Related provisions for SUP 18.4.32
101 - 120 of 303 items.
4It is the responsibility of an insurance intermediary's senior management to determine, on a continuing basis, whether the insurance intermediary is an exempt insurance intermediary and to appoint an auditor if management determines the firm is no longer exempt. SUP 3.7 (amplified by SUP 15) sets out what a firm should consider when deciding whether it should notify the FCA of matters raised by its auditor.6
4The rights and duties of auditors are set out in SUP 3.8 (Rights and duties of all auditors) and SUP 3.10 (Duties of auditors: notification and report on client assets). SUP 3.8.10 G includes the auditor's statutory duty to report certain matters to the FCA8 imposed by regulations made by the Treasury under sections 342(5) and 343(5) of the Act (information given by auditor or actuary to a regulator8). An auditor should bear these rights and duties in mind when carrying out client
(1) An applicant applying for admission to listing by way of a block listing must notify an RIS of the number and type of securities that are the subject of the block listing application and the circumstances of their issue.(2) The notification in paragraph (1) must be made by 9 a.m. on the day the FCA is to consider the application.
Every six months the applicant must notify a RIS of the details of the number of securities covered by the block listing which have been allotted in the previous six months, using the Block Listing Six Monthly Return.1Note: A copy of the Block Listing Six Monthly Return can be found on the Primary Markets3 section of the FCA website.
(1) If a respondent does not submit a complete report by the date on which it is due, in accordance with DISP 1.10B.10D, the respondent must pay an administrative fee of £250.(2) The administrative fee in (1) does not apply if the respondent has notified the FCA of a systems failure in accordance with DISP 1.10B.11R.
(1) An issuer must forward to the FCA for publication a copy7 of any document required by LR 17.3 or LR 17.4 at the same time the document is issued, by uploading it to the national storage mechanism7.(2) An issuer must notify a RIS as soon as possible when a document has been forwarded to the FCA under paragraph (1) unless the full text of the document is provided to the RIS.(3) A notification made under paragraph (2) must set out where copies of the relevant document can be
3Where an issuer or person is required to file regulated information under DTR 6.2.2R, the issuer or person must, at the same time, notify the following to the FCA: (1) the legal entity identifier (LEI) of the issuer concerned; and(2) the classifications relevant to the regulated information using the classes and sub-classes in DTR 6 Annex 1R.
A firm does not have to give notice to the FCA2 under SUP 15.9.1 R if it or another member of the consolidation group has already given notice of the relevant fact to:55(1) the FCA2 or55(2) (if another competent authority is co-ordinator of the financial conglomerate ) that competent authority; or(3) (in the case of a financial conglomerate that does not yet have a co-ordinator ) the competent authority who would be co-ordinator under Regulation 1(2) of the Financial Groups
(1) 2For the purposes of BIPRU 12.7.9R (2)(b) the requirements are that:(a) the securities are in excess of the amount of collateral required to be held by that central bank; and(b) the firm is entitled to regain legal title to such securities without any encumbrance.(2) The firm may only count securities that meet the requirements of BIPRU 12.7.9 R and BIPRU 12.7.9AR (1) from the point in time when the firm would regain legal title to the securities from the central bank, subsequent
The appropriate regulator regards as encumbered any asset which the firm in question has provided as collateral. Therefore, where assets have been used as collateral in this way (for example, in a repo), they should not be included in the firms liquid assets buffer. However, any assets provided by the firm to a central bank as collateral which meet the requirements in BIPRU 12.7.9A R will be recognised as unencumbered by the for the purposes of BIPRU 12.7.9R (1). For the avoidance
5A UK UCITS management company must ensure that the procedures it establishes under DISP 1.3.1 R for the reasonable and prompt handling of complaints require that13unitholders are allowed to file complaints in any of the official languages of the Home State of the UCITS scheme or a scheme which, immediately before IP completion day15, was an13EEA UCITS scheme or of any EEA State to which a notification was13 transmitted by the competent authority of the scheme’sHome State in accordance
4Firms are not required to notify the name of the individual to the
FCA
or the Financial Ombudsman Service but would be expected to do so promptly on request. There is no bar on a firm appointing different individuals to have the responsibility at different times where this is to accommodate part-time or flexible working.
(1) 1A person who notifies the FCA of a desire to obtain interim permission in accordance with article 56 (Interim permission) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 must pay to the FCA, in full and without deduction, a fee of :(a) where the person is a sole trader:(i) if the notification is made on or before 30 November 2013, £105; or(ii) £150; (b) in any other case:(i) if the notification is made on or before 30 November
(1) 2A local authority which notifies the FCA of a desire to obtain interim permission in accordance with article 56 (Interim permission) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 must pay to the FCA, in full and without deduction, a fee of £350.(2) The fee required by (1) must be paid by debit card (Maestro/Visa only), credit card (Visa/Mastercard only), bankers draft, cheque, or other payable order.(3) The fee required
The E-Commerce Directive does not affect the responsibilities of Home State under the Single Market Directives. This includes the obligation of a Home State regulator to notify the Host State regulator of a firm's intention to establish a branch in, or provide cross border services into, the other EEA State.
