Related provisions for BIPRU 12.7.9

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PERG 8.24.1GRP
Under article 53(1)1 of the Regulated Activities Order, for anyone except a person in PERG 8.24.1AG,4advising on investments (except P2P agreements)1 covers advice which:(1) is given to a person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor; and(2) is advice on the merits of his (whether as principal or agent):42(a) 4buying, selling, subscribing for, exchanging, redeeming, holding4 or underwriting a particular
PERG 8.24.2GRP
For advice to be covered by4PERG 8.24.1 G:4(1) it must relate to an investment which is a security, structured deposit2 or a relevant investment;(2) that investment must be a particular investment;(3) it must be given to persons in their capacity as investors or potential investors;(4) it must be advice (that is, not just information); and(5) it must relate to the merits of investors or potential investors (or their agents) buying, selling, subscribing for or underwriting (or
LR 9.3.11RRP
A listed company proposing to issue equity securities7 for cash or to sell treasury shares that are equity shares8for cash must first offer those equity securities7 in proportion to their existing holdings to:78887(1) existing holders of that class of equity shares (other than the listed company itself by virtue of it holding treasury shares); and(2) holders of other equity shares of the listed company who are entitled to be offered them.
LR 9.3.12RRP
LR 9.3.11 R does not apply to:8(1) a listed company incorporated in the United Kingdom if a 8disapplication of statutory pre-emption rights has been authorised by shareholders in accordance with section 57053(Disapplication of pre-emption rights: directors acting under general authorisation) or section 571 (Disapplication of pre-emption rights by special resolution) of the Companies Act 2006 and the issue of equity securities78 or sale of treasury shares that are equity shares
IFPRU 6.1.15RRP
Under article 327(2) of the UK CRR1 (Netting), the netting of a convertible and an offsetting position in the underlying instrument is permitted.
IFPRU 6.1.16GRP
For the purpose of IFPRU 6.1.15 R, the convertible should be:(1) treated as a position in the equity into which it converts; and(2) the firm's own funds requirement for the general and specific risk in its equity instruments should be adjusted by making: (a) an addition equal to the current value of any loss which the firm would make if it did convert to equity; or(b) a deduction equal to the current value of any profit which the firm would make if it did convert to equity (subject
REC 3.15.3RRP
Where a UK recognised body suspends providing clearing facilitation services generally in respect of any derivative (other than an option in relation to a security), type of security or type of option in relation to a security, it must immediately give the FCA notice of that event, particulars of that derivative, type of security or type of option in relation to a security, as the case may be, and the reasons for the action taken.33
REC 3.15.5GRP
Specified investments (other than securities or options in relation to securities) falling within the same article in Part III of the Regulated Activities Order will normally be regarded as being assets of the same type. Securities falling within the same article in Part III of the Regulated Activities Order which may be given the same generic description (for example, shares admitted to the UK official list) will normally be regarded as being of the same type. Options in relation
BIPRU 5.2.10RRP
Notwithstanding the presence of credit risk mitigation taken into account for the purposes of calculating risk weighted exposure amounts and as relevant expected loss amounts, a firm must continue to undertake full credit risk assessment of the underlying exposure and must be in a position to demonstrate to the appropriate regulator the fulfilment of this requirement. In the case of repurchase transactions and/or securities or commodities lending or borrowing transactions the
BIPRU 5.2.15RRP
Cash, securities or commodities purchased, borrowed or received under a repurchase transaction or securities or commodities lending or borrowing transaction must be treated as collateral.[Note: BCD Annex VIII Part 3 point 2]
BIPRU 14.4.2RRP
A firm must hold capital resources with respect to a free delivery, as set out in the Table in BIPRU 14.4.3 R, if:(1) it has paid for securities, foreign currencies or commodities before receiving them or it has delivered securitiesforeign currencies or commodities before receiving payment for them; and(2) in the case of cross-border transactions, one day or more has elapsed since it made that payment or delivery.[Note: CAD Annex II point 2]
BIPRU 14.4.3RRP

Table: Capital treatment for free deliveries

This table belongs to BIPRU 14.4.2 R.

