Related provisions for REC 3.6.2

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

SYSC 13.8.5GRP
A firm should consider the likelihood and impact of a disruption to the continuity of its operations from unexpected events. This should include assessing the disruptions to which it is particularly susceptible (and the likely timescale of those disruptions) including through:(1) loss or failure of internal and external resources (such as people, systems and other assets);(2) the loss or corruption of its information; and(3) external events (such as vandalism, war and "acts
SYSC 13.8.7GRP
A firm should document its strategy for maintaining continuity of its operations, and its plans for communicating and regularly testing the adequacy and effectiveness of this strategy. A firm should establish:(1) formal business continuity plans that outline arrangements to reduce the impact of a short, medium or long-term disruption, including:(a) resource requirements such as people, systems and other assets, and arrangements for obtaining these resources;(b) the recovery
FEES 6.7.6RRP
If a firm ceases to be a participant firm part way through a financial year of the compensation scheme:(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and(2) the FSCS may make a levy upon it (which may be before or after the firmhas ceased to be a participant firm, but must be before it ceases to be an authorised person) for the costs which it would have been liable to pay had the FSCS made a levy on all participant firms at the time
LR 9.5.15RRP
A listed company must ensure that any temporary document of title (other than one issued in global form) for an equity security:(1) is serially numbered;(2) states where applicable:(a) the name and address of the first holder and names of joint holders (if any);(b) for a fixed income security, the amount of the next payment of interest or dividend;(c) the pro rata entitlement;(d) the last date on which transfers were or will be accepted for registration for participation in the
LR 9.5.16RRP
A listed company must ensure that any definitive document of title for an equity security (other than a bearer security) includes the following matters on its face (or on the reverse in the case of paragraphs (5) and (7)):(1) the authority under which the listed company is constituted and the country of incorporation and registered number (if any);(2) the number or amount of securities the certificate represents and, if applicable, the number and denomination of units (in the
LR 13.3.2RRP
If another rule provides that a circular of a particular type must include specified information, then that information is (unless the contrary intention appears) in addition to the information required under this section.
PR 2.2.6RRP
An issuer, offeror or person requesting admission may choose to file a registration document without approval. If it does so, the entire documentation, including updated information, is subject to approval. [Note: article 12.3 PD]
LR 14.3.9RRP
An overseas company must ensure that any temporary document of title (other than one issued in global form) for an equity security:(1) is serially numbered;(2) states where applicable:(a) the name and address of the first holder and names of joint holders (if any);(b) the pro rata entitlement;(c) the last date on which transfers were or will be accepted for registration for participation in the issue;(d) how the equity securities rank for dividend or interest;(e) the nature of
LR 14.3.10RRP
An overseas company must ensure that any definitive document of title for an equity security (other than a bearer security) includes the following matters on its face (or on the reverse in the case of (5) and (7)):(1) the authority under which the overseas company is constituted and the country of incorporation and registered number (if any);(2) the number or amount of equity securities the certificate represents and, if applicable, the number and denomination of units (in the
SYSC 3.2.4GRP
(1) The guidance relevant to delegation within the firm is also relevant to external delegation ('outsourcing'). A firm cannot contract out its regulatory obligations. So, for example, under Principle 3 a firm should take reasonable care to supervise the discharge of outsourced functions by its contractor.(2) A firm should take steps to obtain sufficient information from its contractor to enable it to assess the impact of outsourcing on its systems and controls.
SYSC 3.2.12GRP
It is the responsibility of the firm to decide what information is required, when, and for whom, so that it can organise and control its activities and can comply with its regulatory obligations. The detail and extent of information required will depend on the nature, scale and complexity of the business.
SUP 5.4.9GRP
In appropriate circumstances, it may be cost effective for the FSA to nominate or approve the appointment of a skilled person who has previously acted for, or advised, the person in SUP 5.2.1 G. For example, the FSA may nominate, or approve the appointment of, the auditor of a person in SUP 5.2.1 G to prepare a report taking into account, where relevant, the considerations set out in SUP 5.4.7 G.
SUP 5.4.11GRP
The FSA may enter into a dialogue with the skilled person, and is ready to discuss matters relevant to the report with him, during the preparation of the report . Such discussions will normally involve or be through the person in SUP 5.2.1 G.
APER 4.4.6ERP
In determining whether or not an approved person's conduct under APER 4.4.4 E complies with Statement of Principle 4, the following are factors which, in the opinion of the FSA, are to be taken into account:(1) the likely significance to the FSA of the information which it was reasonable for the individual to assume;(2) whether the information related to the individual himself or to his firm;(3) whether any decision not to report the matter internally was taken after reasonable enquiry
APER 4.4.8ERP
In determining whether or not an approved person's conduct under APER 4.4.7 E complies with Statement of Principle 4(APER 2.1.2 P), the following are factors which, in the opinion of the FSA, are to be taken into account:(1) the likely significance of the information to the FSA which it was reasonable for the approved person to assume;(2) whether any decision not to inform the FSA was taken after reasonable enquiry and analysis of the situation.
REC 5.2.3GRP
An application should:(1) be made in accordance with any directions the FSA may make under section 287 (Application by an investment exchange) or section 288 (Application by a clearing house) of the Act;(2) be accompanied by the applicant's regulatory provisions (the material specifically prescribed in section 287 or section 288);(3) be accompanied by the information, evidence and explanatory material (including supporting documentation) necessary to demonstrate to the FSA that
REC 5.2.8GRP
(1) The FSA will keep the applicant informed of the progress of the application.(2) It may be necessary to ask the applicant to clarify or amplify some aspects of its proposals. The FSA may wish to discuss various aspects of the application and may invite the applicant to attend one or more meetings for that purpose. When requested to do so, the FSA will explain the nature of the information which it has asked an applicant to supply in connection with its application.
BIPRU 4.6.18RRP
In addition to complying with BIPRU 4.3.54 R (Data maintenance) a firm must collect and store:(1) data used in the process of allocating exposures to grades or pools;(2) data on the estimated PDs, LGDs and conversion factors associated with grades or pools of exposures;(3) the identity of obligors and exposures that defaulted;(4) for defaultedexposures, data on the grades or pools to which the exposure was assigned over the year prior to default and the realised outcomes on LGD
BIPRU 4.6.28RRP
Irrespective of whether a firm is using external, internal, pooled data sources or a combination of the three, for its estimation of loss characteristics, the length of the underlying historical observation period used must be at least five years for at least one source. If the available observation spans a longer period for any source, and these data are relevant, this longer period must be used. However:(1) a firm need not give equal importance to historic data if this is compatible
BIPRU 4.6.38RRP
Estimates of conversion factors must be based on data over a minimum of five years. Notwithstanding BIPRU 4.3.125 R:(1) a firm need not give equal importance to historic data if this is permitted by its IRB permission; and(2) (in the case of a firm with an IRB permission that permits this treatment of historic data) the firm must be able to convince the FSA if asked that more recent data is a better predictor of loss rates.[Note:BCD Annex VII Part 4 point 95 (part)]
BIPRU 13.6.50RRP
A firm must conduct an independent review of the CCR management system regularly through its own internal auditing process. This review must include both the activities of the business units referred to in BIPRU 13.6.41 R and of the independent CCR control unit. A review of the overall CCR management process must take place at regular intervals and must specifically address, at a minimum:(1) the adequacy of the documentation of the CCR management system and process;(2) the organisation
BIPRU 13.6.61RRP
A firm must ensure that:(1) the model employs current market data to compute current exposures;(2) when using historical data to estimate volatility and correlations, at least three years of historical data are used and updated quarterly or more frequently if market conditions warrant;(3) the data covers a full range of economic conditions, such as a full business cycle;(4) a unit independent from the business unit validates the price supplied by the business unit;(5) the data
BIPRU 13.6.62RRP
If the model includes the effect of collateral on changes in the market value of the netting set, a firm must have adequate historical data to model the volatility of the collateral.
MCOB 2.5.2RRP
A firm will be taken to be in compliance with any rule in MCOB that requires a firm to obtain information to the extent that the firm can show that it was reasonable for it to rely on information provided to it by another person.
PRIN 2.1.1RRP

