Related provisions for PERG 8.14.38
161 - 180 of 199 items.
The following are examples of behaviour that may amount to manipulating transactions as described in article 12(1)(a)(ii) of the Market Abuse Regulation6: (1) [deleted] 6(2) [deleted] 6(3) a trader holds a short position that will show a profit if a particular
financial instrument6, which is currently a component of an index, falls out of that index. The question of whether the
financial instrument6
will fall out of the index depends on
In BIPRU 8.5.5 R, the relevant proportion is either:(1) (in the case of a participation) the proportion of shares issued by the undertaking held by the UK consolidation group or the non-UK sub-group6; or(2) (in the case of a consolidation Article 12(1) relationship or an Article 134 relationship), such proportion (if any) as stated in the Part 4A permission of the firm.
In the FCA's view, other examples of:(1) 'initial service agreement' include:(a) subscribing to an investment trust savings scheme; or(b) concluding a life policy, personal pension scheme or stakeholder pension scheme that includes a pre-selected option providing for future increases or decreases in regular premiums or payments; and(2) 'operations' include:(a) successive purchases or sales of shares under an investment trust savings scheme; and(b) subsequent index-linked changes
A firm must adopt tick size regimes in:(1) shares, depositary receipts2, exchange-traded funds, certificates and other similar financial instruments traded on the MTF; and(2) any other financial instrument which is traded on that trading venue, as required by a regulatory technical standard made under powers conferred by MiFIR3.[Note: article 49 of MiFID and MiFID RTS 11]
(1) The FCA3 will determine a figure which will be based on a percentage of an individual’s “relevant income”. “Relevant income” will be the gross amount of all benefits received by the individual from the employment in connection with which the breach occurred (the “relevant employment”), and for the period of the breach. In determining an individual’s relevant income, “benefits” includes, but is not limited to, salary, bonus, pension contributions, share options and share schemes;
3The capital instruments to which BIPRU 8.6.1B R does not apply are:(1) ordinary shares issued by a groupundertaking which:(a) are the most deeply subordinated capital instrument issued by that groupundertaking;(b) meet the criteria set out in GENPRU 2.2.83R (2) and GENPRU 2.2.83R (3) and GENPRU 2.2.83A R; and(c) are the same as ordinary shares previously issued by that groupundertaking;(2) debt instruments issued from a debt securities program established by a groupundertaking,
1If a listed company includes pro forma financial information in a class 1 circular, a related party circular or a circular relating to the purchase by the company of 25% or more its issued equity shares (excluding treasury shares), it must comply with the requirements for pro forma financial information set out in the PR Regulation2.
23The issue of free shares or cash on a demutualisation, and additional bonuses and policy enhancements given by way of incentive to approve a reattribution or distribution of an inherited estate should, unless there is evidence to the contrary, be treated as relevant benefits for the purposes of DISP App 1.5.15 G. Whether additional bonuses and policy enhancements on a demutualisation are relevant benefits should be determined by applying the test in DISP App 1.5.15 G to each
1A firm must calculate its own funds and liquid capital as shown below, subject to the detailed requirements set out in IPRU-INV 5.8.2R.
Financial resources |
Category |
IPRU-INV 5.8.2R paragraph |
||
Tier 1 |
||||
(1) |
Paid-up share capital (excluding preference shares) |
A |
||
(1A) |
Eligible LLP members' capital |
|||
(2) |
Share premium account |
|||
(3) |
Reserves |
2A |
||
(4) |
Non-cumulative preference shares |
|||
Less: |
(5) |
Investments in own shares |
B |
|
(6) |
Intangible assets |
|||
(7) |
Material current year losses |
4 |
||
(8) |
Material holdings in credit and financial institutions2 |
52 |
||
(8A) |
Excess LLP members' drawings |
|||
Tier 1 capital = (A-B) |
C |
|||
Plus: TIER 2 |
1 |
|||
(9) |
Revaluation reserves |
D |
||
(10) |
Fixed term cumulative preference share capital |
|||
(11) |
Long-term Qualifying Subordinated Loans |
26 |
||
(12) |
Other cumulative preference share capital and debt capital2 |
|||
(13) |
Qualifying arrangements |
7 |
||
"Own Funds" = (C+D) |
E |
|||
Plus: TIER 3 |
||||
(14) |
Net trading book profits |
F |
28 |
|
(15) |
Short-term Qualifying Subordinated Loans and excess Tier 2 capital |
1(b)2; 9 |
||
Less: |
(16) |
Illiquid assets |
G |
10 |
Add: |
(17) |
Qualifying Property |
11 |
|
"Liquid Capital" = (E+F+G) |
||||
2The FCA will not admit shares of a company incorporated in a third country9 that are not listed either in its country of incorporation or in the country in which a majority of its shares are held, unless the FCA is satisfied that the absence of the listing is not due to the need to protect investors. [Note: Article 51 CARD]
(1) A collective portfolio management investment firm may undertake the following MiFID business: portfolio management; investment advice; safekeeping and administration in relation to shares or units of collective investment undertakings; and (if it is an AIFM investment firm) reception and transmission of orders in relation to financial instruments.(2) [deleted]3111
An open-ended investment company may be described, in general terms, as a body corporate, most or all of the shares in, or securities of, which can be realised within a reasonable period. Realisation will typically involve the redemption or repurchase of shares in, or securities of, the body corporate. This realisation must be on the basis of the value of the property that the body corporate holds (that is, the net asset value).
There is, of course, no reason why an individual cannot act ‘in the course of business’. For example, sole traders who are independent financial advisers will give investment advice ‘in the course of business’ and so satisfy the test. Individuals who are merely seeking to make personal investments will not be acting ‘in the course of business’ by approaching a company about making an investment in its shares. However, it is possible that an individual who regularly seeks to invest
If the actuary2 is an employee of the firm, the ordinary incentives of employment, including profit-related pay, share options or other financial interests in the firm or any associate, give rise to a conflict of interest only where they are disproportionate, or exceptional, relative to those of other employees of equivalent seniority.2