Related provisions for LR 11.1.7B
781 - 800 of 1033 items.
1The FCA often takes a different approach to that described above where firms no longer meet the threshold conditions. The FCA views the threshold conditions as being fundamental requirements for authorisation and it will generally take action in all such cases which come to its attention and which cannot be resolved through the use of supervisory tools. The FCA does not generally appoint investigators in such cases. Instead, firms are first given an opportunity to correct the
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
Where the borrowing rate under an MCD regulated mortgage contract is variable, the MCD mortgage lender must:(1) ensure that any index or reference rate used to calculate that rate is clear, accessible, objective and verifiable by the parties to the MCD regulated mortgage contract and the FCA; and(2) keep a record of the index or reference rate used to calculate that rate for as long as the MCD regulated mortgage contract remains outstanding.[Note: article 24 of the MCD]
(1) An exempt full scope IFPRU investment firm2 is a full-scope IFPRU investment firm2 that at all times has total net assets which are less than or equal to £50 million.22(2) In this rule, total net assets are the sum of a firm's total trading book assets and its total non-trading book assets, less the sum of its called up share capital, reserves and minority interests.(3) For the purpose of (2), the value attributed to each of the specified balance sheet items must be that which
This guidance is issued under section 139A of the Act (Guidance). It represents the FCA's views and does not bind the courts. For example, it would not bind the courts in an action for damages brought by a private person for breach of a rule (see section 138D of the Act (Actions for damages)), or in relation to the enforceability of a contract where there has been a breach of sections 19 (The general prohibition) or 21 (Restrictions on financial promotion) of the Act (see sections
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.
Where a UK recognised body has evidence tending to suggest that any person has:(1) been carrying on any regulated activity in the United Kingdom in contravention of the general prohibition; or(2) been engaged in market abuse; or(3) committed a criminal offence under the Act or subordinate legislation made under the Act; or(4) committed a criminal offence under Part V of the Criminal Justice Act 1993 (Insider dealing); or(5) committed a criminal offence under the Money Laundering
1The FCA has agreed guidelines that establish a framework for liaison and cooperation in cases where one or more other authority (such as the Crown Prosecution Service or Serious Fraud Office) has an interest in prosecuting any aspect of a matter that the FCA is considering for investigation, investigating or considering prosecuting. These guidelines are set out in annex 2 to this guide. The FCA is also a signatory to the Prosecutors’ Convention and the Investigators’ Convention.
(1) A person making a notification to an issuer to which this chapter applies must, if the notification relates to shares admitted to trading on a regulated market, at the same time file a copy of such notification with the FCA.(2) The information to be filed with the FCA must include a contact address of the person making the notification (but such details must be in a separate annex and not included on the form which is sent to the issuer).[Note: article 19(3) of the TD]
(1) Any document or notice to be served on or information to be given to, any person, including the
FCA
, must be in legible form.(2) For the purposes of this rule, any form is legible form which:(a) is consistent with the ICVC's, the directors', the authorised fund manager's or the depositary's knowledge of how the recipient of the document wishes or expects to receive the document;(b) is capable of being provided in hard copy by the authorised fund manager, the depositary or
The provisions in this section relating to the service and delivery of notices and documents both to unitholders and to the
FCA
, disapply the provisions of The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) under the power in Regulation 1(6) of those Regulations.
Where a firm merges separate funds for different types of business, it will need to ensure that the merger will not result in policyholders being treated unfairly. When considering merging the funds, the firm should consider the impact on its PPFM (see COBS 20.32) and on its obligations to notify the FCA8 (see SUP 15.3). In particular, a firm would need to consider how any inherited estate would be managed and how the fund would be run in future, such that policyholders are treated
(1) A firm, payment service provider20, electronic money issuer, 22designated credit reference agency20 or designated finance platform22 falling within the Compulsory Jurisdiction which does not conduct business with eligible complainants and has no reasonable likelihood of doing so, can, by written notification to the
FCA
, claim exemption from the rules relating to the funding of the Financial Ombudsman Service, and from the remainder of this chapter.134181341(2) Notwithstanding
A circular to shareholders about proposed amendments to the constitution must include:(1) an explanation of the effect of the proposed amendments; and(2) either the full terms of the proposed amendments, or a statement that the full terms will be available for inspection:(a) [deleted]10(b) at the place of the general meeting for at least 15 minutes before and during the meeting; and10(c) on the national storage mechanism from the date of sending the circular.10
A circular to shareholders about the approval of an employee's share scheme or long-term incentive scheme must:(1) include either the full text of the scheme or a description of its principal terms;(2) include, if directors of the listed company are trustees of the scheme, or have a direct or indirect interest in the trustees, details of the trusteeship or interest;(3) state that the provisions (if any) relating to:(a) the persons to whom, or for whom, securities, cash or other
12The FSCS must allocate any compensation costs levy:(1) first, to the relevant classes (other than the deposit acceptors’ contribution class)15 in proportion to the amount of compensation costs arising from, or expected to arise from, claims in respect of the different activities for which firms in those classes have permission up to the levy limit of each relevant class15; and(1A) next, amongst the categories (if any) within each class:15(a) in proportion to the categories’
12The FSCS must calculate each participant firm's share of a compensation costs levy (subject to FEES 6.3.22 R (Adjustments to calculation of levy shares)) by:(1) identifying each of the relevant classes and categories15 to which each participant firm belongs, using the statement of business most recently supplied under FEES 6.5.13 R (1);(2) identifying the compensation costs falling within FEES 6.3.1R13 allocated, in accordance with FEES 6.5.2-AR13, to the classes and categories15
A primary
pooling event occurs:(1) on
the failure of the firm; or(2) on
the vesting of assets in a trustee in accordance with an 'assets requirement' imposed under 55P(1)(b) or (c) (as the case may
be) of the Act; or(3) on
the coming into force of a requirement for
all client money held by the firm; or(4) when
the firm notifies, or is in
breach of its duty to notify, the FCA, in accordance with CASS 5.5.77 R1, that it is unable correctly to
identify and allocate in its records
5In the FCA's view the following factors are relevant in deciding whether a person (referred to in this paragraph as "an individual") is to be treated as carrying on his own business (in which case he may require authorisation unless an exemption or exclusion is available) or whether he is carrying on the business of the person for whom he works (in which case he will not require authorisation). In this paragraph, the person for whom the individual works is referred to as the
5Although the overall relationship between a home collected credit provider (the principal firm) and a person providing the services described in PERG 2.3.10 G (the individual) will need to be taken into account, meeting the following criteria is likely to mean that the individual is carrying on the business of the principal firm (as its agent) and not his own, meaning that the individual does not require authorisation or to be exempt:(1) the principal firm appoints the individual