Related provisions for GEN 1.1.2

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

REC 2.4A.3GRP
The FCA will assess an application under section 299AB of the Act for a person on a management body to hold an additional non-executive directorship on a case-by-case basis, having regard to the person’s ability to commit sufficient time to perform their functions on the management body and the complexity, nature and scale of operations of the UK RIE.
COLL 4.8.3RRP
(1) An authorised fund manager of a UCITS scheme that has been approved by the FCA to operate as a feeder UCITS, including as a feeder UCITS of a different master UCITS, must provide the following information to its unitholders at least 30 calendar days before the date when the feeder UCITS is to start to invest in units of the master UCITS or, if it has already invested in them, the date when its investment will exceed the limit applicable under COLL 5.2.11R (9) (Spread: general):(a)
SUP App 3.3.13GRP
1The Single Market Directives require credit institutions, insurance undertakings (other than reinsurance undertakings)5, MiFID investment firms3, AIFMs, 7UCITS management companies,8insurance intermediaries and MCD credit intermediaries8 to make a notification to the Home State before establishing a branch or providing cross border services.SUP 13.5 (Notices of intention) sets out the notification requirements for a firm seeking to establish a branch or provide cross border services.
SUP 16.7A.4RRP
(1) An adviser4 (as referred to in IPRU(INV) 3-60(4)R), is only required to submit the annual report and accounts if:(a) it is a partnership or body corporate; and(b) the annual report and accounts were audited as a result of a statutory provision other than under the Act.(2) A service company is only required to submit the annual report and accounts if the reports and accounts were audited as a result of a statutory provision other than under the Act.
SUP 10A.6.16GRP
(1) The explanation in SUP 10C.5B.2G of the basis on which the group entity senior manager function is included as a controlled function for an SMCR firm is also relevant to7 the basis on which the director function and the non-executive director function are applied to persons who have a position with the appointed representative’s8parent undertaking or holding company under SUP 10A.6.8 R or SUP 10A.6.13 R.(2) The guidance in SUP 10C.5B.3G to SUP 10C.5B.5G about when the group
FEES 3.1.5AGRP
17The fees for funds8 reflect the estimated costs to the FCA of assessing applications and notifications. The level of fees payable in respect of an application or a notification will vary depending upon the provision of the Act under which it is made. This fee is adjusted when the scheme concerned is an umbrella.8
REC 2.16A.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3

1(1)

[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must also operate a regulated market3.

(2)

An exchange5 operating a multilateral trading facility or an organised trading facility3 must comply with those requirements of-

(a)

any provisions of the law of the United Kingdom relied on by the United Kingdom before IP completion day to implement Chapter 1 of Title II of the markets in financial instruments directive—5

3

(i)

as they have effect on 1 December 20216, in the case of rules made by the FCA under the Act; and5

(ii)

as amended from time to time, in all other cases;5

(b)

any EU regulation originally made under Chapter 1 of the markets in financial instruments directive which is retained direct EU legislation, or any subordinate legislation (within the meaning of the Interpretation Act 1978) made under those provisions on or after IP completion day;5

3

which are applicable to a market operator35operating such a facility.

(3)

The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses).

(4)3

A [UK RIE] operating a multilateral trading facility or organised trading facility must provide the FCA with a detailed description of -

(a)

the functioning of the multilateral trading facility or organised trading facility;

(b)

any links to another trading venue owned by the same [UK RIE] or to a systematic internaliser owned by the same exchange; and

(c)

a list of the facility’s members, participants and users.

[Note:MiFID ITS 19 prescribes the content and format of the description of the functioning of a MTF or OTF to be provided to the FCA]3

(5)3

Any multilateral trading facility or an organised trading facility operated by the [UK RIE] must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation.

Paragraph 9B – Specific requirements for multilateral trading facilities: execution of orders3

(1)3

A [UK RIE] must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it.

