Related provisions for BIPRU 11.5.21

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MIPRU 4.2BA.30RRP
If a firm is found to have provided support to a securitisation it will be required to: (1) hold capital resources against all of the securitised exposures associated with the securitisation transaction as if they had not been securitised; and(2) disclose publicly in a timely fashion: (a) where it has provided such support; and(b) the regulatory capital impact of doing so.
MIPRU 4.2BA.35RRP
The ECAI rating of a securitisation position must, at a minimum, comply with the following:(1) there must be no mismatch between the types of payments reflected in the credit assessment and the types of payment to which the firm is entitled under the contract giving rise to the securitisation position in question;(2) the rating must be publicly available to the market; and(3) the rating must not be based, or partly based, on support provided by the firm itself.
MIPRU 4.2BA.36GRP
Credit assessments may only be treated as publicly available under MIPRU 4.2BA.35R (2) if they have been published in a publicly accessible forum and they are included in the ECAI's transition matrix; a rating that is only made available to a limited number of entities may not be treated as publicly available.
MIPRU 4.2BA.48GRP
It is sufficient for the purposes of MIPRU 4.2BA.47R (4) for the composition of the pool of securitised exposures to be reported to the firm at least daily through information service providers, secure websites or other appropriate sources.
PERG 4.5.14GRP
The information that the introducer must disclose to the borrower prior to making the introduction is, where relevant:(1) that he is a member of the same group as the person (N) to whom the borrower is introduced;(2) details of any payment which he will receive from N, by way of fee or commission, for introducing the borrower to N; and(3) an indication of any other reward or advantage arising out of his introducing to N.
PERG 4.5.16GRP
In the FCA's view, the information condition in PERG 4.5.14G (3) requires the introducer to indicate to the borrower any other advantages accruing to him as a result of ongoing arrangements with N relating to the introduction of borrowers. This may include, for example, indirect benefits such as office space, travel expenses, subscription fees and this and other relevant information may be provided on a standard form basis to the borrower, as appropriate.
PERG 4.5.17GRP
The FCA would normally expect an introducer to keep a written record of disclosures made to the borrower under article 33A of the Regulated Activities Order including those cases where disclosure is made on an oral basis only.
BIPRU 9.6.2RRP
If an originator or sponsor fails to comply with BIPRU 9.6.1 R or BIPRU 9.6.1A R1 in respect of a securitisation, it must:(1) hold capital against all of the securitised exposures associated with the securitisation transaction as if they had not been securitised; and(2) disclose publicly:(a) that it has provided non-contractual support;1 and(b) the regulatory capital impact of doing so.[Note: BCD Article 101(2)]
BIPRU 9.6.3GRP
(1) Securitisation documentation should make clear, where applicable, that any repurchase of securitised exposures or securitisation positions by the originator or sponsor beyond its contractual obligations is not mandatory and may only be made at fair market value. In general, any such repurchase should be subject to a firm's credit review and approval process, which should be adequate to ensure that the repurchase complies with BIPRU 9.6.1 R.(2) If an originator or sponsor repurchases
BIPRU 9.6.8GRP
For the purposes of BIPRU 9.6.2 R (2), firms will be expected to include disclosure of implicit support in accordance with the general and technical requirements on public disclosure, as outlined in BIPRU 11 (Disclosure).
COBS 12.2.1RRP
[deleted]2
COBS 12.2.2GRP
[deleted]2
COBS 12.2.6GRP
[deleted]2
DEPP 3.2.5GRP
(1) If a member of the RDC has a potential conflict of interest in any matter in which he is asked to participate he will disclose the conflict to the RDC Office, and disclose it:(a) in the case of the Chairman of the RDC, to the Chairman or Deputy Chairman of the FCA1; or1(b) in the case of a Deputy Chairman of the RDC, to the Chairman of the RDC, or if he is unavailable to the Chairman or Deputy Chairman of the FCA1; or1(c) in the case of any other member, to the Chairman or
DEPP 3.2.6GRP
The RDC Office will record and document all disclosures of potential conflicts of interest and the steps taken to manage them.
DEPP 3.2.14GRP
If the RDC decides that the FCA1 should give a warning notice4: 1(1) the RDC will settle the wording of the warning notice4and will ensure that the notice complies with the relevant provisions of the Act;(2) the RDC will make any relevant statutory notice associated decisions;(3) the RDC staff will make appropriate arrangements for the notice to be given; and(4) the RDC staff will make appropriate arrangements for the disclosure of the substantive communications between the RDC
MCOB 8.3.2BRRP
4For the purposes of MCOB 4.4A.2R (1) there is one relevant market for equity release transactions. Accordingly, a firm offering a customer only lifetime mortgages or only home reversion plans must include in its disclosure under MCOB 4.4A.1R (1) that it is limited in that regard in the range of products that it can offer to the customer.
MCOB 8.3.2CGRP
4In the light of MCOB 8.3.2B R, a firm may wish to consider using a sentence appropriate to the circumstances, along the following lines: •“We offer a comprehensive range of equity release products from across the market.” •“We sell home reversion plans only and not lifetime mortgages, though we will consider all home reversion plans available in the market.”
MCOB 8.3.3RRP

