Related provisions for LR 11.1.7B
261 - 280 of 1029 items.
3This guide describes the FCA's approach to exercising the main enforcement powers given to it by the Financial Services and Markets Act 2000 (the Act) and by other legislation. It is broken down into two parts. The first part provides an overview of enforcement policy and process, with chapters about the FCA's approach to enforcement (chapter 2), the use of its main information gathering and investigation powers under the Act and the CRA (chapter 3), the conduct of investigations
3In the areas set out below, the Act expressly requires the FCA to prepare and publish statements of policy or procedure on the exercise of its enforcement and investigation powers and in relation to the giving of statutory notices. (1) section 63C requires the FCA to publish a statement of its policy on the imposition, and amount, of financial penalties on persons that perform a controlled function without approval; (1-A) 1section 63ZD requires the FCA, among other things, to
3This guide includes material on the investigation, disciplinary and criminal prosecution powers that are available to the FCA when it is performing functions as the competent authority under Part VI of the Act (Official listing). The Act provides a separate statutory framework within which the FCA must operate when it acts in that capacity. When determining whether to exercise its powers in its capacity as competent authority under Part VI, the FCA will have regard to the matters
3Since most of the FCA’s enforcement powers are derived from it, this guide contains a large number of references to the Act. Users of the guide should therefore refer to the Act as well as to the guide where necessary. In the event of a discrepancy between the Act, or other relevant legislation, and the description of an enforcement power in the guide, the provisions of the Act or the other relevant legislation prevail. Defined terms used in the text are shown in italic type.
The FCA1 will consider the full circumstances of each case and determine
whether it is appropriate to impose a suspension, restriction, condition,3 limitation or disciplinary prohibition3.2 The FCA1 will
usually make this decision at the same time as it determines whether or not
to impose a financial penalty or a public
censure.11
The FCA1 will take into account relevant factors in deciding whether it
is appropriate to impose a suspension, restriction, condition,3 limitation or disciplinary prohibition3.2 These may include factors
listed in DEPP 6.2. There may also be other factors, not listed in DEPP 6.2, that are relevant.1
The FCA1 will consider it appropriate to impose a suspension, restriction, condition,3 limitation3 or disciplinary prohibition3 where it believes that such action will be a more effective and persuasive
deterrent than the imposition of a financial penalty alone. This is likely
to be the case where the FCA1 considers that direct and visible action in relation to a particular breach is necessary. Examples of circumstances
where the FCA1 may
consider it appropriate to take such
The FCA1 expects usually to impose a suspension, restriction, condition or limitation in relation to4 activities directly linked to the breach.
However, in certain circumstances the FCA1 may also impose a suspension, restriction, condition or limitation in relation to4 activities that are not directly linked to the breach,
for example, where an authorised person's relevant
business area no longer exists or has been restructured.11
(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
SUP 15.4.1 R is not made under the powers conferred on the FCA4 by Part V of the Act (Performance of Regulated Activities). A person notified to the FCA4 under SUP 15.4.1 R is not subject to the Statements of Principle or Code of Practice for Approved Persons, unless he is also an approved person.8888
(1) A firm other than a credit union must submit the form in SUP 15 Ann 2 R online 8 using the FCA's4online notification and application system6. 888552(2) A credit union must submit the form in SUP 15 Ann 2 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).2(3) Where a firm is obliged to submit an application online under (1), if the FCA's4 information technology systems fail and online submission is unavailable for 24 hours or more, until
(1) If the FCA's4 information technology systems fail and online submission is unavailable for 24 hours or more, the FCA4 will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 15.4.3R(3) and SUP 15.7.4R to SUP 15.7.9G (Form and method of notification) should be used.28888(2) Where SUP 15.4.3R (3) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.2
In determining whether a UK recognised body has appropriate procedures for it to make rules, for keeping its rules under review and for amending them, the FCA3 may have regard to:3(1) the arrangements made for taking decisions about making and amending rules in the UK recognised body, including the level at which the decisions are taken and any provision for the delegation of decisions by the governing body;(2) the arrangements made for determining whether or not it is appropriate
(1) In determining whether a UK recognised body's procedures include procedures for consulting users of its facilities in appropriate cases, the FCA3 may have regard to whether those procedures include provision for consulting users of those facilities before changes are made to any rules relating to its regulatory functions. 3(2) In the FCA's3 view, a UK recognised body's procedures may not need to contain provision for consulting users of its facilities before making minor changes
