Related provisions for SUP App 3.6.1
81 - 100 of 260 items.
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
Where a parent institution in the UK9 and its subsidiary undertakings or a parent financial holding company in the UK9 and its subsidiary undertakings or a parent mixed financial holding company in the UK9 and its subsidiary undertakings6 use the IRB approach on a unified basis, the question whether the minimum IRB standards are met is answered by considering the parent undertaking and its subsidiary undertakings together,6 unless the firm'sIRB permission specifies otherwise.[Note:
(1) This guidance sets out the basis on which a firm may rely upon a rating system or data provided by another member of its group.(2) A firm may rely upon a rating system or data provided by another member of its group if the following conditions are satisfied:(a) the firm only does so to the extent that it is appropriate, given the nature and scale of the firm's business and portfolios and the firm's position within the group;(b) the group is an banking and investment group9;(c)
(1) To the extent that its IRB permission permits this, a firm permitted to use the IRB approach in the calculation of risk weighted exposure amounts and expected loss amounts3 for one or more IRB exposure classes may apply the standardised approach in accordance with this rule.3(2) A firm may apply the standardised approach to the IRB exposure class referred to in BIPRU 4.3.2 R (1) (Sovereigns) where the number of material counterparties is limited and it would be unduly burdensome
Shares are defined in the Regulated Activities Order as shares or stock in a wide range of entities; that is, any body corporate wherever incorporated and unincorporated bodies formed under the law of a country other than the United Kingdom. They include deferred shares issued by building societies as well as transferable shares in industrial and provident societies, credit unions and equivalent EEA bodies. These shares are transferable and negotiable in a way similar to other
The following are excluded from the specified investment category of shares. Shares or stock in all open-ended investment companies are excluded from being treated in this particular category (but see PERG 2.6.17 G). Exclusions from this category also apply to shares or stock in the share capital of certain mutuals or in equivalent EEA bodies. This takes out building society or credit union accounts and non-transferable shares in industrial and provident societies. These may nevertheless
In accordance with article 61(3)(a) of the Regulated Activities Order, a regulated mortgage contract is a contract which, at the time it is entered into, satisfies the following conditions:(1) the contract is one where the lender provides credit to an individual or trustees (the "borrower");(2) the obligation of the borrower to repay is secured by a mortgage on land:181212(a) in relation to a contract entered into before IP completion day19, means land in the United Kingdom or,
To be a sophisticated investor for the purposes of article 50, the recipient of a financial promotion must have a current certificate from an authorised person stating that they have16 enough knowledge to be able to understand the risks associated with the description of investment to which the financial promotion relates. 13The FCA considers that a 'description of investment' relates to a category of investments with similar characteristics. Examples are given below.33(1) The
The exemption is subject to certain conditions. In broad terms, these are that the financial promotion must be accompanied by an indication:(1) that the directors or promoters of the company have taken all reasonable care to ensure that the financial promotion is true and not misleading;(2) that the directors or promoters have not limited their liability;(3) that any person who is in doubt about the investment should consult an authorised person; and(4) that:(a) the directors
(1) 8This rule applies to:(a) an authorised fund manager17of an AUT, ACS10 or an ICVC where such AUT, ACS10 or ICVC is a UCITS scheme13; and17(aa) 13a small authorised UK AIFM that is the authorised fund manager of an AUT, ACS or an ICVC that is a non-UCITS retail scheme.17(b) [deleted]17(2) The authorised fund manager has the power to retain the services of any person to assist it in the performance of its functions, provided that:(a) a mandate in relation to managing investments
(1) 18The exclusion for overseas persons described in PERG 2.9.17G does not apply to an investment firm or credit institution set up in a third country that has been found equivalent under article 46 or 47 of MiFIR, as described in more detail in the rest of this paragraph.(2) Article 46 of MiFIR has a mechanism under which the FCA20 may register a third country investment firm or a third country credit institution without a branch in the United Kingdom20. Registration allows
1The exclusions apply, in general terms:(1) to a body corporate with limited liability:(a) that is formed in accordance with the law of, and having its registered office, central administration or principal place of business in, the United Kingdom20;(b) that operates a business angel-led enterprise capital fund, being a fund that invests only in securities of unlisted companies and whose participants are made up solely of persons of a specified kind; and(c) whose members are limited
Two22 exclusions apply10 to the regulated activity of accepting deposits. The first22 relates to a firm with a Part 4A permission to manage an AIF or manage a UK UCITS22 (see PERG 2.9.22 G (Managers of UK22 UCITS and AIFs)).10 There is also excluded from accepting deposits any activity which is carried on by a local authority (see PERG 2.9.23 G).9 In addition to the situations that are excluded from being 'deposits' (see PERG 2.6.2 G to PERG 2.6.4 G), several persons are exempt
The following activities are excluded from both the regulated activities of effecting and carrying out contracts of insurance.(1) In specified circumstances, the activities of an EEA firm when participating in a Community co-insurance operation are excluded. A Community co-insurance operation is defined in the Solvency II Directive.1111(2) In specified circumstances, activities that are carried out in connection with the provision of on-the-spot accident or breakdown assistance
1In addition:(1) In accordance with paragraph 15(9) of the Schedule to the Recognition Requirement Regulations and REC 2.16A.1GR, MAR 5A.3.9R applies to a UK RIE as though it was an investment firm.(2) GEN 2.2.22AR applies to ensure that a third country investment firm should not be treated in a more favourable way than an EEA firm.
(1) A firm must warn any consumer with a foreign currency loan, on a regular basis, where the value of either: (a) the total amount payable by the consumer which remains outstanding; or (b) the regular instalments;varies by more than 20% from what it would be if the exchange rate between the currency of the MCD regulated mortgage contract and the currency of the EEA State, applicable at the time of the conclusion of the MCD regulated mortgage contract, were applied.(2) The warning
The Act prohibits any person from carrying on, or purporting to carry on, regulated activities in the United Kingdom unless that person is an authorised person or an exempt person. If an overseas investment exchange wishes to undertake regulated activities in the United Kingdom, it will need to:2(1) obtain a Part 4A permission2 from the FCA2; or422(2) [deleted]4(3) [deleted]4113331(4) obtain exempt person status by being declared by the FCA2 to be an ROIE.222