Related provisions for CASS 5.5.52

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

DTR 1B.1.4GRP
The original6 purpose of the requirements in DTR 7.2 was6 to implement parts of the Accounting Directive4 (including that Directive 4as applied to banking and insurance companies) which require companies to publish a corporate governance statement.
BIPRU 8.4.9RRP
(1) A CAD Article 22 group means a UK consolidation group or non-UK sub-group3 that meets the conditions in this rule.(2) There must be no bank, building society or2credit institution2 in the UK consolidation group or non-UK sub-group3 and any investment firm in the UK consolidation group or non-UK sub-group3 must not be subject to consolidated supervision under the UK CRR3.112(3) Each CAD investment firm in the UK consolidation group or UK sub-group3 must use the definition
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
SUP 16.1.3RRP

Application of different sections of SUP 16 (excluding49 SUP 16.13, SUP 16.15, 60SUP 16.22 and56 SUP 16.2656)50534266393927

8889999

(1) Section(s)

(2) Categories of firm to which section applies

(3) Applicable rules and guidance

SUP 16.1,SUP 16.2andSUP 16.3

All categories of firm except:

Entire sections

(a)

an ICVC;

(b)

[deleted]51

51

51

20

51

51

49

51

3

51

141439

51

39

51

(c)

[deleted]51

SUP 16.4 and SUP 16.52

All categories of firm except:

Entire sections

(-a)

a credit union;2

(a)

an ICVC;

(b)

[deleted]51

(c)

[deleted]51

(d)

a non-directive friendly society;

(e)4

[deleted]4

(f)

a sole trader;

(g)

a service company;

(h)

[deleted]51

88

(i)8

a firm with permission to carry on only retail investment activities;8

(ia)38

a firm with permission only to advise on P2P agreements (unless that activity is carried on exclusively with or for professional clients);38

(j)8

a firm with permission to carry on only insurance distribution activity52, home finance mediation activity,16 or both;8

16

(ja)30

an FCA-authorised person with permission to carry on only credit-related regulated activity;

48(jb)

a firm with permission to carry on only regulated claims management activities;

58(jc)

a firm with permission to carry on only funeral plan distribution;

(k)8

a firm falling within a combination of (i), (ia), (j), (ja), (jb) and (jc)58.

30483830

46(l)

a firm with permission to carry on only the regulated activity of administering a benchmark;

SUP 16.6

Bank

27

SUP 16.6.4 R to SUP 16.6.5 R

41

41

36

41

41

2628

41

28

41

28

Depositary of an authorised fund41

SUP 16.6.6R to SUP 16.6.11R41

33SUP 16.7A

A firm subject to the requirement in SUP 16.7A.3 R or SUP 16.7A.5 R

Sections as relevant

SUP 16.8

Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society3

Entire section

3Firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme14

14

Entire section3

5 5 5

SUP 16.109

All categories of firm except:9

Entire section9

(a)9

an ICVC;9and51

(b)9

[deleted]51

2142

(c)9

[deleted]42

219

21(d)

a dormant asset fund operator61.

32SUP 16.11

(1)

A firm, other than a managing agent, which is:

(a)

a home finance provider; or

Entire section

(b)

an insurer; or

Entire section

(c)

the operator of a regulated collective investment scheme or an investment trust savings scheme; or

Entire section

(d)

a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product; or

Entire section

(e)

one of the following:64

64(i)

a non-threshold short-term loan firm;

SUP 16.11.1R(1), SUP 16.11.3R(1), SUP 16.11.5R, SUP 16 Annex 20R and SUP 16 Annex 21R.

64(ii)

a threshold 1 category A firm;

Entire section

64(iii)

a threshold 1 category B firm;

Entire section

64(iv)

a threshold 2 category A firm; or

Entire section

64(v)

a threshold 2 category B firm.

Entire section

(2)

a firm in whom the rights and obligations of the lender under a regulated mortgage contract are vested.

The provisions governing performance data reports in SUP 16.11 and SUP 16 Annex 21

17SUP 16.12

A firm undertaking the regulated activities as listed in SUP 16.12.4 R, unless exempted in SUP 16.12.1 G

Sections as relevant to regulated activities as listed in SUP 16.12.4 R23

232425SUP 16.14

A CASS large firm and a CASS medium firm

Entire section29

29SUP 16.18

A full-scope UK AIFM and a small authorised UK AIFM

SUP 16.8.3 R

[deleted]60

34
5943

40SUP 16.23

A firm subject to the Money Laundering Regulations and within the scope of SUP 16.23.1R

Entire Section

47SUP 16.23A

A firm undertaking the regulated activities in SUP 16.23A.1R51

Entire section

43SUP 16.24

A firm with permission to effect or carry out contracts of insurance in relation to life and annuitycontracts of insurance45 to the extent that the firm and its business falls within the scope of SUP 16.24.1R.