(1) In determining whether a UK recognised body's procedures for consulting members and other users of its facilities are appropriate, the FCA3 may have regard to the range of persons to be consulted by the UK recognised body under those procedures. 3(2) In the FCA's3 view, consultation with a smaller range of persons may be appropriate where limited, technical changes to a UK recognised body's rules are proposed.3(3) In the FCA's3 view, a UK recognised body's procedures may include
In determining whether a UK recognised body's procedures for consulting members and other users of its facilities are appropriate, the FCA3 may have regard to the extent to which the procedures include:3(1) informal discussions at an early stage with users of its facilities or appropriate representative bodies; (2) publication to users of its facilities of a formal consultation paper which includes clearly expressed reasons for the proposed changes and an appropriately detailed
Unless otherwise stated in the notification rule, a written notification required from a recognised body under any notification rule must be:(1) given to, or addressed for the attention of, the recognised body's usual supervisory contact at the FCA;11(2) delivered to the FCA1 by one of the methods in REC 3.2.3 R.1
Methods of notification
Method of delivery |
|
(1) |
Post to the address in REC 3.2.4 R |
(2) |
Leaving the notification at the address in REC 3.2.4 R and obtaining a time-stamped receipt |
(3) |
Electronic mail to an address for the recognised body's usual supervisory contact at the FCA1 and obtaining an electronic confirmation of receipt 1 |
(4) |
Hand delivery to the recognised body's usual supervisory contact at the FCA1 1 |
(5) |
Fax to a fax number for the recognised body's usual supervisory contact at the FCA,1provided that the FCA1 receives a copy of the notification by one of methods (1) - (4) in this table within five business days after the date of the faxed notification 11 |
If a notification rule requires notification within a specified period:(1) the recognised body must give the notification so as to be received by the FCA1 no later than the end of that period; and 1(2) if the end of that period falls on a day which is not a business day, the notification must be given so as to be received by the FCA1 no later than the first business day after the end of that period.1
(1) An issuer that has the listing of any of its securities suspended may request the FCA to have them restored.(2) The request should be made sufficiently in advance of the time and date the issuer wishes the securities to be restored.(3) Requests received for when the market opens should allow sufficient time for the FCA to deal with the request.(4) The request may be an oral request. The FCA may require documentary evidence that the events that lead to the suspension are no
(1) If an issuer has requested the FCA to restore the listing of any securities, it may withdraw its request at any time while the securities are still suspended. The withdrawal request should initially be made by telephone and then confirmed in writing as soon as possible.(2) Even if a request to restore has been withdrawn, the FCA may restore the listing of securities if it believes the circumstances justify it.
(1) If an underlying instrument is restored, the securitised derivative'slisting will normally be restored.(2) For a securitised derivative relating to a basket of underlying instruments that has been suspended, the securitised derivative's listing may be restored by the FCA, irrespective of whether or not the underlying instrument has been restored, if:(a) the issuer of the securitised derivative confirms to the FCA that despite the relevant underlying instrument(s) suspension
Business and internal control risks vary from firm to firm, according to the nature and complexity of the business. The FCA's assessment of these risks is reflected in how its rules apply to different categories of firm as well as in the use of its other regulatory tools. One of the tools the FCA has available is to give a firm individual guidance on the application of the requirements or standards under the regulatory system in the firm's particular circumstances.
The FCA6 may give individual guidance to a firm on its own initiative if it considers it appropriate to do so. For example:6(1) the FCA6 may consider that general guidance in the Handbook does not appropriately fit a firm's particular circumstances (which may be permanent or temporary) and therefore decide to give additional individual guidance to the firm;6(2) some of the FCA's6 requirements are expressed in general terms; however, there may be times when the FCA6 will wish to
Under the investment condition, the reasonable investor is looking to satisfy two criteria. Both of these are fundamental to his decision to invest. But the thresholds referred to in PERG 9.6.1 G (1) and PERG 9.6.1 G (2) are different. In the FCA's view, a person expects something where he regards it as likely to happen or anticipates that events will turn out in a particular way. A person is satisfied of something where he has made up his mind or is persuaded that it is the case.
