Related provisions for PERG 8.3.4

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CONC 7.18.3RRP
(1) The firm must, when the firm next sends a statement to the borrower, give or send the borrower a notice including the information set out in CONC 7.18.5 R.(2) A firm must accompany the notice required by (1) with a copy of the current arrears information sheet under section 86A of the CCA with the following modifications:(-a) for the heading “Arrears” substitute “Arrears – peer-to-peer lending”;1(a) for the bullet point headed “Work out how much money you owe” substitute:“Work
CONC 7.18.5RRP
The notice referred to in CONC 7.18.3 R must contain the following information:(1) a form of wording to the effect that it is given in compliance with the rules because the borrower is behind with his payments under the agreement;(2) a form of wording encouraging the borrower to discuss the state of his account with the firm;(3) the date of the notice;(4) a description of the agreement sufficient to identify it;(5) (a) the name, telephone number, postal address and, where appropriate,
CONC 7.18.7RRP
(1) Subject to (2), where the total amount which the borrower has failed to pay in relation to the last two payments due under the agreement prior to the date on which the firm came under a duty to give the borrower a notice under CONC 7.18.3 R is not more than £2, the notice:(a) need not include any of the information or statements referred to in CONC 7.18.4 R;(b) but, in that event, shall contain a statement in the following form:"You have failed to make two minimum paymentsFailing
REC 2.4A.1UKRP

1Schedule to the Recognition Requirements Regulations, paragraph 2A

(1)

The composition of the management body of a [UK RIE] must reflect an adequately broad range of experience.

(2)

The management body must possess adequate collective knowledge, skills and experience in order to understand the [UK RIE’s] activities and main risks.

(3)

Members of the management body must -

(a)

commit sufficient time to perform their functions on the management body;

(b)

act with honesty, integrity and independence of mind; and

(c)

effectively -

(i)

assess and challenge, where necessary, the decisions of the senior management; and

(ii)

oversee and monitor decision making.

(4)

The management body must -

(a)

define and oversee the implementation of governance arrangements that ensure the effective and prudent management of the [UK RIE] in a manner which promotes the integrity of the market, which at least must include the -

(i)

the segregation of duties in the organisation; and

(ii)

the prevention of conflicts of interest;

(b)

monitor and periodically assess the effectiveness of the [UK RIE’s] governance arrangements; and

(c)

take appropriate steps to address any deficiencies found as a result of the monitoring under paragraph (b).

(5)

A [UK RIE] must -

(a)

devote adequate human and financial resources to the induction and training of members of the management body;

(b)

ensure that the management body has access to the information and documents it requires to oversee and monitor management decision-making; and

(c)

notify the FCA of the identity of all the members of its management body.

(6)

A [UK RIE] and, if it has a nomination committee, its nomination committee must engage a broad set of qualities and competences when recruiting persons to the management body, and for that purpose have a policy promoting diversity on the management body.

(7)

The number of directorships a member of the management body can hold at the same time must take into account individual circumstances and the nature, scale and complexity of the [UK RIE’s] activities.

REC 2.4A.2UKRP

Schedule to the Recognition Requirements Regulations, paragraph 2B

(1)

If the [UK RIE] is significant the following requirements apply to the management body -

(a)

members of the management body must not at the same time hold positions exceeding more than one of the following combinations –

(i)

one executive directorship with two non-executive directorships (or where so authorised by the FCA under regulation 44(1) [of the MiFI Regulations], three non-executive directorships); or

(ii)

four non-executive directorships (or where so authorised by the FCA under regulation 44(1) [of the MiFI Regulations], five non-executive directorships); and

(b)

the management body must have a nomination committee unless it is prevented by law from selecting and appointing its own members.

(2)

For the purposes of sub-paragraph (1)(a) -

(a)

any directorship in which the person represents the United Kingdom is not counted;

(b)

executive or non-executive directorships -

(i)

held within the same group, or

(ii)

held within the same undertaking where the [UK RIE] holds a qualifying holding2,

shall be counted as a single directorship; and

(c)

any directorship in an organisation which does not pursue predominantly commercial objectives is not counted.