Transaction Type

Up to first contractual payment leg or delivery leg

From first contractual payment leg or delivery leg up to four days after second contractual payment leg or delivery leg

From 5 business days post second contractual payment leg or delivery leg until extinction of the transaction

Free delivery

No capital charge in the trading book

Treat as an exposure

Deduct value transferred plus current positive exposure from capital resources

[Note: CAD Annex II Table 2]

PERG 7.3.1GRP
6(1) Article 53(1) of the Regulated Activities Order (Advising on investments) deals with giving advice in relation to a security, a structured deposit or a relevant investment.9(2) A summary can be found in PERG 8.24 (Advising on investments). PERG 8.25 to PERG 8.30B give more detail.9(3) As described in PERG 8.24, for certain firms, the regulated activity only covers giving personal recommendations.9
PERG 7.3.4GRP
In the FCA's view, for a person to be carrying on the business of advising on investments or advising on a home finance transaction1 he will usually need to be doing so with a degree of regularity and for commercial purposes – that is to say, he will normally be expecting to gain some kind of a direct or indirect financial benefit. But, in the FCA's view it is not necessarily the case that advice provided free of charge will not amount to a business. Advice is often given 'free'
PERG 7.3.7GRP
But even if advice is given in the United Kingdom, the general prohibition will not be contravened if the giving of advice does not amount to the carrying on, in the United Kingdom, of the business of advising on investments, advising on regulated credit agreements for the acquisition of land4,9 or advising on conversion or transfer of pension benefits advising on a home finance transaction . Also, the general prohibition will not be contravened if the exclusion for overseas persons
LR 5.6.5ARRP
6A shell company is an issuer whose: (1) assets consist solely or predominantly of cash or short-dated securities; or(2) predominant purpose or objective is to undertake an acquisition or merger, or a series of acquisitions or mergers.
LR 5.6.12GRP
The FCA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction if the target has securities admitted to an investment exchange or trading platform that is not a regulated market and the shell company6: (1) confirms, in a form acceptable to the FCA, that the disclosure requirements in relation to financial information and inside information of the investment exchange or trading platform on which the target'ssecurities
LR 5.6.15GRP
Where the target in a reverse takeover by a shell company6 is not subject to a public disclosure regime, or if the target has securities admitted on an investment exchange or trading platform that is not a regulated market but the shell company6 is not able to give the confirmation and make the announcement contemplated by LR 5.6.12 G, the FCA will generally be satisfied that there is sufficient publicly available information in the market about the proposed transaction such that
PERG 9.7.3GRP
The reasonable investor is a hypothetical investor. The implications of this are that the test does not relate to actual investment by a particular person at a particular time or in relation to a particular issue of any class of shares or securities. In the FCA's view, what underlies the test is what a reasonable investor would think he was getting into if he were contemplating investment in a particular body corporate. In addition, because the investor is hypothetical, the investment
PERG 9.7.4GRP
In practice, the assessment of the nature of a particular body corporate will have to be made by applying the definition whenever an authorised person proposes to communicate an invitation or inducement to others for them to participate in the body corporate by buying shares or securities issued by it.
BIPRU 9.4.5RRP
The securities issued must not represent payment obligations of the originator.[Note:BCD Annex IX Part 2 point 1 (part)]
BIPRU 9.4.18GRP
2An originator should clearly state the scope of the waiver of the requirements in BIPRU 9.4.11R and BIPRU 9.4.12R it is seeking in its application. For example, residential mortgage backed securities may be subdivided into prime and sub-prime with only one sub-category within the scope of the waiver. Relevant asset classes may therefore be defined according to a firm's internal usage of terms.
BIPRU 13.3.4RRP
Long settlement transaction means a transaction where a counterparty undertakes to deliver a security, a commodity, or a foreign currency amount against cash, other financial instruments, or commodities, or vice versa, at a settlement or delivery date that is contractually specified as more than the lower of the market standard for this particular transaction and five business days after the date on which the firm enters into the transaction.[Note: BCD Annex III Part 1 point
BIPRU 13.3.6RRP
A firm may determine exposures arising from long settlement transactions using any of the CCR mark to market method, the CCR standardised method and the CCR internal model method, regardless of the methods chosen for treating financial derivatives instruments and repurchase transactions, securities or commodities lending or borrowing transactions, and margin lending transactions. In calculating capital requirements for long settlement transactions, a firm that uses the IRB approach
PERG 8.25.1GRP
For the purposes of article 53(1)3 of the Regulated Activities Order, a security or relevant investment is any one of the following:(1) shares;(2) debentures;(2A) alternative debentures;2(3) government and public securities;(4) warrants;(5) certificates representing certain securities;(6) units in collective investment schemes;(7) stakeholder pension schemes or personal pension schemes1;(7A) emission allowances;4(8) options;(9) futures;(10) contracts for differences;(11) contracts
PERG 8.25.2GRP
Article 53(1)3 does not apply to advice given on any of the following:(1) deposit or other bank or building society accounts (but note the exceptions and points in PERG 8.25.3G)4;(2) interests under the trusts of an occupational pension scheme (but rights under an occupational pension scheme that is a stakeholder pension scheme will be securities);(3) mortgages or other loans (but note that advising on regulated mortgage contracts is a separate regulated activity under article
LR 1.4.6RRP
A document that is required under a listing rule to be filed, notified to a RIS, provided to the FCA or sent to security holders must be in English.
LR 1.4.9GRP
(1) If the listing rules require an issuer to send documents to its security holders, the issuer may, in accordance with DTR 6.1.8 R, use electronic means to send those documents.3
COLL 5.1.2GRP
(1) This chapter helps in achieving the statutory objective of protecting consumers by laying down minimum standards for the investments that may be held by an authorised fund. In particular:(a) the proportion of transferable securities and derivatives that may be held by an authorised fund is restricted if those transferable securities and derivatives are not listed on an eligible market; the intention of this is to restrict investment in transferable securities or derivatives
COLL 5.1.4GRP

This table belongs to COLL 5.1.2G (2).