Entire Section

48SUP 16.25

A firm with permission to carry on regulated claims management activities.

Entire section

53SUP 16.27

A firm which, in respect of general insurance contracts, is:

Entire section

(a)

an insurer;

(b)

55a

55(i) TP firm which has temporary permission; or

55 (ii) a Gibraltar-based firm, treated as having permission,

to effect contract of insurance 55 including those providing services from an establishment outside the UK with a customer in the UK55;

(c)

a managing agent; or

(d)

an insurance intermediary,

to the extent that the firm and its business falls within the scope of SUP 16.27.7R.

57SUP 16.28

A firm which, in respect of general insurance contracts, is:

Entire section

(1)

an insurer;

(2)

a managing agent;

(3)

an insurance intermediary;

(4)

a TP firm; or

(5)

a Gibraltar-based firm that is not a TP firm.

to the extent that the firm and its business falls within the scope of SUP 16.28.8R.

62SUP 16.29

A MIFIDPRU investment firm other than in the circumstances specified in SUP 16.29.1R.

Entire section

62SUP 16.30

A person who is:63

Entire section63

(1)

a firm except as specified in SUP 16.30.1R;63

(2)

an authorised electronic money institution;63

(3)

an authorised payment institution;63

(4)

a registered account information service provider;63

(5)

a small electronic money institution;63

(6)

a small payment institution;63

(7)

a UK RIE.63

SUP 16.31

A firm with approver permission.

Entire section

Note 127[deleted]26

26

27Note 2 50The application of SUP 16.13 is set out under SUP 16.13.1 G;66 the application of SUP 16.15 is set out under SUP 16.15.1 G; the application of SUP 16.16 is set out SUP 16.16.1 R and SUP 16.16.2 R the application of SUP 16.17 is set out in SUP 16.17.3 R and SUP 16.17.4 R66; and the application of SUP 16.26 is set out in SUP 16.26.1R50.

4366

29Note 3 50The application of SUP 16.18 for the types of AIFMs specified in SUP 16.1.1C G is set out in SUP 16.18.2 G.

43
PERG 8.25.2GRP
Article 53(1)3 does not apply to advice given on any of the following:(1) deposit or other bank or building society accounts (but note the exceptions and points in PERG 8.25.3G)4;(2) interests under the trusts of an occupational pension scheme (but rights under an occupational pension scheme that is a stakeholder pension scheme will be securities);(3) mortgages or other loans (but note that advising on regulated mortgage contracts is a separate regulated activity under article
SUP 3.1.2RRP

Applicable sections (see SUP 3.1.1 R)

This table and the provisions in SUP 3 should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular, the PRA does not apply any of the provisions in SUP 3 in respect of FCA-authorised persons. SUP 3.10 and SUP 3.11 are applied by the FCA only.41

(1) Category of firm

(2) Sections applicable to the firm

(3) Sections applicable to its auditor

(1)

Authorised professional firm which is required by IPRU(INV) 2.1.2R to comply with chapters 3, 519 or 13 of IPRU(INV) and which has an auditor appointed under or as a result of a statutory provision other than in the Act9 (Notes 1 and 6)23

23192323

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

(2)

Authorised professional firm not within (1) to which the custody chapter or client money chapter applies22

172223

SUP 3.1 - SUP 3.7, SUP 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(3)

Authorised professional firm not within (1) or (2) which has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(4)

Bank, building society or dormant asset fund operator40 which in each case carries on designated investment business21(Notes 2A and 6)23

2123

SUP 3.1-SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(5)

Bank, building society or a dormant asset fund operator40 which in each case does not carry on designated investment business21 (Note 2A)

21

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(5A)

Credit union

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.824

27(5B)30

CASS debt management firm unless subject to a requirement imposed under section 55L of the Act stating that it must not hold client money or such a requirement to the same effect30

SUP 3.1

SUP 3.10

SUP 3.11

SUP 3.1

SUP 3.10

33(5C)

CASS 7 loan-based crowdfunding firm

SUP 3.1-3.7, SUP 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

36(5D)