Section 236(3) of the Act states clearly that the investment condition must be met 'in relation to BC'. In the FCA's view, this means that the investment condition should not be applied rigidly in relation to specific events such as particular issues of shares or securities or in relation to particular points in time. The requirements of the investment condition must be satisfied in relation to the overall impression of the body corporate itself, having regard to all the circ
In the FCA's view, and within limits, the investment condition allows for the possibility that a body corporate that is an open-ended investment company may issue shares or securities with different characteristics. Some shares or securities may clearly satisfy the condition whereas others may not. The FCA considers that a reasonable investor contemplating investment in such a body corporate may still take the view, looking at the body corporate overall, that the investment condition
The FCA's views on the following three elements of the investment condition are explained separately:(1) the 'reasonable investor' (see PERG 9.7 (The investment condition: the 'reasonable investor'));(2) the 'expectation' test (see PERG 9.8 (The investment condition: the 'expectation test' (section 236(3)(a) of the Act))); and(3) the 'satisfaction' test (see PERG 9.9 (The investment condition: the 'satisfaction test' (section 236(3)(b) of the Act)).
(1) The FCA2 attaches considerable importance to the timely submission by firms of reports. This is because the information that they contain is essential to the FCA's2 assessment of whether a firm is complying with the requirements and standards of the regulatory system and to the FCA2 understanding of that firm's business.222(2) DEPP 6.6.1 G to DEPP 6.6.5 G set out the FCA's2 policy in relation to financial penalties for late submission of reports and is in addition to the FCA's2
In addition to the factors considered in Step 2 for cases against firms (DEPP 6.5A) and cases against individuals (DEPP 6.5B),1 the following considerations are relevant.1(1) In general, the FCA's2 approach to disciplinary action arising from the late submission of a report will depend upon the length of time after the due date that the report in question is submitted.2(2) If the person concerned is an individual, it is open to him to make representations to the FCA2 as to why
In applying the guidance in this section, the FCA2 may treat a report which is materially incomplete or inaccurate as not received until it has been submitted in a form which is materially complete and accurate. For the purposes of the guidance, the FCA2 may also treat a report as not received where the method by which it is submitted to the FCA2 does not comply with the prescribed method of submission.222
Each of these aspects of the definition is considered in greater detail in PERG 9.4 (Collective investment scheme (section 235 of the Act)) to PERG 9.9 (The investment condition: the 'satisfaction test' (section 236(3)(b) of the Act)). Although the definition has a number of elements, the FCA considers that it requires an overall view to be taken of the body corporate. This is of particular importance in relation to the investment condition (see PERG 9.6.3 G and PERG 9.6.4 G (The
The FCA understands that the aim of the definition in section 236 of the Act is to include any body corporate which, looked at as a whole, functions as an open-ended investment vehicle. The definition operates against a background that there is a wide range of different circumstances in which any particular body corporate can be established and operated. For example, the definition applies to bodies corporate wherever they are formed. So, in the application of the definition to
For a body corporate formed outside the United Kingdom, there is an additional issue as to how the applicable corporate law and the definition of open-ended investment company in the Act relate to one another. The FCA understands this to operate as follows. The term 'body corporate' is defined in section 417(1) of the Act (Interpretation) as including 'a body corporate constituted under the law of a country or territory outside the United Kingdom'. So, whether or not any particular
1The FCA will notify the subject of the investigation that it has appointed officers to carry out an investigation under the Money Laundering Regulations and the reasons for the appointment, unless notification is likely to prejudice the investigation or otherwise result in it being frustrated. The FCA expects to carry out a scoping visit early on in the enforcement process in most cases. The FCA's
policy in civil investigations is to use powers to compel information
1When imposing or determining the level of a financial penalty under regulation 76 of the Money Laundering Regulations2, the FCA's
policy includes having regard, where relevant, to relevant factors in DEPP 6.2.1G and DEPP 6.5 to DEPP 6.5D. The FCA may not impose a penalty where there are reasonable grounds for it to be satisfied that the subject of the proposed action took all reasonable steps and exercised all due diligence to ensure that the relevant requirement
2When cancelling, suspending or restricting an authorisation or limitation under regulation 77 of the Money Laundering Regulations or determining the duration of any such suspension or restriction, and when imposing or determining the duration of a prohibition under regulation 78 of the Money Laundering Regulations, the FCA’s policy includes having regard, where relevant, to relevant factors in DEPP 6A.
