Related provisions for SUP App 3.6.1
41 - 60 of 318 items.
(1) This section applies to a motor vehicle liability insurer.(2) The rules in this section relating to the appointment of claims representatives apply:22(a) in relation to claims by injured parties resulting from accidents occurring in an EEA State other than the injured party'sEEA State of residence which are caused by the use of vehicles insured through an establishment in, and normally based in, an EEA State other than the injured party'sEEA State of residence; and2(b) in
A firm must ensure that each claims representative:(1) is responsible for handling and settling a claim by an injured party;(2) is resident or established in the EEA State where it is appointed;(3) collects all information necessary in connection with the settlement of a claim and takes the measures necessary to negotiate its settlement;(4) possesses sufficient powers to represent the firm in relation to an injured party and to meet an injured party's claim in full; and(5) is
(1) A firm must notify to the information centres of all EEA States:(a) the name and address of the claims representative which they have appointed in each of the EEA States;[Note: article 23(2) of the Consolidated Motor Insurance Directive](b) the telephone number and effective date of appointment; and(c) any material change to information previously notified.(2) Notification must be made within ten business days of an appointment or of a material change.
Under the Act and the Regulated Activities Order, the activities of effecting and carrying out contracts of insurance are treated as being carried on in the United Kingdom on the basis of legal tests under which the location of the risk is only one factor. If the risk is located in the United Kingdom, then (other relevant factors being taken into account) the activity will, in the vast majority of cases, also be viewed as carried on in the United Kingdom. There are exceptions,
So, the effect of App 3.12.1 is that an insurer may be carrying on insurance business in the United Kingdom which is to be treated as a regulated activity under article 10 to the Regulated Activities Order (Effecting and carrying out contracts of insurance) in circumstances where the risks covered are treated as located in another EEA State. In that event, the insurer is required by Schedule 3 to the Act to passport into the State concerned and may be subject to conduct of business
An insurer authorised in another EEA State who is insuring UK risks and so passports on a services basis under the Solvency II Directive7 into the United Kingdom may not be carrying on a regulated activity in the United Kingdom. But, if it passports into the United Kingdom, it will qualify for authorisation under paragraph 12 of Schedule 3 to the Act (Firms qualifying for authorisation). Where this is the case, the insurer will be subject to conduct of business requirements in
(1) This sourcebook, except for COLL 9 (Recognised schemes), applies to:(a) investment companies with variable capital (ICVCs);(b) ACDs, other directors and depositaries of ICVCs;3(c) managers and trustees of authorised unit trust schemes (AUTs); 34(cA) authorised fund managers, depositaries and nominated partners of authorised contractual schemes (ACSs); and4(d) to the extent indicated, UK UCITS management companies operating EEA UCITS schemes.3(2) COLL 9 applies to operators
3An EEA UCITS management company that is providing collective portfolio management services for a UCITS scheme from a branch in the United Kingdom, or under the freedom to provide cross border services, is advised that where it operates a UCITS scheme as its designated management company, it meets the Glossary definition of an "ACD" of an ICVC or a "manager" of an AUT or an authorised contractual scheme manager of an ACS,4 which in either case is a UCITS scheme. Such firms should
3COLL 12 provides for the application of COLL in relation to the management company passport under the UCITS Directive. It explains how the passporting regime applies to both UK UCITS management companies and EEA UCITS management companies when providing collective portfolio management services on a cross-border basis. It also explains how the product passport (for UCITS) operates and how UCITS schemes may be marketed in other EEA States.