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.
A firm must notify the FCA, using the form in SUP 15 Annex 8R,
where:(a) in any 12-month period, it has upheld three complaints about
matters relating to activities carried out by any one employee
when acting as a retail investment adviser; or(b) it has upheld a complaint about matters relating to activities
carried out by any one employee when acting as a retail
investment adviser, where the redress paid exceeds £50,000.(2) A notification made under (1)(a) must be made by the
The FCA receives the information in SUP 2.1.3 G through a variety of means, including notifications by firms (see SUP 15) and regular reporting by firms (see SUP 16). This chapter is concerned with the methods of information gathering that the FCA may use on its own initiative in the discharge of its functions under the Act. This chapter does not deal with the information gathering powers that the FCA has under the Unfair Terms Regulations and the CRA. 7These are dealt with in
The FCA prefers to discharge its functions by working in an open and cooperative relationship with firms. The FCA will look to obtain information in the context of that relationship unless it appears that obtaining information in that way will not achieve the necessary results, in which case it will use its statutory powers. The FCA has exercised its rule-making powers to make Principle 11 which requires that a firm must deal with its regulators in an open and cooperative way,
1Section 301A(1) of chapter3 1A of Part XVIII of the Act places an obligation on a person who decides to acquire or increase control (see sections 301D and 301E of the Act) over a UK RIE3to notify the FCA5, before making the acquisition3. Furthermore, those persons are required to obtain the FCA's5 approval before acquiring control 3or increasing the level of control held.3353533
(1) 1An appointed representative must not commence an insurance distribution activity15 until they are15 included on the Financial Services Register as carrying on such activities (see SUP 12.5.2 G (3)). (2) If an appointed representative's scope of appointment is to include an insurance mediation activityinsurance distribution activity15, the principal must notify the FSAFCA of the appointment before the appointed representative commences that activity (see SUP 12.7.1 R (1)).
(1) 10If an appointed representative's scope of appointment is to include MCD credit intermediation activity, the principal must notify the FCA of the appointment before the appointed representative commences that activity (see SUP 12.7.1 R (1)).(2) An appointed representative must not commence an MCD credit intermediation activity until they are included on the Financial Services Register. (3) If an appointed representative's scope of appointment is to include MCD credit intermediation
(1) 8A tied agent that is an appointed representative may not start to act as a tied agent until it is included on the applicable register (section 39(1A) of the Act). The19 register maintained by the FCA is the applicable register for these purposes. 13(2) A MiFID investment firm19 that appoints an FCA registered tied agent who is not registered with the FCA will, subject to certain conditions, be taken to have contravened a requirement imposed on it by or under the Act (see
(1) 6A firm need not comply with CASS 7.13.20R if, following an assessment, it is able to demonstrate that the requirement under that rule is not proportionate, in view of: (a) the small balance of client money that it holds; (b) the nature, scale and complexity of its business; and (c) the safety offered by the relevant third parties referred to under CASS 7.13.20R.(2) A firm must review any assessment it makes under (1) periodically. (3) A firm must notify its assessment under
6Where a firm decides following an assessment under CASS 7.13.21AR(1) that it intends to use the approach under that rule, the firm must give the FCA notice of this upon reaching that decision and before it starts to use that approach.Where, following a review under CASS 7.13.21AR(2) a firm decides that it will either cease to use the approach under CASS 7.13.21AR(1) or continue to use it, it must give the FCA notice of this upon reaching that decision.
At least three months before adopting the alternative approach for a particular business line, a firm must: (1) inform the FCA in writing that it intends to adopt the alternative approach for that particular business line; and(2) if requested by the FCA, make any documents it created under CASS 7.13.55 R2 available to the FCA for inspection.
(1) Guaranteed variable remuneration should be subject to the same requirements applicable to variable remuneration awarded by the firm including deferral, malus and clawback.(2) The FCA expects that guaranteed variable awards and retention awards should not be common practice for dual-regulated firms Remuneration Code staff and should be limited to rare, infrequent occurrences. The FCA expects a firm to provide prior notification to the FCA of any proposed retention1 awards.
(1) Sections 137H and 137I of the Act enable the FCA to make rules that render void any provision of an agreement that contravenes specified prohibitions in the dual-regulated firms Remuneration Code, and that provide for the recovery of any payment made, or other property transferred, in pursuance of such a provision.(2) SYSC 19D.3.66R and SYSC 19D.3.67R (together with SYSC 19D Annex 1) are:(a) rules referred to in (1) that render void provisions of an agreement that contravene