Related provisions for SUP 16.12.3B
Table Application of Exemptions to Forms of Promotions
Financial Promotion Order |
Applies to |
|||
Article No. |
Title and PERG 8 reference (where applicable) |
Unsolicited real time |
Solicited real time |
Non-real time (solicited or unsolicited) |
12 |
Communications to overseas recipients (8.12.2G) |
*1 |
* |
* |
13 |
Communications from customers and potential customers (8.12.9G) |
* |
* |
* |
14 |
Follow up non-real time communications and solicited real time communications (8.12.10G) |
* |
* |
|
15 |
Introductions (8.12.11G) |
* |
* |
*1 |
16 |
Exempt persons (8.12.12G) |
*2 |
*3 |
*3 |
17 |
Generic promotions (8.12.14G and 8.21.4G) |
* |
* |
* |
17A1 |
Communications caused to be made or directed by unauthorised persons (8.6.7AG) |
* |
* |
* |
18 |
Mere conduits (8.12.18G) |
* |
* |
* |
18A |
Outgoing electronic commerce communications: mere conduits, caching and hosting (8.12.18G)1 |
* |
* |
* |
19 |
Investment professionals (8.12.21G and 8.21.5G) |
* |
* |
* |
20 |
Communications by journalists (8.12.23G) |
* |
||
20A |
Promotion broadcast by company director etc (8.12.23G and 8.21.6G) |
* |
* |
* |
22 |
Deposits : non-real time communications (8.13) |
* |
||
23 |
Deposits : real time communications (8.13) |
* |
* |
|
24 |
Relevant insurance activity : non-real time communications (8.13) |
* |
||
25 |
Relevant insurance activity : non-real time communications : reinsurance and large risks (8.13) |
* |
||
26 |
Relevant insurance activity : real time communications (8.13) |
* |
* |
|
28 |
One-off non-real time communications and solicited real time communications (8.14.3G) |
* |
* |
|
28A |
One-off unsolicited real time communications (8.14.11G) |
* |
||
28B1 |
Real time communications: introductions in connection with qualifying credit (8.17.12G) |
* |
* |
|
29 |
Communications required or authorised by enactments |
* |
* |
* |
30 |
Overseas communicators: solicited real time communications (8.14.15G) |
* |
||
31 |
Overseas communicators: non-real time communications to previously overseas customers (8.14.17G) |
* |
||
32 |
Overseas communicators: unsolicited real time communications to previously overseas customers (8.14.16G) |
* |
||
33 |
Overseas communicators: unsolicited real time communications to knowledgeable customers (8.14.16G) |
* |
||
34 |
Governments, central banks etc |
* |
* |
|
35 |
Industrial and provident societies |
* |
* |
|
37 |
Financial markets |
* |
* |
|
38 |
Persons in the business of placing promotional material |
* |
* |
* |
39 |
Joint enterprises (8.14.19G) |
* |
* |
* |
40 |
Participants in certain recognised collective investment schemes |
* |
* |
|
41 |
Bearer instruments: promotions required or permitted by market rules (8.14.42G) |
* |
* |
|
42 |
Bearer instruments: promotions to existing holders (8.14.42G) |
* |
* |
|
43 |
Members and creditors of certain bodies corporate (8.14.41G and 8.21.8G) |
* |
* |
|
44 |
Members and creditors of open-ended investment companies |
* |
* |
|
45 |
Group companies |
* |
* |
* |
46 |
Qualifying credit to bodies corporate (8.17.10G)1 |
* |
* |
*10 |
1046A |
Promotions of credit etc. for business purposes (8.17-A.10G) |
* |
* |
* |
47 |
Persons in the business of disseminating information (8.21.10G) |
* |
* |
* |
48 |
High15 net worth individuals (8.14.21G) |
* |
* |
|
49 |
High net worth companies, unincorporated associations etc (8.14.25G) |
* |
* |
* |
50 |
Sophisticated investors (8.14.27G) |
* |
* |
* |
50A |
Self-certified sophisticated investors {8.14.28AG) |
*5 |
* |
* |
51 |
Associations of high net worth or sophisticated investors (8.14.29G) |
* |
* |
|
52 |
Common interest group of a company (8.14.30G) |
* |
* |
|
53 |
Settlors, trustees and personal representatives |
* |
* |
* |
54 |
Beneficiaries of trust, will or intestacy |
* |
* |
* |
55 |
Communications by members of professions (8.15.1G) |
* |
* |
|
55A |
Non-real time communication by members of the professions. (8.15.5G) |
* |
||
56 |
Remedy following report by Parliamentary Commissioner for Administration |
* |
* |
* |
57 |
Persons placing promotional material in particular publications |
* |
* |
* |
58 |
Acquisition of interest in premises run by management companies |
* |
* |
|
59 |
Annual accounts and directors' report (8.21.11G) |
* |
* |
* |
60 |
Participation in employee shares schemes |
* |
* |
* |
61 |
Sale of goods and supply of services |
* |
* |
|
62 |
Sale of body corporate (8.14.35G) |
* |
* |
* |
64 |
Takeovers of relevant unlisted companies |
* |
* |
* |
65 |
Takeovers of relevant unlisted companies: warrants etc |
* |
* |
* |
66 |
Takeovers of relevant unlisted companies: application forms |
* |
* |
* |
67 |
Promotions required or permitted by market rules (8.21.13G) |
* |
* |
|
68 |
Promotions in connection with admission to certain EEA markets (8.21.16G) |
* |
* |
|
69 |
Promotions of securities already admitted to certain markets (8.21.17G) |
* |
*1 |
|
701 |
Promotions included in listing particulars etc (8.21.20G)1 |
*1 |
||
711 |
Material relating to prospectus for public offer of unlisted securities |
*1 |
||
721 |
Pension products offered by employers (8.14.40AG8) |
* |
* |
* |
872A |
Pension product offers communicated to employees by third parties (8.14.40AAG) |
* |
* |
* |
872B |
Insurance product offers communicated to employees by employers (8.14.40ABG) |
* |
* |
* |
872C |
Insurance products offers communicated to employees by third parties (8.14.40ACG) |
* |
* |
* |
872D |
Staff mortgage offers communicated to employees by employers (8.14.40ADG) |
* |
* |
* |
872E |
Staff mortgage offers communicated to employees by third parties (8.14.40AEG) |
* |
* |
*10 |
1072F |
Credit agreements offered to employees by employers |
* |
* |
* |
731 |
Advice centres (8.14.40B) |
* |
* |
* |
1 in limited circumstances only – see article 12(2) of the Financial Promotion Order |
||||
2 for the purpose of article 16 (2) only |
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3 for the purpose of article 16 (1) only1 |
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. 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. |
Outsourcing arrangements [deleted]5