Related provisions for SYSC 22.5.17

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COLL 12.4.1RRP
(1) This section applies to:(a) an authorised fund manager of an AUT, ACS1 or ICVC;(b) any other director of an ICVC; and(c) an ICVC;which is a UCITS scheme whose units may be marketed in another EEA State (the Host State).(2) The marketing of units of a UCITS scheme in the Host State may not commence until the FCA has, in accordance with paragraph 20B(5) (Notice of intention to market) of Schedule 3 to the Act, notified the authorised fund manager, in response to the application
COLL 12.4.4RRP
(1) The authorised fund manager of a UCITS scheme whose units are being marketed in the Host State must ensure that:(a) its instrument constituting the fund,2 its prospectus and, where appropriate, its latest annual report and any subsequent half-yearly report; and2(b) its key investor information document;together with their translations (wherever necessary), are kept up to date.(2) The authorised fund manager must notify any amendments to the documents referred to in (1) to
COLL 12.4.8RRP
(1) The authorised fund manager of a UCITS scheme whose units are being marketed in a Host State must ensure that an electronic copy of each document referred to in COLL 12.4.4 R (1) is made available on: (a) the website of the UCITS scheme or the authorised fund manager; or(b) another website designated by the authorised fund manager in the notification letter submitted to the FCA under paragraph 20B of Schedule 3 to the Act or any updates to it. (2) Any document that is made
SYSC 22.7.4GRP
(1) SYSC 22.2.1R (Obligation 4to obtain a reference) applies even if the ex-employer is not a firm.2(2) A firm3 should take all reasonable steps to try to obtain the reference in these circumstances. However, the FCA accepts that the previous employer may not be willing to give sufficient information.2
SYSC 22.7.10GRP
(1) Where a3firm needs to fill a vacancy for a certification function2 which could not have reasonably been foreseen, the FCA recognises that it may not be reasonable to expect the firm to obtain references prior to issuing a certificate.22(2) In such cases, the SMCR firm2 should take up the reference as soon as reasonably possible.(3) If a reference obtained later raises concerns about the person’s fitness and propriety, the 3firm should revisit its decision to issue the person
SYSC 22.7.11GRP
(1) Although this chapter (see SYSC 22.2.3R) only requires a3firm to try to get a reference for a person it is recruiting to perform an FCA controlled function or a PRA controlled function towards the end of the application process, the FCA would normally expect a firm to have obtained the reference before the application for approval is made. 2(2) The main examples of circumstances in which it would be reasonable for a firm to delay getting a reference are where asking for a
PERG 8.11.4GRP
In a few instances, the requirements of a particular exemption may affect the practicality of its being combined with another. These are article 12 (Communications to overseas recipients) and article 52 (Common interest group of a company). Article 12, for example, requires that financial promotions must be made to or directed only at overseas persons and certain persons in the United Kingdom. This presents no difficulty with article 12 being combined with other exemptions in
PERG 8.11.5GRP
A number of exemptions require that a financial promotion must be accompanied by certain indications. Article 9 of the Financial Promotion Order states that indications must be presented in a way that can be easily understood and in such manner as is ‘best calculated’ to bring the matter to the recipient’s attention. In the FCA's opinion, the expression ‘best calculated’ should be construed in a sensible manner. It does not, for instance, demand that the indication be presented
PERG 8.11.6GRP
Some exemptions are based on the communicator believing on reasonable grounds that the recipient meets certain conditions. For example, articles 19(1)(a), 44, 47 and 49. What are reasonable grounds for these purposes will be a matter for the courts to decide. In the FCA's view, it would be reasonable for a communicator to rely on a statement made by a potential recipient that he satisfies relevant conditions. This is provided that there is no reason to doubt the accuracy of the
SYSC 5.1.5AGRP
2If a firm requires employees who are not subject to a qualification7 requirement in TC to pass a relevant examination from the list of appropriate qualifications11 maintained by the FCA, or for the purposes of meeting its obligations under SYSC 5.1.5ABR11, the FCA10 will take that into account when assessing whether the firm has ensured that the employee satisfies the knowledge component of the competent employees rule.7777
