Related provisions for BIPRU 12.7.9

LR 5.5.3G01/01/2021

(1) The FCA will not automatically suspend, cancel or restore the listing of securities at the request of an overseas exchange or overseas authority (for example, if listing of a listed3issuer'ssecurities are suspended, cancelled or restored on its home exchange).(2) The FCA will not normally suspend the listing of securities where there is a trading halt for the security on its home exchange.(3) If a listedissuer3 requests a suspension, cancellation or restoration of the listing

CONC 6.4.2R01/04/2014

(1) Where a firm is entitled to payments from the same customer in respect of two or more regulated agreements, the firm must allow the customer, on making any payment in respect of those agreements which is not sufficient to discharge the total amount then due under all the agreements, to appropriate the sum paid by him:(a) in or towards the satisfaction of the sum due under any one of the agreements; or(b) in or towards the satisfaction of the sums due under any two or more

LR 14.1.1R04/01/2022

1This chapter applies to a company3 with, or applying for, a standard listing3 of shares5 other than:53354(1) 5equity shares issued by a company that is a closed-ended investment fund6 unless it has a premium listing of a class of its equity shares; (1A) equity shares issued by an open-ended investment company (unless applied by LR 16A); and6(2) preference shares that are specialist securities.323555

LR 17.1.1R06/04/2010

1This chapter applies to(1) an issuer of any of the following types of securities:(a) debt securities;(b) asset-backed securities;(c) certificates representing debt securities;2(d) specialist securities of the following types:(i) convertible securities which convert to debt securities;(ii) convertible securities which convert to equity securities;2(iii) convertible securities which are exchangeable for securities of another company; and 2(iv) preference shares2

SYSC 4 Annex 1G10/12/2018

[Editor’s note: The text of this provision has been moved to SYSC 25 Annex 1G]4

PERG 8.18.1G01/07/2005

A person involved in insurance business written at Lloyd’s may be making financial promotions when attracting another person:(1) to effect or carry out contracts of insurance written at Lloyd’s (where the controlled activity which is the subject of the financial promotion is effecting and carrying out contracts of insurance); or(2) to have assets held under funds at Lloyd’s (where the controlled activity may involve dealing in securities and contractually based investments, arranging

LR 12.3.1R01/07/2005

Where a purchase by a listed company of its own equitysecurities or preference shares is to be made from a related party, whether directly or through intermediaries, LR 11 (Related party transactions) must be complied with unless:(1) a tender offer is made to all holders of the class of securities; or(2) in the case of a market purchase pursuant to a general authority granted by shareholders, it is made without prior understanding, arrangement or agreement between the listed company

COLL 4.4.4R30/04/2021

(1) Unless a unit in the authorised fund is a participating security, in this section "unitholders" means unitholders as at a cut-off date selected by the authorised fund manager which is a reasonable time before notices of the relevant meeting are sent out.(2) If any unit in the authorised fund is a participating security, a registered unitholder of such a unit is entitled to receive a notice of a meeting or a notice of an adjourned meeting under COLL 4.4.5 R (Notice of general

COLL 4.4.8R28/02/2014

(1) On a show of hands every unitholder who is present in person has one vote.(2) On a poll:(a) votes may be given either personally or by proxy or in another manner permitted by the instrument constituting the fund;44(b) the voting rights for each unit must be the proportion of the voting rights attached to all of the units in issue that the price of the unit bears to the aggregate price or prices of all of the units in issue:(i) if any unit is a participating security, at the

PERG 2.5.4A01/01/2021

Prior to IP completion day12, the10UK exercised part of7 the optional exemption in article 3 of MiFID. This is now set out in regulation 8 of the MiFI Regulations10. Further information about this exemption is contained in Q48 to 53 in PERG 13.5. 7The investment services to which regulation 8 of the MiFI Regulation applies10 (namely reception and transmission of orders and investment advice in relation to either transferable securities or units in collective investment undertakings)

PERG 2.5.5G01/01/2021

For persons who are MiFID2investment firms, the activities that must be caught by the Regulated Activities Order are those that are caught by the UK provisions which implemented10MiFID2. To achieve this result, some of the exclusions in the Order (that will apply to persons who are not caught by MiFID2) have been made unavailable to MiFID2investment firms when they provide or perform investment services and activities. A "MiFID investment firm", for these purposes, includes credit