1As with cases under the Act, the FCA may settle or mediate appropriate cases involving civil breaches of the Money Laundering Regulations or the Funds Transfer Regulation2 to assist it to exercise its functions under the Money Laundering Regulations2 in the most efficient and economic way. The settlement discount scheme set out in DEPP 6.7 applies to penalties, suspensions, restrictions and temporary prohibitions2 imposed under regulations 76, 77 and 78 of2 the Money Laundering
The purpose of this section is to: 3(1) give directions to authorised payment institutions, small payment institutions and registered account information service providers under regulation 109(1) (Reporting requirements) of the Payment Services Regulations in relation to:31212(a) the information in respect of their provision of payment services and their compliance with requirements imposed by or under Parts 2 to 7 of the Payment Services Regulations that they must provide to
3The purpose for which this section requires information to be provided to the FCA under regulation 109 of the Payment Services Regulations is to assist the FCA in the discharge of its functions under regulation 106 (Functions of the FCA), regulation 108 (Monitoring and enforcement) and regulation 109(6) (Reporting requirements) of the Payment Services Regulations.
(1) An authorised payment institution, a small payment institution6 or a registered account information service provider3 must submit to the FCA12 the duly completed return applicable to it as set out in column (2) of the table in SUP 16.13.4D.2212(2) An authorised payment institution, a small payment institution or a registered account information service provider3 must submit the return referred to in (1):(a) in the format specified as applicable in column (3) of the table
3Authorised payment institutions, small payment institutions and registered account information service providers are reminded that they should give the FCA reasonable advance notice of changes to their accounting reference date (among other things) under regulation 37 of the Payment Services Regulations. The accounting reference date is important because many frequencies and due dates for reporting to the FCA are linked to the accounting reference date.
(1) 5In the case of an authorised payment institution, an authorised electronic money institution or a credit institution with permission to accept deposits under Part 4a of FSMA8:(a) the return set out in SUP 16 Annex 27ED must be provided to the FCA every six months; (b) returns must cover the reporting periods 1 January to 30 June and 1 July to 31 December; and(c) returns must be submitted within two months of the end of each reporting period.(2) In the case of a small payment
1The FCA recognises that the bankruptcy of an individual or the sequestration of an individual's estate are significant measures which may have significant personal and professional implications for the individual involved. In considering whether to present a petition the FCA's
principal considerations will be its statutory objectives including the protection of consumers.
1The FCA is also mindful that whilst the winding up of an unauthorised company or partnership should bring an end to any unlawful activity, this is not necessarily the effect of bankruptcy or sequestration. The FCA may, in certain cases, consider the use of powers to petition for bankruptcy or sequestration in conjunction with the use of other powers to seek injunctions and other relief from the court. In particular, where the individual
controls assets belonging
1If an individual appears to be unable to pay a regulated activity debt, or to have no reasonable prospect of doing so, then section 372 of the Act permits the FCA to petition for the individual's bankruptcy, or in Scotland, for the sequestration of the individual's estate. The FCA will petition for bankruptcy or sequestration only if it believes that the individual is, in fact, insolvent. In determining this, as a general rule, the FCA will serve a demand requiring the individual
1The FCA will consider the response of the individual to that demand on its own facts and in the light of information, if any, available to the FCA. Exceptionally, the FCA may not first proceed to serve a demand if: (1) the individual is already in default of a regulated activity debt which has fallen due and payable; and (2) the FCA is satisfied, either because the individual has confirmed it or on the information already available to the FCA, that the individual is insolvent
1If the FCA believes that the individual is insolvent, the factors it will consider when it decides whether to seek a bankruptcy order or sequestration award include: (1) whether others have taken steps to deal with the individual's insolvency, including a proposal by the individual of a voluntary arrangement, a petition by the individual for his own bankruptcy or sequestration, or a petition by a third party for the individual's bankruptcy or the sequestration of the individual's
1Section 365(6) of the Act makes it clear that the FCA may petition for the compulsory winding up of a company even if it is already in voluntary winding up. This power is already available to creditors and contributories of companies in voluntary winding up. For example, the court can be asked to direct the liquidator to investigate a transaction which the company undertook before the winding up. In some circumstances, this power may be used in respect of partnerships (section
1Given the powers available to creditors (or contributories), the FCA anticipates that there will only be a limited number of cases where it will exercise the right under section 365(6) to petition for the compulsory winding up of a company already in voluntary winding up. The FCA will only be able to exercise this right where one or both of the grounds on which it can seek compulsory winding up are met.