SYSC 5.1.5ABRRP
11A firm must ensure, and be able to demonstrate to the FCA, at the FCA’s request, that any relevant individuals possess the necessary knowledge and competence so as to ensure that the firm is able to meet its obligations under:(1) those rules which implement articles 24 and 25 of MiFID (including those rules which implement related provisions under the MiFID Delegated Directive); and(2) related provisions of the MiFID Org Regulation.[Note: article 25(1) of MiFID]
SYSC 5.1.5AEGRP
(1) 11The FCA expects a firm to act consistently with the ESMA guidelines referred to in SYSC 5.1.5ADG in relation to its MiFID or equivalent third country business.(2) The FCA is required to publish various information on its website in relation to firms’ assessment of relevant individuals’ knowledge and competence. That information can be found at https://www.fca.org.uk/firms/training-competence(3) A firm to which the Training and Competence sourcebook (TC) applies may satisfy
TC 2.1.10AGRP
16TC Appendix 5G sets out:(1) the criteria which the FCA may take into account when assessing a qualification provider; and(2) the information the FCA will expect the qualification provider to provide if it asks the FCA to add a qualification to the list of appropriate qualifications in TC Appendix 4E.
TC 2.1.30GRP
The Glossary definition of accredited body contains a list of bodies recognised by the FCA for the purpose of providing the independent verification required under TC 2.1.27 R. Information on accredited bodies, including guidance on the process for including a body in the list is set out inTC Appendix 6G and the obligation to pay the application fee is set out in FEES 3.2.1717
TC 2.1.31RRP
17A firm must notify the FCA as soon as reasonably practicable after it becomes aware, or has information which reasonably suggests, that any of the following events has occurred or may have occurred in relation to any of its retail investment advisers, and the event is significant:(1) a retail investment adviser, who has been assessed as competent for the purposes of TC 2.1.1 R, is no longer considered competent for those purposes; (2) a retail investment adviser has failed to
TC 2.1.33GRP
17The Retail Investment Adviser Competence Notification Form approved by the FCA for notifications under TC 2.1.31 R may be found at the FCA's website www.fca.org.uk/firms/regulatory-reporting/adviser-reporting-requirements23.
SYSC 19A.1.4GRP
Subject to the requirements of SYSC 19A.1.5 R, in the FCA’s7 view SYSC 19A.1.3 R does not require a firm to breach requirements of applicable contract or employment law.[Note: recital 697 of the CRD7]
SYSC 19A.1.7GRP
(1) 7In addition to the notification requirements in the Remuneration Code7 general circumstances in which the FCA7 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) In particular, in relation to remuneration matters such circumstances should take into account unregulated activities as well as regulated activities and the activities of other members
SYSC 19A.1.8GRP
The FCA's policy on individual guidance is set out in SUP 9. Firms should in particular note the policy on what the FCA considers to be a reasonable request for guidance (see SUP 9.2.5 G). 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 Remuneration Code, including the general requirement for remuneration policies, procedures and practices to be
GENPRU 3.2.6GRP
The FCA3 believes that it will only be right to adopt the option in GENPRU 3.2.5 G in response to very unusual group structures.
GENPRU 3.2.9RRP
If the Part 4A permission of a firm contains a requirement obliging it to comply with this rule with respect to a third-country banking and investment group of which it is a member, it must comply, with respect to that third-country banking and investment group, with the rules in Part 2 of GENPRU 3 Annex 2, as adjusted by Part 3 of that annex.
SUP 12.5.3GRP
(Subject to SUP 12.5.3AG) a 13firm should satisfy itself that the terms of the contract with its appointed representative (including an introducer appointed representative):13(1) are designed to enable the firm to comply properly with any limitations or requirements on its own permission;(2) require the appointed representative to cooperate with the FCA as described in SUP 2.3.4 G (Information gathering by the FCA on its own initiative: cooperation by firms) and give access to
SUP 12.5.3AGRP
13To the extent that the appointment of the appointed representative includes CBTL business, a firm should satisfy itself that the terms of the contract with its appointed representative:(1) are designed to enable the firm to comply properly with any direction issued or imposed under article 19 of the MCD Order; and(2) require the appointed representative to deal with the FCA in an open and co-operative manner and give access to its premises, as set out in SUP 2.3.4G and SUP 2.3.5R(2),