A CASS 13 claims management firm

SUP 3.1- 3.7, 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(6)

Insurer, the Society of Lloyd's, underwriting agent or members' adviser, UK ISPV11 (Note 5)7

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(7)

Investment management firm,39personal investment firm (other than a small personal investment firm)39, 15securities and futures firm or collective portfolio management firm that is an external AIFM28 which, in each case, has an auditor appointed under or as a result of a statutory provision other than in the Act9(Notes 3 and 623)17

16239282820151723

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

9(7A)

Investment management firm39, personal investment firm (other than a small personal investment firm39),28securities and futures firm39 or collective portfolio management firm that is an external AIFM28 not within (7) to which the custody chapter or client money chapter applies22

2015232815201722

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.1025

32

25

9(7B)

Collective portfolio management firm that is a 28UCITS firm13or an internally managed AIF28 (Note 6)23

13

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

13(7C)

MiFID investment firm38, which has an auditor appointed under or as a result of a statutory provision other than in the Act (Notes 3B and 6)2320

2023

SUP 3.1 - 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.1014

17(7D)

Sole trader or partnership that is a MiFID investment firm3839(Notes 3C and 6)2320

202023

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(8)

Small personal investment firm or service company which, in either case, has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(9)8

Home finance provider10 which has an auditor appointed under or as a result of a statutory provision other than in the Act9

10

SUP 3.1 - SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

(10)8

Insurance intermediary (other than an exempt insurance intermediary) to which the insurance client money chapter17 (except for CASS 5.2 (Holding money as agent)) applies (see Note 4)8

17

SUP 3.1 - SUP 3.78, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.108

(11)8

Exempt insurance intermediary and insurance intermediary not subject to SUP 3.1.2 R(10) which has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

(12)8

Home finance intermediary10 or home finance administrator10 which has an auditor appointed under or as a result of a statutory provision other than in the Act.

1010

SUP 3.1, SUP 3.2, SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

Note 1 = This chapter applies to an authorised professional firm in row (1) (and its auditor) as if the firm were of the relevant type in the right-hand column of IPRU(INV) 2.1.4R.

Note 2 [deleted]23

171723

Note 2A = For this purpose, designated investment business does not include either or both:

(a) dealing which falls within the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc) (or agreeing to do so); and

(b) dealing in investments as principal (or agreeing to do so):

(i) by a firm whose permission to deal in investments as principal is subject to a limitation to the effect that the firm, in carrying on this regulated activity, is limited to entering into transactions in a manner which, if the firm was an unauthorised person, would come within article 16 of the Regulated Activities Order (Dealing in contractually based investments); and

(ii) in a manner which comes within that limitation;

having regard to article 4(4) of the Regulated Activities Order (Specified activities: general23).

18

Note 3 = This note applies in relation to an oil market participant to which IPRU(INV) 3 does not apply and in relation to an energy market participant to which IPRU(INV) 3 does not apply. In SUP 3:

(a) only SUP 3.1, SUP 3.2 and SUP 3.7 are applicable to such a firm; and

(b) only SUP 3.1, SUP 3.2 and SUP 3.8 are applicable to its auditor;

and, in each case, only if it has an auditor appointed under or as a result of a statutory provision other than in the Act.

17Note 3A [deleted]23

23

20Note 3B = MiFID investment firms38 include firms that are eligible to be MiFID optional exemption firms but have chosen not to exercise the article 3 exemption. However, such firms may still benefit from the audit exemption for small companies in the Companies Act legislation39.

31

17Note 3C20 = A sole trader or a partnership that is a MiFID investment firm38 to which the custody chapter22 or client money chapter applies2220 must have its annual accounts audited.

2020202222

Note 4 = The client money audit requirement in SUP 3.1.2 R(10) therefore applies to all insurance intermediaries except:8

• those which do not hold client money or other client assets in relation to insurance distribution activities34; or 8

• those which only hold up to, but not exceeding, £30,000 of client money under a statutory trust arising under CASS 5.3.8

Insurance intermediaries which, in relation to insurance distribution activities34, hold no more than that amount of client money only on a statutory trust are exempt insurance intermediaries.8

Note (5) = In row (6):7

(a)7

SUP 3.1 - SUP 3.7 applies to a managing agent in respect of its own business and in respect of the insurance business of each syndicate which it manages; and7

