Related provisions for SUP 18.1.1B
61 - 80 of 158 items.
(1) This direction applies to an application under Form A or Form E.(2) An5 application 4must be made by submitting the Form in accordance with the requirements in SUP 10C.15 (Forms and other documents and how to submit them to the FCA) about the submission of those Forms6. 11322(2A) [deleted]51(3) [deleted]4(4) [deleted]6(5) [deleted]64
If the appropriate regulator1 gives a firm a waiver, then the relevant rule no longer applies to the firm. But:1(1) if a waiver directs that a rule is to apply to a firm with modifications, then contravention of the modified rule could lead to appropriate regulator1 enforcement action and (if applicable) a right of action under section 138D1 of the Act (Actions for damages); and11(2) if a waiver is given subject to a condition, it will not apply to activities conducted in breach
Substantive changes to the rules (this would not include simple editorial changes) in the Handbook may affect existing waivers, changing their practical effect and creating a need for a change to the original waiver. The appropriate regulator1 will consult on proposed rule changes. A firm should note proposed rule changes and discuss the impact on a waiver with its appropriate1 supervisory contact.111
Firms are also referred to SUP 15.6 (Inaccurate, false or misleading information). This requires, in SUP 15.6.4 R, a firm to notify the appropriate regulator1 if false, misleading, incomplete or inaccurate information has been provided. This would apply in relation to information provided in an application for a waiver.1
1Section 59(1) is relevant where the firm directly employs the person concerned. Under the provision, a firm ('A') must take reasonable care to ensure that no person performs a controlled function under an arrangement entered into by A in relation to the carrying on by it of a regulated activity, unless the appropriate regulator (as defined in section 59(4) of the Act)
approves the performance by that person of the controlled function to which the approval relates.
Once the appropriate regulator1 has given a waiver, it may vary it with the firm's consent, or on the firm's application. If a firm wishes the appropriate regulator1 to vary a waiver, it should follow the procedures in SUP 8.3.3 D, giving reasons for the application. In a case where a waiver has been given to a number of firms (see SUP 8.3.10 G), if the appropriate regulator1wishes to vary such waivers with the consent of those firms, it will follow the procedures in SUP 8.3.10
A firm must not appoint as appropriate actuary an actuary who has been disqualified by the FCA5 under section 345 of the Act (Disciplinary measures: FCA) or the PRA under section 345A of the Act (Disciplinary measures: PRA5) from acting as an actuary either for that firm or for a relevant class of firm.55
18PRA-authorised persons and persons seeking to become PRA-authorised persons should note that the FCA and the PRA have agreed for the FCA to act as the PRA's collection 12agent for 12PRA fees. Where applicable, both PRA and FCA fees should be paid as a single payment to the FCA, which will receive the payment in its own capacity in respect of FCA fees and in its capacity as collection 12agent for the PRA in respect of the PRA fees. References to this arrangement will be referred
1The FCA has information gathering and sanctioning powers under the Act which are applicable to breaches of EMIR requirements
by authorised persons or recognised bodies. The OTC derivatives, CCPs and trade repositories regulation adds to the powers available to the FCA for dealing with breaches of EMIR requirements and sets out information gathering and sanctioning powers enabling the FCA to investigate and take action for breaches of the EMIR requirements
(1) A Chief Risk Officer should:(a) be accountable to the firm'sgoverning body for oversight of firm-wide risk management;(b) be fully independent of a firm's individual business units;(c) have sufficient authority, stature and resources for the effective execution of his responsibilities; (d) have unfettered access to any parts of the firm's business capable of having an impact on the firm's risk profile; (e) ensure that the data used by the firm to assess its risks are fit for
For the purpose of rule SC4 in COCON 2.2.4R, regulators in addition to the FCA and the PRA are those which have recognised jurisdiction in relation to activities to which COCON applies and have a power to call for information from the relevant person in connection with their function or the business for which they are responsible. This may include an exchange or an overseas regulator.
(1) If a senior conduct rules staff member comes across a piece of information that is something of3 which they think the FCA or PRA could reasonably expect notice, they should determine whether that information falls within the scope of their responsibilities.5 For an SMF manager those responsibilities will be set out in that person’sstatement of responsibilities.52(2) If it does, then they should ensure that, if it is otherwise appropriate to do so, it is disclosed to the appropriate
(1) 8Part VII of the Act prescribes certain statutory functions in relation to insurance business transfer schemes for both the PRA and the FCA. In accordance with the Act, the PRA and the FCA maintain a Memorandum of Understanding, which describes each regulator’s role in relation to the exercise of its functions under the Act relating to matters of common regulatory interest and how each regulator intends to ensure the coordinated exercise of such functions. Under the Memorandum
The initial documentary8 information on the scheme should be provided to the PRA, who will share it with the FCA, and8 should include its broad outline and its purpose. Each regulator may8 indicate to the promoters how closely it wishes to monitor the progress of the scheme, including the extent to which it wishes to see draft documentation.88
SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:(1) Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FCA and PRA99 on their9 own initiative);9(2) SUP 15 (Notifications to the FCA3):99(3) SUP 16 (Reporting requirements); (4) [deleted]81(5) any notification rule (see Schedule 2 which contains a consolidated summary
While respecting each regulator's
different statutory objectives and
mandates, in undertaking its supervisory activity the FCA will
co-ordinate and co-operate with the PRA as
required and necessary in the interests of the effective and efficient supervision
of regulated firms and individuals.
Both regulators will coordinate with each other as required under the Act, including on the exchange of information
relevant to each regulator's individual objectives. However, the FCA and