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Related provisions for MCOB 6.8.4
41 - 60 of 173 items.
Principle 6 (Customers' interests) requires that a firm must pay due regard to the interests of its customers and treat them fairly. This means, for example, that a firm should avoid selling practices that commit customers (or lead customers to believe that they are committed) to any regulated mortgage contract or home reversion plan1 before they have been able to consider the illustration and offer document. One such practice might be to present a new customer with an illustration,
Principle 7 (Communications with clients) requires that 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. This means, for example, that a firm should avoid giving any customer a false impression about the availability of a regulated mortgage contract or home reversion plan1, such as describing it as a 'special offer' not available after a certain date unless this is really the
(1) In relying on MCOB 2.5.2 R, a firm should take reasonable steps to establish that the other person providing the information is: (a) not connected with the firm; and(b) competent to provide the information.(2) Compliance with (1) may be relied on as tending to establish compliance with MCOB 2.5.2 R.(3) Contravention of (1) may be relied on as tending to establish contravention of MCOB 2.5.2 R.
(1) Any information which a rule in MCOB requires to be sent to a customer may be sent to another person on the instruction of the customer, so long as the recipient is not connected with the firm. (2) There is no need for a firm to send information to a customer where it has taken reasonable steps to establish that this has been or will be supplied by another person.
Where a listed company or applicant appoints more than one sponsor , the company must:(1) ensure that one of the sponsors that is appointed:(a) takes primary responsibility for contact with the FSA in respect of the entire application or transaction; and(b) appoints a suitably experienced employee, whose name appears on the list described in LR 8.6.15 R to liaise with the FSA; and(2) inform the FSA, in writing, of the name and contact details of the sponsor taking responsibility
(1) Subject to (3) and (4), a firm must ensure that a direct offer financial promotion that is addressed to, or disseminated in such a way that it is likely to be received by, a retail client contains:(a) such of the information referred to in the rules on information disclosure (COBS 6.1.4 R, COBS 6.1.6 R, COBS 6.1.7 R, COBS 6.1.9 R, COBS 14.3.2 R, COBS 14.3.3 R, COBS 14.3.4 R and COBS 14.3.5 R) as is relevant to that offer or invitation; and[Note: article 29(8) of the MiFID
In order to enable a client to make an informed assessment of a relevant investment or relevant business, a firm may wish to include in a direct offer financial promotion:(1) a summary of the taxation of any investment to which it relates and the taxation consequences for the average member of the group to whom it is directed or by whom it is likely to be received;1(2) a statement that the recipient should seek a personal recommendation if he has any doubt about the suitability
The following documents must be submitted, in final form, to the FSA by midday two business days before the FSA is to consider the application:(1) a completed Application for Admission of Securities to the Official List;(2) one of:(a) the prospectus, or listing particulars, that has been approved by the FSA; or(b) a copy of the prospectus, a certificate of approval and (if applicable) a translation of the summary of the prospectus, if another EEA State is the home Member State
1Written confirmation of the number of securities that were allotted (pursuant to a board resolution allotting the securities) must be submitted to the FSA as soon as practicable after admission if the number is lower than the number that was announced under LR 3.2.7 G as being admitted to listing.11
In order to provide the unitholders with regular and relevant information about the progress of the authorised fund, the authorised fund manager must:(1) prepare a short report and a long report half-yearly and annually; (2) send the short report to all unitholders; and(3) make the long report available to unitholders on request.
(1) An annual long report on an authorised fund, other than a scheme which is an umbrella, must contain:(a) the fullaccounts for the annual accounting period which must be prepared in accordance with the requirements of the IMA SORP;(b) the report of the authorised fund manager in accordance with COLL 4.5.9 R (Authorised fund manager's report);(c) the comparative table in accordance with COLL 4.5.10 R (Comparative table);(d) the report of the depositary in accordance with COLL
The authorised fund manager must ensure that the report of the auditor to the unitholders must include a statement:(1) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the IMA SORP, the rules in this sourcebook, and the instrument constituting the scheme;(2) whether, in the auditor's opinion, the accounts give a true and fair view of the net incomeand the net gains or losses ofthe scheme property of the authorised fund (or, as the
LR 8.4.2 R to LR 8.4.6 R apply in relation to an application for admission of equity securities if an applicant does not have equity securities already listed and:(1) the production of a prospectus or equivalent document1is required; or(2) the application is accompanied by a certificate of approval from another competent authority; or(3) the application is accompanied by a summary document as required byPR 1.2.3R (8).