(2)3

A [UK RIE] must not on a multilateral trading facility operated by it -

(a)

execute any client orders against its proprietary capital; or

(b)

engage in matched principal trading.

Paragraph 9C – Specific requirements for multilateral trading facilities: access to a facility3

The rules of the [UK RIE] about access to, or membership of, a multilateral trading facility regulated market operated by it must permit the [UK RIE] to give access to or admit to membership to (as the case may be) only -3

(a)

an investment firm which has permission under Part 4A of the Act to carry on a regulated activity which is an investment service or activity5;

(b)

a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits.5

(c)

a person who –

(i)

is of sufficient good repute;

(ii)

has a sufficient level of trading ability, and competence and experience;

(iii)

where applicable, has adequate organisational arrangements; and

(iv)

has sufficient resources for the role it is to perform, taking account of the financial arrangements the [UK RIE] has established in order to guarantee the adequate settlement transactions.

Paragraph 9D – Specific requirements for multilateral trading facilities: disclosure3

(1)3

The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.

(2)3

The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.

(3)3

In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.

Paragraph 9E – SME growth markets3

(1)3

A [UK RIE] operating an SME growth market5 (an “exchange-operated SME growth market”) must comply with rules made by the FCA for the purposes of this paragraph as they have effect on IP completion day5.

[Note:REC 2.16A.1D]4

(2)3

An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected.

(3)3

Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with -

(a)

any obligation relating to corporate governance, or

(b)

the disclosure obligations.

(4)3

In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.

Paragraph 9F – Specific requirements for organised trading facilities: execution of orders3

(1)3

[A UK RIE] operating an organised trading facility must -

(a)

execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4);

(b)

not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the [UK RIE] unless in accordance with sub-paragraph (2);

(c)

not operate a systematic internaliser within the same legal entity;

(d)

ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and

(e)

ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact.

(2)3

A [UK RIE] may only engage in -

(a)

matched principal trading on an organised trading facility operated by it in respect of-

(i)

bonds,

(ii)

structured finance products,

(iii)

emission allowances,

(iv)

derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation,

where the client has consented to that; or

(b)

dealing on own account on an organised trading facility operated by it, otherwise than in accordance with sub-paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market.

(3)3

If the [UK RIE] engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading5.

(4)3

The discretion which the [UK RIE] must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both.

(5)3

The first discretion is whether to place or retract an order on the organised trading facility.

(6)3

The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the [UK RIE’s] obligations under—5

(a)

section 11.2A of the Conduct of Business sourcebook;5

(b)

Articles 64 to 66 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive;5

(c)

[deleted]6

5

(d)

[deleted]6

5

(7)3

Where the organised trading facility crosses client orders the [UK RIE] may decide if, when and how much of two or more orders it wants to match within the system.

(8)3

Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the [UK RIE] may facilitate negotiation between clients so as to bring together two or more comparable potentially trading interests in a transaction.

(9)3

The [UK RIE] must comply with rules made by the FCA as they have effect on 1 December 20216 as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility.

5

(10)3

Nothing in this paragraph prevents a [UK RIE] from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the [UK RIE]provided the investment firm does not have close links with the [UK RIE].

(11)3

In this paragraph -

“close links” has the meaning given in Article 2(1)(21) of the markets in financial instruments regulation;5

“investment firm” has the meaning given in Article 2(1A) of the markets in financial instruments regulation;5

“non-equities” means bonds, structured finance products, emissions allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies.

Paragraph 9G – Specific requirements for organised trading facilities: disclosure3

(1)3

The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.

(2)3

The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of the organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.

(3)3

In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.

Paragraph 9H – Specific requirements for organised trading facilities: FCA request for information3

(1)3

A [UK RIE] must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of -

(a)

why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser;

(b)

how discretion will exercised in executing client orders, and in particular when an order to the organized trading facility may be retracted and when and how two or more client orders will be matched within the facility; and

(c)

its use of matched principal trading.

