Related provisions for CONC 8.7.7

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SUP 3.4.1GRP
The appropriate regulator is concerned to ensure that the auditor of a firm has the necessary skill and experience to audit the business of the firm to which he has been appointed. This section sets out the appropriate regulator's rules and guidance aimed at achieving this.
MAR 10.5.6GRP
1Firms should refer to SUP 15.3 (General notification requirements) generally, and in particular SUP 15.3.11R, in respect of the following: (1) a breach of a rule or direction in this chapter; (2) a breach of a directly applicable provision imposed by MiFIR or any onshored regulation2 adopted under MiFID or MiFIR; and (3) a breach of any requirement imposed by or under the MiFI Regulations which relates to this chapter.
COLL 6.11.4RRP
(1) The permanent risk management function must:(a) implement the risk management policy and procedures;(b) ensure compliance with the risk limit system, including statutory limits concerning global exposure and counterparty risk, as required by COLL 5.2 (General investment powers and limits for UCITS schemes) and COLL 5.3 (Derivative exposure)2;(c) provide advice to the governing body, as regards the identification of the risk profile of each scheme it manages;(d) provide regular
CASS 11.2.5RRP
For the purpose of the annual notification in CASS 11.2.4 R, a CASS debt management firm must apply the calculation rule in CASS 11.2.2 R.
DISP 1.2.2ARRP
If an MCD credit intermediary has, before or at the point of sale, provided an eligible complainant with appropriate information in a durable medium about their internal procedures for the reasonable and prompt handling of complaints pursuant to another rule, the MCD credit intermediary need not refer to the availability of that information again under DISP 1.2.1R(2)(b).9
SUP 12.8.2GRP
In assessing whether to terminate a relationship with an appointed representative, a firm should be aware that the notification rules in SUP 15 require notification to be made immediately to the FCA if certain events occur. Examples include a matter having a serious regulatory impact or involving an offence or a breach of any requirement imposed by the Act or by regulations or orders made under the Act by the Treasury.
EG 2.1.4RP
1Where a firm or other person has failed to comply with the requirements of the Act, the rules, or other relevant legislation, it may be appropriate to deal with this without the need for formal disciplinary or other enforcement action. The proactive supervision and monitoring of firms, and an open and cooperative relationship between firms and their supervisors, will, in some cases where a contravention has taken place, lead the FCA to decide against taking formal disciplinary
MAR 8.1.3RRP
A contravention of a rule3 in MAR 8 does not give rise to a right of action by a private person under section 138D(2) of the Act (and each rule in MAR 8 is specified under section 138D(3) of the Act as a provision giving rise to no such right of action).
PERG 9.10.6GRP
The FCA has also made rules under section 238(5) which allow authorised persons to communicate or approve a financial promotion for an open-ended investment company that is an unregulated collective investment scheme (that is, one that does not fall within PERG 9.10.4 G). The circumstances in which such a communication or approval is allowed are explained in COBS 4.12.4 R535
SUP 10C.1.5GRP
[deleted]8
SYSC 13.8.4GRP
The high level requirement for appropriate systems and controls at SYSC 3.1.1 R applies at all times, including when a business continuity plan is invoked. However, the FCA1 recognises that, in an emergency, a firm may be unable to comply with a particular rule and the conditions for relief are outlined in GEN 1.3 (Emergency).
COLL 3.3.6RRP
(1) This rule applies whenever the instrument of incorporation of an ICVC provides, in relation to any class, for smaller denomination shares and larger denomination shares.(2) Whenever a registered holding includes a number of smaller denomination shares that can be consolidated into a larger denomination share of the same class, the ACD must consolidate the relevant number of those smaller denomination shares into a larger denomination share.(3) The ACD may, to effect a transaction
CASS 11.12.4RRP
The documents in CASS 11.12.3 R that a CASS debt management firm must include within its CASS 11 resolution pack are:(1) a master document containing information sufficient to retrieve each document in the firm'sCASS 11 resolution pack;(2) a document which identifies all the approved banks with whom client money may be deposited;(3) a document which identifies each appointed representative, field representative or other agent of the firm which may receive client money in its capacity
EG 19.7.4RP
1Under the OEIC Regulations, the FCA may also use its disqualification powers against auditors who fail to comply with a duty imposed on them under FCArules. The procedure which the FCA will follow when exercising its disqualification powers is set out in EG 15.
ICOBS 6.2.3RRP
(1) A firm which has its head office in the European Economic Area2 must inform a customer, before any commitment is entered into, of the state2 in which the head office or, where appropriate, the branch with which the contract is to be concluded, is situated.1111(2) Any documents issued to the customer must convey the information required by this rule.[Note: article 184(1) of the Solvency II Directive1]1
PRIN 1.1.9GRP
Some of the other rules and guidance in the Handbook deal with the bearing of the Principles upon particular circumstances. However, since the Principles are also designed as a general statement of regulatory requirements applicable in new or unforeseen situations, and in situations in which there is no need for guidance, the FCA's11 other rules and guidance or onshored regulations13 should not be viewed as exhausting the implications of the Principles themselves.11
SUP 10C.7.3GRP

Table: Examples of how the other overall responsibility function applies

1Example

Comments

(1) ‘A’ is appointed to perform the executive director function2 and to perform a potential other overall responsibility function for the same firm.