(3)

The nomination committee referred to in sub-paragraph (1)(b) must -

(a)

be composed of members of the management body who do not perform an executive function in the [UK RIE];

(b)

identify and recommend to the [UK RIE] persons to fill management body vacancies;

(c)

at least annually assess the structure, size, composition and performance of the management body and make recommendations to the management body;

(d)

at least annually assess the knowledge, skills and experience of individual members of the management body and of the management body collectively and report to the management body accordingly; and

(e)

periodically review the policy of the management body for the selection and appointment of senior management and make recommendations to the management body; and

(f)

be able to use any forms of resource it deems appropriate, including external advice.

(4)

In performing its functions under sub-paragraph (3), the nomination committee must take account of the need to ensure that the management body’s decision making is not dominated by-

(a)

any one individual; or

(b)

a small group of individuals,

in a manner that is detrimental to the interests of the [UK RIE] as a whole.

(5)

In performing its function under sub-paragraph 3(b) the nomination committee must -

(a)

evaluate the balance of knowledge, skills, diversity and experience of the management body;

(b)

prepare a description of the roles, capabilities and expected time commitment for any particular appointment;

(c)

decide on a target for the representation of the underrepresented gender in the management body and prepare a policy on how to meet that target;

(d)

engage a broad set of qualities and competences, and for that purpose have a policy promoting diversity on the management body.

(6)

In sub-paragraph (1), “significant” in relation to a [UK RIE] means significant in terms of the size and internal organisation of the [UK RIE] and the nature, scale and complexity of the [UK RIE’s] activities.

2(7)

In sub-paragraph (2)(b)(ii)—

“qualifying holding” means a direct or indirect holding in an investment firm which represents 10% or more of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC, taking into account the conditions regarding aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the investment firm in which that holding subsists;

“Directive 2004/109/EC” means Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.