BIPRU 3.2.4G01/01/2007

BIPRU 13 sets out the method for determination of the exposure value of a financial derivative instrument, with the effects of contracts of novation and other netting agreements taken into account for the purposes of that method in accordance with BIPRU 13.7.[Note: reference to BCD Article 78(2) first sentence. Implementation in BIPRU 13]

BIPRU 3.2.12R01/01/2007

Securities are not eligible for the retail exposure class.[Note: BCD Article 79(2) last sentence]

PERG 8.36.3G03/01/2018

Table Controlled activities

1.	Accepting deposits
2.	Effecting and carrying out contracts of insurance
3.	Dealing in securities, structured deposits11and contractually based investments
4.	Arranging deals in investments
4A.4	Operating a multilateral trading facility4 10
104B.	Credit broking
104C.	Operating an electronic system in relation to lending
114D.	Operating an organised trading facility
5.	Managing investments10
105A.	Debt adjusting
105B.	Debt counselling
6.	Safeguarding and administering investments
7.	Advising on investments
8.	Advising on syndicate participation at Lloyd's
9.	Providing funeral plan contracts
10.	Providing qualifying credit
11.3 3	Arranging qualifying credit etc
12.3 3	Advising on qualifying credit etc10
1012A.	Providing relevant consumer credit
1012B.	Providing consumer hire
313.	Providing a home reversion plan
314.	Arranging a home reversion plan
315.	Advising on a home reversion plan
316.	Providing a home purchase plan
317.	Arranging a home purchase plan
318.	Advising on a home purchase plan
718A.	Providing a regulated sale and rent back agreement
718B.	Arranging a regulated sale and rent back agreement
718C.	Advising on a regulated sale and rent back agreement
19.3 3	Agreeing to do anything in 3 to 18C7 above 3 7