A sponsor must:(1) submit a completed Sponsor's Declaration on an Application for Listing to the FSA either:(a) on the day the FSA is to consider the application for approval of the prospectus and prior to the time the prospectus is approved; or11(b) at a time agreed with the FSA if the FSA is not approving the prospectus or if it is determining whether a document is an equivalent document1;(2) submit a completed Shareholder Statement or aPricing Statement, as applicable, to the
A sponsor acting on a transaction falling within LR 8.4.11 R must:(1) submit a completed Sponsor's Declaration for the Production of a Circular to the FSA on the day the circular is to be approved by the FSA and prior to the time the circular is approved;(2) submit a completed Pricing Statement, if applicable, to the FSA by 9 a.m on the day the FSA is to consider the application; and(3) ensure that all matters known to it which, in its reasonable opinion, should be taken into
A firm must make at least the following information easily, directly and permanently accessible to the recipients of the information society services it provides:(1) its name;(2) the geographic address at which it is established;(3) the details of the firm, including its e-mail address, which allow it to be contacted rapidly and communicated with in a direct and effective manner;(4) an appropriate statutory status disclosure statement (GEN 4 Annex 1 R), together with a statement
A firm must (except when otherwise agreed by parties who are not consumers):(1) give an ECA recipient at least the following information, clearly, comprehensibly and unambiguously, and before the order is placed by the recipient of the service:(a) the different technical steps to follow to conclude the contract;(b) whether or not the concluded contract will be filed by the firm and whether it will be accessible;(c) the technical means for identifying and correcting input errors
A request by an issuer for the listing of its securities to be suspended or cancelled must be in writing and must include:(1) the issuer's name;(2) details of the securities to which it relates and the RIEs on which they are traded;(3) a clear explanation of the background and reasons for the request;(4) the date on which the issuer requests the suspension or cancellation to take effect;(5) for a suspension, the time the issuer wants the suspension to take effect;(6) if relevant,
The issuer must also include with a request to cancel the listing of its securities the following:(1) if the cancellation is to take effect after the completion of the compulsory acquisition procedures under Chapter 3 of Part 281 of the Companies Act 20061, a copy of the notice sent to dissenting shareholders of the offeree together with written confirmation that there have been no objections made to the court within the prescribed period;11(2) for a cancellation referred to in
Cancellations will only be specified to take effect when the market opens on a specified day. An issuer should therefore ensure that all accompanying information has been provided to the FSA well before the date on which the issuer wishes the cancellation to take effect and at the very latest by 3 p.m. on the business day before it is to take effect. If the information is received after 3:00 p.m. on the day before the issuer wishes the cancellation to take effect, it will normally
1A risks and features statement need not be personalised to the customer's circumstances but must:(1) include the Key facts logo in a prominent position at the top of the statement;(2) state that the FSA requires a firm to provide the statement;(3) state that mortgages are available and that the customer should think carefully about the product appropriate to his needs;(4) describe the significant features of the plan, including:(a) how the home purchase plan works;(b) the nature
A class 1 circular must also include the following information:(1) the information given in the notification (see LR 10.4.1R);(2) the information required by LR 13 Annex 1;(3) the information required by LR 13.5 (if applicable); and(4) a declaration by its directors in the following form (with appropriate modifications):"The directors of [the company], whose names appear on page [ ], accept responsibility for the information contained in this document. To the best of the knowledge
If, notwithstanding the steps taken by a firm to comply with MCOB 1.6.3 R, it transpires that a mortgage which the firm has treated as unregulated is in fact a regulated mortgage contract, the firm must as soon as practicable after the correct status of the mortgage has been established:(1) contact the customer and provide him with the following information in a durable medium:(a) a statement that the mortgage contract is a regulated mortgage contract subject to FSA regulation,
Where the Ombudsman considers that the complaint or the complainant may be ineligible under the jurisdiction rules (see DISP 2 (Jurisdiction of the Financial Ombudsman Service)) he must give the complainant an opportunity to make representations before he reaches his decision and he must give reasons to the complainant for that decision and inform the firm or licensee4 of his decision.