SUP 12.5.9GRP
8Under section 39A(6)(a) of the Act a MiFID investment firm21 must ensure that the contract it uses to appoint an FCA registered tied agent complies with the requirements that would apply under the Appointed Representatives Regulations17 if it were appointing an appointed representative.
SUP 12.5.10RRP
12A firm must ensure that, if appointing an appointed representative to carry on MCD credit intermediation activity, its written contract requires the appointed representative to provide such evidence to the FCA as to the knowledge and competence of the staff of the appointed representative, as the FCA may require from time to time. [Note: article 9(4) of the MCD]
REC 2.5A.3GRP
The guidance in this section concerns the effect of PIDA in the context of the relationship between UK recognised bodies and the FCA.2 It is not comprehensive guidance on PIDA itself.2
REC 2.5A.6GRP
(1) UK recognised bodies are encouraged to consider adopting appropriate internal procedures which will encourage their workers with concerns to blow the whistle internally about matters which are relevant to the functions of the FCA.22(2) In considering appropriate internal procedures, UK recognised bodiesmay find the guidance provided to firms in SYSC 18.2.2 G (2) and SYSC 18.2.2 G (3)1 helpful.1
REC 2.5A.7GRP
In determining whether a UK recognised body is a fit and proper person, the FCA2 may have regard to any relevant factor including, but not limited to, how the UK recognised body and key individuals have complied with any relevant law (see REC 2.4.3 G (9)).2
SUP 10C.5.5GRP
[deleted]6
SUP 10C.5.6GRP
[deleted] [Editor’s note: The text of this provision has been moved to SUP 10C.5A.1G]6
SUP 10C.5.7GRP
[deleted]65
DTR 6.3.3BRRP
[deleted]6
DTR 6.3.3CGRP
[deleted]64
DTR 6.3.8RRP
Upon request, an issuer or other person must be able to communicate to the FCA, in relation to any disclosure of regulated information:(1) the name of the person who communicated the regulated information to the RIS;(2) the security validation details;(3) the time and date on which the regulated information was communicated to the RIS;(4) the medium in which the regulated information was communicated; and(5) details of any embargo placed by the issuer on the regulated information,
MCOB 1.6.2GRP
Principle 2 requires a firm to conduct its business with due skill, care and diligence. The purpose of MCOB 1.6.3 R is to reinforce this. The FCA would expect firms to take appropriate steps to determine whether any mortgage it proposes to enter into is subject to FCA regulation and, if so, whether it is a regulated mortgage contract or a regulated credit agreement4.
MCOB 1.6.4RRP
If, notwithstanding the steps taken by a firm to comply with MCOB 1.6.3 R, it transpires that a mortgage which the firm has treated as unregulated or as a regulated credit agreement4 is in fact a regulated mortgage contract, the firm must as soon as practicable after the correct status of the mortgage has been established:(1) contact the customer and provide him with the following information in a durable medium:(a) a statement that the mortgage contract is a regulated mortgage
MCOB 1.6.5GRP
(1) MCOB 1.6.4 R(2) means, for example, that if a firm discovered immediately after completion that a loan was a regulated mortgage contract, the firm would be required to comply with MCOB 7.4 (Disclosure at the start of the contract).(2) Although MCOB 1.6.4 R recognises that firms may become aware that a mortgage is a regulated mortgage contract at a late stage, the FCA expects this to be an extremely rare occurrence. It could arise, for example, if a firm has acted on the understanding,
PERG 7.3.4GRP
In the FCA's view, for a person to be carrying on the business of advising on investments or advising on a home finance transaction1 he will usually need to be doing so with a degree of regularity and for commercial purposes – that is to say, he will normally be expecting to gain some kind of a direct or indirect financial benefit. But, in the FCA's view it is not necessarily the case that advice provided free of charge will not amount to a business. Advice is often given 'free'
PERG 7.3.5GRP
Advice given in periodicals published from an establishment in the United Kingdom is regarded by the FCA as given in the United Kingdom. A similar approach is taken to advice given in, or by way of, a service provided from such an establishment.
PERG 7.3.6GRP
In other circumstances, advice issued remotely may still be given in the United Kingdom. For example, the FCA considers that advice is given in the United Kingdom if:(1) it is contained in a non-UK periodical that is posted in hard copy to persons in the United Kingdom;(2) it is contained in a non-UK periodical (or given in or by way of a service) which is made available electronically to such persons.
