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Status: You are viewing the version of the handbook as on 2005-06-30.

AUTH 7.1 Application and purpose

Application

AUTH 7.1.1G

1This chapter applies to anyone involved in publishing periodicals, or in providing news services or broadcasts, who gives (or proposes to give) advice about securities, relevant investments or regulated mortgage contracts and who wishes to determine whether he will be carrying on the regulated activities of advising on investments or advising on regulated mortgage contracts.2

Purpose

AUTH 7.1.2G

The purpose of this chapter is to provide guidance on:

  1. (1)

    when a person involved in publishing periodicals, or in providing news services or broadcasts, requires authorisation to carry on the regulated activities of advising on investments or advising on regulated mortgage contracts (see AUTH 7.3 (Does the activity require authorisation)); and2

  2. (2)

    if he does, whether he qualifies for the exclusion from those activities that applies to a periodical publication, a regularly updated news or information service or a television or radio service (see AUTH 7.4 (Does the article 54 exclusion apply));2

  3. (3)

    if he does, whether his circumstances are an appropriate case for a certificate given by the FSA as conclusive evidence that he does qualify (see AUTH 7.5 When is it appropriate to apply for a certificate));

  4. (4)

    how to apply for a certificate (see AUTH 7.6.1 G to AUTH 7.6.5 G); and

  5. (5)

    how the FSA will use its power to give certificates (see AUTH 7.6.6 G to AUTH 7.6.10 G).

AUTH 7.1.3G

This guidance is issued under section 157 of the Act. The guidance represents the FSA's views and does not bind the courts, for example in relation to an action for damages brought by a private person for breach of a rule (see section 150 of the Act (Actions for damages)), or in relation to the enforceability of a contract where there has been a breach of section 19 (The general prohibition) of the Act (see section 26 of the Act (Enforceability of agreements)). Although the guidance does not bind the courts, it may be of persuasive effect for a court considering whether it would be just and equitable to allow a contract to be enforced (see section 28(3) of the Act). Anyone reading this guidance should refer to the Act and to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (the Regulated Activities Order) to find out the precise scope and effect of any particular provision referred to in the guidance and should consider seeking legal advice if doubt remains. If a person acts in accordance with the guidance in the circumstances contemplated by it, then the FSA will proceed on the footing that the person has complied with the aspects of the requirement to which the guidance relates.