Table of modified cross-references to other rules: This table belongs to MCOB 8.3.1 R.

Subject

Rule or guidance

Reference in rule or guidance

To be read as a reference to:

Additional disclosure for distance mortgage mediation contracts

MCOB 4.5

MCOB 41

MCOB 4 as modified by MCOB 814

DTR 6.3.2RRP
An issuer or person must disclose regulated information in the manner set out in DTR 6.3.3 R to DTR 6.3.8 R. [Note: article 21(1) of the TD]
DTR 6.3.8RRP
Upon request, an issuer or other person must be able to communicate to the FCA, in relation to any disclosure of regulated information:(1) the name of the person who communicated the regulated information to the RIS;(2) the security validation details;(3) the time and date on which the regulated information was communicated to the RIS;(4) the medium in which the regulated information was communicated; and(5) details of any embargo placed by the issuer on the regulated information,
DTR 6.3.10RRP
(1) Information that is disclosed in a third country6 which may be of importance to the public in the United Kingdom6 must be disclosed in accordance with the provisions set out in DTR 6.2 and DTR 6.3. (2) Paragraph (1) applies additionally to information that is not regulated information.[Note: article 23(3) of the TD]
MCOB 6.9.9GRP
Firms will need to consider the implications of data protection legislation3 under which personal data that a firm, as data controller, holds about its customer cannot be disclosed to a third party without their3 consent. In practice the firm is likely to need the SRB agreement seller's consent to disclosing the matters covered by MCOB 6.9.8 R to the relevant mortgage lender or home purchase provider.
MCOB 6.9.11RRP
The SRB agreement provider must keep a record of the written pre-offer document at Stage One and the written offer document for signing at Stage Two for a period of:(1) one year after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or(2) five years from the date of the disclosures and warnings, written offer documents and cooling-off period notices;whichever is the longer.
DEPP 4.1.11GRP
(1) FCA3staff are required by their contract of employment to comply with a code of conduct which imposes strict rules to cover the handling of conflicts of interest which may arise from personal interests or associations. FCA3 staff subject to a conflict of interest must declare that interest to the person to whom they are immediately responsible for a decision.33(2) If a member of a senior staff committee has a potential conflict of interest in any matter in which they are4
DEPP 4.1.12GRP
The secretariat to the senior staff committee will record and document all disclosures of potential conflicts of interest and the steps taken to manage them.
DEPP 4.1.13GRP
The procedure for taking decisions under executive procedures will generally be less formal and structured than that for decisions by the RDC. Broadly, however, FCA3 staff responsible for taking statutory notice decisions under executive procedures will follow a procedure similar to that described at DEPP 3.2.7 G to DEPP 3.2.27 G for the RDC except that:3(-1) 5oral representations will not be permitted unless there are exceptional circumstances (DEPP 2.3.1A); (1) in a case where
COLL 11.3.1RRP
The authorised fund manager of a UCITS scheme that is a master UCITS must provide the management company of its feeder UCITS with all documents and information necessary for the latter to meet its regulatory obligations under the provisions of COLL applicable in respect of a UCITS scheme under this chapter4.[Note: article 60(1) first paragraph first sentence of the UCITS Directive]
COLL 11.3.12RRP
An authorised fund manager of a master UCITS must ensure the timely availability of all information that is required in accordance with its obligations under the regulatory system, the general law and the instrument constituting the fund,2 to:2(1) the feeder UCITS (or where applicable its management company);(2) the FCA4;(3) the depositary of the feeder UCITS; and(4) the auditor of the feeder UCITS.[Note: article 66(3) of the UCITS Directive]
COLL 11.3.13RRP
The authorised fund manager of a UCITS scheme that operates, or intends to operate, as a master UCITS must:(1) not enter into a master-feeder agreement or, where applicable, internal conduct of business rules in accordance with COLL 11.3.2R (2) unless it is satisfied on reasonable grounds that the arrangements with the feeder UCITS will not unfairly prejudice the interests of any other unitholder or class of unitholders in the master UCITS;(2) consider, in relation to:(a) each
