Related provisions for TC 2.2A.2
41 - 60 of 188 items.
The contract of professional indemnity insurance must incorporate terms which make provision for:(1) cover in respect of claims for which a firm may be liable as a result of the conduct of itself, its employees and its appointed representatives (acting within the scope of their appointment);(2) the minimum limits of indemnity per year set out in this section;(3) an excess as set out in this section;(4) appropriate cover in respect of legal defence costs;(5) continuous cover in
A firm should ensure that the systems and controls include:1(1) appropriate training for its employees in relation to money laundering;(2) appropriate provision of information to its governing body and senior management, including a report at least annually by that firm'smoney laundering reporting officer (MLRO) on the operation and effectiveness of those systems and controls;(3) appropriate documentation of its risk management policies and risk profile in relation to money laundering,
A firm (with the exception of a sole trader who has no employees)21 must:12(1) appoint an individual as MLRO, with responsibility for oversight of its compliance with the FCA'srules on systems and controls against money laundering; and(2) ensure that its MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him to carry out that responsibility.
(1) If the FCA considers that a natural or legal
person ('P') who has notified the FCA of his intention to use either
the market maker exemption or
the authorised primary dealer exemption does
not satisfy the criteria to use the market
maker exemption or the authorised
primary dealer exemption, the FCA will send a letter to P setting
out the reasons why it is minded to prohibit P from using the market maker exemption or the authorised primary dealer exemption.(2) P will be given
If P is not satisfied with the FCA's decision to prohibit P's use of
the market maker exemption or
the authorised primary dealer exemption,
P may seek a review of the decision. This will be conducted by a group of
at least three senior FCA staff. None of the group conducting
the review will have been connected with the earlier decision taken in respect
of P's use of the market maker exemption or
the authorised primary dealer exemption.
The review may take place after the expiry
2If a firm requires employees who are not subject to a qualification 7 requirement in TC7 to pass a relevant examination from the list of appropriate qualifications 8maintained by the FCA8, the appropriate regulator will take that into account when assessing whether the firm has ensured that the employee satisfies the knowledge component of the competent employees rule.78878778
The following factors may be relevant
to determining the appropriate length of the period of suspension, restriction,4 condition or disciplinary prohibition4 to be imposed on a person under
the Act:3(1) DeterrenceWhen determining
the appropriate length of the period of suspension, restriction,4 condition or disciplinary prohibition4 the FCA2 will
have regard to the principal purpose for which it imposes sanctions, namely
to promote high standards of regulatory and/or market conduct
The FCA2 may delay the commencement of the period of suspension,4 restriction or disciplinary prohibition4.
In deciding whether this is appropriate, the FCA2 will take into account all the circumstances of a case. Considerations
that may be relevant in respect of an authorised
person, sponsor or primary
information provider2 include:22(1) the impact of the suspension or
restriction on consumers;(2) any practical measures the authorised person, sponsor or primary information provider2
1Schedule 5 to the CRA gives: (a) the FCA; and (b) any other person, who may be an FCA
employee, specifically authorised or appointed by the FCA for this purpose; the power to require, by notice in writing, which must contain the particulars specified by paragraph 15 of Schedule 5, the production of information to enable the FCA to ascertain whether a person has complied with or is complying with an injunction granted or an undertaking given under Schedule
Text of article 2.3 of the Insurance Mediation Directive"'Insurance mediation' means the activities of introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, or of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim.These activities when undertaken by an insurance undertaking or an employee of an insurance undertaking who is acting under the
Where a UK recognised body has taken any disciplinary action against any member or any employee of a member, in respect of a breach of a rule relating to the carrying on by the UK recognised body of any of its regulatory functions, that body must immediately notify the FCA1of that event, and give:1(1) the name of the person concerned;(2) details of the disciplinary action taken by the UK recognised body; and(3) the UK recognised body's reasons for taking that disciplinary act
1Annual expenditure is:(a) the sum of the amounts described as total expenditure in the four quarterly financial returns up to (and including) that prepared at the firm's most recent accounting reference date, less the following items (if they are included within such expenditure):(i) staff bonuses, except to the extent that they are guaranteed;(ii) employees' and directors' shares in profits, except to the extent that they are guaranteed;(iii) other appropriations of profits;(iv)
In this chapter, the following interpretations of risk management terms apply:(1) a firm's risk culture encompasses the general awareness, attitude and behaviour of its employees and appointed representatives or, where applicable, its tied agents,1to risk and the management of risk within the organisation;(2) operational exposure means the degree of operational risk faced by a firm and is usually expressed in terms of the likelihood and impact of a particular type of operational
Any sale for cash, transfer for the purposes
of or pursuant to an employees' share scheme or
cancellation of treasury shares that represents over 0.5% of the listed company'sshare capital 2 must be notified to a RIS as
soon as possible and in any event by no later than 7:30 a.m. on the business day following the calendar day on
which the sale, transfer or cancellation occurred. The notification must include:2(1) the date of the sale, transfer
or cancellation;(2) the number of
The policy of professional indemnity insurance must incorporate terms which make provision for: (1) cover in respect of claims for which an exempt CAD
firm may be liable as a result of the conduct of itself, its employees and its appointed representatives or where applicable, its tied agent (acting within the scope of their appointment); (2) the minimum levels of indemnity per year as set out in the rules relating to professional indemnity insurance above;
An exceptionally urgent case in these circumstances is one where the FCA staff believe that a decision to begin proceedings1(1) should be taken before it is possible to follow the procedure described in paragraph 10.1.2; and1(2) t is necessary to protect the interests of consumers or potential consumers.12
(1) A firm must have appropriate procedures in place for its employees to report breaches internally through a specific, independent and autonomous channel.(2) The channel in (1) may be provided through arrangements provided for by social partners, subject to the Public Interest Disclosure Act 1998 and the Employment Rights Act 1996 to the extent that they apply.[Note: article 71(3) of CRD]
1A firm must make appropriate records to demonstrate compliance with the rules in this sourcebook and keep them for the following periods after an employee stops carrying on the activity:(1) at least 5 years for MiFID business;(2) 3 years for non-MiFID business; and(3) indefinitely for a pension transfer specialist.[Note: article 9(4) of the MCD]2
(1) The steps that a relevant authorised person must take to secure that its conduct rules staff understand how the rules in COCON apply to them include the provision of suitable training.(2) Suitable training should always ensure that those who are subject to the rules in COCON have an awareness and broad understanding of all of the rules in COCON, and that they also have a deeper understanding of the practical application of the specific rules which are relevant to their work.(3)