(b)7

SUP 3.1, SUP 3.2 and SUP 3.8 apply to the auditors of a managing agent and the auditors of the insurance business of each syndicate which the managing agent manages.1234567

23Note 6 = Where SUP 3.11 applies to a firm, and SUP 3.10 applies to the auditor of that firm, those sections apply whether or not that firm'spermission prevents it from holding client money or custody assets and whether or not it holds client money or custody assets.A collective portfolio management firm that is an internally managed AIF is required to appoint an auditor under FUND 3.3.6R (2) (Annual report of an AIF) because the AIFM is also an AIF.28

(1) A firm is not required to effect or maintain professional indemnity insurance if a bank, building society or an insurer provides the firm with a comparable guarantee.(2) If the firm is a member of a group in which there is a bank, building society or an insurer, the firm's comparable guarantee must be from that bank, building society or insurer.(3) A comparable guarantee means an enforceable, written agreement on terms at least equal to those required by
CASS 11.12.4RRP
The documents in CASS 11.12.3 R that a CASS debt management firm must include within its CASS 11 resolution pack are:(1) a master document containing information sufficient to retrieve each document in the firm'sCASS 11 resolution pack;(2) a document which identifies all the approved banks with whom client money may be deposited;(3) a document which identifies each appointed representative, field representative or other agent of the firm which may receive client money in its capacity
MIPRU 4.1.4RRP
This chapter does not apply to:(1) a bank; or(1A) a designated investment firm; or13(2) a building society; or(3) a solo consolidated subsidiary of a bank or a building society ; or(4) an insurer; or(5) a friendly society.
BIPRU 2.1.2GRP
3Pursuant to the third paragraph of article 95(2) of the UK CRR, this section applies requirements that correspond to4 Articles 70 and 118 of the Banking Consolidation Directive3so far as they apply under Articles 2 and 28 of the Capital Adequacy Directive to CAD investment firms3 that are subject to the requirements imposed by the UK legislation that implemented4MiFID (or which would have been subject to those requirements4 if its head office were in the UK4), but excluding
SUP 6.4.16GRP

Types of reports. See SUP 6.4.15 G

Category of firm

Type of report

a bank or building society

• an audited balance sheet which confirms that, in the auditor's opinion, the firm has no remaining deposit liabilities to customers;

• a report from auditors or reporting accountants;

a securities and futures firm

• a report from auditors or reporting accountants

an insurer

• an audited closing balance sheet which demonstrates that the firm has no insurance liabilities to policyholders;

• a report from the auditors or reporting accountants; and

• in some cases, an actuarial opinion as to the likelihood of any remaining liabilities to policyholders.

CASS 12.2.2GRP
The FCA understands that in complying with condition 2(g) of the Part 30 exemption order, a firm is representing that it will not:(1) make use of the opt-out arrangements in CASS 7.10.9G2 to CASS 7.10.13G2; or(2) conduct business to which the client money rules do not apply because of the exemption for CRD credit institutions and approved banks in CASS 7.10.16R2 to CASS 7.10.24R2; or(3) enter into any TTCA under CASS 7.113;2in relation to business conducted pursuant to the Part
COLL 5.3.5RRP
(1) Cash obtained from borrowing, and borrowing which the authorised fund manager reasonably regards an eligible institution or an approved bank to be committed to provide, is not available for cover under COLL 5.3.3A R (Cover for investment in derivatives and forward transactions),3 except if (2) applies.3(2) Where, for the purposes of this section, the ICVC or the depositary4 for the account of the AUT or ACS4 on the instructions of the authorised fund manager4:44(a) borrows
SUP 15.4.1RRP
(1) An overseas firm7, must notify the FCA4 within 30 business days of any person taking up or ceasing to hold the following positions:88(a) the firm's worldwide chief executive (that is, the person who, alone or jointly with one or more others, is responsible under the immediate authority of the directors for the whole of its business) if the person is based outside the United Kingdom;(b) the person within the overseas firm with a purely strategic responsibility for UK operations
COLL 6.6A.8RRP
2An authorised fund manager must ensure that the depositary it appoints under COLL 6.6A.7R is a firmestablished in the United Kingdom that has the Part 4A permission of acting as trustee or depositary of a UK UCITS4 and is one of the following:(1) a national central bank; or(2) a credit institution; or(3) a firm which: (a) [deleted]5(b) either: (i) is a MiFID investment firm5; or(ii) is an investment management firm to which IPRU(INV) 5 applies; and(c) satisfies the non-bank