Related provisions for PERG 7.7.5

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MCOB 13.3.4CGRP
3Firms should note that the list of options to consider set out at MCOB 13.3.4AR(1) is not exhaustive. The FCA would expect firms to be able to justify a decision to offer a particular option.
MCOB 13.3.4DGRP
3In the FCA's view, in order to comply with Principle 6, firms should not agree to capitalise a payment shortfall4 save where no other option is realistically available to assist the customer.4
MCOB 13.3.6GRP
In relation to adopting a reasonable approach to the time over which the payment shortfall4 or sale shortfall should be repaid,1the FCA takes the view that the determination of a reasonable repayment period will depend upon the individual circumstances. In appropriate cases this will mean that repayments are arranged over the remaining term. 141
MCOB 13.3.8GRP
Firms that propose to outsource aspects of customer relationships (including collection of debts or any other sums due1) should note that and SYSC 8,2 a firm cannot contract out its regulatory obligations and1 the FCA will continue to hold them responsible for the way in which this work is carried on.11
CASS 11.3.3GRP
(1) [deleted]41(2) As a consequence of CASS 11.3.4R4, in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4R is required to be discharged by a director or senior manager.1(3) [deleted]4313(4) [deleted]413(4A) 3For an SMCR firm, the function in CASS 11.3.4R is not a separate controlled function and performing that function does not require approval as an approved person. Paragraphs (5)
CASS 11.3.4RRP
A CASS large debt management firm must allocate to a director or senior manager the function of: (1) oversight of the operational effectiveness of that CASS debt management firm's systems and controls that are designed to achieve compliance with CASS 11; (2) reporting to the CASS debt management firm'sgoverning body in respect of that oversight; and(3) completing and submitting a CCR005 return to the FCA in accordance with SUP 16.12.29C R.
CASS 11.3.5RRP
[deleted]413
CASS 11.3.5AGRP
[deleted]4
LR 3.5.4RRP
1An applicant applying for admission to listing by way of a block listing must submit in final form, at least two business days before the FCA is to consider the application, a completed Application for Admission of Securities to the Official List. An application in respect of multiple schemes must identify the schemes but need not set out separate block listing amounts for each scheme.1Note: The Application for Admission of Securities to the Official List form can be found on
LR 3.5.5RRP
(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.
LR 3.5.6RRP
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.
LR 11.1.1BGRP
8In exceptional circumstances, the FCA may consider dispensing with or modifying the application of LR 11.1.1A R, in accordance with LR 1.2.1 R.
LR 11.1.1DGRP
8If the FCA considers that it would be appropriate to do so, the FCA may dispense with or modify the application of LR 11.1.1CR (1), in accordance with LR 1.2.1 R.
LR 11.1.5AGRP
2In assessing whether a transaction is in the ordinary course of business under this chapter, the FCA will have regard to the size and incidence of the transaction and also whether the terms and conditions of the transaction are unusual.
LR 11.1.7BGRP
6The FCA would (amongst other things) generally consider an increase of 10% or more in the consideration payable to be a material change to the terms of the transaction.
EG 11.5.1RP
2The FCA may apply to the court for an injunction if it appears that a person, whether authorised or not, is reasonably likely to breach a relevant requirement12, or engage in market abuse. It can also apply for an injunction if a person has breached one of those requirements or has engaged in market abuse and is likely to continue doing so. 12 Under section 380(6)(a) and (7)(a), a 'relevant requirement' in relation to an application by the appropriate regulator means a requirement:
EG 11.5.2RP
2The FCA may consider taking disciplinary1 action using a range of powers1 as well as seeking restitution, if a person has breached a relevant requirement13 of the Act, the UK auctioning regulations or any4onshored regulation3, or has engaged in1market abuse. 13 Under section 204A(2), a 'relevant requirement' in relation to an application by the appropriate regulator means a requirement: which is imposed by or under the Act or by a qualifying 3provision specified, or of a description
EG 11.5.3RP
2The FCA may consider exercising its power to prosecute offences under the Act, as well as applying to seek restitution if a person has breached certain requirements of the Act.
SUP 8.1.1-ARRP
7This chapter applies to every:(1) firm or person who is subject to FCArules that wishes to apply for, consent to, or has been given a modification of or waiver of the FCA'srules; (2) person, as respects a particular AUT, ACS6 or ICVC, who wishes to apply for, consent to, or has been given a modification of or waiver of the rules in COLL.
