Related provisions for PERG 4.4.5
1 - 20 of 28 items.
A contract is only a regulated mortgage contract if the land is:544(1) in relation to a contract entered into before IP completion day6, land in the United Kingdom or [, if the contract was entered into on or or after 21 March 2016,] within the territory of an EEA State; and5(2) in relation to a contract entered into on or after IP completion day6, land in the United Kingdom,5 (see PERG 4.4.5 G (Land5)).44
When a person is arranging (bringing about) regulated mortgage contracts or making arrangements with a view to regulated mortgage contracts from overseas, the question of whether he will be carrying on regulated activities in the United Kingdom will depend on the relevant circumstances. In the FCA's view, factors to consider include:(1) the territorial limitation in the definition of regulated mortgage contract so that regulation only applies if the land is in the United Kingdom5;44(2)
In the FCA's view, in circumstances other than those excluded by article 72(5D) of the Regulated Activities Order, the need for an overseas lender to be authorised or to have an exemption will depend on the location of the land.4 This is because of:4(1) the territorial limitation in the definition of regulated mortgage contract so that regulation applies only if the land is in the United Kingdom5;44(2) the general principle and practice that contracts relating to land are usually
In the FCA's view, in circumstances other than those excluded by article 72(5E) of the Regulated Activities Order, the need for an overseas administrator to be authorised or to have an exemption will depend on the location of the land.4 This is because:4(1) the territorial limitation in the definition of regulated mortgage contract means that regulation applies only if the land is in the United Kingdom5;44(2) when administrators notify borrowers resident in the United Kingdom5
Article 61(3)(a) of the Regulated Activities Order defines a regulated mortgage contract as a contract which, at the time it is entered into, satisfies the following conditions:(1) the contract is one where a lender provides credit to an individual or trustees (the 'borrower');(2) the contract provides for the obligation of the borrower to repay to be secured by a mortgage on land, where “land” for this purpose means:855(a) in relation to a contract entered into before IP completion
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]
This chapter applies to a firm in relation to:(1) the communication of a financial promotion to a person in the United Kingdom;(2) the communication of a cold call of qualifying credit, a home reversion plan or a regulated sale and rent back agreement, unless it is made from a place, and for the purposes of a business which is only carried on, outside the United Kingdom;(3) the approval of a non-real time financial promotion of qualifying credit, a home reversion plan or a regulated
If a firm makes an offer to a consumer2 with a view to entering into a regulated mortgage contract which is a distance contract, it must provide the consumer2 with the following information with the offer document:232(1) [deleted]5(2) any contractual clause on law applicable to the regulated mortgage contract or on competent court, or both;(3) the language in which the contract is supplied and in which the firm will communicate during the course of the regulated mortgage contract;
(1) A firm must warn any consumer with a foreign currency loan, on a regular basis, where the value of either: (a) the total amount payable by the consumer which remains outstanding; or (b) the regular instalments;varies by more than 20% from what it would be if the exchange rate between the currency of the MCD regulated mortgage contract and the currency of the EEA State, applicable at the time of the conclusion of the MCD regulated mortgage contract, were applied.(2) The warning
2Prior to 21 March 2016, the definition of ‘regulated mortgage contract’ in article 61(3)(a) of the Regulated Activities Order was limited to mortgage contracts secured by a first legal mortgage (but not a second charge mortgage or an equitable mortgage) of land in the United Kingdom (rather than land in the EEA), and the regulated activity of administering a regulated mortgage contract was limited to mortgage contracts entered into on or after 31 October 2004, being the date
A firm must make available clear and comprehensible information about MCD regulated mortgage contracts at all times on paper, or on another durable medium or in electronic form, that includes:(1) the identity and the geographical address of the firm;(2) the purposes for which the credit may be used;(3) the forms of security3;(4) the possible duration of the MCD regulated mortgage contracts;(5) the types of available borrowing rate, indicating whether fixed or variable or both,
If a firm makes an offer to a consumer with a view to entering into or varying an MCD regulated mortgage contract which is a distance contract, it must provide the consumer with the following information with the offer document:(1) [deleted]1(2) any contractual clause on law applicable to the MCD regulated mortgage contract or a competent court, or both;(3) the language in which the contract is supplied and in which the firm will communicate during the course of the MCD regulated
(1) Regulations 3(1) 8and (2) of the Appointed Representatives Regulations make it a requirement that the contract between the firm and the appointed representative (unless it prohibits the appointed representative from representing other counterparties) contains a provision enabling the firm to:488(a) impose such a prohibition; or(b) impose restrictions as to the other counterparties which the appointed representative may represent, or as to the types of investment in relation