Scheme investments and investment techniques

Limits for UCITS schemes

Limits for non-UCITS retail schemes

Permissible investment

Maximum limit

Permissible investment

Maximum limit

Approved securities

Yes

None

Yes

None

Transferable securities that are not approved securities

Yes

10%

Yes

20%

Government and public securities

Yes

None

Yes

None

Regulated schemes other than qualified investor schemes1

Yes

None

Yes

None

Unregulated schemes and qualified investor schemes1

No

N/A

Yes

20%(C)1

Warrants

Yes

None

Yes

None

Investment trusts

Yes

None

Yes

None

Deposits

Yes

None

Yes

None

Derivatives

Yes

None

Yes

None

Immovables (i.e real property)

No

N/A

Yes

None

Gold

No

N/A

Yes

10%

Hedging

Yes

None

Yes

None

Stock lending

Yes

None

Yes

None

Underwriting

Yes

None

Yes

None

Borrowing

Yes

10% (T)

Yes

10%

Cash and near cash

Yes

None

Yes

None

Note:

Meaning of terms used:

A percentage

an upper limit (though there may be limits of other kinds).

"(T)"

temporary only- see COLL 5.5.4R(4)

"N/A"

Not applicable1

1“(C)”

In the case of a non-UCITS retail scheme operating as a FAIF there is no maximum limit - see COLL 5.7.7 R.

CONC 4.1.3RRP
(1) When a firm provides a quotation to a customer in connection with a prospective credit agreement which would or might be secured on the customer's home, the firm must include (or cause to be included) in the quotation a statement that such security would or might be required. [Note: regulation 3a of SI 1999/2725](2) When a firm provides a quotation to a customer (C) in connection with a prospective credit agreement which would or might be secured on C’s home under which, while
CONC 4.1.4RRP
(1) When a firm provides a quotation to a customer in connection with a prospective credit agreement which would or might be secured on the customer's home, the firm must include (or cause to be included) in the quotation a statement that such security would or might be required.[Note: regulation 6 of SI 1999/2725](2) When a firm provides a quotation to a customer (C) in connection with a prospective credit agreement which would or might be secured on C’s home under which, while
APER 4.1.9GRP
3Behaviour of the type referred to in APER 4.1.8G includes, but is not limited to, deliberately:(1) preparing performance reports for transmission to customers which are inaccurate or inappropriate (for example, by relying on past performance without appropriate warnings);(2) preparing inaccurate training records or inaccurate details of qualifications, past employment record or experience;(3) preparing inaccurate trading confirmations, contract notes or other records of transactions
APER 4.1.11GRP
3Behaviour of the type referred to in APER 4.1.10 G includes, but is not limited to, deliberately:(1) front running client orders;(2) carrying out unjustified trading on client accounts to generate a benefit (whether direct or indirect) to the approved person (that is, churning);(3) misappropriating a client's assets, including wrongly transferring to personal accounts cash or securities belonging to clients;(4) wrongly using one client's funds to settle margin calls or to cover
LR 9.6.4RRP
A listed company must notify a RIS as soon as possible (unless otherwise indicated in this rule) of the following information relating to its capital:(1) any proposed change in its capital structure including the structure of its listeddebt securities, save that an announcement of a new issue may be delayed while marketing or underwriting is in progress;(2) [deleted]11(3) any redemption of listedshares including details of the number of shares redeemed and the number of shares
LR 9.6.6RRP
Where the securities are subject to an underwriting agreement a listed company may, at its discretion and subject to the obligations in article 17 of the Market Abuse Regulation5, delay notifying a RIS as required by LR 9.6.4R (6) for up to two business days until the obligation by the underwriter to take or procure others to take securities is finally determined or lapses. In the case of an issue or offer of securities which is not underwritten, notification of the result must
LR 14.2.1RRP
An applicant which is applying for standard listing2 (shares) 4must comply with all of LR 2 (Requirements for listing: All securities).2424
LR 14.2.5GRP
A company2 applying for a standard listing2 of shares4will need to comply with LR 3 (Listing applications: All securities2).2243