Related provisions for SYSC 19C.1.4
41 - 60 of 134 items.
2The FCA will respect the principle of proportionality when taking action against SEF managers or RVECA managers4 for breaches identified in articles 22 and 21 of the SEF regulation or RVECA regulation4, respectively. The FCA may take action to ensure compliance with the regulations or prohibit the use of the designation of SEF manager or RVECA manager4 and revoke registration of such managers. The prohibition route is more likely to apply to serious breaches of the onshored regulations4
1It is not possible to provide an exhaustive list of the situations that will give rise to such serious concerns, but they are likely to include one or more of the following characteristics: (1) information indicating significant loss, risk of loss or other adverse effects for consumers, where action is necessary to protect their interests; (2) information indicating that a firm's conduct has put it at risk of being used for the purposes of financial crime, or of being otherwise
1The FCA will consider the full circumstances of each case when it decides whether a2 variation of Part 4A permission under section 55J of the Act3 or an imposition of a requirement under section 55L of the Act3 is appropriate. The following is a non-exhaustive list of factors the FCA may consider. (1) The extent of any loss, or risk of loss, or other adverse effect on consumers. The more serious the loss or potential loss or other adverse effect, the more likely it is that the
(1) The winding up of an ICVC may be carried out under this section instead of by the court provided the ICVC is solvent and the steps required under regulation 21 the OEIC Regulations (The Authority's approval for certain changes in respect of a company) are fulfilled. This section lays down the procedures to be followed and the obligations of the ACD and any other directors of the ICVC. (2) The termination of a sub-fund may be carried out4 under this section, instead of by the
10The FCA recognises that some transfers of units arise by operation of law (such as upon death or bankruptcy of the unitholder, or otherwise) and are accordingly outside the control of the authorised contractual scheme manager. The authorised contractual scheme manager is expected to comply with its responsibilities under COLL 8.5.10E R (Redemption of ACS units in a QIS by an authorised contractual scheme manager) in those cases by redeeming those units.
1When it decides whether to exercise its power to disapply an exemption from the general prohibition in relation to a member, the FCA will take into account all relevant circumstances which may include, but are not limited to, the following factors: (1) Disciplinary or other action taken by the relevant designated professional body, where that action relates to the fitness and propriety of the member concerned: where the FCA considers that its concerns in relation to the fitness
1Equally, however, FCA-confirmed Industry Guidance is not mandatory. The FCA does not regard adherence to Industry Guidance as the only means of complying with FCArules and Principles. Rather, it provides examples of behaviour which meets the FCA's
requirements; and non-compliance with confirmed Industry Guidance creates no presumption of a breach of those requirements.
(1) When deciding whether to take enforcement
action under Part 7 of the RCB Regulations,
and what form that enforcement action should take, the FCA will consider all relevant factors,
including:(a) the relevant factors on decisions to take action set out in DEPP 6.2.1 G;(b) whether any contractual or other arrangements agreed between the
parties can be used effectively to address any perceived failure under the RCB Regulations; and(c) the interests of investors in the relevant
This guidance is issued under section 139A of 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 contemplated by it, then the FCA will proceed on the footing that the person has complied with aspects of the requirement to which the guidance relates.