(1) This chapter applies to a firm which is considering appointing, has decided to appoint or has appointed an appointed representative.1(1A) This chapter applies to a UK MiFID investment firm which is considering appointing, has decided to appoint or has appointed an EEA tied agent.2(1B) 4This chapter applies to a CBTL firm other than a CBTL lender which is considering appointing, has decided to appoint or has appointed an appointed representative in relation to CBTL business
5 For an EEA MiFID investment firm, in our view, rules in this chapter that are within the scope of MiFID apply only to its MiFID business to the extent they relate to the knowledge and competence of one or more of its UK tied agents. An EEA MiFID investment firm should complete the Appointed representative appointment form in SUP 12 Annex 3R when appointing a UK tied agent to carry on MiFID business on its behalf. [Note: article 29(3) of MiFID]
2This chapter also sets out:5(1) guidance about section 39A of the Act, which is relevant to a UK MiFID investment firm that is considering appointing an FCA registered tied agent; and5(2) the FCA’s rules, and guidance on those rules, in relation to the appointment of:5(a) an EEA tied agent by a UK MiFID investment firm;5(b) a MiFID optional exemption appointed representative; and5(c) a structured deposit appointed representative.5
5A management company, when identifying the types of conflict of interests for the purposes of SYSC 10.1.4 R, must take into account:(1) the interests of the firm, including those deriving from its belonging to a group or from the performance of services and activities, the interests of the clients and the duty of the firm towards the UCITS scheme or EEA UCITS scheme it manages; and(2) where it manages two or more UCITS schemes or EEA UCITS schemes, the interests of all of them.[Note:
5For a management company, references to client in SYSC 10.1.4 R and in the other rules in this section should be construed as referring to any UCITS scheme or EEA UCITS scheme managed by that firm or which it intends to manage, and with or for the benefit of which the relevant activity is to be carried on.
5A management company must be structured and organised in such a way as to minimise the risk of a UCITS scheme's, EEA UCITS scheme's or client's interests being prejudiced by conflicts of interest between the management company and its clients, between two of its clients, between one of its clients and a UCITS scheme or an EEA UCITS scheme, or between two such schemes.[Note: articles 12(1)(b) and 14(1)(d) of the UCITS Directive]
(1) 5Where the organisational or administrative arrangements made by a management company for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the UCITS scheme or EEA UCITS scheme it manages or of its Unitholders will be prevented, the senior personnel or other competent internal body of the firm must be promptly informed in order for them to take any necessary decision to ensure that in
Where an authorised fund manager of a feeder UCITS enters into a master-feeder agreement or, if applicable, internal conduct of business rules, with the management company of an EEA UCITS scheme, references in COLL 11 Annex 1 R and COLL 11 Annex 2 R to COLLrules implementing provisions in the UCITS Directive which are the responsibility of the EEA UCITS scheme'sHome State regulator should be read as referring to the corresponding provisions in the laws and regulations of that
(1) Where the feeder UCITS and the master UCITS are UCITS schemes, the master-feeder agreement must provide that the law of a specified part of the United Kingdom applies to the agreement and that both parties agree to the exclusive jurisdiction of the courts of that part of the United Kingdom.(2) Where the feeder UCITS and the master UCITS are established in different EEA States, the master-feeder agreement must provide that the applicable law shall be either:(a) the law of the
(1) The authorised fund managers of a master UCITS and its feeder UCITS must take appropriate measures to co-ordinate the timing of their net asset value calculation and publication, including the publication of dealingprices, in order to avoid market timing in their units, preventing arbitrage opportunities.(2) Where either the master UCITS or feeder UCITS is an EEA UCITS scheme managed by an EEA UCITS management company, the authorised fund manager must co-ordinate with that
Where the FCA is informed in accordance with COLL 11.3.9 R that a feeder UCITS which is an EEA UCITS scheme has invested in units of the master UCITS, section 261A and section 261Z41 (Information for home state regulator) of the Act and regulation 29A (Information for home state regulator) of the OEIC Regulations require the FCA to inform the Home State regulator of the feeder UCITS immediately.[Note: article 66(1) second sentence of the UCITS Directive]
11The RAO and the auction regulation together generate three broad categories of person in relation to bidding for emission allowances26 on an auction platform:(1) The first category consists of an investment firm to which MiFID applies, a CRD credit institution and a third country credit institution where the 26 firm is bidding on behalf of its clients or on its own account for emissions auction products26. For these purposes a third country credit institution refers to a credit
26The definition of a multilateral trading facility covers:(1) a multilateral trading facility as defined by MiFID (see PERG 13, Q24) operated by an investment firm, a credit institution or a market operator; or(2) a facility which:(a) is operated by an investment firm, a credit institution or a market operator that is set up outside the EEA; and(b) would come within (1) if its operator was set up in the EEA.