SUP 8.1.1AGRP
This chapter is relevant to an applicant for a Part 4A permission7, as if that applicant were a firm. Where the chapter refers to appropriate7supervisory contact, the applicant should read this as being the usual supervisory7contact at7 the appropriate regulator7. Further, this chapter is relevant to a person who is subject to rules made by the appropriate regulator7 and where the chapter refers to a firm, this includes that person5.177577
SUP 8.1.3GRP
This chapter is not relevant to the functions of the FCA7 acting in its capacity as the competent authority for the purposes of Part VI of the Act (Official Listing).37
SYSC 6.3.5GRP
The FCA, when considering whether a breach of its rules on systems and controls against money laundering has occurred, will have regard to whether a firm has followed relevant provisions in the guidance for the United Kingdom financial sector issued by the Joint Money Laundering Steering Group.1
SYSC 6.3.9RRP
A firm (with the exception of a sole trader who has no employees)21 must:12(1) appoint an individual as MLRO, with responsibility for oversight of its compliance with the FCA'srules on systems and controls against money laundering; and(2) ensure that its MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him to carry out that responsibility.
SYSC 6.3.10GRP
The job of the MLRO within a firm is to act as the focal point for all activity within the firm relating to anti-money laundering. The FCA expects that a firm'sMLRO will be based in the United Kingdom.
SYSC 6.3.11GRP
3The FCA provides guidance on steps that a firm can take to reduce the risk that it might be used to further financial crime in FCG (Financial Crime Guide: A firm’s guide to countering financial crime risks) and FCTR (Financial Crime Thematic Reviews)6.
PR 5.6.3GRP
Under sections 87K and 87L of the Act, the FCA has various powers including powers to prohibit or suspend an offer and to prohibit or suspend an advertisement. The FCA will use these powers if it is necessary to protect investors or the smooth operation of the market is, or may be, jeopardised.
PR 5.6.5GRP
1To comply with paragraph 130 of the ESMA Prospectus Recommendations,3 the FCA would expect a valuation report for a property company to be in accordance with either:123(1) the Appraisal and Valuation Standards (5th edition) issued by the Royal Institution of Chartered Surveyors; or(2) the International Valuation Standards (7th edition) issued by the International Valuation Standards Committee.
PR 5.6.6GRP
1To comply with paragraph 2.7 of Annex XV of the PD Regulation, the FCA would also expect a valuation report for a property collective investment undertaking to comply with a relevant standard set out in PR 5.6.5 G.
PERG 5.8.8GRP
In the FCA's view, advice requires an element of opinion on the part of the adviser. In effect, it is a recommendation as to a course of action. Information, on the other hand, involves statements of facts or figures.
PERG 5.8.11GRP
In the FCA's opinion, however, such information is likely to take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. Examples of situations where information provided by a person (P) might take the form of advice are given below.(1) P may provide information on a selected, rather than balanced and neutral, basis that would tend to influence the decision of a person. This may arise where P offers to provide information about
PERG 5.8.17GRP
The potential for variation in the form, content and manner of pre-purchase questioning is considerable, but there are two broad types. The first type involves providing questions and answers which are confined to factual matters (for example, the amount of the cover). In the FCA's view, this does not itself amount to advising on contracts of insurance, if it involves the provision of information rather than advice. There are various possible scenarios, including the following:(1)
PERG 5.8.19GRP
In the case of PERG 5.8.18G (2) and similar scenarios, the FCA considers that it is necessary to look at the process and outcome of pre-purchase questioning as a whole. It may be that the element of advice incorporated in the questioning can properly be viewed as generic advice if it were considered in isolation. But although the actual advice may be generic, the process has ended in identifying one or more particular contracts of insurance. The combination of the generic advice
PERG 5.8.25GRP
This is explained in greater detail, together with the provisions on the granting of certificates by the FCA on the application of the proprietor of a periodical publication or news or information service or broadcast, in PERG 7 (Periodical publications, news services and broadcasts: applications for certification).