A only needs approval to perform the executive director function2.

(2) ‘A’ is approved to perform the other overall responsibility function. Later, A is appointed to perform the executive director function2 for the same firm.

A requires approval for the other overall responsibility function when A is first appointed. When A is later approved to perform the executive director function2, A stops performing the other overall responsibility function. The firm should use Form E to apply for approval for A to perform the executive director function and to notify the FCA that A is no longer performing the other overall responsibility function2.

(3) ‘A’ is appointed to perform the PRA's Head of Key Business Area designated senior management function for Firm X2 and to perform a potential other overall responsibility function for the same firm. Firm X is an SMCR banking firm.2

A only needs approval to perform the PRA's Head of Key Business Area designated senior management function. It does not make any difference whether the potential other overall responsibility function that A performs is connected to the PRA's Head of Key Business Area designated senior management function.

(4) ‘A’ is approved to perform the other overall responsibility function for Firm X. Firm X is an SMCR banking firm.2 Later, A is appointed to perform the PRA's Head of Key Business Area designated senior management function for the same firm.

A requires approval for the other overall responsibility function when A is first appointed. When A is later approved to perform the PRA's Head of Key Business Area designated senior management function, A stops performing the other overall responsibility function.

(5) ‘A’ is appointed to perform:

(a) the compliance oversight function for one firm (Firm X) in a group (which may or may not be an SMCR firm to which the other overall responsibility function applies2); and

(b) a function coming within the scope of the other overall responsibility function for another firm (which is a an SMCR firm to which the other overall responsibility function applies2) in the same group (Firm Y).

A needs approval to perform the compliance oversight function for Firm X and the other overall responsibility function for Firm Y.

(6) ‘A’ is appointed to be head of sales for Firm X2 and to report directly to the firm'sgoverning body about this. This function also comes within the PRA's Head of Key Business Area designated senior management function. Firm X is an SMCR banking firm.2

A only needs approval to perform the PRA's Head of Key Business Area designated senior management function.

(7) ‘A’ is appointed to take on some functions that come within the other overall responsibility function. Later, A is appointed as chief risk officer.

The firm is one of those for which being chief risk officer is a PRA-designated senior management function or an FCA-designated senior management function3.

2

On A’s first appointment, A will need to be approved to perform the other overall responsibility function.

On being appointed as chief risk officer, 2A will stop performing the other overall responsibility function.

(8) ‘A’ is appointed to a role for Firm X2 that comes within the other overall responsibility function. Firm X is an SMCR banking firm.2 Later, the firm reorganises and A’s role comes within the PRA's Head of Key Business Area designated senior management function. A’s role does not otherwise change.

On A’s first appointment, A will need to be approved to perform the other overall responsibility function.2

When A is later approved to perform the PRA’s Head of Key Business Area designated senior management function, A stops performing the other overall responsibility function.2

(9) ‘A’ is appointed to a role for Firm X2 that comes within the PRA's Head of Key Business Area designated senior management function. It is also a potential other overall responsibility function. Later, the firm reorganises—A’s role stays the same but now it falls outside the PRA's Head of Key Business Area designated senior management function.

On A’s first appointment, A only needs approval to perform the PRA's Head of Key Business Area designated senior management function. Following the reorganisation, the firm has three months to get approval for A to perform the other overall responsibility function. This three-month period applies because the relevant PRA rules keep the PRA's Head of Key Business Area designated senior management function in place, which means that the other overall responsibility function does not apply during that period.

The relevant PRA rules can be found in Chapter 2 of the part of the PRA Rulebook2 titled ‘Senior Management Functions’, Chapter 2 of the part of the PRA Rulebook titled ‘Insurance - Senior Management Functions’ and Chapter 2 of the part of the PRA Rulebook titled ‘Large Non-Solvency II Firms – Senior Management Functions’4.

4

2

(10) ‘A’ is appointed to a role for Firm X2 that comes within the PRA's Head of Key Business Area designated senior management function. A also performs a potential other overall responsibility function. Later,2 A gives up the PRA role but carries on with the potential other overall responsibility function.

The answer to example (9) applies.

(11) ‘A’ is appointed as an executive director. A then resigns and takes up a job with the same firm coming within the other overall responsibility function.

On A’s first appointment, A will need to be approved to perform the executive director function2. A will need to get approval to perform the other overall responsibility function before A takes up their new responsibilities.2

Note (1): A potential other overall responsibility function means a function that would have come within the other overall responsibility function but is excluded by SUP 10C.7.1R(2).

Note (2): A potential other overall responsibility function should be recorded in A’s statement of responsibilities and in the firm'smanagement responsibilities map.
CONC 5A.3.7RRP
The amount of credit provided under an agreement for high-cost short-term credit for the purposes of CONC 5A.3.3 R (Initial cost cap) is the amount of credit outstanding on the day in question under the agreement, disregarding for the purposes of that rule the effect of the borrower discharging all or part of the borrower's indebtedness in accordance with section 94 of the CCA (right to complete payments ahead of time) by repayment of credit before the date provided for in the