Related provisions for BIPRU 2.3.11

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TC 1.1.3GRP
The competent employees rule is the main4 requirement relating to the competence of employees. The purpose of this sourcebook is to support the FCA's supervisory function by supplementing the competent employees rule for retail activities.
DEPP 8.3.1GRP
1Examples of situations where the FCA may use the own-initiative variation of approval power include where:(1) it has concerns about an SMF manager’s fitness to remain approved in relation to the performance of a designated senior management function but, in all the circumstances, it considers it appropriate to vary their approval by imposing one or more conditions or a time limitation, rather than making a prohibition order or withdrawing approval;(2) the nature or scope of the
SUP 8.9.2GRP
1If the appropriate regulator2, in the course of carrying on supplementary supervision of a financial conglomerate, is considering exercising its powers under section 138A2 of the Act (Modification or waiver of rules), regulation 4 of the Financial Groups Directive Regulations contains special provisions. The appropriate regulator2 must, in broad terms, do two things. Where required by those regulations, it must obtain the consent of the relevant competent authorities of the group.
COLL 6.6B.24GRP
(1) (a) If a depositary performs part of its functions through a branch in an 4EEA State, this is not a delegation by the depositary of its functions to a third party.(b) This is because ‘third party’ in COLL 6.6B.22R means any party that is not part of the same legal entity as the depositary.(2) [deleted]4(3) (a) A depositary that performs part of its functions through a branch in an EEA State 4 should ensure that those arrangements do not impede the depositary’s ability to meet
COLL 6.6B.25RRP
A depositary may delegate the functions in COLL 6.6B.18R and COLL 6.6B.19R to one or more third parties if:(1) the tasks are not delegated with the intention of avoiding the requirements of the UCITS Directive, as implemented in this chapter4;(2) the depositary can demonstrate that there is an objective reason for the delegation;(3) the depositary:(a) has exercised all due skill, care and diligence in the selection and appointment of any third party to whom it intends to delegate
REC 5.2.3GRP
An application should:(1) be made in accordance with any directions the FCA5 may make under section 287 (Application by an investment exchange) of the Act or (for RAPs) regulation 2 of the RAP regulations7;5335563(2) in the case of an application under section5 287 of the Act, 3be accompanied by the applicant's regulatory provisions and in the case of an application under section 287 of the Act information required pursuant to sub-sections 287(3)(c), (d) and (e) of the Act (see
REC 5.2.12GRP
Where the FCA5 considers that it is unlikely to make a recognition order it will discuss its concerns with the applicant as early as possible with a view to enabling the applicant to make changes to its rules or guidance, or other parts of the application (see REC 5.2.7 G). If the FCA5 decides that it will not make a recognition order, it will follow the procedure set out in section 298 of the Act (Directions and revocation: procedure) or (in the case of a RAP) regulation 5 of
SYSC 3.2.3GRP
(1) A firm'sgoverning body is likely to delegate many functions and tasks for the purpose of carrying out its business. When functions or tasks are delegated, either to employees or to appointed representatives or, where applicable, its tied agents8, appropriate safeguards should be put in place.(2) When there is delegation, a firm should assess whether the recipient is suitable to carry out the delegated function or task, taking into account the degree of responsibility involved.(3)
SYSC 3.2.4GRP
(1) The guidance relevant to delegation within the firm is also relevant to external delegation ('outsourcing'). A firm cannot contract out its regulatory obligations. So, for example, under Principle 3 a firm should take reasonable care to supervise the discharge of outsourced functions by its contractor.(2) A firm should take steps to obtain sufficient information from its contractor to enable it to assess the impact of outsourcing on its systems and controls.
LR 8.7.3GRP
FCA staff, after notifying the sponsor, may make supervisory visits to a sponsor on a periodic and an ad hoc basis.
LR 8.7.10GRP
Written notifications should be sent to the Primary Market Specialist Supervision12 Team at the FCA's address.
SUP 10C.11.22GRP
(1) A firm should consider past versions of its statements of responsibilities as an important part of its records and as an important resource for the FCA in supervising the firm.(2) Past versions of a firm'sstatements of responsibilities form part of its records under the regulatory system5.
