Related provisions for CONC 8.7.7

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FEES 13.2.7GRP
The Handbook provisions relating to the IML levy are meant to follow closely the provisions relating to the payment of the periodic fees in FEES 4.3.1R. In the interests of brevity, not all of these provisions are set out again in FEES 13. In some cases, certain FEES 4rules are applied to the payment of the IML levy by individual rules in FEES 13. The rest are set out in the table in FEES 13.2.9R.
FEES 13.2.8RRP
The rules set out in the table in FEES 13.2.9R and any other rules in FEES 4 included in FEES 13 by cross-reference apply to the IML levy in the same way as they apply to periodic fees payable under FEES 4.3.1R.
FEES 13.2.9RRP

Table of rules in FEES 4 that also apply to FEES 13 to the extent that in FEES 4 they apply to fees payable to the FCA.

FEES 4 rules incorporated into FEES 13

Description

FEES 4.2.4R

Method of payment

FEES 4.2.7GR to FEES 4.2.7KR

Calculation of periodic fee and tariff base for a firm’s second financial year

FEES 4.2.8R

How FEES 4.2.7R applies in relation to an incoming EEA firm or an incoming Treaty firm

FEES 4.2.10R

Extension of time

FEES 4.2.11R (first entry only)

Due date and changes in permission for periodic fees

FEES 4.3.7R

Group of firms

FEES 4.3.13R

Firms applying to cancel or vary permission before start of period

FEES 4.3.17R

Firms acquiring businesses from other firms

FEES 4.4.1R to FEES 4.4.6R

Information on which fees are calculated

FEES 13.2.10GRP
In some cases, a FEES 4rule incorporated into FEES 13 in the manner set out in FEES 13.2.7G will refer to another rule in FEES 4 that has not been individually incorporated into FEES 13. Such a reference should be read as being to the corresponding provision in FEES 13.
REC 3.3.1GRP
Under section 294 of the Act (Modification or waiver of rules), the FCA1 may, on the application or with the consent of a recognised body (including an ROIE),1 direct that any notification rule is not to apply to the body or is to apply with such modifications as may be specified in the waiver.11
REC 3.3.3GRP
Under section 294(4) of the Act, before the FCA1 may give a waiver of notification rules, it must be satisfied that:1(1) compliance by the recognised body with those notification rules, or with those rules as unmodified, would be unduly burdensome or would not achieve the purpose for which those rules were made; and(2) the waiver would not result in undue risk to persons whose interests those rules are designed to protect.
REC 3.3.4GRP
Where a recognised body wishes to make an application to the FCA1 for a waiver of a notification rule, it should in the first instance inform its usual supervisory contact at the FCA.111
REC 3.3.7GRP
Any waiver given by the FCA1 under section 294 of the Act will be made in writing, stating: 1(1) the name of the recognised body in respect of which the waiver is made;(2) the notification rules which are to be waived or modified in respect of that body;(3) where relevant, the manner in which any rule is to be modified;(4) any condition or time limit to which the waiver is subject; and(5) the date from which the waiver is to take effect.
FEES 5.1.1RRP
113Rules and guidance made by the FCA in this chapter apply to every firm which is subject to the Compulsory Jurisdiction.715715
FEES 5.1.1-AGRP
715Whilst no rule11 made by the FCA in this chapter applies to VJ participants, some of the guidance may do. The application of rules made by the FOS Ltd in this chapter is set out in FEES 5.5B16 and described in FEES 5.1.2 AG.8
FEES 5.1.1BRRP
715FEES 5.1.1A R does not apply to 16FEES 5.5B or FEES 5 Annex 2R or Annex 3R unless otherwise stated in rules made by the FOS Ltd.16
FEES 5.1.2GRP
The rules set out in the table under FEES 5.1.2 AG are made by the FOS Ltd. All other FEES 5 rules are made by the FCA.715715
FEES 5.1.2AGRP