LR 19.4.3RRP
(1) An issuer'slistedsecuritised derivatives must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FCA in writing as soon as possible if it has:(a) requested a RIE to admit or re-admit any of its listedsecuritised derivatives to trading; or(b) requested a RIE to cancel or suspend trading of any of its listedsecuritised derivatives; or(c) been informed by a RIE that the trading of any of its listedsecuritised derivatives
LR 19.4.7RRP
If an issue is guaranteed by an unlisted company, an issuer must submit the guarantor's accounts to the FCA.
LR 19.4.11AGRP
1An issuer, whose securities are admitted to trading on a regulated market, should consider its obligations under DTR 4 (Periodic financial reporting), DTR 5 (Vote holder and issuer notification rules) and DTR 6 (Access to information).
LR 19.4.11BRRP
1For the purposes of compliance with the transparency rules, the FCA considers that an issuer of securitised derivatives should comply with DTR 4, DTR 5 and DTR 6 as if it were an issuer of debt securities as defined in the transparency rules.
COLL 2.1.3GRP
(1) This chapter sets out the requirements that a person must follow in applying for an authorisation order for a scheme under regulation 12 of the OEIC Regulations (Applications for authorisation),2section 242 of the Act (Applications for authorisation of unit trust schemes) or section 261C of the Act (Applications for authorisation of contractual schemes)2.2(2) COLLG 3A (The FCA’s responsibilities under the Act) and COLLG 4A (The FCA’s responsibilities under the OEIC Regulations)
COLL 2.1.4DRP
An application for an authorisation order in respect of an authorised fund must be:(1) in writing in the manner directed and contain the information required in the application form available from the FCA;(2) addressed for the attention of a member of FCA staff responsible for collective investment scheme authorisation matters; and(3) delivered to the FCA'saddress by one of the following methods:(a) posting; or(b) leaving it at the FCA's address and obtaining a time-stamped receipt;
COLL 2.1.5GRP
[deleted]41222222
COLL 7.7.4RRP
A domestic UCITS merger between two or more UCITS schemes6 is permissible provided:(1) it is effected in accordance with the requirements of:(a) the UCITS Regulations 2011, which include the need for the FCA to have made a prior order approving the proposed merger (which may be made subject to (2)); and(b) this chapter; and (2) in the case of a UCITS scheme that is:(a) a merging UCITS6, an extraordinary resolution is approved by unitholders in accordance with COLL 7.6.2 R (3)
COLL 7.7.6GRP
(1) The requirements and the process which must be followed to give effect to a proposal for a domestic UCITS merger are in6 Part 4 of the UCITS Regulations 2011. The main features of the regime as set out in those provisions include:(a) the merger must be a domestic UCITS merger which takes the form of a scheme of arrangement;6(b) the need for the FCA to give prior approval to the proposed merger under regulation 9 (Application for authorisation) of the UCITS Regulations 2011;6(c)
COLL 7.7.10RRP
(1) The authorised fund manager of a UCITS scheme that is a merging UCITS or a receiving UCITS in a proposed UCITS merger must ensure that a document containing appropriate and accurate information on the merger is provided to the unitholders of that scheme so as to enable them to:(a) make an informed judgment about the impact of the proposal on their investment;(b) exercise their rights under regulation 12 (Right of redemption) of the UCITS Regulations 2011; and(c) where applicable,
COLL 7.7.21GRP
(1) In a domestic UCITS merger, the effective date of the merger will be the date specified by the FCA in its order authorising the proposed merger in accordance with regulation 9 of the UCITS Regulations 2011.(2) [deleted]6(3) For the receiving UCITS in a domestic UCITS merger6:(a) the date for calculating the exchange ratio of units of the merging UCITS into units of the receiving UCITS and, where applicable, for determining the relevant net asset value for cash will be the
COLL 7.7.22RRP
The authorised fund manager of 6the receiving UCITS in a domestic UCITS merger6 must confirm in writing to the depositary of the UCITS scheme and the FCA that the merger transfer is complete.[Note: article 48(4) of the UCITS Directive]
LR 17.3.1RRP
(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
LR 17.3.2RRP
(1) An issuer'ssecurities must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FCA in writing without delay if it has:(a) requested a RIE to admit or re-admit any of its listed securities to trading; or(b) requested a RIE to cancel or suspend trading of any of its listed securities; or(c) been informed by a RIE that the trading of any of its listed securities will be cancelled or suspended.