SUP 10C.11.30GRP
(1) The FCA may request a firm to include specific responsibility for a regulatory outcome in the statement of responsibilities of the relevant SMF managers. (2) For example, where the FCA asks a firm to take remediation action following an internal or supervisory review or a report under section 166 of the Act (Reports by skilled persons) and considers it appropriate for an SMF manager to take responsibility for that action, it may ask the firm to add an additional, customised,
SUP 12.4.2RRP
Before a firm appoints a person as an appointed representative (other than an introducer appointed representative) and on a continuing basis, it must establish on reasonable grounds that:11(1) the appointment does not prevent the firm from satisfying and continuing to satisfy the threshold conditions;(2) the person:(a) is solvent;(b) is otherwise 1suitable to act for the firm in that capacity;and1(c) has no close links which would be likely to prevent the effective supervision
SUP 12.4.5GRP
In determining, under SUP 12.4.2 R (2)(c), whether an appointed representative or prospective appointed representative has any close links which would be likely to prevent the firm's effective supervision, a firm should consider the guidance to threshold condition 2C or 3B as applicable23 in COND 2.3.23
SUP 18.2.27GRP
If the transferee is not (and will not be) authorised and will not be7 a Swiss general insurance company, then the appropriate regulator8 will need to consult the transferee's8 insurance supervisor in the place where the business is to be transferred. The appropriate regulator8 will need confirmation from this supervisor that the transferee will meet his solvency margin requirements there (if any) after the transfer.888
SUP 18.2.30GRP
[deleted]7888888
BIPRU 12.5.7GRP
The appropriate regulator will review the results of a firm'sILAA, including the results of the stress tests required by BIPRU 12.5.6R, as part of its Supervisory Liquidity Review Process (SLRP). The appropriate regulator's review of the stress test results will assist it assessing the adequacy of a firm's liquidity resources relative to other ILAS BIPRU firms and, consequently, in calibrating the individual liquidity guidance that it gives to that firm. BIPRU 12.9.2G sets out
BIPRU 12.5.39GRP
[deleted]1
SUP 15.3.7AGRP
10Although PRIN does not apply to a firm in relation to its carrying on of auction regulation bidding, the FCA35expects to be given notice of events that are material to the FCA's35supervision of that business and so firms carrying on that business should have regard to the guidance in SUP 15.3.8 G to SUP 15.3.10 G.3535
SUP 15.3.8GRP
Compliance with Principle 11 includes, but is not limited to, giving the FCA11 notice of:3535(1) any proposed restructuring, reorganisation or business expansion which could have a significant impact on the firm's risk profile or resources, including, but not limited to:(a) setting up a new undertaking within a firm'sgroup, or a new branch (whether in the United Kingdom or overseas); or (b) commencing the provision of cross border services into a new territory; or(c) commencing
BIPRU 2.2.20GRP
A firm's continuing to hold capital in accordance with its individual capital guidance and its ability to carry on doing so is a fundamental part of the appropriate regulator's supervision of that firm. Therefore if a firm'scapital resources have fallen, or are expected to fall, below the level advised in individual capital guidance, then, consistent with Principle 11 (Relations with regulators), a firm should inform the appropriate regulator of this fact as soon as practicable,
BIPRU 2.2.23BGRP
4Following discussions with the firm on the items listed in BIPRU 2.2.23AG (1) to BIPRU 2.2.23AG (3), the appropriate regulator may put in place additional reporting arrangements to monitor the firm's use of its capital planning buffer in accordance with the plan referred to in BIPRU 2.2.23AG (3). The appropriate regulator may also identify specific trigger points as the capital planning buffer is being used up by the firm, which could lead to additional supervisory actions.
SUP 6.3.4GRP
In determining the activities and specified investments for which a Part 4A permission27 is required, and whether to apply for a variation of that permission, a firm may need to take professional advice and may also wish to discuss this with its appropriate supervisory contact.272727
SUP 6.3.31GRP
In considering whether to grant (or consent to, as the case may be)27 a firm's application to vary its Part 4A permission or impose or vary a requirement, the regulator concerned will also have regard, under section 55R(1)27 of the Act (Persons connected with an applicant), to any person6 appearing to be, or likely to be, in a relationship with the firm which is relevant. The Financial Groups Directive Regulations make special consultation provisions where the regulator is exercising
SUP 16.3.18GRP
SUP 16.2.1 G emphasises the importance to the FCA28 of timely and accurate information. The extension of a firm's accounting period to more than 15 months may hinder the timely provision of relevant and important information to the FCA.38 This is because many due dates for reporting to the FCA28 are linked to firms'accounting reference dates. Indeed, for some categories of firm, the only reports required by the FCA28 have due dates for submission which are linked to the firm's
SUP 7.2.3GRP
The FCA5 may also use its own-initiative powers5 for enforcement purposes. EG 82 sets out in detail the FCA's5 powers under sections 55J and 55L of the Act5 and the circumstances under which the FCA5 may use its own-initiative powers5 in this way, whether for enforcement purposes or as part of its day to day supervision of firms. This chapter provides additional guidance on when the FCA5 will use these powers for supervision purposes.55255555
SUP 5.5.2GRP
In complying with the contractual duty in SUP 5.5.1 R (1) the FCA3 expects that a skilled person appointed by a firm4 under section 166 (Reports by skilled persons) or section 166A (Appointment of skilled person to collect and update information) of the Act4 will cooperate with the FCA3 by, amongst other things, providing information or documentation about the planning and progress of the report and its findings and conclusions, if requested to do so. A firm should therefore
EG 19.31.2RP
1As the provision of credit data on companies is not a regulated activity under the Act, the Regulations create a separate monitoring and enforcement regime but apply, or make provision corresponding to, certain aspects of the Act. The FCA's approach to taking enforcement action under the Regulations will reflect its general approach to enforcing the Act, as set out in EG 2. It will seek to exercise its enforcement powers in a manner that is transparent, proportionate and responsive
REC 3.4.1GRP
The purpose of REC 3.4 is to enable the FCA3 to monitor the4 changes4 a UK recognised body makes in the arrangements4 for4 carrying out4 its relevant functions4.3