715Table of FEES 5 rules made by the FOS Ltd

FEES 5 rules made by the FOS Ltd

Description

FEES 5.5B16

16

Rules relating to case fees

FEES 5 Annex 2R

Annual Levy Payable in Relation to the Voluntary Jurisdiction

FEES 5 Annex 3R

Case Fees Payable

SUP 8.1.1-ARRP
7This chapter applies to every:(1) firm or person who is subject to FCArules that wishes to apply for, consent to, or has been given a modification of or waiver of the FCA'srules; (2) person, as respects a particular AUT, ACS6 or ICVC, who wishes to apply for, consent to, or has been given a modification of or waiver of the rules in COLL.
SUP 8.1.1AGRP
This chapter is relevant to an applicant for a Part 4A permission7, as if that applicant were a firm. Where the chapter refers to appropriate7supervisory contact, the applicant should read this as being the usual supervisory7contact at7 the appropriate regulator7. Further, this chapter is relevant to a person who is subject to rules made by the appropriate regulator7 and where the chapter refers to a firm, this includes that person5.177577
SUP 8.1.2GRP
A recognised body should see REC 3.3 for information on waivers of rules in REC under section 294 of the Act.
SUP 8.1.4GRP
This chapter explains how the regime for the waiver4 of rules works.4
SUP 5.1.1RRP
(1) 1This chapter applies to every firm.(2) The rules, and the guidance on rules in SUP 5.5 (Duties of firms), do not apply to a UCITS qualifier.
SUP 5.1.1CDRP
2SUP 5.5.1R and SUP 5.5.5R apply to CBTL firms in relation to their CBTL business as if a reference to firm in these rules were a reference to a CBTL firm and a reference to section 166 of the Act were a reference to section 166 of the Act, as applied by article 23(2)(b) of the MCD Order.
SUP 5.1.1DGRP
2SUP 5.5.1R and SUP 5.5.5R apply to former CBTL firms in relation to their CBTL business as guidance and as if:(1) a reference to firm in those rules were a reference to a CBTL firm;(2) section 166 of the Act were a reference to section 166 of the Act as applied by article 23(2)(b) of the MCD Order; and(3) the word “must” were replaced by the word “should”.
SUP 5.1.2GRP
This chapter (other than the rules, and guidance on rules, in SUP 5.5 (Duties of firms)) is also relevant to certain unauthorised persons within the scope of section 166 of the Act (Reports by skilled persons) (see SUP 5.2.1 G).
SUP 5.1.3GRP
6The purpose of this chapter is to give guidance on the FCA’s4 use of the power in section 166 (Reports by skilled persons) and section 166A (Appointment of skilled person to collect and update information) of the Act. The purpose is also to make rules requiring a firm to give assistance to a skilled person and, where a firm is required to appoint a skilled person, to include certain provisions in its contract with a skilled person. These rules are designed to ensure that the
SUP 15.7.1RRP
A notification required from a firm under any notification rule must be given in writing, and in English, and must be submitted on the form specified for that notification rule, or if no form is specified, on the form inSUP 15 Ann 4 R3 (Notification form), and must give the firm's Firm Reference Number unless:237(1) the notification rule states otherwise; or(2) the notification is provided solely in compliance with Principle 11 (see SUP 15.3.7 G).
SUP 15.7.4RRP
Unless stated in the notification rule, or on the relevant form (if specified), a written notification required from a firm under any notification rule must be:2(1) given to or addressed for the attention of the firm's usual supervisory contact at the FCA4 and77(2) delivered to the FCA4 by one of the methods in SUP 15.7.5A R or SUP 15.7.5B R as applicable:777
SUP 15.7.10RRP
If a notification rule requires notification within a specified period:(1) the firm must give the notification so as to be received by the FCA4 no later than the end of that period; and 77(2) if the end of that period falls on a day which is not a business day, the notification must be given so as to be received by the FCA4 no later than the first business day after the end of that period. 77
SUP 15.7.11GRP
If a notification rule does not require notification within a specified period, the firm should act reasonably in deciding when to notify.
SUP 15.7.15GRP
If a firm fails to comply with the rules in this section then the notification is invalid and there may be a breach of the rule that required the notification to be given.
SUP 15.7.16GRP
The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) contain provisions relating to the service of documents on the FCA4. They do not apply to notifications required under notification rules because of the specific rules in this section.77
COLL 8.5.2RRP
