Related provisions for DISP App 1.4.12

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SUP 15.13.1GRP
This section sets out guidance for CBTL firms to assist them in complying with their obligation to notify the FCA immediately if they cease to satisfy any condition for registration in article 8(2) or 8(3) of the MCD Order.[Note: article 12 of the MCD Order]
COND 1.3.1GRP
The guidance in COND 2 explains each FCA1threshold condition in Schedule 6 (threshold conditions) to the Act and indicates1 how the FCA1 will interpret it in practice. This guidance is not, however, exhaustive and is written in very general terms. A firm will need to have regard to the obligation placed upon the FCA1 under section 55B (The threshold conditions) of the Act; that is, the FCA1 must ensure that the firm will satisfy, and continue to satisfy, the FCA1threshold conditions
SUP 10C.14.24GRP

Table: Explanation of the sections of the Act mentioned in SUP 10C.14.22R4

1Section

Summary of relevant parts

Other Handbook material

Comments

Section 63(2A) (Duty to notify regulator of grounds for withdrawal of approval)

At least once a year, each firm must, in relation to every SMF manager for whom an approval has been given on the application of that firm:

(a) consider whether there are any grounds on which the FCA could withdraw the approval; and

(b) if the firm is of the opinion that there are such grounds, notify the FCA of those grounds.

FIT sets out guidance on the factors a firm should take into account when assessing the fitness and propriety of an approved person.

2

2

2

Section 64C of the Act (Requirement for 4authorised persons to notify regulator of disciplinary action)

If:

(a) a firm takes disciplinary action in relation to an SMF manager; and

(b) the reason, or one of the reasons, for taking that action is a reason specified in SUP 15.11.6R;

the firm should notify the FCA of that fact.

SUP 15.11 (Notification of COCON breaches and disciplinary action)

An example of when a notification should be made using Form C rather than Form D is when a firm is required to notify the FCA under section 64C of the Act that it has dismissed an SMF manager.
REC 6.3.3GRP
The reference to recognition requirements in section 292(3)(a) of the Act is a reference to the requirements applicable to UK RIEs in the Recognition Requirements Regulations. These requirements are set out, together with guidance, in REC 2.3
REC 2A.3.2GRP

4The guidance in relation to the recognition requirements in the sections of REC 2 listed in Column A of the table below applies to a RAP in relation to the equivalent RAP recognition requirements listed in Column C and (if shown) with the modifications in Column B.

Table: Guidance on RAP recognition requirements

Column A

REC 2 guidance which applies to a RAP

Column B

Modification to REC 2 guidance for a RAP

Column C

Relevant RAP recognition requirement

REC 2.2.2G to REC 2.2.7G (Relevant circumstances and Outsourcing)

Reg 13

REC 2.3.3G to REC 2.3.9G (Financial resources)

Reg 14

REC 2.4.3G to REC 2.4.6G (Suitability)

In addition to the matters set out in REC 2.4.3G to REC 2.4.6G, the FCA will have regard to whether a key individual has been allocated responsibility for overseeing the auction platform of the UK recognised body.

Reg 15

REC 2.5.3G to REC 2.5.20G (Systems and controls and conflicts) and REC 2.5A (Guidance on Public Interest Disclosure Act: Whistleblowing)

Reg 16 and 17(2)(f)

REC 2.6.26G to REC 2.6.34G (Safeguards for investors)

Reg 17

REC 2.7.3G to REC 2.7.4G (Access to facilities)

The FCA shall have regard to whether a RAP provides access to bid at auctions only to those persons eligible to apply for admission to bid under regulation 16 of the UK auctioning regulations.

Reg 17(2)(a) and 20

REC 2.8.3G to REC 2.8.4G (Settlement and clearing services)

Reg 17(2)(d) and 21

REC 2.9.3G to REC 2.9.4G (Transaction recording)

Reg 17(2)(e)

REC 2.10.3G to REC 2.10.4G (Financial crime and market abuse)

Reg 17(2)(g)

REC 2.11.3G to REC 2.11.4G (Custody)

REC 2.11.4G is replaced with the following for a RAP:

Where a RAP arranges for other persons to provide services for the safeguarding and administration services of assets belonging to users of its facilities, it will also need to satisfy the RAP recognition requirement in regulation 17(2)(h) of the RAP regulations (see REC 2A.2.1UK).

Reg 17(2)(h)

REC 2.12.1G to REC 2.12.2G (Availability of relevant information)

REC 2.12.1G to REC 2.12.2G are replaced with the following for a RAP:

In determining whether appropriate arrangements have been made to make relevant information available to persons engaged in dealing in emissions auction products the FCA may have regard to:

(1) the extent to which auction bidders are able to obtain information in a timely fashion about the terms of those emissions auction products and the terms on which they will be auctioned, either through accepted channels for dissemination of information or through other regularly and widely accessible communication media;

(2) what restrictions, if any, there are on the dissemination of relevant information to auction bidders; and

(3) whether relevant information is, or can be, kept to restricted groups of persons in such a way as to facilitate or encourage market abuse.