26The definition of an organised trading facility covers:(1) an organised trading facility as defined by MiFID (see PERG 13, Q24A) operated by an investment firm, a credit institution or a market operator; or(2) a facility which:(a) is operated by an investment firm, a credit institution or a market operator that is set up outside the EEA; and(b) would come within the MiFID definition if its operator was set up in the EEA.
16The activity of managing a UCITS is derived from the UCITS Directive. A person will manage a UCITS where they carry on collective portfolio management of a UCITS. A UCITS is a type of collective investment scheme which is authorised by a competent authority in an EEA State as meeting the requirements under the UCITS Directive.
(1) 1This rule applies to a state, a regional or local authority and a public international body with listeddebt securities for whom the United Kingdom is its home Member State for the purposes of the Transparency Directive.(2) An issuer referred to in paragraph (1) that is not already required to comply with the transparency rules must comply with:(a) DTR 5.6.3 R (disclosure of changes in rights);(b) [deleted]2(c) DTR 6.1.3 R (2) (equality of treatment);(d) DTR 6.2 (Filing information
A person will only be an EEA firm or a Treaty firm if it has its head office in an EEA State other than the United Kingdom. EEA firms and Treaty firms are entitled to exercise both the right of establishment and the freedom to provide services under the Treaty. The difference, however, is that an EEA firm has a right to passport under a Single Market Directive or the auction regulation2, whereas a Treaty firm carries on activities for which the right to carry on those activities
Where:(1) an MCD regulated mortgage contract is denominated in the currency of the EEA State in which the consumer is resident ("currency A"); and(2) the consumer receives income or holds assets in currency A but also receives income or holds assets in another currency ("currency B");the MCD regulated mortgage contract will not be a foreign currency loan unless the credit is to be repaid wholly or in part from the income received or assets held in currency B.
The alternative currency referred to in MCOB 2A.3.1R (1) must be either:(1) the currency in which the consumer primarily receives income or holds assets from which the credit is to be repaid, as indicated at the time that the most recent affordability assessment in relation to the regulated mortgage contract was made; or(2) the currency of the EEA State in which the consumer either was resident at the time that the MCD regulated mortgage contract was entered into or is currently
1Under section 312A of the Act, an EEA market operator may make arrangements in the United Kingdom to facilitate access to, or use of, a regulated market or multilateral trading facility operated by it if:(1) the operator has given its Home State regulator notice of its intention to make such arrangements; and(2) the Home State regulator has given the FCA3 notice of the operator's intention.3
An EEA market operator has exempt person status as respects any regulated activity which is carried on as a part of its business of operating a regulated market or multilateral trading facility if the operator made arrangements in the United Kingdom on or before 31 October 2007 to facilitate access to, or use of, that regulated market or multilateral trading facility.
(1) A person performs the EEA branch senior manager function in relation to the branch in the United Kingdom of an EEA relevant authorised person if that person has significant responsibility for one or more significant business units of the branch that carry on any of the activities listed in (2).(2) The activities listed in this paragraph are:(a) designated investment business other than dealing in investments as principal, disregarding article 15 of the Regulated Activities
(1) The definition of the EEA branch senior manager function (SMF21) is similar to that of the significant management FCA-specified significant-harm function under SYSC 5.2.35R. However, only the former is an FCA-designated senior management function.(2) The main differences are:(a) SUP 10C.8.4R(2)(d) is not included in the significant management FCA-specified significant-harm function; and(b) the overriding requirements in SUP 10C.3 (General material about the definition of controlled
A person performing the EEA branch senior manager function could, for example, be: (1) the head of a significant business unit carrying on the activities in SUP 10C.8.4R(2); or(2) a member of a committee (that is, a person who, together with others, has authority to commit the branch) making decisions about those activities.