(1) The authorised fund manager must manage the scheme in accordance with:(a) the instrument constituting the fund;1212(b) The applicable rules13; (c) the most recently published prospectus; and(d) for an ICVC, the OEIC Regulations.(2) The authorised fund manager must carry out such functions as are necessary to ensure compliance with the rules13that impose obligations on the authorised fund manager or ICVC, as appropriate.(3) The authorised fund manager must:(a) make decisions
COLL 8.5.4RRP
(1) The depositary is responsible for the safekeeping of all the scheme property.(2) The depositary must:(a) take all steps to ensure that transactions properly entered into for the account of the scheme are completed;(b) take all steps to ensure that instructions properly given by the authorised fund manager in respect of the exercise of rights related to scheme property are carried out;(c) ensure that any scheme property in registered form is as soon as reasonably practicable
COLL 8.5.5RRP
(1) A small authorised UK AIFM13(or in addition any other director in the case of an ICVC managed by a small authorised UK AIFM)13 may delegate any function to any person.(2) (a) 13The depositary of a scheme managed by a small authorised UK AIFM has the power to delegate any function to anyone, including in the case of an ICVC a director, to assist the depositary to perform its functions. (b) 13However, it must not retain the services of the authorised fund manager or, in the
COLL 8.5.8RRP
(1) The authorised fund manager10 or the depositary of an AUT or ACS10 (in accordance with their responsibilities as set out in the instrument constituting the fund12) must maintain a register of unitholders as a document in accordance with this rule.101012(2) The register must contain:(a) the name and address of each Unitholder (for joint Unitholders no more than four need to be registered);(b) the number of units (including fractions of a unit) of each class held by each unitholder;
COLL 8.5.10RRP
(1) The authorised fund manager must:(a) ensure that at each valuation point there are at least as many units in issue of any class as there are units registered to unitholders of that class; and(b) not do, or omit anything that would, or might confer on itself a benefit or advantage at the expense of a unitholder or potential unitholder.(2) For the purposes of (1) the authorised fund manager may take into account sales and redemptions after the valuation point, provided it has
COLL 8.5.10BRRP
(1) 10Where transfer of units in an ACS is allowed by its contractual scheme deed and prospectus in accordance with the conditions specified by FCArules, the authorised contractual scheme manager of the ACS must take reasonable care to ensure that units are only transferred if the conditions specified by the FCA under (2) are met.(2) The FCA specifies that for the purposes of (1), and for the purposes of COLL 8.2.6R(2)(6)(a)(vii)(B) (Table: contents of the instrument constituting
CONC 3.1.3RRP
This chapter, unless a rule in CONC 3 specifies differently, applies to:(1) a communication with a customer in relation to a credit agreement;(2) the communication or approval for communication of a financial promotion in relation to a credit agreement;(3) a communication with a customer in relation to credit broking;(4) the communication or approval for communication of a financial promotion in relation to credit broking;(5) a communication with a borrower or a prospective borrower
CONC 3.1.4RRP
The clear fair and not misleading rule in CONC 3.3.1 R and the general requirements rule in CONC 3.3.2 R and the guidance inCONC 3.3.5 G to CONC 3.3.11 G also, unless a rule or guidance in those paragraphs specifies differently, apply to:(1) a communication with a customer in relation to debt counselling or debt adjusting; and(2) the communication or approval for communication of a financial promotion in relation to debt counselling or debt adjusting.
CONC 3.1.4AGRP
3Firms are reminded that the rules and guidance in CONC 3.9 also apply to financial promotions and communications with a customer in relation to debt counselling and debt adjusting.
CONC 3.1.7RRP
(1) CONC 3 does not apply (apart from the provisions in (2)) to a financial promotion or communication that consists of only one or more of the following:(a) the name or a trading name 3of the firm (or its appointed representative);(b) a logo;(c) a contact point (address (including e-mail address), telephone, facsimile number and website address);(d) a brief, factual description of the type of product or service provided by the firm.(2) The provisions in CONC 3 which apply to
CONC 3.1.8GRP
