Related provisions for SUP 15.11.13A
121 - 140 of 305 items.
4If a firm disagrees with the appropriate regulator's assessment as to the amount or quality of capital planning buffer that it should hold, it should, consistent with Principle 11 (Relations with regulators), notify the appropriate regulator of its disagreement. The appropriate regulator may reconsider its initial assessment if, after discussion with the firm, the appropriate regulator concludes that the amount or quality of capital that the firm should hold as capital planning
4Consistent with Principle 11 (Relations with regulators), a firm should notify the appropriate regulator as early as possible in advance where it has identified that it would need to use its capital planning buffer. The firm's notification should at least state:(1) what adverse circumstances are likely to force the firm to draw down its capital planning buffer;(2) how the capital planning buffer will be used up in line with the firm's capital planning projections; and(3) what
For a dormant fund account operator, unless2 any of SUP App 2.4.1 R, SUP App 2.5.1 R, SUP App 2.5.3 R or SUP App 2.6.1 R applies, if a firm's circumstances change, such that its capital resources have fallen, or are expected to fall, below the level advised in individual capital guidance1 given to the firm by the FCA2 , then, consistent with PRIN 2.1.1 RPrinciple 11 (Relations with regulators), a firm should inform the appropriate regulator of this fact as soon as practicable,
1A UK RIE5 and a RAP6 must immediately notify the FCA3of:23(1) significant breaches of its rules; or(2) disorderly trading conditions on any of its marketsor auctions; or42(3) 4conduct that may indicate behaviour prohibited under the Market Abuse Regulation; or(4) 4system disruptions in relation to a financial instrument.[Note:article 31(2)4, first sentence (part) andarticle 54(2)4, first sentence (part) of MiFID. The rest of article 31(2)4, first sentence (in so far as it relates
The Principles
1 Integrity |
A firm must conduct its business with integrity. |
2 Skill, care and diligence |
A firm must conduct its business with due skill, care and diligence. |
3 Management and control |
A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems. |
4 Financial prudence |
A firm must maintain adequate financial resources. |
5 Market conduct |
A firm must observe proper standards of market conduct. |
6 Customers' interests |
A firm must pay due regard to the interests of its customers and treat them fairly. |
7 Communications with clients |
A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. |
8 Conflicts of interest |
A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. |
9 Customers: relationships of trust |
A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment. |
10 Clients' assets |
A firm must arrange adequate protection for clients' assets when it is responsible for them. |
11 Relations with regulators |
A firm must deal with its regulators in an open and cooperative way, and must disclose to the FCA1 appropriately anything relating to the firm of which that regulator would reasonably expect notice. |
A UK recognised body must give the FCA1a summary of:1(1) any proposal to change the fees or charges levied on its members (or any group or class of them), at the same time as the proposal is communicated to those members; and(2) any such change, no later than the date when it is published or notified to those members.
(1) This section applies to a firm which is subject to any of the following provisions of the Immigration Act 2014:2(a) 2the prohibition on opening a current account for a disqualified person in section 40; (b) 2the requirement to carry out immigration checks in relation to current accounts in section 40A; (c) 2the requirement to notify the existence of current accounts for disqualified persons in section 40B; and(d) 2the requirement to close an account in accordance with section
1A firm must:
(1) not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue;
(2) where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate or are referenced to that financial instrument, where necessary
Where, because of the occurrence of any event or circumstances, a UK recognised body is unable to discharge any regulatory function, it must immediately give the FCA1notice of its inability to discharge that function, and inform the FCA:111(1) what event or circumstance has caused it to become unable to do so; (2) which of its regulatory functions it is unable to discharge; and(3) what action, if any, it is taking or proposes to take to deal with the situation and, in particular,
1A firm must:(1) not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue;(2) where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate, or are referenced, to that financial instrument, where necessary
Under Principle 11, the FCA3 normally expects to be notified by a firm when it decides to cease effecting new contracts of insurance in respect of one or more classes of contract of insurance (see SUP 15.3.8 G). At the same time, the FCA3 would normally expect the firm to discuss with it the need for the firm to apply to vary its permission (see SUP 6.2.6 G and SUP 6.2.7 G) and, if appropriate, to submit a scheme of operations in accordance with SUP App 2.8.1 R.
2The RAP regulations apply modified provisions of the Act to a RAP. For example, a RAP is an exempt person in respect of its business as an auction platform due to the application of section 285 of the Act as modified by the RAP regulations. Similarly, section 293 of the Act is applied and modified by the RAP regulations to provide for notification rules and notification requirements in relation to RAPs.
Where a UK recognised body's complaints investigator has investigated a complaint arising in connection with the performance of, or failure to perform, any of its regulatory functions, and that complaints investigator has made a recommendation in respect of that complaint that the UK recognised body should:(1) make a compensatory payment to any person; or(2) remedy the matter which was the subject of that complaint;the UK recognised body must immediately notify the FCA1of that
On:(1) the presentation of a petition for the winding up of a UK recognised body (or the commencement of any similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom); or(2) the appointment of a receiver, administrator, liquidator, trustee or sequestrator of assets of that body (or of any similar or analogous appointment under the laws of a jurisdiction outside the United Kingdom); or(3) the making of a voluntary arrangement by that body with
A UK recognised body need not give the FCA2notice of:2(1) routine inspections or visits undertaken in the course of regular monitoring, complaints handling or as part of a series of 'theme visits'; or(2) routine requests for information; or(3) investigations into the conduct of members of the UK recognised body or of other users of its facilities where the use of its facilities is a small or incidental part of the subject matter of the investigation.
1A firm should have regard to the urgency and significance of a matter and, if appropriate, should also notify its usual supervisory contact at the FCA by telephone by other prompt means of communication, before submitting written application. Oral notifications should be given directly to the firm’s usual supervisory contact at the FCA. An oral notification left with another person or on a voicemail or other automatic messaging service is unlikely to have been given appropriately.
The purpose of this chapter is
to implement article 27(3)1of MiFID,
which deals with the requirements on systematic
internalisersto make available to the public data relating to the quality of execution of transactions1. It also provides a
rule (MAR 6.4.1R)1requiring investment firms to notify the
FCA
when they become, or cease to
be, a systematic internaliser,
and which gives effect to articles 15(1) and 18(4)1 of MiFIR. Finally, MAR 6.4A.1R
If any civil or criminal legal proceedings are instituted against a UK recognised body, it must, unless REC 3.12.2 R applies, immediately give notice of that event and give the following information to the FCA:11(1) in the case of civil proceedings, the name of the claimant, particulars of the claim, the amount of damages and any other remedy sought by the claimant, and particulars of any allegation that any act or omission of that body was in bad faith; and(2) in the case of