PERG 8.36.6G01/01/2021

Table Application of Exemptions to Forms of Promotions

Financial Promotion Order		Applies to
Article No.	Title and PERG 8 reference (where applicable)	Unsolicited real time	Solicited real time	Non-real time (solicited or unsolicited)
12	Communications to overseas recipients (8.12.2G)	*¹	*	*
13	Communications from customers and potential customers (8.12.9G)	*	*	*
14	Follow up non-real time communications and solicited real time communications (8.12.10G)		*	*
15	Introductions (8.12.11G)	*	*	*1
16	Exempt persons (8.12.12G)	*²	*³	*³
17	Generic promotions (8.12.14G and 8.21.4G)	*	*	*
17A1	Communications caused to be made or directed by unauthorised persons (8.6.7AG)	*	*	*
18	Mere conduits (8.12.18G)	*	*	*
18A	Outgoing electronic commerce communications: mere conduits, caching and hosting (8.12.18G)1	*	*	*
19	Investment professionals (8.12.21G and 8.21.5G)	*	*	*
20	Communications by journalists (8.12.23G)			*
20A	Promotion broadcast by company director etc (8.12.23G and 8.21.6G)	*	*	*
12	12	12	12	12
22	Deposits : non-real time communications (8.13)			*
23	Deposits : real time communications (8.13)	*	*
24	Relevant insurance activity : non-real time communications (8.13)			*
25	Relevant insurance activity : non-real time communications : reinsurance and large risks (8.13)			*
26	Relevant insurance activity : real time communications (8.13)	*	*
28	One-off non-real time communications and solicited real time communications (8.14.3G)		*	*
28A	One-off unsolicited real time communications (8.14.11G)	*
28B1	Real time communications: introductions in connection with qualifying credit (8.17.12G)	*	*
29	Communications required or authorised by enactments	*	*	*
30	Overseas communicators: solicited real time communications (8.14.15G)		*
31	Overseas communicators: non-real time communications to previously overseas customers (8.14.17G)			*
32	Overseas communicators: unsolicited real time communications to previously overseas customers (8.14.16G)	*
33	Overseas communicators: unsolicited real time communications to knowledgeable customers (8.14.16G)	*
34	Governments, central banks etc		*	*
35	Industrial and provident societies		*	*
12	12		12	12
37	Financial markets		*	*
38	Persons in the business of placing promotional material	*	*	*
39	Joint enterprises (8.14.19G)	*	*	*
40	Participants in certain recognised collective investment schemes		*	*
41	Bearer instruments: promotions required or permitted by market rules (8.14.42G)		*	*
42	Bearer instruments: promotions to existing holders (8.14.42G)		*	*
43	Members and creditors of certain bodies corporate (8.14.41G and 8.21.8G)		*	*
44	Members and creditors of open-ended investment companies		*	*
45	Group companies	*	*	*
46	Qualifying credit to bodies corporate (8.17.10G)1	*	*	*10
1046A	Promotions of credit etc. for business purposes (8.17-A.10G)	*	*	*
47	Persons in the business of disseminating information (8.21.10G)	*	*	*
48	Certified high net worth individuals (8.14.21G)		*	*
49	High net worth companies, unincorporated associations etc (8.14.25G)	*	*	*
50	Sophisticated investors (8.14.27G)	*	*	*
50A	Self-certified sophisticated investors {8.14.28AG)	*5	*	*
51	Associations of high net worth or sophisticated investors (8.14.29G)		*	*
52	Common interest group of a company (8.14.30G)		*	*
53	Settlors, trustees and personal representatives	*	*	*
54	Beneficiaries of trust, will or intestacy	*	*	*
55	Communications by members of professions (8.15.1G)	*	*
55A	Non-real time communication by members of the professions. (8.15.5G)			*
56	Remedy following report by Parliamentary Commissioner for Administration	*	*	*
57	Persons placing promotional material in particular publications	*	*	*
58	Acquisition of interest in premises run by management companies		*	*
59	Annual accounts and directors' report (8.21.11G)	*	*	*
60	Participation in employee shares schemes	*	*	*
61	Sale of goods and supply of services		*	*
62	Sale of body corporate (8.14.35G)	*	*	*
64	Takeovers of relevant unlisted companies	*	*	*
65	Takeovers of relevant unlisted companies: warrants etc	*	*	*
66	Takeovers of relevant unlisted companies: application forms	*	*	*
67	Promotions required or permitted by market rules (8.21.13G)		*	*
68	Promotions in connection with admission to certain EEA markets (8.21.16G)		*	*
69	Promotions of securities already admitted to certain markets (8.21.17G)		*	*1
701	Promotions included in listing particulars etc (8.21.20G)1			*1
711	Material relating to prospectus for public offer of unlisted securities			*1
721	Pension products offered by employers (8.14.40AG8)	*	*	*
872A	Pension product offers communicated to employees by third parties (8.14.40AAG)	*	*	*
872B	Insurance product offers communicated to employees by employers (8.14.40ABG)	*	*	*
872C	Insurance products offers communicated to employees by third parties (8.14.40ACG)	*	*	*
872D	Staff mortgage offers communicated to employees by employers (8.14.40ADG)	*	*	*
872E	Staff mortgage offers communicated to employees by third parties (8.14.40AEG)	*	*	*10
1072F	Credit agreements offered to employees by employers	*	*	*
731	Advice centres (8.14.40B)	*	*	*


¹ in limited circumstances only – see article 12(2) of the Financial Promotion Order
² for the purpose of article 16 (2) only
³ for the purpose of article 16 (1) only1

PERG 4.4.16G01/01/2021

5A mortgage has a wide meaning for the purpose of the definition of a regulated mortgage contract. It includes:(1) a legal mortgage;(2) equitable security;(3) (in Scotland) a heritable security; (4) [deleted]8

PERG 4.4.21G21/03/2016

5There is also an exclusion for loans to commercial borrowers secured by a second or subsequent security. A contract is excluded from the definition of regulated mortgage contract if, at the time it is entered into, it meets the following conditions:(1) it meets the conditions in PERG 4.4.1G (1) to (3); and(2) the lender provides the borrower with credit exceeding £25,000; and(3) the mortgage ranks in priority behind one or more other mortgages affecting the land in question;

LR 11.1.4AR01/08/2012

5In LR, a "substantial shareholder” means any person who is entitled to exercise, or to control the exercise of, 10% or more of the votes able to be cast on all or substantially all matters at general meetings of the company (or of any company which is its subsidiary undertaking or parent undertaking or of a fellow subsidiary undertaking of its parent undertaking). For the purposes of calculating voting rights, the following voting rights are to be disregarded:(1) any voting