CONC 3.1.7R (1) does not enable detailed information to be given about credit available from the firm. Firms should note that the image advertising exclusion in CONC 3.1.7R (1) is subject to compliance with the rules specified in (2), including the rules which require the inclusion of a representative APR in specified circumstances. A name or logo may trigger the requirement to include a representative APR. Firms should not include any information not referred to in CONC 3.1.7R
SYSC 12.1.1RRP
1Subject to SYSC 12.1.2 R to SYSC 12.1.4 R, this section applies to each of the following which is a member of a group:(1) a firm that falls into any one or more of the following categories:(a) a regulated entity that is:15(i) an investment firm, except a designated investment firm unless (ii) applies; or 15(ii) a credit institution or designated investment firm that is a subsidiary undertaking of a parent institution in a Member State that is an IFPRU investment firm;15(b)
SYSC 12.1.2RRP
Except as set out in SYSC 12.1.4 R, this section applies with respect to different types of group as follows:(1) SYSC 12.1.8 R and SYSC 12.1.10 R apply with respect to all groups, including UK-regulated EEAfinancial conglomerates,18 other financial conglomerates and groups dealt with in SYSC 12.1.13 R to 12SYSC 12.1.15 R12;18(2) the additional requirements set out in SYSC 12.1.11 R and SYSC 12.1.12 R only apply with respect to UK-regulated EEAfinancial conglomerates;18 and18(3)
SYSC 12.1.4RRP
(1) This rule applies in respect of the following rules:(a) SYSC 12.1.8R (2);(b) SYSC 12.1.10R (1), so far as it relates to SYSC 12.1.8R (2);(c) SYSC 12.1.10R (2); and(d) SYSC 12.1.11 R to SYSC 12.1.15 R.(2) The rules referred to in (1):(a) only apply with respect to a financial conglomerate if it is a UK-regulated EEA financial conglomerate;1818(b) (so far as they apply with respect to a group that is not a financial conglomerate) do not apply with respect to a group for
SYSC 12.1.13RRP
If this rule applies under SYSC 12.1.14 R to a firm, the firm must:(1) comply with SYSC 12.1.8R (2) in relation to any UK consolidation group or non-EEAsub-group of which it is a member, as well as in relation to its group; and(2) ensure that the risk management processes and internal control mechanisms at the level of any consolidation group or non-EEAsub-group of which it is a member comply with the obligations set out in the following provisions on a consolidated (or sub-consolidated)
SYSC 12.1.20GRP
In some cases the management of the systems and controls used to address the risks described in SYSC 12.1.8R (1) may be organised on a group-wide basis. If the firm is not carrying out those functions itself, it should delegate them to the group members that are carrying them out. However, this does not relieve the firm of responsibility for complying with its obligations under SYSC 12.1.8R (1). A firm cannot absolve itself of such a responsibility by claiming that any breach
SYSC 12.1.21GRP
SYSC 12.1.8R (1) deals with the systems and controls that a firm should have in respect of the exposure it has to the rest of the group. On the other hand, the purpose of SYSC 12.1.8R (2) and the rules in this section that amplify it is to require groups to have adequate systems and controls. However a group is not a single legal entity on which obligations can be imposed. Therefore the obligations have to be placed on individual firms. The purpose of imposing the obligations
MAR 1.10.2GRP
There are no rules which permit or require a person to behave in a way which amounts to market abuse.3(1) [deleted] 322(2) [deleted] 3
MAR 1.10.3GRP
There are no rules in the Takeover Code, which permit or require a person to behave in a way which amounts to market abuse. 1
MAR 1.10.4GRP
Behaviour3conforming with any of the rules of the Takeover Codeabout the timing, dissemination or availability, content and standard of care applicable to a disclosure, announcement, communication or release of information, is unlikely to3, of itself, amount to market abuse, if:1(1) the rule is one of those specified in the table in MAR 1.10.5G3;(2) the behaviour3is expressly required or expressly permitted by the rule in question (the notes for the time being associated
MAR 1.10.6GRP
Behaviour3conforming with Rule 4.2 of the Takeover Code (in relation to restrictions on dealings by offerors and concert parties) will be unlikely to3, of itself, amount to market abuse, if:(1) the behaviour is expressly required or expressly permitted by that rule (the notes for the time being associated with the rules identified in the Takeover Code are treated as part of the rule for these purposes); and(2) it conforms to any General Principle set out at Section B of the Takeover
SYSC 7.1.-2GRP

