(b) would come within the MiFID definition if its operator was set up in the United Kingdom3
16The activity of managing a UK UCITS33 is derived from the UCITS Directive. A person will manage a UK UCITS33 where they carry on collective portfolio management of a UK UCITS33. A UK UCITS33is a type of collective investment scheme which is authorised by the FCA33 as meeting the requirements under the UK provisions which implemented33UCITS Directive.
5A UK UCITS management company13, when identifying the types of conflict of interests for the purposes of SYSC 10.1.4 R, must take into account:(1) the interests of the firm, including those deriving from its belonging to a group or from the performance of services and activities, the interests of the clients and the duty of the firm towards the UCITS scheme13it manages; and(2) where it manages two or more UCITS schemes13, the interests of all of them.[Note: article 17(2) of the
5For a UK UCITS management company13, references to client in SYSC 10.1.4 R and in the other rules in this section should be construed as referring to any UCITS scheme13managed by that firm or which it intends to manage, and with or for the benefit of which the relevant activity is to be carried on.
5A UK UCITS management company13 must be structured and organised in such a way as to minimise the risk of a UCITS scheme's13 or client's interests being prejudiced by conflicts of interest between the UK UCITS management company13 and its clients, between two of its clients, between one of its clients and a UCITS scheme13, or between two such schemes.[Note: articles 12(1)(b) and 14(1)(d) of the UCITS Directive]
(1) 5Where the organisational or administrative arrangements made by a UK UCITS management company13 for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the UCITS scheme13it manages or of its Unitholders will be prevented, the senior personnel or other competent internal body of the firm must be promptly informed in order for them to take any necessary decision to ensure that in all cases
(1) 1This rule applies to a state, a regional or local authority and a public international body with listeddebt securities3.(2) An issuer referred to in paragraph (1) that is not already required to comply with the transparency rules must comply with:(a) DTR 5.6.3 R (disclosure of changes in rights);(b) [deleted]2(c) DTR 6.1.3 R (2) (equality of treatment);(d) DTR 6.2 (Filing information and use of language); and(e) DTR 6.3 (Dissemination of information).
Where:(1) an MCD regulated mortgage contract is denominated in pound sterling1 ("currency A"); and(2) the consumer receives income or holds assets in currency A but also receives income or holds assets in another currency ("currency B");the MCD regulated mortgage contract will not be a foreign currency loan unless the credit is to be repaid wholly or in part from the income received or assets held in currency B.
The alternative currency referred to in MCOB 2A.3.1R (1) must be either:(1) the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time that the most recent affordability assessment in relation to the regulated mortgage contract was made; or(2) pound sterling1. [Note: article 23(2) of the MCD]
(1) This section applies to:(a) an authorised fund manager of an AUT, ACS1 or ICVC;(b) any other director of an ICVC; and(c) an ICVC;which is a UCITS scheme whose units may be marketed in another EEA State (the Host State).(2) The marketing of units of a UCITS scheme in the Host State may not commence until the FCA has, in accordance with paragraph 20B(5) (Notice of intention to market) of Schedule 3 to the Act, notified the authorised fund manager, in response to the application
The effect of article 58(4) (b) of the UCITS Directive is that a UCITS scheme that is a master UCITS which only has one or more feeder UCITS in another EEA State and therefore does not raise capital directly from the public in that EEA State will not thereby be exercising its right to market its units in that Host State in accordance with Chapter XI of the UCITS Directive.[Note: article 58(4)(b) of the UCITS Directive]