COBS 21.3.10R01/01/2016

4The specific method of stock lending permitted is an arrangement of the kind described in section 263B of the Taxation of Chargeable Gains Act 1992, under which the lender transfers securities to the borrower other than by way of sale and the borrower is to transfer those securities, or securities of the same type and amount, back to the lender at a later date. In accordance with good market practice, a separate transaction by way of transfer of assets is also involved for the

COBS 21.3.12R01/01/2016

(1) 4Collateral is adequate for the purposes of this section only if it is:(a) transferred to the firm or the firm's agent;(b) at least equal in value, at the time of the transfer to the firm or its agent, to the value of the securities transferred by the firm; and(c) in the form of one or more of:(i) cash;(ii) a certificate of deposit;(iii) a letter of credit;(iv) a readily realisable security;(v) commercial paper with no embedded derivative content;(vi) a qualifying money market

COBS 4.12.4R15/11/2021

(1)
3The restriction in COBS 4.12.3 R does not apply if the promotion falls within an exemption in the table in (5) below in accordance with (3)13.
(2)
A firm 13 may communicate an invitation or inducement to participate in an unregulated collective investment scheme without breaching the restriction on promotion in section 238 of the Act if the promotion falls within an exemption in the table in (5) below in accordance with (3)13.
(3)
A promotion falls within an exemption in the table in (5) below if13:
1. (a)
  it is made to or directed at only those recipients whom the firm has taken reasonable steps to establish are persons in the middle column of the table; and13
2. (b)
  where the third column of the table refers to the need for a preliminary assessment of suitability, that assessment is undertaken before the promotion is made to or directed at the recipient13.
(4)
A firm may rely on more than one exemption in relation to the same invitation or inducement.

(5)

Title of Exemption	Promotion to:	Promotion of a non-mainstream pooled investment which is:
1. Replacement products and rights issues	A person who already participates in, owns, holds rights to or interests in, a non-mainstream pooled investment that is being liquidated or wound down or which is undergoing a rights issue. [See Note 1.]	1. A non-mainstream pooled investment which is intended by the operator or manager to absorb or take over the assets of that non-mainstream pooled investment, or which is being offered by the operator or manager of that non-mainstream pooled investment as an alternative to cash on its liquidation; or 2. Securities offered by the existing non-mainstream pooled investment as part of a rights issue.
2. Certified high net worth investors	An individual6 who meets the requirements set out in COBS 4.12.6 R, or a person (or persons) legally empowered to make investment decisions on behalf of such individual6.	Any non-mainstream pooled investment the firm considers is likely to be suitable for that individual6, based on a preliminary assessment of the client's profile and objectives. [See COBS 4.12.5G (2).]
3. Enterprise and charitable funds	A person who is eligible to participate or invest in an arrangement constituted under: (1) the Church Funds Investment Measure 1958; (2) section 96 5or 100 of the Charities Act 2011; (3) section 25 of the Charities Act (Northern Ireland) 1964; (4) the Regulation on European Venture Capital Funds (‘EuVECAs’) or the RVECA Regulation (‘RVECAs’)11 12; or (5) the Regulation on European Social Entrepreneurship Funds (‘EuSEFs’) or the SEF Regulation (‘SEFs’)11 12.	Any non-mainstream pooled investment which is such an arrangement.
4. Eligible employees	An eligible employee, that is, a person who is: (1) an officer; (2) an employee; (3) a former officer or employee; or (4) a member of the immediate family of any of (1) - (3), of an employer which is (or is in the same group as) the firm, or which has accepted responsibility for the activities of the firm in carrying out the designated investment business in question.	1. A non-mainstream pooled investment, the instrument constituting which: A. restricts the property of the non-mainstream pooled investment, apart from cash and near cash, to: (1) (where the employer is a company) shares in and debentures of the company or any other connected company; [See Note 2.] (2) (in any case), any property, provided that the non-mainstream pooled investment takes the form of: (i) a limited partnership, under the terms of which the employer (or connected company) will be the unlimited partner and the eligible employees will be some or all of the limited partners; or (ii) a trust which the firm reasonably believes not to contain any risk that any eligible employee may be liable to make any further payments (other than charges) for investment transactions earlier entered into, which the eligible employee was not aware of at the time he entered into them; and B. (in a case falling within A(1) above) restricts participation in the non-mainstream pooled investment to eligible employees, the employer and any connected company. 2. Any non-mainstream pooled investment, provided that the participation of eligible employees is to facilitate their co-investment: (i) with one or more companies in the same group as their employer (which may include the employer); or (ii) with one or more clients of such a company.
5. Members of the Society of Lloyd’s	A person admitted to membership of the Society of Lloyd's or any person by law entitled or bound to administer his affairs.	A scheme in the form of a limited partnership which is established for the sole purpose of underwriting insurance business at Lloyd's.
6. Exempt persons	An exempt person (other than a person exempted only by section 39 of the Act (Exemption of appointed representatives)) if the financial promotion relates to a regulated activity in respect of which the person is exempt from the general prohibition.	Any non-mainstream pooled investment.
7. Non-retail clients	An eligible counterparty or a professional client.	Any non-mainstream pooled investment in relation to which the client is categorised as a professional client or eligible counterparty. [See Note 4.]
8. Certified sophisticated investors	An individual6 who meets the requirements set out in COBS 4.12.7 R, including an individual who is legally empowered (solely or jointly with others) to make investment decisions on behalf of another person who is the firm's client 6.	Any non-mainstream pooled investment.
9. Self-certified sophisticated investors	An individual6 who meets the requirements set out in COBS 4.12.8 R, including an individual who is legally empowered (solely or jointly with others) to make investment decisions on behalf of another person who is the firm's client 6.	Any non-mainstream pooled investment the firm considers is likely to be suitable for that client, based on a preliminary assessment of the client's profile and objectives. [See COBS 4.12.5G (2)]
10. Solicited advice	Any person.	Any non-mainstream pooled investment, provided the communication meets all of the following requirements: (a) the communication only amounts to a financial promotion because it is a personal recommendation on a non-mainstream pooled investment; (b) the personal recommendation is made following a specific request by that client for advice on the merits of investing in the non-mainstream pooled investment; and (c) the client has not previously received a financial promotion or any other communication from the firm (or from a person connected to the firm) which is intended to influence the client in relation to that non-mainstream pooled investment. [See Note 3.]
11. Excluded communications	Any person.	Any non-mainstream pooled investment, provided the financial promotion is an excluded communication.[See COBS 4.12.12G, COBS 4.12.13G and COBS 4.12.13AG14.]
12. [deleted]11
13. US persons	A person who is classified as a United States person for tax purposes under United States legislation or who owns a US qualified retirement plan.	Any investment company registered and operated in the United States under the Investment Company Act 1940.

