Related provisions for LR 14.3.3
141 - 160 of 209 items.
The obligations to make a notification pursuant to2section
64C of the Act apply notwithstanding any agreement (for example a 'COT 3'
Agreement settled by the Advisory, Conciliation and Arbitration Service
(ACAS)) or any other arrangements entered into by a firm and an employee
upon termination of the employee's employment. A firm should not enter
into any such arrangements or agreements that could conflict with its
obligations under this section.
1It also imposes obligations on registered firms to comply with conduct requirements set out in the Schedule to the MCDO, retain relevant information and to deal with the FCA in an open and co-operative manner. The FCA also has the power to give directions to a registered firm to secure compliance with the requirements set out in the Schedule. In addition, the FCA has investigation and sanctioning powers in relation to the framework.
(1) A firm should ensure that the amount it reflects in its internal client money reconciliation as its client money resource is equal to the aggregate balance on its client bank accounts. For example, if:(a) a firm holds client money received as cash, cheques or payment orders but not yet deposited in a client bank account (in accordance with CASS 7.13.32 R); and(b) that firm records all receipts from clients, whether or not yet deposited with a bank, in its cashbook (see CASS
[deleted] 5
Sections 292(3) and 292(4) state:
2Section 292(3) |
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The requirements are that- |
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(a) |
investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with -4 3 |
4(i) recognition requirements, other than any such requirements which are expressed in regulations under section 286 not to apply for the purposes of this paragraph; and |
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4(ii) requirements contained in any directly applicable Community regulation made under the markets in financial instruments directive or markets in financial instruments regulation; |
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(b) |
there are adequate procedures for dealing with a person who is unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the [ROIE] 3 |
(c) |
the applicant is able and willing to co-operate with the[FCA]3by the sharing of information and in other ways; and 3 |
(d) |
adequate arrangements exist for co-operation between the[FCA]3and those responsible for the supervision of the applicant in the country or territory in which the applicant's head office is situated. 3 |
Section 292(4) |
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In considering whether it is satisfied as to the requirements mentioned in subsections (3)(a) and (b), the[FCA]3is to have regard to- 3 |
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(a) |
the relevant law and practice of the country or territory in which the applicant's head office is situated; |
(b) |
the rules and practices of the applicant. |
4In assessing compliance with the RAP recognition requirements, the FCA will have regard to relevant guidance in REC 2 on the equivalent requirements set out in the Recognition Requirement Regulations. The FCA may also take into account compliance by the RAP or RAP applicant with the recognition requirements (see REC 2A.2.1UK). The FCA will not make a separate assessment of compliance with the recognition requirements during the course of examining an application to become a RAP
4Solvency II firms5 are also required to comply with the PRA Rulebook Solvency II Firms Investment and ensure that the use of derivative contracts is adequately covered. Firms are also referred to the rules in COLL 5.3 (Derivative Exposure) in relation to the use of derivatives in investment funds and the further guidance from CESR and its successor body, ESMA, which represent good practice in this area.
It is the responsibility of the firm to ensure compliance with MCOB 5A.3.1 R. However, where a firm can show that it was reasonable for it to rely on information provided by another person, other than the MCD mortgage lender, that an ESIS was accurate, it may be able to rely on MCOB 2.5.2 R, if this turns out not to be the case.
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
2The FCA will respect the principle of proportionality when taking action against SEF managers or RVECA managers4 for breaches identified in articles 22 and 21 of the SEF regulation or RVECA regulation4, respectively. The FCA may take action to ensure compliance with the regulations or prohibit the use of the designation of SEF manager or RVECA manager4 and revoke registration of such managers. The prohibition route is more likely to apply to serious breaches of the onshored regulations4
A firm should ensure the adequacy of its processes and systems to review external documentation prior to issue (including review by its compliance, legal and marketing departments or by appropriately qualified external advisers). In doing so, a firm should have regard to:(1) compliance with applicable regulatory and other requirements;1(2) the extent to which its documentation uses standard terms (that are widely recognised, and have been tested in the courts) or non-standard
3The FCA has the power to take the following enforcement action: • discipline authorised firms under Part XIV of the 2000 Act and approved persons and other individuals1under s.66 of the 2000 Act;• impose penalties on persons that perform controlled functions4without approval under s.63A of the 2000 Act;• impose civil penalties2under s.123 of the 2000 Act;5• 2temporarily prohibit an individual from exercising management functions in MiFID investment firms or from dealing in
1The RCB Regulations provide a framework for issuing covered bonds in the UK.
Covered bonds issued under the RCB Regulations are subject to strict quality controls and both bonds and issuers must be registered with the FCA. The RCB Regulations give the FCA powers to enforce these Regulations. Where a person has failed, or is likely to fail, to comply with any obligation under the RCB Regulations, the FCA may make a direction that the person take
The precise role and organisation of internal controls can vary from firm to firm. However, a firm'sinternal controls should normally be concerned with assisting its governing body and relevant senior managers to participate in ensuring that it meets the following objectives:(1) safeguarding both the assets of the firm and its customers, as well as identifying and managing liabilities;(2) maintaining the efficiency and effectiveness of its operations;(3) ensuring the reliability
(1) The purpose of REC 3.18 is to enable the FCA4 to monitor changes in the types of member admitted by UK recognised bodies and to ensure that the FCA4has notice of foreign jurisdictions in which the members of UK recognised bodies are based. UK recognised bodies may admit persons who are not authorised persons or persons who are not located in the United Kingdom, provided that the recognition requirements or (for RAPs) RAP recognition requirements87continue to be met.442(2)
6A sponsor must have effective arrangements to create and retain for six years accessible records which are sufficient to be capable of demonstrating that it has provided sponsor services and otherwise complied with its obligations under LR 8 including:88(1) where a declaration is to be submitted to the FCA:88(a) under LR 8.4.3R (1), LR 8.4.9R (1), LR 8.4.13R (1), LR 8.4.14R (2) or LR 8.4.17 R; or (b) pursuant to an appointment under LR 8.2.1R (5);the basis of each declaration