19For a common platform firm:

  1. (1)

    the MiFID Org Regulation applies, as summarised in SYSC 1 Annex 1 3.2G, SYSC 1 Annex 1 3.2-AR and SYSC 1 Annex 1 3.2-BR; and

  2. (2)

    the rules and guidance apply as set out in the table below:

    Subject

    Applicable rule or guidance

    Risk assessment

    SYSC 7.1.1G

    Risk management

    SYSC 7.1.4R, SYSC 7.1.4AG

    Risk control: remuneration

    SYSC 7.1.7BG, SYSC 7.1.7BBG

    Risk control: additional provisions

    SYSC 7.1.7CG, SYSC 7.1.8G, SYSC 7.1.9R to SYSC 7.1.16R

    Additional rules for CCR firms

    SYSC 7.1.16CR to SYSC 7.1.22R

SYSC 7.1.-1GRP
19For a MiFID optional exemption firm and a third country firm:(1) the rules and guidance in this chapter apply to them as if they were rules or as guidance in accordance with SYSC 1 Annex 1 3.2CR(1); and(2) those articles of the MiFID Org Regulation in SYSC 1 Annex 1 2.8AR and 3.2CR apply to them as if they were rules or as guidance in accordance with SYSC 1 Annex 1 3.2CR(2).
SYSC 7.1.2AGRP
3Other firms should take account of the risk management policies and procedures rule (SYSC 7.1.2 R) as if it were guidance (and as if should appeared in that rule19 instead of must) as explained in SYSC 1 Annex 1 3.3 R(1)19. 4
SYSC 7.1.4BGRP
6Other firms should take account of the risk management rules (SYSC 7.1.3 R and SYSC 7.1.4 R) as if they were guidance (and as if "should" appeared in those rules19 instead of "must") as explained in SYSC 1 Annex 1 3.3 R(1)19.
SYSC 7.1.7RRP
Where a UCITS investment firm19 is not required under SYSC 7.1.6 R to maintain a risk management function that functions independently, it must nevertheless be able to demonstrate that the policies and procedures which it has adopted in accordance with SYSC 7.1.2 R to SYSC 7.1.5 R satisfy the requirements of those rules and are consistently effective.19
SYSC 7.1.7AGRP
3Other firms should take account of the risk management rules (SYSC 7.1.5 R to SYSC 7.1.7 R) as if they were guidance (and as if should appeared in those rules19 instead of must) as explained in SYSC 1 Annex 1 3.3 R(1)19. 4
CASS 1.2.1GRP
The rules in CASS 1.2 set out the maximum scope of this sourcebook. The application of CASS is modified for certain activities by 1CASS 1.4. Also particular chapters or sections of CASS may have provisions which limit their application.
CASS 1.2.5RRP
1The insurance client money chapter2 does not apply to an authorised professional firm with respect to its non-mainstream regulated activities, which are insurance mediation activities, if:2(1) the firm's designated professional body has made rules which implement article 4 of the Insurance Mediation Directive;33(2) those rules have been approved by the FCA under section 332(5) of the Act; and(3) the firm is subject to the rules in the form in which they were approved.
CASS 1.2.8GRP
(1) CASS applies directly in respect of activities conducted with or for all categories of clients.22(2) [deleted]52225(3) The insurance client money chapter2 does not generally distinguish between different categories of client. However, the term consumer4is used for those to 4whom additional obligations are owed, rather than the term retail client.2 This is to be consistent with the client categories used in 1the Insurance: New Conduct of Business sourcebook4.2424(4) Each provision
CASS 1.2.12GRP
2The purpose of the rules regarding the segregation of investments and money held under different regimes is to reduce the risk of confusion between assets held under different regimes either on an on-going basis or on the failure of a firm or a third party holding those assets.
CASS 1.2.13GRP
2A firm may, where permitted by the relevant rules7 opt to hold under a single chapter money that would otherwise be held under different chapters (see CASS 7.10.3 R and CASS 7.10.30 R7). However, making such an election does not remove the requirement under CASS 1.2.11R (1). 7555757
FEES 7.2.7GRP
The Handbook provisions relating to the CFEB levy are meant to follow closely the provisions relating to the payment of periodic fees under FEES 4.3.1 R In the interests of brevity, not all of these provisions are set out again in FEES 7. In some cases, certain FEES 4 rules are applied to the payment of the CFEB levy by individual rules in FEES 7. The rest are set out in the table in FEES 7.2.9 R.
FEES 7.2.8RRP
The rules set out in the table in FEES 7.2.9 R and any other rules in FEES 4 included in FEES 7 by cross-reference apply to the CFEB levy in the same way as they apply to periodic fees payable under FEES 4.3.1 R.
FEES 7.2.9RRP

Table of rules in FEES 4that also apply to FEES 7 to the extent that in FEES 4 they apply to fees payable to the FCA6