The following Notes explain certain words and phrases used in the table above.
Note 1	Promotion of non-mainstream pooled investments to a category of person includes any nominee company acting for such a person.
Note 2	A company is 'connected' with another company if: they are both in the same group; or one company is entitled, either alone or with another company in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital, which are exercisable in all circumstances at any general meeting of the other company or of its holding company.
Note 3	A person is connected with a firm if it acts as an introducer or appointed representative for that firm or if it is any other person, regardless of authorisation status, who has a relevant business relationship with the firm.
Note 4	In deciding whether a promotion is permitted under the rules of this section or under section 238 of the Act, firms may use the client categorisation regime that applies to business other than MiFID or equivalent third country business. (This is the case even if the firm will be carrying on a MiFID activity at the same time as or following the promotion.)

COBS 4.12.10G15/11/2021

(1) 3A firm which is asked to or proposes to assess and certify a retail client as a certified sophisticated investor (see article 23 of the Promotion of Collective Investment Schemes Order, article 50 of the Financial Promotions Order and COBS 4.12.7 R) should have regard to its duties under the Principles and the client's best interests rule. In particular, the firm should carry out that assessment with due skill, care and diligence, having regard to the generally complex nature

COCON 4.1.1G07/03/2016

The following is a non-exhaustive list of examples of conduct that would be in breach of rule 1.(1) Misleading (or attempting to mislead) by act or omission:(a) a client; or(b) the firm for whom the person works (or its auditors); or(c) the FCA or;(d) the PRA.(2) Falsifying documents.(3) Misleading a client about:(a) the risks of an investment;(b) the charges or surrender penalties of products;(c) the likely performance of products by providing inappropriate projections of future

Related provisions for BIPRU 12.7.9

Search Term(s)

Filter by Topics

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To