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.
CASS 10.1.2GRP
The purpose of the CASS resolution pack is to ensure that a firm maintains and is able to retrieve information that would:6(1) in the event of its insolvency, assist an insolvency practitioner in achieving a timely return of client money and safe custody assets held by the firm to that firm’sclients; and6(2) in the event of its or another firm’s resolution, assist the Bank of England7; and6(3) in either case, assist the FCA.6
CASS 10.1.7RRP
In relation to each document in a firm'sCASS resolution pack a firm must:(1) put in place adequate arrangements to ensure that an administrator, receiver, trustee, liquidator or analogous officer appointed in respect of it or any material part of its property is able to retrieve each document as soon as practicable and in any event within 48 hours of that officer’s appointment; and(2) ensure that it is able to retrieve each document as soon as practicable, and in any event within
CASS 10.1.16RRP
A firm must notify the FCA in writing immediately if it has not complied with, or is unable to comply with, CASS 10.1.3 R.
PERG 5.4.3GRP
(1) As regards PERG 5.4.2G(1), the Business Order does not provide a definition of ‘remuneration’, however ‘remuneration’ is defined in the IDD. Article 2(1)(9) of the IDD defines ‘remuneration’ to mean any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial or non-financial advantage or incentive offered or given in respect of insurance distribution activities.1(2) In the FCA’s view, ‘remuneration’ in the Business Order follows
PERG 5.4.4GRP
As regards PERG 5.4.2G (2), in the FCA's view, for a person to take up or pursue insurance distribution activity by way of business, the person1 will usually need to be carrying on those activities with a degree of regularity. The person will also usually need to be carrying on the activities for commercial purposes. That is to say, the person1 will normally be expecting to gain a direct financial benefit of some kind. Activities carried on out of friendship or for altruistic
PERG 5.4.7GRP
PERG 5.4.8 G contains a table that summarises the main issues surrounding the business test as applied to insurance distribution activities1 and that may assist persons to determine whether they will need authorisation or exemption. The approach taken in the table involves identifying factors that, in the FCA's view, are likely to play a part in the analysis. Indicators are then given as to the significance of each factor to the person's circumstances. By analysing the indicators
CASS 7.15.6GRP
Unless required sooner under another rule in this chapter, in complying with CASS 7.15.5 R (1) a firm should ensure it is able to determine the total amount of client money it should be holding for each client within two business days of having taken a decision to do so or at the request of the FCA.
CASS 7.15.18RRP
(1) Before using a non-standard method of internal client money reconciliation, a firm must:(a) establish and document in writing its reasons for concluding that the method of internal client money reconciliation it proposes to use will:(i) (for the normal approach to segregating client money) check whether the amount of client money recorded in the firm's records as being segregated in client bank accounts meets the firm's obligation to its clients under the client money rules
CASS 7.15.33RRP
A firm must inform the FCA in writing without delay if: (1) its internal records and accounts of client money are materially out of date, inaccurate or invalid so that the firm is no longer able to comply with the requirements in CASS 7.15.2 R, CASS 7.15.3 R or CASS 7.15.5 R (1);(2) it will be unable to, or materially fails to, pay any shortfall into a client bank account or withdraw any excess from a client bank account so that the firm is unable to comply with CASS 7.15.29 R
CASS 7.15.34GRP
Firms are reminded that the auditor of the firm has to confirm in the report submitted to the FCA under SUP 3.10 (Duties of auditors: notification and report on client assets) that the firm has maintained systems adequate to enable it to comply with the client money rules.
SYSC 19D.1.1AGRP
2SYSC 19D.1.1R(2) is applied to the extent of the FCA’s powers and regulatory responsibilities.
SYSC 19D.1.7GRP
(1) In addition to the notification requirements in the dual-regulated firms Remuneration Code2, general circumstances in which the FCA expects to be notified by firms of matters relating to their compliance with requirements under the regulatory system are set out in SUP 15.3 (General notification requirements).(2) For remuneration matters in particular, those circumstances should take into account unregulated activities, as well as regulated activities and the activities of
SYSC 19D.1.8GRP
The FCA's policy on individual guidance is set out in SUP 9. Firms should particularly note the policy on what the FCA considers to be a reasonable request for guidance (see SUP 9.2.5G). For example, where a firm is seeking guidance on a proposed remuneration structure, the FCA will expect the firm to provide a detailed analysis of how the structure complies with the dual-regulated firms Remuneration Code, including the general requirement for remuneration policies, procedures
GEN 4.3.1BGRP
15An example for GEN 4.3.1A G would be where a letter covers business for which the FCA is the competent authority under the the UK provisions which implemented11IDD10 and under the UK provisions which implemented11MiFID.
GEN 4.3.2AGRP
15For a UK domestic firm that is not a PRA-authorised person, the required disclosure in GEN 4 Annex 1 R is "Authorised and regulated by the Financial Conduct Authority".
GEN 4.3.2BGRP
15For a UK domestic firm that is a PRA-authorised person, the required disclosure in GEN 4 Annex 1AR is "Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the7 Prudential Regulation Authority".
COLL 6.4.6RRP