PERG 7.3.9GRP
Many people may be involved in the production of a periodical publication, news service or broadcast. But if the regulated activity of advising on investments, advising on regulated credit agreements for the acquisition of land,9advising on a home finance transaction1 or advising on conversion or transfer of pension benefits9 is being carried on so that authorisation is required, the FCA's view is that the person carrying on the activity (and who will require authorisation) is
LR 15.4.8RRP
Unless LR 15.4.8A R applies, a6closed-ended investment fund must :666166(1) submit any proposed material change to its published investment policy to the FCA for approval; and6(2) having obtained the FCA's approval, obtain the prior approval of its shareholders to any material change to its published investment policy.6
LR 15.4.8ARRP
6A closed-ended investment fund is not required to seek the FCA’s approval for a material change to its published investment policy if:(1) the change is proposed to enable the winding up of the closed-ended investment fund; and(2) the winding up: (a) is in accordance with the constitution of the closed-ended investment fund; and(b) will be submitted for approval by the shareholders of the closed-ended investment fund at the same time as the proposed material change to the investment
LR 15.4.28RRP
(1) 5A closed-ended investment fund is not required to comply with LR 9.2.23 R in so far as it relates to LR 9.2.2A R, LR 9.2.2E R and LR 9.2.2F R.(2) A closed-ended investment fund is not required to comply with LR 9.2.24 R to LR 9.2.25 R.
SYSC 13.9.2GRP
Firms should take particular care to manage material outsourcing arrangements and, as SUP 15.3.8 G (1)(e) explains, a firm should notify the FCA2 when it intends to enter into a material outsourcing arrangement.
SYSC 13.9.5GRP
In negotiating its contract with a service provider, a firm should have regard to:(1) reporting or notification requirements it may wish to impose on the service provider;(2) whether sufficient access will be available to its internal auditors, external auditors or actuaries (see section 341 of the Act) and to the FCA2 (see SUP 2.3.5 R (Access to premises) and SUP 2.3.7 R (Suppliers under material outsourcing arrangements);(3) information ownership rights, confidentiality
SYSC 13.9.9GRP
(1) 1Parts of the guidance in SYSC 13.9 do not apply to a Solvency II firm. They are SYSC 13.9.3G3, SYSC 13.9.4G(1), (2), (4) and (5) and SYSC 13.9.5G(6).(2) A Solvency II firm is subject to the outsourcing requirements in PRA Rulebook: Solvency II firms: Conditions Governing Business 7. (3) The Solvency II Regulation (EU) 2015/35 of 10 October 2014 (article 274) also imposes specific requirements on firms which outsource, or propose to outsource, functions or insurance activities.
SUP 5.1.1ARRP
7In respect of the FCA's power in section 166 of the Act (Reports by skilled persons), reference to a firm in SUP 5.5.1 R, SUP 5.5.5 R and SUP 5.5.9 R includes a recognised investment exchange.
SUP 5.1.1BGRP
7In respect of the FCA's power in section 166 of the Act (Reports by skilled persons), the guidance in this chapter applies to a recognised investment exchange in the same way as it applies to a firm.
SUP 5.1.3GRP
7The purpose of this chapter is to give guidance on the FCA’s4 use of the power in section 166 (Reports by skilled persons) and section 166A (Appointment of skilled person to collect and update information) of the Act. The purpose is also to make rules requiring a firm to give assistance to a skilled person and, where a firm is required to appoint a skilled person, to include certain provisions in its contract with a skilled person. These rules are designed to ensure that the
FEES 13.2.3RRP
The IML levy is calculated as follows:(1) identify whether activity group CC1 or CC2 applies to the business of the firm for the relevant period (for this purpose, the activity groups are defined in accordance with Part 1 of FEES 4 Annex 1AR);(2) for each of those activity groups, calculate the amount payable in the way set out in FEES 13.2.4R;(3) add the amounts calculated under (2);(4) work out whether a minimum fee is payable under Part 2 of FEES 7 Annex 1R and if so how much;(5)
FEES 13.2.5RRP
For the purposes of FEES 13.2.4R:(1) a firm in activity group CC2 may apply the relevant tariff bases and rates to its non-UK business, as well as to its UK business, if:(a) it has reasonable grounds for believing that the costs of identifying the firm’sUK business separately from its non-UK business in the way described in FEES 4 Annex 11BR are disproportionate to the difference in fees payable; and (b) it notifies the FCA in writing at the same time as it provides the information
FEES 13.2.9RRP

