Content Options

View Options

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

AUTH App 1.18 Financial promotions concerning the Lloyd's market

AUTH App 1.18.1G

A person involved in insurance business written at Lloyd's may be making financial promotions when attracting another person:

  1. (1)

    to effect or carry out contracts of insurance written at Lloyd's (where the controlled activity which is the subject of the financial promotion is effecting and carrying out contracts of insurance);

  2. (2)

    to have assets held under funds at Lloyd's (where the controlled activity may involve dealing in securities and contractually based investments, arranging deals in investments,managing investments or safeguarding and administering investments);

  3. (3)

    to participate in particular syndicates at Lloyd's (where the controlled activity is advising on syndicate participation or arranging deals in syndicate participations or underwriting capacity);

  4. (4)

    to participate indirectly in the Lloyd's market as a shareholder of a corporate underwriting member or a limited partner in a limited liability partnership which is an underwriting member (where the controlled activity is dealing in, arranging deals in or advising on shares or units); or

  5. (5)

    to take out insurance which is written at Lloyd's (where the controlled activity is effecting a contract of insurance).

AUTH App 1.18.2G

Any persons making financial promotions as referred to in AUTH App 1.18.1 G (3) and AUTH App 1.18.1 G (4) are likely to be authorised persons. As such they will be subject to COB 3. Any persons making financial promotions as referred to in AUTH App 1.18.1 G (1), AUTH App 1.18.1 G (2) and AUTH App 1.18.1 G (5) may not be authorised persons and, if so, will need to ensure that their financial promotions are approved by an authorised person or that a specific exemption applies (see AUTH App 1.13).