(2)3

Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate.
LR 19.2.2RRP
An applicant for the admission of securitised derivatives must either:(1) have permission under the Act to carry on its activities relating to securitised derivatives and be either a bank or a securities and futures firm;(2) if the applicant is an overseas company:(a) be regulated by an overseas regulator responsible for the regulation of banks, securities firms or futures firms and which has a lead regulation agreement for financial supervision with the FCA; and(b) be carrying
DEPP 6.5.3GRP
(1) The total amount payable by a person subject to enforcement action may be made up of two elements: (i) disgorgement of the benefit received as a result of the breach; and (ii) a financial penalty reflecting the seriousness of the breach. These elements are incorporated in a five-step framework, which can be summarised as follows:(a) Step 1: the removal of any financial benefit derived directly from the breach;(b) Step 2: the determination of a figure which reflects the seriousness
COLL 11.3.10GRP
[deleted]41
PRIN 3.2.2RRP
PRIN also applies with respect to the communication and approval of financial promotions which:(1) if communicated by an unauthorised person without approval would contravene section 21(1) of the Act (Restrictions on financial promotion); and(2) may be communicated by a firm without contravening section 238(1) of the Act (Restrictions on promotion of collective investment schemes).
PRIN 3.1.5GRP
[deleted]15
REC 4.5.8GRP
Under section 166(7) of the Companies Act 1989, where a UK RIE has taken action either of its own accord or in response to a direction, the FCA may direct it to do or not to do specific things subject to these being within the powers of the UK RIE under its default rules. However,11(1) 1where the UK RIE is acting in accordance with a direction given by the FCA to take action under section 166(2)(a) of the Act on the basis that failure to take action would involve undue risk to
SUP 16.2.1GRP
(1) In order to discharge its functions under the Act, the FCA1 needs timely and accurate information about firms. The provision of this information on a regular basis enables the FCA1 to build up over time a picture of firms' circumstances and behaviour.777(2) Principle 11 requires a firm to deal with its regulators in an open and cooperative way, and to disclose to the FCA1 appropriately anything relating to the firm of which the FCA1 would reasonably expect notice. The reporting
SYSC 19D.1.1RRP
(1) The dual-regulated firms Remuneration Code applies to:(a) a building society;(b) a UK bank2;(c) a UK designated investment firm;(d) an overseas firm that would be a firm in (a), (b) or (c) if it had been a UK domestic firm, had carried on all of its business in the United Kingdom and had obtained whatever authorisations for doing so as are required under the Act.3(2) For a firm which falls under (1)(a), (1)(b) or (1)(c), the dual-regulated firms Remuneration Code applies2
FEES 9.2.7AGRP
(1) 2The FCA may recover a PSR fee as a debt owed to it under paragraph 23 (8) of Schedule 1ZA of the Act.(2) The FCA will consider taking action for the recovery (including interest) through the civil courts.(3) In addition, the FCA or PSR may be entitled to take regulatory action in relation to the non-payment of PSR fees. What action, if any, that is taken by the FCA or PSR will be decided upon given the particular circumstances of the case.8
CONC 3.3.1RRP
(1) A firm must ensure that a communication or a financial promotion is clear, fair, and not misleading. [Note: paragraphs 2.2 of ILG, 3.16 of DMG and 3.1 of CBG](1A) A firm must ensure that each communication and each financial promotion:3(a) is clearly identifiable as such;3(b) is accurate;3(c) is balanced and, in particular, does not emphasise any potential benefits of a product or service without also giving a fair and prominent indication of any relevant risks;3(d) is sufficient
IPRU-INV 12.1.6RRP
A contravention of the rules in this chapter does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action).
GEN 4.3.10GRP
8GEN 4.3.7R and the guidance related to it are not relevant to regulated activities11 covered by a limited permission (see the "relevant credit activities" set out in paragraph 2G of Schedule 6 to the Act)11.