During the course of a distance contract with a consumer4, the making or performance of which constitutes or is part of a regulated mortgage contract or home purchase plan:343(1) the firm must, at the consumer's4 request, provide a paper copy of the contractual terms and conditions of the regulated mortgage contract, home purchase plan or services being provided by the firm; and 433(2) the firm must comply with the customer's request to change the means of distance communication4
This table belongs to COLL 7.3.3 G
Summary of the main steps in winding up a solvent ICVC or terminating a sub-fund under FSA rules, assuming FSA approval. Notes: N = Notice to be given to the FSA under regulation 21 of OEIC Regulations E = commencement of winding up or termination W/U = winding up FAP = final accounting period (COLL 7.3.8 R(4)) |
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Step number |
Explanation |
When |
COLL rule (unless stated otherwise) |
1 |
Commence preparation of solvency statement |
N-28 days |
7.3.5 (2) |
2 |
Send audited solvency statement to the FSA with copy to depositary |
By N + 21 days |
7.3.5 (4) and (5) |
3 |
Receive the FSA approval |
N + one month |
Regulation 21 of OEIC Regulations |
4 |
Normal business ceases; publish notices |
E |
7.3.6 |
5 |
Realise proceeds, wind up, instruct depositary accordingly |
ASAP after E |
7.3.7 |
6 |
Prepare final account or termination account & have account audited |
On completion of W/U or termination |
7.3.8 |
7 |
Send final account or termination account and auditor's report to the FSA & unitholders |
Within 2 months of FAP |
7.3.8(6) |
8 |
Request FSA to revoke relevant authorisation order |
On completion of W/U |
7.3.7(9) |
(1) The ACD need not (as would be required under COLL 4.5.13 R (Provision of short report)) send to each Unitholder a copy of any short report relating to an annual accounting period or half-yearly accounting period which began after commencement of winding up or termination, if the directors of the ICVC, after consulting the FSA, have reasonably determined that this is not required in the interest of unitholders. (2) Where (1) applies, a copy of the short or long report must
1COBS applies to an OPS firm when it carries on business which is not MiFID or equivalent third country business, with the following modifications:
- (1)
references to client are to be taken to be references to the OPS or welfare trust, as the case may be, in respect of which the OPS firm is acting or intends to act, and with or for the benefit of whom the relevant business is to be carried on;
- (2)
if an OPS firm is required by any COBSrule to provide information to, or obtain consent from, a client, that firm must ensure that the information is provided to, or consent obtained from, each of the trustees of the OPS or welfare trust for whom that firm is acting; and
- (3)
COBS is modified by the addition of the rules in the table below:
Additional COBS rules applicable to an OPS firm |
|
COBS |
Description |
16.2.6R (4) |
If an OPS firm carries on OPS activity for an OPS trustee who is a professional client and who is habitually resident in the United Kingdom, it may rely upon the exceptions in COBS 16.2.1 R (2) or COBS 16.2.6 R (1) only if it provides a periodic statement to the professional client containing the information required by COBS 18.8.2R |
Where an OPS firm conducts OPS activity and is obliged to provide a periodic statement, the periodic statement must contain the information in the table below.
Information to be included in a periodic statement provided by an OPS firm conducting OPS activity |
|
(1) |
Investment objectives |
A statement of any investment objectives governing the mandate of the portfolio of the occupational pension scheme as at the closing and starting date of the periodic statement. |
|
(2) |
Details of any asset loaned or charged |
(a) a summary of any investments that were, at the closing date, lent to a third party and any investments that were at that date charged to secure borrowings made on behalf of the portfolio; and (b) the aggregate of any interest payments made and income received during the account period in respect of loans or borrowings made during that period and a comparison with the previous period. |
|
(3) |
Transactions and changes in composition |
(a) a summary of the transactions entered into for the portfolio during the period and a comparison with the previous period; (b) the aggregate of money and a summary of all investments transferred into and out of the portfolio during the period; and (c) the aggregate of any interest payments, dividends and other benefits received by the firm for the portfolio during that period and a comparison with the previous period. |
|
(4) |
Charges and remuneration |
If not previously advised in writing, a statement for the period of account: (a) of the aggregate charges of the firm and its associates; and (b) of any remuneration received by the firm or its associates or both from a third party in respect of the transactions entered into, or any other services provided, for the portfolio. |
|
(5) |
Movement in value of portfolio |
A statement of the difference between the value of the portfolio at the closing date of the period of account and its value at the starting date, having regard, during the period of account, to: (a) the aggregate of assets received from the occupational pension scheme and added to the portfolio; (b) the aggregate of the value of assets transferred, or of amounts paid, to the client; (c) the aggregate income received on behalf of the client in respect of the portfolio; and (d) the aggregate of realised and unrealised profits or gains and losses attributable to the assets comprised in the portfolio. |
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