COBS 2.2.1RRP
(1) A firm must provide appropriate information in a comprehensible form to a client about:(a) the firm and its services;(b) designated investments and proposed investment strategies; including appropriate guidance on and warnings of the risks associated with investments in those designated investments or in respect of particular investment strategies;(c) execution venues; and(d) costs and associated charges;so that the client is reasonably able to understand the nature and risks
COBS 2.2.2GRP
A firm to which the rule on providing appropriate information (COBS 2.2.1 R) applies should also consider the rules on disclosing information about a firm, its services, costs and associated charges and designated investments in COBS 6.1 and COBS 14.
COBS 2.2.3RRP
3A firm, other than a venture capital firm, which is managing investments for a professional client that is not a natural person must disclose clearly on its website, or if it does not have a website in another accessible form:(1) the nature of its commitment to the Financial Reporting Council’s Stewardship Code; or(2) where it does not commit to the Code, its alternative investment strategy.
APER 4.2.3GRP
3Failing to inform: (1) a customer; or(2) his APER employer4 (or its auditors or an actuary appointed by his APER employer4 under SUP 4 Actuaries)1);1of material information in circumstances where they were aware, or ought to have been aware, of such information, and of the fact that they should provide it, falls within APER 4.2.2G.
APER 4.2.4GRP
3Behaviour of the type referred to in APER 4.2.3 G includes, but is not limited to:(1) failing to explain the risks of an investment to a customer;(2) failing to disclose to a customer details of the charges or surrender penalties of investment products;(3) mismarking trading positions;(4) providing inaccurate or inadequate information to a APER employer4, its auditors or an actuary appointed by his APER employer4 under SUP 4 (Actuaries)1;1(5) failing to disclose dealings where
APER 4.2.10GRP
3Failing without good reason to disclose the existence of a conflict of interest in connection with dealings with a client falls within APER 4.2.2 G.
CASS 5.5.32GRP
If a firm outlines its policy on its payment of interest, it need not necessarily disclose the actual rates prevailing at any particular time; the firm should disclose the terms, for example, the relevant reference rate9 plus or minus 'x' percentage points.
CASS 5.5.47RRP
Subject to CASS 5.5.41 R, a firm that holds or intends to hold client money with a bank which is in the same group as the firm must:(1) undertake a continuous review in relation to that bank which is at least as rigorous as the review of any bank which is not in the same group, in order to ensure that the decision to use a group bank is appropriate for the client;(2) disclose in writing to its client at the outset of the client relationship (whether by way of a client agreement,4terms of
CASS 5.5.58RRP
A firm must not undertake any transaction for a consumer5 that involves client money being passed to another broker or settlement agent located in a jurisdiction outside the United Kingdom, unless the firm has previously disclosed to the consumer5 (whether in its terms of business, client agreement 4or otherwise in writing):554(1) that his client money may be passed to a person outside the United Kingdom but the client may notify the firm that he does not wish his money to be
CASS 5.5.59GRP
There is no need for a firm to make a separate disclosure under CASS 5.5.58 R in relation to each jurisdiction.
MCOB 1.2.1RRP
1(1) This sourcebook3 applies to every firm that:113(a) carries on a home finance activity3 (subject to 31the business loan and loans to high net worth mortgage customers7 application provisions3); or3(b) communicates or approves a financial promotion of qualifying credit, of a home purchase plan,6of a home reversion plan3or of a regulated sale and rent back agreement.636(2) Where a firm has outsourced activities to a third party processor, any rule in MCOB which requires the
MCOB 1.2.7RRP
In relation to a regulated mortgage contract for a business purpose or with a high net worth mortgage customer7, if a firm has opted for the tailored route, it must adopt the following modifications to the sourcebook:333(1) 11substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;733337(2) substitute the term 'illustration' for ‘Key facts illustration’ when opting to use the
MCOB 1.2.9GRP