1Factors which the FCA will consider when it decides whether to use this power (in addition to the factors identified in paragraphs 13.5.1 to 13.6.3 in relation to the FCA's decisions to seek compulsory winding up) include: (1) whether the FCA's concerns can properly and effectively be met by seeking a specific direction under section 365(2) of the Act;
(2) whether the affairs of the company require independent investigation of the kind which follows a compulsory
1The FCA will consider cancelling a firm'sPart 4A permission using its own-initiative powers contained in sections 55J and 55Q respectively of the Act in two main circumstances: (1) where the FCA has very serious concerns about a firm, or the way its business is or has been conducted; (2) where the firm'sregulated activities have come to an end and it has not applied for cancellation of its Part 4A permission.
1The grounds on which the FCA may exercise its power to cancel an authorised person's
permission under section 55J of the Act are the same as the grounds for variation and for imposition of requirements. They are set out in section 55J(1) and section 55L(2) and described in EG 8.1.1. Examples of the types of circumstances in which the FCA may cancel a firm'sPart 4A permission include: (1) non-compliance with a Financial Ombudsman Service award against the
1Depending on the circumstances, the FCA may need to consider whether it should first use its own-initiative powers to impose requirements on a firm or to vary a firm'sPart 4A permission before going on to cancel it. Amongst other circumstances, the FCA may use this power where it considers it needs to take immediate action against a firm because of the urgency and seriousness of the situation.
1Where the situation appears so urgent and serious that the firm should immediately cease to carry on all regulated activities, the FCA may first vary the firm'sPart 4A permission so that there is no longer any regulated activity for which the firm has a Part 4A permission. If it does this, the FCA will then have a duty to cancel the firm'sPart 4A permission - once it is satisfied that it is no longer necessary to keep the Part 4A permission in force.
1However, where the FCA has cancelled a firm'sPart 4A permission, it is required by section 33 of the Act to go on to give a direction withdrawing the firm'sauthorisation. Accordingly, the FCA may decide to keep a firm'sPart 4A permission in force to maintain the firm's status as an authorised person and enable it (the FCA) to monitor the firm's activities. An example is where the FCA needs to supervise an orderly winding down of the firm's regulated business (see SUP 6.4.22 (When
The FCA34 will not rebate or 57 refund periodic fees if, after the start of the period to which they relate:(1) a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R34; or62(2) a firm reduces its permission or payment services activities 9so that it then falls out of the fee-block previously applied to it;99(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).
A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:(1) that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or(2) unless FEES 4.3.6R (3), 9FEES 4.3.6R
Table of periodic fees payable to the FCA62
621 Fee payer |
2 Fee payable |
3 Due date |
4 Events occurring during the period leading to modified periodic fee |
| 25 | As54 specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R6254 373737 |
(1) Unless (2) applies54, on or before the relevant dates specified in FEES 4.3.6 R.12 (2) If54 an event specified in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.754 77776161414141 |
Firm receives permission, or becomes authorised or registered under the Payment Services Regulations, article 8 of the MCD Order32, the DRS Regulations41 or the Electronic Money Regulations12;9 or firm9extends permission or its payment service activities916 649 |
Persons who hold a certificate issued by the FCA61 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) 61 |
£1,15151 46314031 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice23 (2) If an event in column 4 occurs,52 during the course of a fee year,61 30 days after the occurrence of that event.51 2361 |
Certificate issued to person by the51FCA61 under article 4054 of the Regulated Activities Order46 61 |
| 23 | In relation to each unit trust the amount specified in part 1 of 25FEES 4 Annex 4 |
Authorisation order is made in relation to the relevant scheme24 |
|
24Any authorised fund manager of an authorised contractual scheme; |
In relation to each authorised contractual scheme the amount specified in part 1 of25FEES 4 Annex 4 |
||
In relation to each ICVC,25 the amount specified in part 1 of25FEES 4 Annex 4 |
|||
Persons who, under the constitution or founding arrangements of a recognised scheme, are 33responsible for the management of the property held for or within the scheme; |
In relation to each recognised scheme the amount specified in part 1 of25FEES 4 Annex 4 |
The relevant scheme becomes a recognised scheme25 |
|
Not applicable |
|||
| 33 | In relation to each LTIF49 the amount specified in part 1 of FEES 4 Annex 433 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice.33 (2) If an event in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event.33 |
