Related provisions for LR 11.1.1D
581 - 600 of 1026 items.
In determining whether a UK recognised body has effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or failure to perform, any of its regulatory functions, the FCA3 may have regard to the extent to which the UK recognised body's resources and procedures enable it to:3(1) acknowledge complaints promptly;(2) make an objective, prompt and thorough initial investigation of complaints;(3) provide a timely reply to
In determining whether a UK recognised body's arrangements for the investigation of complaints include appropriate arrangements for the complaint to be fairly and impartially investigated by an independent person (a "complaints investigator"), the FCA3 may have regard to:3(1) the arrangements made for appointing (and removing) a complaints investigator, including the terms and conditions of such an appointment and the provision for remuneration of a complaints investigator; (2)
The test for whether the contents of a particular website may or may not involve a financial promotion is no different to any other medium. If a website or part of a website, operated or maintained in the course of business, invites or induces a person to engage in investment activity or to engage in claims management activity2, it will be a financial promotion. The FCA takes the view that the person who caused the website to be created will be a communicator. So, any software
The Internet also allows hypertext links, where two different sites in the Internet can be connected almost instantaneously by simply clicking on the link. The FCA's1 views on the position of hypertext links (which should be read with the remainder of PERG 8, especially PERG 8.4 (Invitation or inducement)) are as follows.1(1) A hypertext link may or may not be a financial promotion in itself. This will depend on the nature of the hypertext link and the context in which it is placed.
(1) UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).4(2) UK RIEs4 must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MiFID/MiFIR requirements7.26RAPs must satisfy the recognition requirements prescribed by the Treasury in the RAP regulations, under the
(1) The recognition requirements for UK recognised bodies5are set out, with guidance, in REC 2.6 The RAP recognition requirements (other than requirements under the UK auctioning regulations which are not reproduced in REC) are set out, with guidance, in REC 2A.723(1A) Key relevant MiFID/MiFIR requirements directly applicable to UK recognised bodies are signposted as “Notes”.5(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those
(1) 2If a listed company becomes aware of a matter described in (2) after the publication of a circular that seeks shareholder approval for a transaction expressly requiring a vote by the listing rules, but before the date of a general meeting, it must, as soon as practicable:(a) advise the FCA of the matters of which it has become aware; and(b) send a supplementary circular to holders of its listedequity shares providing an explanation of the matters referred to in (2).(2) The
3Where a group includes one or more BIPRU firms and one or more IFPRU investment firms which has permission under article 19 of the UK CRR45 (Exclusion from the scope of prudential consolidation) from the FCA not to be included in the supervision on a consolidated basis of the group of which it is a member, consolidated supervision under BIPRU 8 applies to those IFPRU investment firms and the BIPRU firms.
A firm (other than a common platform firm)5 must arrange for orderly records to
be kept of its business and internal organisation, including all services
and transactions undertaken by it, which must be sufficient to enable the FCA57 to monitor the firm's compliance
with the requirements under the regulatory
system, and in particular to ascertain that the firm has complied with all obligations with
respect to clients.[Note:
5article 12(1)(a) of the UCITS Directive and article
(1) 5A common platform firm must arrange for records to be kept of all services, activities and transactions undertaken by it. (2) The records in (1) must be sufficient to enable the FCA to fulfil its supervisory tasks and to perform the enforcement actions under the regulatory system including MiFID, MiFIR and the Market Abuse Regulation, and in particular to ascertain that the common platform firm has complied with all obligations including those with respect to clients or potential
The Regulated Activities Order, which sets out the activities for which authorisation is required, does not attempt an exhaustive definition of a 'contract of insurance'. Instead, it makes some specific extensions and limitations to the general common law meaning of the concept. For example, it expressly extends the concept to fidelity bonds and similar contracts of guarantee, which are not contracts of insurance at common law, and it excludes certain funeral plan contracts, which
1Statements of Principle issued under section 64A(1)(a) of the Act
Statement of Principle 1 An approved person must act with integrity in carrying out his accountable functions. |
Statement of Principle 2 An approved person must act with due skill, care and diligence in carrying out his accountable functions. |
Statement of Principle 3 An approved person must observe proper standards of market conduct in carrying out his accountable functions. |
Statement of Principle 4 An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice. |
Statement of Principle 5 An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the APER employer4 for which they are 1responsible in their 1accountable function is organised so that it can be controlled effectively. |
Statement of Principle 6 An approved person performing an accountable higher management function1 must exercise due skill, care and diligence in managing the business of the APER employer4 for which they are1 responsible in their 1accountable function. |
Statement of Principle 7 An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the APER employer4 for which they are 1responsible in their 1accountable function complies with the relevant requirements and standards of the regulatory system. |
A firm should keep a record of, and be ready to explain to its supervisory contacts in the FCA, the reasons for any difference between the deficit reduction amount and any commitment the firm has made in any public document to provide funding in respect of a defined benefit occupational pension scheme.