The Principles

1 Integrity

A firm must conduct its business with integrity.

2 Skill, care and diligence

A firm must conduct its business with due skill, care and diligence.

3 Management and control

A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

4 Financial prudence

A firm must maintain adequate financial resources.

5 Market conduct

A firm must observe proper standards of market conduct.

6 Customers' interests

A firm must pay due regard to the interests of its customers and treat them fairly.

7 Communications with clients

A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

8 Conflicts of interest

A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.

9 Customers: relationships of trust

A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.

10 Clients' assets

A firm must arrange adequate protection for clients' assets when it is responsible for them.

11 Relations with regulators

A firm must deal with its regulators in an open and cooperative way, and must disclose to the FSA appropriately anything relating to the firm of which the FSA would reasonably expect notice.

LR App 2.1.2GRP

[deleted]

MCOB 6.7.3GRP
A firm may supplement the first paragraph of text prescribed in MCOB 6.4.4 R (5)(a) to clarify that, while the regulated mortgage contract is not binding until the relevant mortgage document has been signed and funds have been released, the business offer document may form part of a wider set of negotiated facilities and that the customer is separately bound by these.
SUP 18.4.18GRP
The FSA may require confirmation from the auditors of either friendly society involved in the transfer or amalgamation about the reasonableness of any part of the information in the statement. For instance such confirmation would normally be required if the financial information relates to a date more than six months previously.
SUP 18.4.37GRP
The FSA will not decide whether to confirm the transfer or amalgamation at the hearing. A copy of its written decision, including its findings on the points made in representations, will be sent to the society(ies) and to those making representations. It will also be available to any other person on request and may be published.