Related provisions for SUP 11.7.1
341 - 360 of 592 items.
The appropriate regulator1 may revoke a waiver at any time. In deciding whether to revoke a waiver, the appropriate regulator1 will consider whether the conditions in section 138A(4)1 of the Act are no longer satisfied (see SUP 8.3.1 G), and whether the waiver is otherwise no longer appropriate.1111
48The effect of section 234B of the Act is that where a person (a “successor”) has assumed a liability (including a contingent one) of another person who was, or would have been the respondent in respect of a complaint, the complaint may be dealt with by the Ombudsman as if the successor were the respondent.
The FCA3 expects to have an open, cooperative and constructive relationship with UK recognised bodies to enable it to have a broad picture of the UK recognised body's activities and its ability to meet the recognised body requirements.2 This broad picture is intended to complement the information which the FCA3 will obtain under section 293 of the Act (Notification requirements) or under notification rules made under that section (see REC 3). The FCA3 will usually arrange meetings
1This
chapter applies to an issuer that
has applied for the admission of:(1) securities specified
in article 1(2) of the Prospectus Regulation3 (other
than securities specified in
article 1(2)(a), (b)5 or (d) of that regulation3); or(2) any other specialist
securities for which a prospectus is
not required under the Act or the Prospectus Regulation24.
The fact of a person holding a certificate granted under article 54(3) is information which may be of relevance to other persons (including investors or potential investors). For this reason, the FCA considers it appropriate that details of certificates granted under article 54(3) should be included in a list on the public record which the FCA is required to maintain under section 347 of the Act (The record of authorised persons, etc).
This guidance is issued under section 139A of the Act (Guidance). It represents the FCA's views and does not bind the courts. For example, it would not bind the courts in an action for damages brought by a private person for breach of a rule (see section 138D of the Act (Actions for damages)), or in relation to the enforceability of a contract where there has been a breach of sections 19 (The general prohibition) or 21 (Restrictions on financial promotion) of the Act (see sections
Where a UK recognised body has evidence tending to suggest that any person has:(1) been carrying on any regulated activity in the United Kingdom in contravention of the general prohibition; or(2) been engaged in market abuse; or(3) committed a criminal offence under the Act or subordinate legislation made under the Act; or(4) committed a criminal offence under Part V of the Criminal Justice Act 1993 (Insider dealing); or(5) committed a criminal offence under the Money Laundering
By waiving or modifying the requirements
of a rule or imposing an additional requirement or limitation,
the FCA2 can
ensure that the rules, and
any other requirements or limitations imposed on a firm,
take full account of the firm's individual
circumstances, and so assist the FCA2 in
meeting its2statutory
objectives under the Act.2221
(1) An EEA UCITS management company may be the authorised fund manager1 of an AUT or ACS,1 or the ACD of an ICVC, that is a UCITS scheme (see SUP 13A (Qualifying for authorisation under the Act)).1(2) An EEA UCITS management company that acts as the authorised fund manager1 of an AUT or ACS,1 or the ACD of an ICVC, that is a UCITS scheme may conduct its business from a branch in the United Kingdom or under the freedom to provide cross border services (without establishing a branch
(1) An EEA UCITS management company which applies to manage a UCITS scheme under paragraph 15A(1) of Schedule 3 to the Act must provide the FCA with the following documents:(a) the written contract3 that has been entered into with the depositary3 of the scheme, as referred to in article 22(2) of the UCITS Directive3; (b) information on any delegation arrangements it has made regarding the functions of investment management and administration, as referred to in Annex II of the
7Situations when the FCA may impose restrictions or limitations on the services a sponsor can provide include (but are not limited to) where it appears to the FCA that: (1) the employees11of the person applying to be a sponsor whom it is proposed will perform sponsor services have no or limited relevant experience and expertise of the kind described in LR 8.6.7R(1) in relation to 11certain types of sponsor services or in relation 11 to certain types of company; or(2) the person
8Where a person wishes to apply for approval as a sponsor to provide a limited range of sponsor services, it may do so on the basis that the FCA will impose a limitation or restriction on its approval (in accordance with section 88 of the Act). In such circumstances, the FCA will assess whether the person satisfies LR 8.6.5R (2) and LR 8.6.5R (3) taking into consideration the sponsor services to which the approval, as formally limited or restricted by the FCA, will relate.
9Failure to submit a report in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 may also lead to the imposition of a financial penalty and other disciplinary sanctions. A firm may be subject to reporting requirements under relevant legislation other than the Act, not referred to in this chapter. An example of this is reporting to the FCA28 by building societies under those parts of the Building Societies Act 1986 which
When the FCA28 receives a report which contains confidential information and whose submission is required under this chapter, it is obliged under Part 23 of the Act38 (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential (see41SUP 2.2.4G).41494949493849
A firm should not expect the appropriate regulator to accept as adequate any particular model that the firm develops or that the results from the model are automatically reflected in any individual capital guidance given to the firm for the purpose of determining adequate capital resources. However, the appropriate regulator will take into account the results of any sound and prudent model when giving individual capital guidance or considering applications for a waiver under sections
The appropriate regulator expects most disagreements about the adequacy of capital will be resolved through further analysis and discussion. The appropriate regulator may consider the use of its powers under section 166 of the Act (Reports by skilled persons) to assist in such circumstances. If the appropriate regulator and the firm still do not agree on an adequate level of capital, then the appropriate regulator may consider using its powers under section 55J of the Act to,
A firm must take reasonable steps to ensure that each of its appointed representatives:(1) does not carry on regulated activities in breach of the general prohibition in section 19 of the Act or (if the appointed representative is a firm with a limited permission) in breach of section 20(1) or (1A) of the Act9; and(2) carries on the regulated activities for which the firm has accepted responsibility in a way which is, and is held out as being, clearly distinct from any of the
There is power in the Act for the Treasury to change the meaning of the business element by including or excluding certain things. They have exercised this power (see the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (SI 2001/1177), as amended from time to time)12. The result is that the business element differs depending on the activity in question. This in part reflects certain differences in the nature of the activities:35553(1)