The LTIF49 is authorised by the FCA under the LTIF Regulation49 33 |
On or before the relevant dates specified in FEES 4.3.6 R23 23 |
Not applicable |
||
FEES 4 Annex 6, part 1for a UK RIE; and55 FEES 4 Annex 6R, part 1A for a UK RIE that is also a RAP55 621349 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year61, 30 days after the occurrence of that event 2361 |
Recognition order is made. The modified1163 periodic fee is specified in FEES 4 Annex 6 R, Part 1.491163 116311631311631163 |
|
| 62 | FEES 4 Annex 6, part 2 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year61, 30 days after the occurrence of that event. 2361 |
Recognition order is made. The modified1163 periodic fee is specified in FEES 4 Annex 6, Part 2.1163 1163116311631163 |
A listed issuer35 (in UKLR59) of shares and certificates representing certain securities35. 33 |
Within 30 days of the date of the invoice |
Listedissuer3 (in UKLR59) becomes subject to listing rules 3 |
|
| 3110122323311210231 | Within 30 days of the date of the invoice |
141414 | |
All non-listed issuers (in DTR) of shares and certificates representing certain securities35. 66 |
29 | Within 30 days of the date of the invoice |
Non-listed issuer (in DTR) becomes subject to disclosure requirements36 and transparency rules629 |
Within 30 days of the date of the invoice |
A person is approved as a primary information provider |
||
6All firms reporting transactions in securities derivatives10to the FCA61 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10 6110 |
Within 30 days of the date of the invoice |
Not applicable |
|
15Any issuer of a regulated covered bond. |
(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R (2) If an event specified in column 4 occurs during the course of a fee year61, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R 61 |
A person becomes registered as an issuer of a regulated covered bond |
|
26(i) A non-UK AIFM49 which has notified the FCA of its intention to market an AIF in the UK under regulation 5949 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. (ii) non-UK AIFM49 which has notified the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. |
For each notification made by the AIFM of the kind specified in part 2 of FEES 4 Annex 4, the amount specified in part 2 of FEES 4 Annex 4 |
(1) Unless (2) applies, on or before 1 August, or, if later, within 30 days of the date of the invoice (2) If an event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event |
|
The basic fee contained in part 3 of FEES 4 Annex 4 |
The AIFM is registered by the FCA under regulation 10 of the AIFMD UK regulation. |
||
| 30 | [deleted]41 |
||
The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
|
The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
|
50Any UK-based firm registered as a credit rating agency; a trade repository; a securitisation repository or any third country firm certified as a credit rating agency or recognised as a trade repository. |
The tariff specified in FEES 4 Annex 16R |
Within 30 days of the date of the invoice |
Not applicable |
Within 30 days of the date of the invoice58 |
Not applicable |
Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2
(1) A firm must establish, implement and maintain appropriate and effective arrangements for the disclosure of reportable concerns by whistleblowers.(2) The arrangements in (1) must at least:(a) be able effectively to handle disclosures of reportable concerns including: (i) where the whistleblower has requested confidentiality or has chosen not to reveal their identity; and(ii) allowing for disclosures to be made through a range of communication methods; (b) ensure the effective
(1) When establishing internal arrangements in line with SYSC 18.3.1R a firm may:(a) draw upon relevant resources prepared by whistleblowing charities or other recognised standards setting organisations; and (b) consult with its UK-based employees or those representing these employees.(2) In considering if a firm has complied with SYSC 18.3.1R the FCA will take into account whether the firm has applied the measures in (1).(3) A firm may wish to clarify in its written procedures
This rule applies to an EEA SMCR banking firm3 and an overseas SMCR banking firm5.32(1) A person subject to this rule (‘P’) 2must, in the manner described in (2), communicate to its UK-based employees that they may disclose reportable concerns to the PRA or the FCA and the methods for doing so. P 2must make clear that:(a) reporting to the PRA or to the FCA is not conditional on a report first being made using P’s 2internal arrangements; (b) it is possible to report using P’s 2internal
The FCA would regard as a serious matter any evidence that a firm had acted to the detriment of a whistleblower. Such evidence could call into question the fitness and propriety of the firm or relevant members of its staff, and could therefore, if relevant, affect the firm’s continuing satisfaction of threshold condition 5 (Suitability) or, for an approved person or a certification employee, their status as such.