(1) This section applies to:(a) an authorised fund manager of an AUT, ACS1 or ICVC;(b) any other director of an ICVC; and(c) an ICVC;which is a UCITS scheme whose units may be marketed in another EEA State (the Host State).(2) The marketing of units of a UCITS scheme in the Host State may not commence until the FCA has, in accordance with paragraph 20B(5) (Notice of intention to market) of Schedule 3 to the Act, notified the authorised fund manager, in response to the application
The effect of article 58(4) (b) of the UCITS Directive is that a UCITS scheme that is a master UCITS which only has one or more feeder UCITS in another EEA State and therefore does not raise capital directly from the public in that EEA State will not thereby be exercising its right to market its units in that Host State in accordance with Chapter XI of the UCITS Directive.[Note: article 58(4)(b) of the UCITS Directive]
(1) A CAD Article 22 group means a UK consolidation group or non-EEA sub-group that meets the conditions in this rule.(2) There must be no bank, building society or2credit institution2 in the UK consolidation group or non-EEA sub-group and any investment firm in the UK consolidation group or non-EEA sub-group must not be subject to consolidated supervision under the EU CRR2.11(3) Each CAD investment firm in the UK consolidation group or non-EEA sub-group which is an EEA firm
GENPRU 2.2 (Capital resources) says that a BIPRU firm1 with an investment firm consolidation waiver should calculate its capital resources on a solo basis using GENPRU 2 Annex 6 (Capital resources table for a BIPRU firm with a waiver from consolidated supervision). GENPRU 2 Annex 6 requires a BIPRU firm1 to deduct contingent liabilities in favour of other members of the UK consolidation group or non-EEA sub-group. Therefore BIPRU 8.4.9R (5)(b) only imposes the requirement to deduct
If a firm has an investment firm consolidation waiver, it must:(1) ensure that each CAD investment firm in the UK consolidation group or non-EEA sub-group which is a firm or an EEA firm has in place systems to monitor and control the sources of capital and funding of all the members in the UK consolidation group or non-EEA sub-group;(2) notify the FCA of any serious risk that could undermine the financial stability of the UK consolidation group or non-EEA sub-group, as soon as
An incoming EEA firm (other than an EEA pure reinsurer or an EEA firm that has received authorisation under article 18 of the auction regulation and only provides services in the United Kingdom5) 4or incoming Treaty firm carrying on business in the United Kingdom must comply with the applicable provisions (see SUP 13A.4.4 G, SUP 13A.4.6 G,5 and SUP 13A.5.4 G) and other relevant UK legislation. For example where the business includes:(1) business covered by the Consumer Credit
(1) In particular, an EEA firm (other than an EEA pure re-insurer9 ) or Treaty firm must comply with the applicable provisions in SUP 10A and 10C8 (Approved persons). An EEA firm or Treaty firm should also refer to SUP 10A.1 and 10C.18 (Application) which sets out the territorial provisions of the approved persons regime.7(2) An EEA firm or Treaty firm which is an EEA relevant authorised person should also refer to SUP 10C (FCA senior management regime for approved persons in
Under the EEA Passport Rights Regulations, references in section 60 of the Act (applications for approval for persons to perform controlled functions) to "the authorised person concerned" include:33(1) an EEA MiFID investment firm whose Home State regulator has given a consent notice under paragraph 13 of Schedule 3 to the Act (see SUP 13A.4.1G (1) and SUP 13A.4.2 G) or a regulator's notice under paragraph 14 of that Schedule (see SUP 13A.5.3G (1)), and which will be the authorised
A firm will not be a member of a non-EEA sub-group unless it is1 also a member of a UK consolidation group. So the first step is to identify each undertaking in the firm'sUK consolidation group that satisfies the following conditions:(1) it isa CAD investment firm,4financial institution or asset management company whose head office is outside the EEA (a third country investment services undertaking4);44(2) one of the following applies:(a) it is a subsidiary undertaking of a BIPRU
The firm should then identify each undertaking in the firm'sUK consolidation group that satisfies the following conditions:(1) it isa CAD investment firm,4financial institution or asset management company whose head office is outside the EEA (a third country investment services undertaking);4(2) one of the following applies:(a) it is a subsidiary undertaking of a financial holding company in that UK consolidation group; or(b) a financial holding company in that UK consolidation
The examples in this section have so far assumed that the only EEA State involved is the United Kingdom. If a potential non-EEA sub-group that would otherwise be regulated by the appropriate regulator contains a potential non-EEA sub-group in another EEA State then the United Kingdom one is eliminated if the third country investment services undertaking4 in the UK potential non-EEA sub-group and the potential non-EEA sub-group in the other EEA State are the same. The intention
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 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 which