Related provisions for SUP App 3.3.8

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SUP 12.2.16GRP
(1) 12A tied agent is a person who acts for and under the responsibility of a MiFID investment firm (or a third country investment firm) in respect of MiFID business (or the equivalent business of the third country investment firm). Most tied agents appointed by firms are also appointed representatives.(2) Unless otherwise provided, this chapter applies to a firm that appoints a tied agent that is an appointed representative in the same way as it applies to the appointment of
LR 14.2.2RRP
(1) If an application is made for the admission of a class of shares, a sufficient number of shares of that class must, no later than the time of admission, be distributed to the public6.(2) [deleted]6(3) For the purposes of paragraph (1), a sufficient number of shares will be taken to have been distributed to the public when 10% 7of the shares for which application for admission has been made are in public hands.5(4) 5For the purposes of paragraphs (1), (2) and (3), shares are
EG 13.7.4RP
[deleted]21
MCOB 6.5.6RRP
If a firm makes an offer to a consumer2 with a view to entering into a regulated mortgage contract which is a distance contract, it must provide the consumer2 with the following information with the offer document:232(1) [deleted]5(2) any contractual clause on law applicable to the regulated mortgage contract or on competent court, or both;(3) the language in which the contract is supplied and in which the firm will communicate during the course of the regulated mortgage contract;
SYSC 19D.1.1RRP
(1) The dual-regulated firms Remuneration Code applies to:(a) a building society;(b) a UK bank2;(c) a UK designated investment firm;(d) an overseas firm that would be a firm in (a), (b) or (c) if it had been a UK domestic firm, had carried on all of its business in the United Kingdom and had obtained whatever authorisations for doing so as are required under the Act.3(2) For a firm which falls under (1)(a), (1)(b) or (1)(c), the dual-regulated firms Remuneration Code applies2
PERG 4.10B.5GRP
(1) A buy-to-let credit agreement means either:(a) a contract that at the time it is entered into has the following characteristics:(i) a lender provides credit to an individual or trustees (the 'borrower');(ii) the contract provides for the obligation of the borrower to repay to be secured by a mortgage on land in the United Kingdom3;(iii) at least 40% of that land is used, or is intended to be used, as or in connection with a dwelling2 (or, where trustees are the borrower, by
GEN 4.3.4RRP
GEN 4.3.1 R (Disclosure in letters to retail clients4) does not apply in relation to:4(1) general insurance business if the State of the risk is outside the United Kingdom and the client is not in the United Kingdom when the contract of insurance is entered into; or11(2) long-term insurance business if the client is habitually resident outside the United Kingdom and is not present in the United Kingdom when the contract of insurance is entered into.11
REC 3.14A.1GRP
1The purpose of REC 3.14A is to ensure that the FCA3is informed of planned changes to a UK RIE’s4 markets and their regulatory status as either a regulated market, MTF or OTF4. 534
EG 19.27.4RP
2The 4powers under the AIFMD UK regulation include powers of direction and the power to revoke the registration of small registered UK AIFMs (including a SEF manager or a RVECA manager.43
IPRU-INV 14App1.1GRP

Glossary of defined terms for Chapter 14

If a defined term does not appear in the IPRU(INV) 14 glossary below, the definition appearing in the main Handbook Glossary applies.

ancillary services undertaking

an undertaking the principal activity of which consists of owning or managing property, managing data-processing services, or any other similar activity which is ancillary to the principal activity of one or more of the firms subject to this chapter.

broad scope firm

as in the Glossary in IPRU(INV) chapter 3.

2

contingent liability

the meaning in FRS 12 which states that it is:

(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the entity's control or

(b) a present obligation that arises from past events but is not recognised because:

(i) it is not probable that a transfer of economic benefits will be required to settle the obligation; or

(ii) the amount of the obligation cannot be measured with sufficient reliability.

consolidated supervision

the application of the financial rules in the Interim Prudential sourcebook for investment businesses in accordance with rules and guidance in 14.1.1 to 14.5.4.

1

1

financial holding company

an undertaking that satisfies the following conditions:

(a) it is:

(i) a financial institution; or

(ii) a firm falling within IPRU-INV rule 14.1.1(1);

(b) is subsidiary undertakings are either exclusively or mainly:

(i) credit institutions;,

(ii) investment firms;

(iii) broad scope firms or undertakings carrying on activities which (if they were firms doing those activities in the United Kingdom) would make them broad scope firms; and

(iv) financial institutions,

one of which at least is a credit institution, a firm falling within IPRU-INV rule 14.1.1(1) or an investment firm; and

(c) it is not a mixed financial holding company.

financial institution

an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to carry on a listed activity.

group financial resources

the resources of a firm's group calculated in accordance with rules 14.4 (Group financial resources).

group financial resources requirement

the requirement that a firm's group maintains financial resources calculated in accordance with the rules in 14.5 (Group financial resources requirement).

investment firm

investment firm as in the main Glossary except that it excludes persons to which the MiFID does not apply as a result of article 2 or 3 of the MiFID.