Table of rules in FEES 4 that also apply to FEES 13 to the extent that in FEES 4 they apply to fees payable to the FCA.

FEES 4 rules incorporated into FEES 13

Description

FEES 4.2.4R

Method of payment

5

5

4

4

FEES 4.2.10R

Extension of time

FEES 4.2.11R (first entry only)

Due date and changes in permission for periodic fees

FEES 4.3.7R

Group of firms

FEES 4.3.13R

Firms applying to cancel or vary permission before start of period

FEES 4.3.17R

Firms acquiring businesses from other firms

FEES 4.4.1R to 6FEES 4.4.6AR

Information on which fees are calculated

PERG 6.6.2GRP
The 'assumption of risk' by the provider is an important descriptive feature of all contracts of insurance. The 'assumption of risk' has the meaning in (1) and (3), derived from the case law in (2) and (4) below. The application of the 'assumption of risk' concept is illustrated in PERG 6.7.2 G (Example 2: disaster recovery business).(1) Case law establishes that the provider's obligation under a contract of insurance is an enforceable obligation to respond (usually, by providing
PERG 6.6.3GRP
Contracts, under which the amount and timing of the payments made by the recipient make it reasonable to conclude that there is a genuine pre-payment for services to be rendered in response to a future contingency, are unlikely to be regarded as insurance. In general, the FCA expects that this requirement will be satisfied where there is a commercially reasonable and objectively justifiable relationship between the amount of the payment and the cost of providing the contract
PERG 6.6.7GRP
Under most commercial contracts with a customer, a provider will assume more than one obligation. Some of these may be insurance obligations, others may not. The FCA will apply the principles in PERG 6.5.4 G, in the way described in (1) to (3) to determine whether the contract is a contract of insurance.(1) If a provider undertakes an identifiable and distinct obligation that is, in substance an insurance obligation as described in PERG 6.5.4 G, then, other things being equal,
REC 3.18.1GRP
(1) The purpose of REC 3.18 is to enable the FCA4 to monitor changes in the types of member admitted by UK recognised bodies and to ensure that the FCA4has notice of foreign jurisdictions in which the members of UK recognised bodies are based. UK recognised bodies may admit persons who are not authorised persons or persons who are not located in the United Kingdom, provided that the recognition requirements or (for RAPs) RAP recognition requirements87continue to be met.442(2)
REC 3.18.2RRP
Where a UK recognised body admits a member who is not an authorised person of a type of which, immediately before that time, that UK recognised body had not admitted to membership, it must immediately give the FCA4notice of that event, and:4(1) a description of the type of person whom it is admitting to membership; and72(2) (in relation to a UK RIE ) 2particulars of its reasons for considering that, in admitting that type of person to membership, it is able to continue to satisfy
REC 3.18.3RRP
Where a UK recognised body admits for the first time a member whose head or registered office is in a jurisdiction from which that UK recognised body has not previously admitted members, it must immediately give the FCA4notice of that event, and:4(1) the name of that jurisdiction; (2) the name of any regulatory authority in that jurisdiction which regulates that member in respect of activities relating to specified investments or (for a RAP) relating to emissions auction products8;
SUP 6.1.3AGRP
(1) 7In SUP 6 the "relevant regulator" is the regulator to which a firm with a Part 4A permission has made or can make (in accordance with SUP 6) an application to vary or cancel its Part 4A permission or to have imposed on it a new requirement or to vary or cancel any existing requirement (see SUP 6.2.3A G to SUP 6.2.3E G).(2) Where the PRA can only determine an application with the consent of the FCA, the FCA may request further information as if it were the relevant regulator.(3)
SUP 6.1.5GRP
This chapter also outlines the relevant regulator's powers to withdraw authorisation from a firm whose Part 4A permission7 has been cancelled at the firm's request.727
SUP 6.1.6GRP
7This chapter does not cover the FCA's use of its own-initiative variation power to vary or cancel a firm'sPart 4A permission or its own-initiative requirement power to impose, vary or cancel a requirement (see SUP 7 (Individual requirements) and EG 8 (Variation and cancellation of permission on the FCA's own initiative and intervention against incoming firms)).