(1) Every unitholder of an AUT1 is entitled to transfer units held on the register by an instrument of transfer in any form that the person responsible for the register may approve, but that person is under no duty to accept a transfer unless it is permitted by the trust deed or prospectus.3(1A) Provided:1(a) the requirements in COLL 6.4.6A R (Transfer of units in an ACS) are satisfied; and(b) transfers of units are allowed by the contractual scheme deed and prospectus in accordance
COLL 6.4.6ARRP
(1) 1Where transfer of units in an ACS is allowed by its contractual scheme deed and prospectus in accordance with the conditions specified by FCArules, the authorised contractual scheme manager of the ACS must take reasonable care to ensure that units are only transferred if the conditions specified by the FCA under (2) are met.(2) The FCA specifies that for the purposes of (1), and for the purposes of COLL 3.2.6 R(27G) (ACSs: UCITS and NURS transfer of units) and COLL 4.2.5
COLL 6.4.6BGRP
1The FCA recognises that some transfers of units arise by operation of law (such as upon death or bankruptcy of the unitholder, or otherwise) and are accordingly outside the control of the authorised contractual scheme manager. The authorised contractual scheme manager is expected to comply with its responsibilities under COLL 6.6.3B R (Redemption of ACS units by an authorised contractual scheme manager) in such cases by redeeming such units.
EG 7.1.1RP
3Financial penalties, suspensions, restrictions, conditions, limitations, disciplinary prohibitions,2 and public censures are important regulatory tools. However, they are not the only tools available to the FCA, and there will be many instances of non-compliance which the FCA considers it appropriate to address without the use of formal disciplinary sanctions. Still1, the effective and proportionate use of the FCA's powers to enforce the requirements of the Act, the rules, COCON1
EG 7.1.2RP
3The FCA has the following powers to impose sanctions2.(1) It may publish a statement: (a) against an approved person or conduct rules staff1 under section 66 of the Act; (b) against an issuer under section 87M of the Act; (c) against a sponsor under section 88A of the Act; (ca) against a primary information provider under section 89Q of the Act; (d) where there has been a contravention
EG 7.1.3RP
3Section 415B of the Act requires the FCA to consult with the PRA before it takes certain enforcement action in relation to a PRA-authorised person or someone who has a qualifying relationship (as defined in section 415B(4) of the Act) with a PRA-authorised person. Further detail on when the FCA is required to consult the PRA, and when it has agreed to notify the PRA of certain matters, is set out in the Memorandum of Understanding between the PRA and the FCA.
DTR 1A.4.1RRP
1An issuer must pay the fees set out in DTR App 2R to the FCA when they are due.
EG 10.7.1RP
1When it seeks an injunction under a power discussed in this chapter, the FCA may ask the court to order that the person who is the subject of the application should pay the FCA's costs.
COLL 6.6.7RRP
The ACD must immediately notify the FCA in writing if the ICVC's capital falls below the minimum or exceeds the maximum stated in the instrument of incorporation.
COLL 6.6.11GRP
SUP 15.3 (General notification requirements) contains rules and guidance on matters that should be notified to the FCA. Such matters include, but are not limited to, any circumstance that the depositary becomes aware of whilst undertaking its functions or duties in COLL 6.6.4 R (1) (General duties of the depositary) and (where applicable) COLL 6.6.4BR (Specific duties of a depositary: oversight of the liquidity management of a FIIA),18 that the FCA would reasonably view as
COLL 6.6.15ARRP
(1) 8This rule applies to:(a) an authorised fund manager17of an AUT, ACS10 or an ICVC where such AUT, ACS10 or ICVC is a UCITS scheme13; and17(aa) 13a small authorised UK AIFM that is the authorised fund manager of an AUT, ACS or an ICVC that is a non-UCITS retail scheme.17(b) [deleted]17(2) The authorised fund manager has the power to retain the services of any person to assist it in the performance of its functions, provided that:(a) a mandate in relation to managing investments
COLL 6.6.16GRP
(1) Directors of an ICVC, authorised fund managers and depositaries should also have regard to SYSC 8 (Outsourcing).66SYSC 8.1.6 R4 states that a firm remains fully responsible for discharging 6all of its obligations under the regulatory system6 if it outsources crucial or important operational functions4 or any relevant services and activities.6646644(2) SUP 15.8.6 R (Delegation by UCITS management companies) requires the 8authorised fund manager of a UCITS scheme to inform the
COLL 5.2.10BRRP
(1) 7A UCITS scheme may invest in an approved money-market instrument if it is:(a) issued or guaranteed by any one of the following:(i) a central authority of the United Kingdom or25 an EEA State or, if the EEA State is a federal state, one of the members making up the federation;(ii) a regional or local authority of the United Kingdom or25 an EEA State;(iii) the Bank of England,25 the European Central Bank or a central bank of an EEA State;(iv) the European Union or the European
COLL 5.2.10EGRP
(1) 7In addition to instruments admitted to or dealt in on an eligible market, a UCITS scheme may also with the express consent of the FCA (which takes the form of a waiver under sections 138A and 138B of the Act as applied by section 250 of the Act or regulation 7 of the OEIC Regulations) invest in an approved money-market instrument provided:(a) the issue or issuer is itself regulated for the purpose of protecting investors and savings in accordance with COLL 5.2.10AR (2);(b)
COLL 5.2.22AGRP
[deleted]131(1) In the FCA's view the requirement in COLL 5.2.22R (1)(a) can be met where:(a) the risks of the underlying financial instrument of a derivative can be appropriately represented by another financial instrument and the underlying financial instrument is highly liquid; or(b) the authorised fund manager or the depositary has the right to settle the derivative in cash, and cover exists within the scheme property which falls within one of the following asset classes:(i)