Material holding

a holding of –

(a) ordinary share capital and non cumulative preference share capital; or

(b) subordinated loan and non fixed-term cumulative preference share capital,

in a credit institution or a financial institution where –

(i) (a) or (b) above exceeds 10% of the share capital plus share premium of the issuer; or

(ii) the aggregate of (a) and (b) above exceeds 10% of the firm’sown funds, before deducting the holding.

Material insurance holding

the higher of –

(1) the book value of an investment held in an insurance undertaking, reinsurance undertaking, or insurance holding company (investment for this purpose is either a participation or the investment in a subsidiary undertaking); or

(2) the group's proportionate share of that undertaking's local or notional regulatory capital requirement."

Non-trading book

in relation to a firm's business or exposures, means any position, counterparty exposure or balance sheet item nit falling within the definition of trading book.

parent

any parent undertaking as defined in section 1162 of the Companies Act 2006 and any undertaking which effectively exercises a dominant influence over another undertaking.

participation

a participation within the meaning of the UK provisions which implemented Article 2, point (2) of the Accounting Directive1 or the ownership either direct or indirect of 20% or more of the voting rights or capital of another undertaking which is not a subsidiary.

subsidiary

as in section 1159(1) of the Companies Act 2006.

trading book

as in the Glossary in IPRU(INV) chapter 5.

1UK parent

a firm’s direct or indirect parent which has its head office in the UK.
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
DTR 8.2.1RRP
A person wishing to be included on the list of primary information providers, must apply to the FCA for approval as a primary information provider by submitting the following to the FCA:(1) the name, registered office address, registered number and the names and addresses of the directors and company secretary of the person applying for approval and, where applicable, the corporate group to which the person belongs;(2) details of all the arrangements that it has established or
SUP 12.3.5RRP
[deleted]716
COBS 4.1.9GRP
[deleted]12
PERG 2.10.8GRP
The exemptions apply so as to confer exemption on persons from the general prohibition in respect of four distinct categories of regulated activities.(1) The first category is carrying on any regulated activity, apart from effecting or carrying out contracts of insurance (or agreeing to do so). Exempt persons here are generally supranational bodies of which the United Kingdom or another EEA State is a member.(2) The second category is the regulated activity of accepting deposits.
SUP 6.3.3GRP
In applying for a variation of Part 4A permission,27 a branch of a firm from outside the UK24 should be mindful of any continuing requirements referred to in the rest of the Handbook.102710
BIPRU 7.2.44RRP

Table: specific risk position risk adjustments

This table belongs to BIPRU 7.2.43R.

Issuer

Residual maturity

Position risk adjustment

Debt securities issued or guaranteed by central governments, issued by central banks, international organisations, multilateral development banks or United Kingdom5 regional governments or local authorities which would qualify for credit quality step 1 or which would receive a 0% risk weight under the standardised approach to credit risk.

Any

0%

(A) Debt securities issued or guaranteed by central governments, issued by central banks, international organisations, multilateral development banks or United Kingdom5 regional governments or local authorities which would qualify for credit quality step 2 or 3 under the standardised approach to credit risk.

(B) Debt securities issued or guaranteed by institutions which would qualify for credit quality step 1 or 2 under the standardised approach to credit risk.

(C) Debt securities issued or guaranteed by institution which would qualify for credit quality step 3 under BIPRU 3.4.34 R (Exposures to institutions: Credit assessment based method) or which would do so if it had an original effective maturity of three months or less.

(D) Debt securities issued or guaranteed by corporates which would qualify for credit quality step 1, 2 or 32 under the standardised approach to credit risk.

(E) Other qualifying debt securities (see BIPRU 7.2.49R)

2

Zero to six months

0.25%

over 6 and up to and including 24 months

1%

Over 24 months

1.6%

(A) Debt securities issued or guaranteed by central governments, issued by central banks, international organisations, multilateral development banks or United Kingdom5 regional governments or local authorities or institutions which would qualify for credit quality step 4 or 5 under the standardised approach to credit risk.

(B) Debt securities issued or guaranteed by corporates which would qualify for credit quality step 4 under the standardised approach to credit risk.

(C) Exposures for which a credit assessment by a nominated ECAI is not available.

2

Any

8%

(A) Debt securities issued or guaranteed by central governments, issued by central banks, international organisations, multilateral development banks or United Kingdom5 regional governments or local authorities or institution which would qualify for credit quality step 6 under the standardised approach to credit risk.

(B) Debt securities issued or guaranteed by corporate which would qualify for credit quality step 5 or 6 under the standardised approach to credit risk.

(C) An instrument that shows a particular risk because of the insufficient solvency of the issuer of liquidity. This paragraph applies even if the instrument would otherwise qualify for a lower position risk adjustment under this table.

Any

12%

Note: The question of what a corporate is and of what category a debt security falls into must be decided under the rules relating to the standardised approach to credit risk.

[Note:CAD Annex I point 14 Table 1]2