COND gives guidance on the threshold conditions. The FCA3threshold conditions represent the minimum conditions for which the FCA is responsible,3 which a firm is required to satisfy, and continue to satisfy, in order to be given and to retainPart 4A permission. A PRA-authorised person or, as appropriate, a firm seeking to become a PRA-authorised person must also satisfy, and continue to satisfy, the threshold conditions for which the PRA is responsible in order to be given and
(1) Under section 55B(3) of the Act3, in giving or varying a Part 4A permission,3 imposing or varying any requirement or giving consent3, the FCA3 must ensure that the firm concerned will satisfy, and continue to satisfy, the FCA3threshold conditions in relation to all of the regulated activities for which it has or will have permission.(2) [deleted]43333333
(1) If, among other things, a firm is failing to satisfy any of the FCA3threshold conditions, or is likely to fail to do so, the FCA3 may exercise its own-initiative powers under either section 55J (Variation or cancellation on initiative of regulator) or section 55L (Imposition of requirements by FCA) of the Act3. Use of the FCA's own-initiative powers3 is explained in SUP 7 (Individual requirements), and EG 8 (Variation and cancellation of permission on the FCA's3 own initiative
(1) Under section 185 of the Act (Assessment: general) the FCA may, subject to consultation with the PRA where the conditions in section 187B of the Act are satisfied, object to an acquisition of an FCA-authorised person if there are reasonable grounds to do so on the basis of the matters set out in section 186 of the Act (Assessment: criteria) or if the information provided by the section 178 notice giver is incomplete. Section 186(d) of the Act (Assessment: criteria) specifies
Under section 61(1) of the Act (Determination of applications), the FCA7 may grant an application for approval made under section 60 (Applications for approval) of the Act14 only if it is satisfied that the candidate is fit and proper to perform the controlled function to which the application relates.7
7Under sections 60A and 63F 7of the Act, in assessing whether a person is a fit and proper person to perform an FCA designated senior management function or an FCA certification function14, 7a firm16 must have particular regard to whether that person:7714(1) has obtained a qualification; or(2) has undergone, or is undergoing, training; or(3) possesses a level of competence; or(4) has the personal characteristics;required by general rules made by the FCA.
The Act does not prescribe the matters which the FCA7 should take into account when determining fitness and propriety. However, section 61(2) states that the FCA7 may have regard (among other things) to whether the candidate or approved person:777(1) has obtained a qualification; or(2) has undergone, or is undergoing, training; or(3) possesses a level of competence; or(4) has the personal characteristics;required by general rules made by the FCA.7
6 Where the application relates to a function within a Solvency II firm and is for an FCA controlled function which is also a Solvency II Directive ‘key function’ as defined in the PRA Rulebook: Glossary, then the FCA will also have regard to the assessment made by the firm as required in article 273 of the Solvency II Regulation (EU) 2015/35 of 10 October 2014; Rules 2.1 and 2.2 of the PRA Rulebook: Solvency II Firms: Insurance - Fitness and Propriety, and other factors, as set
1The FCA has certain functions in relation to what are described as “registrant-only” mutual societies including registered societies or registered friendly societies.2 These societies are not regulated or supervised under the Act. Instead, they are subject to the provisions of2 FSA74, FSA92, CCBSA14 and CCBSA(NI)693 which require them to register with the FCA and fulfil certain other obligations, such as the requirement to submit annual returns.
2
1The FCA's enforcement activities in respect of registrant-only societies focus on prosecuting societies that fail to submit annual returns. As registrant-only societies are not subject to the rules imposed by the Act and by the FCA
Handbook, the requirement that they submit annual returns provides an important check that the interests and investments of members, potential members, creditors and other interested parties are being safeguarded. The power to prosecute
1The decision whether to initiate criminal and other proceedings under these Acts will be taken in accordance with the procedure described in EG 12.1.7. Under these Acts,3 a society may appeal certain decisions of the FCA relating to the refusal, cancellation or suspension of a society’s registration to the High Court or, in Scotland, the Court of Session. 3Distinguishing features of the procedure for giving statutory notices under the FSA92, including available rights of reference