LR 17.3.5GRP
(1) If an issuer prepares both own and consolidated annual accounts it may publish either form provided that the unpublished accounts do not contain any significant additional information.1(2) If the annual accounts do not give a true and fair view of the assets and liabilities, financial position and profits or losses of the issuer or group, additional information must be provided to the satisfaction of the FCA.1(3) An issuer incorporated or established in a third country5 which
LR 17.3.10RRP
An issuer must ensure that any circular it issues to holders of its listed securities about proposed amendments to a trust deed includes:(1) an explanation of the effect of the proposed amendments; and(2) either the full terms of the proposed amendments, or a statement that they will be available for inspection:(a) [deleted]7(b) at the place of the general meeting for at least 15 minutes before and during the meeting; and7(c) on the national storage mechanism.7
SUP 6.5.2AGRP
1If the FCA concludes that it should grant an FCA-authorised person's application for cancellation of permission and end its authorisation, the FCA will:(1) cancel the firm'sPart 4A permission under section 55H(3) of the Act;(2) withdraw the firm'sauthorised status under section 33(2) of the Act by giving the firm a direction in writing; and(3) update the firm's entry in the Financial Services Register to show it has ceased to be authorised.
FEES 5.1.1RRP
116Rules and guidance made by the FCA in this chapter apply to every firm which is subject to the Compulsory Jurisdiction.718718
FEES 5.1.1-AGRP
718Whilst no rule11 made by the FCA in this chapter applies to VJ participants, some of the guidance may do. The application of rules made by the FOS Ltd in this chapter is set out in FEES 5.5B19 and described in FEES 5.1.2 AG.8
FEES 5.1.2GRP
The rules set out in the table under FEES 5.1.2 AG are made by the FOS Ltd. All other FEES 5 rules are made by the FCA.718718
FEES 5.1.7GRP
The purpose of this chapter is to set out the requirements on firms to pay annual fees (through a general levy invoiced and collected by the FCA on behalf of FOS Ltd) and case fees (invoiced and collected directly by FOS Ltd) in order to fund the operation of the Financial Ombudsman Service.This Chapter4 also provides for unauthorised persons to pay case fees to FOS Ltd in respect of any relevant complaints which it handles.44
EG 13.6.1RP
1The FCA has power under section 367(3)(b) of the Act to petition the court for the compulsory winding up of a company or partnership, on the ground that it is just and equitable for the body to be wound up, regardless of whether or not the body is able to pay its debts. In some instances the FCA may need to consider whether to petition on this ground alone or in addition to the ground of insolvency.
EG 13.6.2RP
1When deciding whether to petition on this ground the FCA will consider all relevant facts including: (1) whether the needs of consumers and the public interest require the company or partnership to cease to operate; (2) the need to protect consumers' claims and client assets; (3) whether the needs of consumers and the public interest can be met by using the FCA's other powers; (4) in the case of an authorised person, where the FCA considers that the authorisation should be withdrawn
EG 13.6.3RP
1Where appropriate the FCA will also take the following factors into account: (1) the complexity of the company or partnership (as this may have a bearing on the effectiveness of winding up or any alternative action); (2) whether there is a significant cross border or international element to the business being carried on by the company or partnership and the impact on the business in other jurisdictions; (3) the adequacy and reliability of the company or partnership's
DEPP 6A.3.1GRP
The FCA2 will consider all the relevant circumstances of a case when it determines the length of the period of suspension, restriction,4 condition or disciplinary prohibition4 (if any) that is appropriate for the breach concerned, and is also a sufficient deterrent. Set out below is a list of factors that may be relevant for this purpose. The list is not exhaustive: not all of these factors may be applicable in a particular case, and there may be other factors, not listed, that
DEPP 6A.3.2GRP
The following factors may be relevant to determining the appropriate length of the period of suspension, restriction,4 condition or disciplinary prohibition4 to be imposed on a person under the Act:3(1) DeterrenceWhen determining the appropriate length of the period of suspension, restriction,4 condition or disciplinary prohibition4 the FCA2 will have regard to the principal purpose for which it imposes sanctions, namely to promote high standards of regulatory and/or market conduct
DEPP 6A.3.3GRP
The FCA2 may delay the commencement of the period of suspension,4 restriction or disciplinary prohibition4. In deciding whether this is appropriate, the FCA2 will take into account all the circumstances of a case. Considerations that may be relevant in respect of an authorised person, sponsor,  primary information provider or non-authorised parent undertaking5 include:222(1) the impact of the suspension or restriction on consumers;(2) any practical measures the authorised person,