COLL 5.2.35GRP
(1) 15A syndicated loan for the purposes of this guidance means a form of loan where a group or syndicate of parties lend money to a third party and, in return, receive interest payments during the life of the debt and a return of principal either at the end of the loan period or amortised over the life of the loan. Such loans are usually arranged through agent banks which may, among other things, maintain a record of the lenders’ interest in the loan and arrange or act as a
PERG 2.7.6BGRP
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) or a third country investment firm (other than one which would be a collective portfolio management investment firm if its head office were in the United Kingdom)38.(1A) The first category also
PERG 2.7.6DGRP
11(1) 36As explained in PERG 2.6.19DG, an emission allowance and an emissions auction product are both specified investments. The Regulated Activities Order deals with this as follows.3326(2) 36A person in the first category in PERG 2.7.6BG requires permission from the FCA for bidding in emissions auctions but does not require any other permission to do so.3326(3) 36A person in the second category in PERG 2.7.6BG does not require any permission from the FCA for bidding.3326(4)
PERG 2.7.7BCGRP
8In the FCA's view, it is generally the case that providers of back office administration services do not carry out the regulated activity of making arrangements with a view to transactions in investments. This is based essentially on the fact that providers of back office administration services aim to assist a broker firm to deal with the aftermath of transactions it has entered into on behalf of its clients. The broker firm has assumed full responsibility to its clients for
PERG 2.7.7BDGRP
(1) 8The scope of article 25(2) of the Regulated Activities Order (the subject of PERG 2.7.7B G) was considered by the High Court in the case of Watersheds Limited v. David Da Costa and Paul Gentlemen. The judgement suggests that the activity of introducing does not itself constitute a regulated activity for the purposes of article 25(2) of the Regulated Activities Order. The FCA has considered whether the judgement necessitates any change to the views expressed in PERG 2.7.7B
PERG 2.7.7BFGRP
8In the FCA's view, a mere passive display of literature advertising investments would not amount to the article 25(2) activity. Further guidance on this point can be found in PERG 5.6.4 G. Although this guidance is in relation to contracts of insurance, the principle is not limited to them.
SYSC 4.1.1RRP
3(1) A firm must have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, and internal control mechanisms, including sound administrative and accounting procedures and effective control and safeguard arrangements for information processing systems.8(2) [deleted]1313[Note: article 74
SYSC 4.1.1FGRP
19SYSC 18 (Guidance on Public Interest Disclosure Act: Whistleblowing) contains further guidance on the effect of the Public Interest Disclosure Act 1998 in the context of the relationship between firms and the FCA.
SYSC 4.1.8GRP
The matters dealt with in a business continuity policy should include:(1) resource requirements such as people, systems and other assets, and arrangements for obtaining these resources;(2) the recovery priorities for the firm's operations; (3) communication arrangements for internal and external concerned parties (including the FCA21, clients and the press);(4) escalation and invocation plans that outline the processes for implementing the business continuity plans, together with
SYSC 4.1.9RRP
A 21management company10 must establish, implement and maintain accounting policies and procedures that enable it, at the request of the FCA20, to deliver in a timely manner to the FCA20 financial reports which reflect a true and fair view of its financial position and which comply with all applicable accounting standards and rules.[Note: 21article 4(4) of the UCITS implementing Directive]10
FEES 5.2.1GRP
Paragraph 9 of Schedule 17 to the Act (The Ombudsman Scheme) requires FOS Ltd to adopt an annual budget which has been approved by the FCA. The annual budget must distinguish between the costs of operating the Compulsory Jurisdiction and the Voluntary Jurisdiction. 3
FEES 5.2.2GRP
Section 234 of the Act (Industry Funding) enables the FCA to require the payment to it or to FOS Ltd, by firms or any class of firm, of specified amounts (or amounts calculated in a specified way) to cover the costs of: (1) the establishment of 1the Financial Ombudsman Service; and (2) its operation in relation to the Compulsory Jurisdiction.
MAR 1.1.2GRP
This chapter provides guidance on the Market Abuse Regulation5. It is therefore likely to be helpful to persons who:545(1) want to avoid engaging in market abuse5; or(2) want to determine whether they are required by article 16 of the Market Abuse Regulation5 to report a transaction 5or order to the FCA as a suspicious one.
MAR 1.1.3GRP
The FCA's statement of policy about the imposition, duration5 and amount of penalties in cases of market abuse (required by section 124 of the Act) is in DEPP 63 .3
SYSC 9.1.1RRP
A firm (other than a common platform firm)5 must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the FCA57 to monitor the firm's compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to clients.[Note: 5article 12(1)(a) of the UCITS Directive and article
SYSC 9.1.1ARRP
(1) 5A common platform firm must arrange for records to be kept of all services, activities and transactions undertaken by it. (2) The records in (1) must be sufficient to enable the FCA to fulfil its supervisory tasks and to perform the enforcement actions under the regulatory system including MiFID, MiFIR and the Market Abuse Regulation, and in particular to ascertain that the common platform firm has complied with all obligations including those with respect to clients or potential