The disclosure rules in MCOB place particular emphasis on the description of borrowing. Where the regulated mortgage contract is for a business purpose or with a high net worth mortgage customer7 who is not a consumer under an MCD regulated mortgage contract8, a firm should reflect this emphasis in any disclosure by first describing any borrowing before addressing the other facilities provided under the regulated mortgage contract.
MCOB 1.2.21GRP
(1) 10By virtue of amendments to articles 60B, 60C and 61 of the Regulated Activities Order which came into force on 21 March 2016, certain regulated credit agreements became regulated mortgage contracts (but see the transitional provisions described in (3) below). The provisions of MCOB that apply to these regulated mortgage contracts include:(a) MCOB 7 (Disclosure at start of contract and after sale);(b) MCOB 12 (Charges); and(c) MCOB 13 (Payment difficulties17 and repossessions:
COBS 4.9.5RRP
A financial promotion for an overseas long-term insurer, which has no establishment in the United Kingdom, must include:(1) the full name of the overseas long-term insurer, the country where it is registered, and, if different, the country where its head office is situated;(2) a prominent statement that 'holders of policies issued by the company will not be protected by the Financial Services Compensation Scheme if the company becomes unable to meet its liabilities to them'; and(3)
COBS 4.9.6RRP
A financial promotion for an overseas long-term insurer which is authorised to carry on long-term insurance business in any country or territory listed in paragraph (c) of the Glossary definition of overseas long-term insurer must also include:(1) the full name of any trustee of property of any description which is retained by the overseas long-term insurer in respect of the promoted contracts;(2) an indication whether the investment of such property (or any part of it) is managed
CONC 4.4.2RRP
(1) A firm must disclose to the customer the fee, if any, payable by a customer to the firm for its services. [Note: section 160A(4) of CCA] (2) Any fee to be paid by the customer to the firm must be agreed between the customer and the firm, and that agreement must be recorded in writing or other durable medium before a regulated credit agreement is entered into.[Note: section 160A(4) of CCA] (3) A firm must disclose to the lender the fee, if any, for its activity payable by the
CONC 4.4.3RRP
(1) 1A firm must not:(a) request, claim, demand, initiate or take payment of a charge from a customer, or from the customer's payment account, in connection with services it has provided or is to provide; or(b) if the purpose, or one of the purposes, is to collect such a charge from a customer, invite or induce a customer to provide information in relation to a payment card or instrument that would enable a payment from the customer's payment account to be initiated by or through
SUP 5.5.11GRP
Reasonable assistance in SUP 5.5.9 R should include:(1) access at all reasonable business hours for the skilled person to the firm's accounting and other records in whatever form;(2) providing such information and explanations as the skilled person reasonably considers necessary or desirable for the performance of his duties; and (3) permitting a skilled person to obtain such information directly from the firm's auditor as he reasonably considers necessary or desirable for the
DTR 4.2.6RRP
The accounting policies and presentation applied to half-yearly figures must be consistent with those applied in the latest published annual accounts except where:(1) the accounting policies and presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies and presentation should be followed and the changes and the reasons for the changes should be disclosed in the half-yearly report; or(2) the FCA otherwise agrees.
DTR 4.2.8RRP
(1) In addition to the requirement set out in DTR 4.2.7 R, an issuer of shares must disclose in the interim management report the following information, as a minimum:(a) related parties transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period; and(b) any changes in the related parties transactions described in the last annual report that
GEN 4.2.2GRP
There are other pre-contract information requirements outside this chapter, including:(1) for financial promotions, inthe financial promotion rules;55(2) for designated investment business, inCOBS 8 and COBS 8A14 (Client agreements), COBS 5 (Distance Communications), COBS 6 (Information about the firm, its services and remuneration), COBS 13 and 14 (which relate to product information)5 and CASS (Client assets);5(2A) for PRIIPs, a requirement under the PRIIPs Regulation to provide