The conditions referred to in IPRU-INV 13.15.7R are:(1) the subordinated loan must have an original maturity of at least two years or, if it has no fixed term, it is subject to not less than two years' notice of repayment;(2) the agreement governing the subordinated loan must not permit payment of interest unless a firm has at least 120% of its capital resources requirement after that payment2;(3) the agreement governing the subordinated loan must only permit repayment, prepayment
This guidance is issued under section 139A of the Act (Guidance). It is designed to throw light on particular aspects of regulatory requirements, not to be an exhaustive description of a person's obligations. If a person acts in line with the guidance in the circumstances it contemplates, the FCA will proceed on the footing that the person has complied with aspects of the requirement to which the guidance relates. Rights conferred on third parties cannot be affected by guidance
The only kind of body corporate of an open-ended kind that may currently be formed under the law of the United Kingdom is one that is authorised by the FCA. A person intending to form an open-ended body corporate that has its head office in Great Britain should refer to the Open-ended Investment Companies Regulations 2001 (SI 2001/1228). Bodies corporate formed under these Regulations are referred to in the Handbook as investment companies with variable capital (or ' ICVCs ').
A firm and its controllers are required to notify certain changes in control (see7SUP 11 (Controllers and close links)). The purpose of the rules and guidance in this section is:7(1) to ensure that, in addition to such notifications, the FCA12 receives regular and comprehensive information about the identities of all of the controllers of a firm, which is relevant to a firm's continuing to satisfy the effective supervision threshold conditions15; 15158(2) to implement certain
(1) [deleted]10151510(2) [deleted]101510(3) [deleted]1010(4) [deleted]1010(4A) [deleted]105151510(4B) [deleted]1051515151510(5) [deleted]8108(6) 10A firm must submit annually by electronic means to the FCA12 the Controllers Report which contains the information specified in the form in SUP 16 Annex 37A, within four months of the firm'saccounting reference date9.
Cases (a) to (h) in DTR 5.2.1 R identify situations where a person may be able to control the manner in which voting rights are exercised and where, (taking account of any aggregation with other holdings) a notification to the issuer may need to be made. In the FCA's view:(1) Case (e) produces the result that it is always necessary for the parent undertaking of a controlled undertaking to aggregate its holding with any holding of the controlled undertaking (subject to the exemptions
A person falling within Cases (a) to (h) is an indirect holder of shares for the purpose of the definition of shareholder. These indirect holdings have to be aggregated, but also separately identified in a notification to the issuer. Apart from those identified in the Cases (a) to (h), the FCA does not expect any other significant category "indirect shareholder" to be identified. Cases (a) to (h) are also relevant in determining whether a person is an indirect holder of financial
(1) Most of the provisions in this sourcebook are marked with a G (to indicate guidance) or an R (to indicate a rule). Quotations from UK5 statute or statutory instruments are marked with the letters "UK"5 unless they form part of a piece of guidance. Other informative text regarding provisions of EU directives or onshored regulations6 which is meant to be for the convenience of readers but is not part of the legislative material is preceded by the word “Note”.5 For a discussion
(1) This sourcebook contains quotations from the Act, the Recognition Requirements Regulations, 6the RAP regulations,7 the Companies Act 19895and, where necessary, words have been added to, or substituted for, the text of these provisions to facilitate understanding.352(2) The additions and substitutions are enclosed in square brackets ([ ]). The omission of words within a quotation is indicated by three dots (...).(3) Any words in these quotations which have the same meaning
(1) An authorised professional firm of a kind falling within (2) must comply with such of IPRU-INV 3, 53 or 13 which in accordance with IPRU-INV 2.1.4R, most appropriately correlates to the type and scale of the business which it conducts. (2) The type of authorised professional firm to which (1) applies is one:(a) [deleted]3(b) which acts as a market maker; (c) which acts as a stabilising manager;
(da) which acts as a small authorised UK
The FCA considers the scope of this exclusion cannot be precisely defined. Ultimately questions of interpretation are for the Court to determine. The FCA considers that to satisfy the exclusion the services cannot be the major part of the practice of the firm. The FCA also considers the following factors to be among those that are relevant: (1) the scale of regulated activity in proportion to other professional services provided; (2) whether and to what extent activities that
4An issuer whose registered office is in a third country6 is exempted from the rules on:5(1) annual financial reports in DTR 4.1 (other than DTR 4.1.7R (4) which continues to apply); (2) half-yearly financial reports (DTR 4.2); and(3) reports on payments to governments (DTR 4.3A);5if the law of the third country6 in question lays down equivalent requirements or the issuer complies with requirements of the law of a third country6 that the FCA considers as equivalent.5[Note: article
The FCA maintains a published list of third countries6,5 for the purpose of DTR 4.4.8R6, whose laws5 lay down requirements equivalent to those imposed upon issuers by this chapter, or where the requirements of the law of that third country6 are considered to be equivalent by the FCA5.Such issuers remain subject to the following requirements of DTR 6:(1) the filing of information with the FCA;(2) the language provisions; and(3) the dissemination of information provisions.
25Nothing in this appendix relieves firms of the obligation to consider the particular facts and circumstances of each complaint and to consider whether the assessment of loss and compensation should, in the light of those facts and circumstances, be carried out on a different basis. If, however, the facts and circumstances make it appropriate to do so, the FCA's expectation is that firms will apply the approach and standards set out in this appendix, and where they do not, the
2(1) The purpose of these rules is to set out the requirements for registered societies and sponsoring bodies to pay application fees3.2(2) This set of rules is in respect of the registration functions relating to registered societies transferred to the FCA by section 50 of the Financial Services Act 2012, other than friendly societies authorised under section 31 of the Act.2