FEES 4 rules incorporated into FEES 7

Description

FEES 4.2.4 R

Method of payment

4FEES 4.2.7ER

Modifications for persons becoming subject to periodic fees during the course of a fee year

4FEES 4.2.7FR

Calculating the fee in the firm’s first year of authorisation

4FEES 4.2.7GR

Calculating fees in the second fee-year where the firm received permission between 1 January and 31 March in its first fee year

4FEES 4.2.7HR to FEES 4.2.7KR

Calculating all other fees in the second and subsequent years of authorisation where a full year of tariff data is not available

FEES 4.2.8 R

How FEES 4.2.7 R applies in relation to an incoming EEA firm or an incoming Treaty firm

FEES 4.2.10 R

Extension of time

FEES 4.2.11 R (first entry only)

Due date and changes in permission for periodic fees

FEES 4.3.7 R

Groups of firms

FEES 4.3.13 R

Firms applying to cancel or vary permission before start of period

FEES 4.3.17R4

Firms acquiring businesses from other firms

FEES 4.4.1 R to FEES 4.4.6 R

Information on which fees are calculated

FEES 7.2.10GRP
References in a FEES 4rule incorporated into FEES 7 by cross-reference to a periodic fee should be read as being to the CFEB levy. References in a FEES 4rule incorporated into FEES 7 to market operators, service companies, MTF operators, investment exchanges, or6designated professional bodies should be disregarded.166
FEES 7.2.11GRP
In some cases, a FEES 4rule incorporated into FEES 7 in the manner set out in FEES 7.2.7 G will refer to another rule in FEES 4 that has not been individually incorporated into FEES 7. Such a reference should be read as being to the corresponding provision in FEES 7. The main examples are set out in FEES 7.2.12 G.
GEN 5.1.1GRP
1This chapter contains:2(1) guidance for firms, authorised payment institutions, registered account information service providers9 and authorised electronic money institutions8 and their 7appointed representatives, agents7or tied agents5on the circumstances in which the FCA11 permits them 7to reproduce the FSA and FCA logos11;28811711(2) rules on the use by firms of the Key facts logo.2
GEN 5.1.5RRP
2A firm must not use the Key facts logo other than as and when it is required or expressly 4permitted3 to be used by the rules, and in accordance with the general licence in GEN 5 Annex 1 G3.
GEN 5.1.6RRP
2A firm must take all reasonable steps to ensure that its representatives do not use the Key facts logo other than as and when the logo is required to be used by the rules.
GEN 5.1.7RRP
2A firm must take all reasonable steps to ensure that the Key facts logo is not reproduced on any document that the firm, or any person acting on its behalf, provides to a customer unless the reproduction is required by the rules.
GEN 5.1.10RRP
11A firm must not use the FCA logo (and must take all reasonable steps to ensure that its representatives do not use the FCA logo) in any communication with a client other than in accordance with any individual licence granted by the FCA to the firm or its representatives.
COLL 5.5.2RRP

This table belongs to COLL 5.5.1 R.

Rule

ICVC

ACD

Authorised fund manager of an AUT or ACS4

4

Depositary of an ICVC

Depositary of an AUT or ACS

5.5.3R

x

x

5.5.4R(1) to (3)

x

x

5.5.4R(4)&(5)

x

x

5.5.4R(6)

x

x

5.5.4R(7)

x

x

x

x

x

5.5.4R(8)

x

5.5.5R(1) to (3)

x

x

1

5.5.6R(1)&(2)

x

x

x

5.5.6R(3)

x

5.5.7R(1)-(3)

x

x

x

5.5.7R(4)

x

x

x

5.5.8R

x

x

x

5.5.9R

x

x

x

5.5.10G

x

x

x

x

x

Note: x means "applies"

