Related provisions for PERG 7.4.13
Table: list of general guidance to be found in PERG.
Chapter: |
Applicable to: |
About: |
Authorisation and regulated activities |
|
|
Guidance on the scope of the Electronic Money Regulations8 88 |
a person who needs to know
|
|
Regulated activities connected with mortgages |
any person who needs to know whether the activities he conducts in relation to mortgages are subject to FCA regulation. This is likely to include:
|
the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages |
Insurance distribution13 activities |
any person who needs to know whether they carry on insurance distribution activities and are13,thereby, subject to FCA regulation. This is likely to include:
|
the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance |
Identification of contracts of insurance |
any person who needs to know whether a contract with which he is involved is a contract of insurance |
the general principles and range of specific factors that the FCA regards as relevant in deciding whether any arrangement is a contract of insurance |
Periodical publications, news services and broadcasts: application for certification |
any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service |
|
Financial promotion and related activities |
any person who needs to know
|
|
Meaning of open-ended investment company |
any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme. |
the circumstances in which a body corporate will be an open-ended investment company |
Activities related to pension schemes |
Any person who needs to know whether his activities in relation to pension schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.1 1 |
|
Property investment clubs and land investment schemes |
Any person who needs to know whether his activities in relation to property investment clubs and land investment schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make. |
|
Running or advising on personal pension schemes |
any person who needs to know whether his activities in relation to establishing, running, advising on or marketing personal pension schemes will amount to regulated activities |
the regulated activities that arise in connection with establishing, running, advising on or marketing personal pension schemes and any exclusions that may be relevant |
Guidance on the scope of the UK provisions which implemented14 MiFID 15 912125 |
Any UK person who needs to know whether MiFID applies to them15 914149145 |
the scope of the UK provisions which implemented14 MiFID15 9145 |
Home reversion,7 home finance and regulated sale and rent back 7activities 7 |
Any person who needs to know whether his activities in relation to home reversion plans,7home purchase plans or regulated sale and rent back agreements7will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make. 7 |
|
6PERG 15: Guidance on the scope of the Payment Services Regulations 2009 |
Any person with an establishment in the UK who needs to know whether the Payment Services Directive, as transposed in UK legislation by the Payment Services Regulations 2009, applies to him. Q46 applies specifically to persons providing payment services from an establishment outside the EEA to persons located in the UK. |
the scope of the PSD Regulations 2009.11 |
11PERG 16: Scope of the Alternative Investment Fund Managers Directive |
any person who needs to know whether a collective investment undertaking is an AIF. |
the scope of the regulated activities of managing an AIF and acting as trustee or depositary of an AIF.10 |
Any person who needs to know whether his activities in relation to debts will amount to debt counselling. |
The scope of the regulated activities relating to consumer credit debt counselling. |
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. |