REC 2.12.2G

A RAP does not need to maintain its own arrangements for providing information on the terms of emissions auction products to auction bidders where it has made adequate arrangements for other persons to do so on its behalf or there are other effective and reliable arrangements for this purpose.

Reg 17(2)(c)

REC 2.13.3G to REC 2.13.6G (Promotion and maintenance of standards)

Reg 18

REC 2.14.3G to REC 2.14.6G (Rules and consultation)

Reg 19

REC 2.15.3G to REC 2.15.6G (Discipline)

Reg 22

REC 2.16.3G to REC 2.16.4G (Complaints

Reg 23
PERG 8.37.1GRP
(1) 1Part 6 (Marketing) of the AIFMD UK regulation contains restrictions on an AIFM or an investment firmmarketing an AIF. Such a person may not market an AIF in the UK or Gibraltar2 unless the relevant conditions set out in the AIFMD UK regulation are met.(2) The purpose of this section is to give guidance on: (a) the restrictions on an AIFM or investment firmmarketing an AIF (PERG 8.37.2 G and PERG 8.37.3 G);(b) the circumstances in which an AIFM or an investment firmmarkets
PERG 8.33.2GRP
Article 29 of the Regulated Activities Order states that certain arrangements are not covered by article 25. These are arrangements made by an unauthorised person ('A'). The arrangements must be made for or with a view to a transaction which is or is to be entered into by another person (the client) with or through an authorised person. It must also be the case that:(1) the transaction is or will be entered into on advice given to the client by an authorised person; or(2) it is
SYSC 4.5.12GRP
(1) [deleted] 33(2) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.4.5G]3(3) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.4.6G]3(4) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.4.7G]3(5) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.4.8G]3(6) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.4.11G]3(7) [deleted] [Editor’s
SUP 4.2.2GRP
This chapter defines the relationship between firms and their actuaries3 and clarifies the role which actuaries3 play in the appropriate regulator's monitoring of firms' compliance with the requirements and standards under the regulatory system. The chapter sets out rules and guidance on the appointment of actuaries3, and the termination of their3 term of office, as well as setting out their respective rights and duties. The purpose of the chapter is to ensure that:3333(1) long-term
FEES 4.3.2GRP
(1) The amount payable by each firm will depend upon the category (or categories) of regulated activities or payment services7it is engaged in (fee-blocks)and whether it is issuing electronic money,10 and on the amount of business it conducts in each category (tariff base). The fee-blocks and tariffs are identified in FEES 4 Annex 1AR17 (and guidance on calculating certain of the tariffs is at FEES 4 Annex 12 G and 17FEES 4 Annex 13G15) 17while 27FEES 4 Annex 2AR sets 17 out
PERG 4.14.3GRP
In addition, a professional firm may, in certain circumstances, be able to use the Part XX exemption to avoid any need for authorisation. PROF 2 (Status of exempt professional firm) contains general guidance on the Part XX exemption. In particular, PROF 2.1.9 G explains that the Treasury have specified certain regulated activities to which the Part XX exemption cannot apply in the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities Order 2001 ("the Non-Exempt
DTR 2.2.7GRP
An issuer and its advisers are best placed to make an initial assessment of whether particular information amounts to inside information. The decision as to whether a piece of information is inside information may be finely balanced and the issuer (with the help of its advisers) will need to exercise its judgement.Note:DTR 2.7 provides additional guidance on dealing with market rumour.
ICOBS 4.6.4GRP
A pure protection service is not associated with an adviser charge for the purposes of ICOBS 4.6.2 R if the adviser charge is agreed with the consumer by a firm or an appointed representative and the pure protection service is provided to that consumer by another firm or appointed representative. However, if a firm or an appointed representative refers a consumer with whom it is agreeing an adviser charge to another firm or appointed representative for the provision of a pure
DTR 1B.1.1GRP
1The original6 purpose of the requirements in DTR 7.1 was6 to implement parts of the Audit Directive which require issuers that are required to appoint a statutory auditor to appoint an audit committee or have a body performing equivalent functions.
EG 6.2.14RP
3Publication will generally include placing the decision notice or final notice on the FCA website and this will often be accompanied by a press release. The FCA will also consider what information about the matter should be included on the Financial Services Register. Additional guidance on the FCA's approach to the publication of information on the Financial Services Register in certain specific types of cases is set out at the end of this chapter.
SYSC 14.1.29AGRP
10When determining the adequacy of its internal controls, a firm should consider both the potential risks that might hinder the achievement of the objectives listed in SYSC 14.1.28 G, and the extent to which it needs to control these risks. More specifically, this should normally include consideration of:(1) the appropriateness of its reporting and communication lines (see SYSC 3.2.2 G);(2) how the delegation or contracting of functions or activities to employees, appointed representatives