DEPP 6A.3.4GRP
1The FCA2 and the person on whom a suspension,4 restriction or disciplinary prohibition4 is to be imposed may seek to agree the length of the period of suspension,4 restriction or disciplinary prohibition4 and other terms. In recognition of the benefits of such agreements, DEPP 6.7 provides that the length of a period of suspension,4 restriction or disciplinary prohibition (other than a permanent disciplinary prohibition) 4 which might otherwise have been imposed will be reduced
PERG 7.4.3GRP
(1) There are two specified formats for advice appearing in writing or other legible form.(2) The first is that of a newspaper, journal, magazine or other periodical publication. For these purposes it does not matter what form the periodical publication takes as long as it can be read. This will include, for example, a newspaper appearing as a hard copy or electronically on a website. It will also include any periodical published on an intranet site.(3) The second is that of a
PERG 7.4.4GRP
The third specified format is for advice in any service consisting of the broadcast or transmission of television or radio programmes. This will encompass the transmission through cable of interactive television programmes. In the FCA's view, ‘service’ in this context goes beyond any particular series of programmes broadcast or transmitted through a given medium. It refers instead to the administrative system (usually aimed at a particular audience) through which a range of different
PERG 7.4.9GRP
For the second disqualifying purpose, the focus switches to assessing whether the principal purpose of a publication or service is to lead a person to engage in a relevant transaction or enable him to do so. This disqualifying purpose is an alternative to the first. So it extends to material not covered by the first. In this respect:(1) material in a publication or service that invites or seeks to procure persons to engage in a relevant transaction can be said to "lead" to those
PERG 7.4.11GRP
In the context of the second disqualifying purpose, whether or not the presence of a hypertext link to another website indicates that the purposes of a publication or service include leading to relevant transactions (or enabling them to be entered into) will depend on all the circumstances. It will, in particular, be necessary to consider the form of the link and the content of the destination website. In the FCA's view, the presence on a host publication or service of a hypertext
SUP 15.9.1RRP
A firm that is a regulated entity must notify the FCA2 immediately it becomes aware that any consolidation group of which it is a member:55(1) is a financial conglomerate; or(2) has ceased to be a financial conglomerate.
SUP 15.9.4RRP
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
SUP 15.9.5RRP
(1) 3A firm must, at the level of the financial conglomerate in the United Kingdom4, regularly provide the FCA2 with details on the financial conglomerate's legal structure and governance and organisational structure, including all regulated entities , and non-regulated subsidiaries4.(2) A firm must disclose publicly, at the level of the financial conglomerate in the United Kingdom4, on an annual basis, either in full or by way of references to equivalent information, a description
APER 4.6.2GRP
1In the opinion of the FCA, conduct of the type described in APER 4.6.3G, APER 4.6.5G, APER 4.6.6G or APER 4.6.8G does not comply with Statement of Principle 6.
APER 4.6.10GRP
1In determining whether or not the conduct of an approved person performing an accountable higher management function under APER 4.6.5G, APER 4.6.6G and APER 4.6.8G complies with Statement of Principle 6, the following are factors which, in the opinion of the FCA, are to be taken into account:(1) the competence, knowledge or seniority of the delegate; and (2) the past performance and record of the delegate.
APER 4.6.11GRP
An approved person performing an accountable higher management function1 will not always manage the business on a day-to-day basis1. The extent to which the approved person1 does so will depend on a number of factors, including the nature, scale and complexity of the business and their1 position within it. The larger and more complex the business, the greater the need for clear and effective delegation and reporting lines. The FCA1 will look to the approved person performing an
APER 4.6.13GRP
(1) An approved person performing an accountable higher management function1may delegate the investigation, resolution or management of an issue or authority for dealing with a part of the business to individuals who report to them 1or to others.(2) The approved person performing an accountable higher management function1should have reasonable grounds for believing that the delegate has the competence, knowledge, skill and time to deal with the issue. For instance, if the compliance