COLL 5.5.4RRP
(1) The ICVC or depositary of an AUT or ACS4 (on the instructions of the authorised fund manager4) may, in accordance with this rule and COLL 5.5.5 R (Borrowing limits), borrow money for the use of the authorised fund on terms that the borrowing is to be repayable out of the scheme property.44(2) Paragraph (1) is subject to the obligation of the authorised fund to comply with any restriction in the instrument constituting the fund.55(3) The ICVC or depositary of an AUT or ACS4
COLL 5.5.5RRP
(1) The authorised fund manager must ensure that the authorised fund's borrowing does not, on any day, exceed 10% of the value of the scheme property.(2) This rule does not apply to "back to back" borrowing under COLL 5.3.5 R (2)(Borrowing).(3) In this rule, borrowing includes, as well as borrowing in a conventional manner, any other arrangement (including a combination of derivatives) designed to achieve a temporary injection of money into the scheme property in the expectation
COLL 5.5.7RRP
(1) The scheme property of an authorised fund other than money must not be lent by way of deposit or otherwise.(2) Transactions permitted by COLL 5.4 (Stock lending) are not to be regarded as lending for the purposes of (1).(3) The scheme property must not be mortgaged.(4) Where transactions in derivatives or forward transactions are used for the account of the authorised fund in accordance with any of the rules in this chapter, nothing in this rule prevents the ICVC or the depositary
COLL 5.5.8RRP
(1) Any power in this chapter to invest in transferable securities may be used for the purpose of entering into transactions to which this rule applies, subject to compliance with any restriction in the instrument constituting the fund.55(2) This rule applies to any agreement or understanding which:(a) is an underwriting or sub-underwriting agreement; or(b) contemplates that securities will or may be issued or subscribed for or acquired for the account of the authorised fund.(3)
COLL 5.5.9RRP
(1) An ICVC or a depositary for the account of an authorised fund must not provide any guarantee or indemnity in respect of the obligation of any person.(2) None of the scheme property of an authorised fund may be used to discharge any obligation arising under a guarantee or indemnity with respect to the obligation of any person.(3) Paragraphs (1) and (2) do not apply to:(a) any indemnity or guarantee given for margin requirements where the derivatives or forward transactions
CONC 1.2.1RRP
Subject to CONC 1.2.8R and MCOB 14.1.5R, 2CONC applies to a firm with respect to carrying on credit-related regulated activities and connected activities, unless otherwise stated in, or in relation to, a rule.1
CONC 1.2.6RRP
(1) CONC does not apply to an incoming ECA provider where, in providing a service, the provider is acting as such. (2) CONC applies to an outgoing ECA provider where, in providing a service, the provider is acting as such.(3) The territorial scope of CONC is otherwise modified to the extent necessary to be compatible with European law.(4) This rule overrides every other rule in this sourcebook.Note: article 3(3) of, and the Annex to, the E-Commerce Directive
CONC 1.2.8RRP
2Subject to CONC 1.2.10R:(1) the following provisions of CONC apply to an MCD article 3(1)(b) creditor and to an MCD article 3(1)(b) credit intermediary:(a) CONC 1.2 and CONC 1.3 (application and purpose and guidance on financial difficulties); (b) CONC 2.2 (general principles for credit-related regulated activities);(c) CONC 2.7 (distance marketing);(d) CONC 2.8 (e-commerce); and(e) CONC 2.9 (prohibition of unsolicited credit tokens);(2) the following provisions of CONC additionally
CONC 1.2.9GRP
2MCD article 3(1)(b) creditors and MCD article 3(1)(b) credit intermediaries are also subject to rules in MCOB, in accordance with MCOB 14.1.3R to MCOB 14.1.5R.
CONC 1.2.10RRP
(1) 2CONC 1.2.8R and the rules applied by CONC 1.2.8R do not apply to an MCD article 3(1)(b) creditor or MCD article 3(1)(b) credit intermediary where the MCD article 3(1)(b) credit agreement would be an exempt agreement pursuant to article 60H(1) of the Regulated Activities Order but for:(a) paragraph (1)(b)(ii)(bb) of article 60H of the Regulated Activities Order (which relates to high net worth borrowers); or(b) article 60HA of the Regulated Activities Order (exemptions not
SUP 16.15.3GRP
The purpose of this section is also to set out the rules applicable to these types of electronic money issuers in relation to complete and timely reporting and, where relevant, the failure to submit reports.
SUP 16.15.5DRP
SUP 16.4.5 R (Annual Controllers Report) and SUP 16.5.4 R (Annual Close Links Reports) apply to an authorised electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution.
SUP 16.15.5ADRP
2SUP 16.23.4R to SUP 16.23.7R (Annual Financial Crime Report) apply to an electronic money institution that has reported total revenue of £5 million or more as at its last accounting reference date as if a reference to firm in these rules and guidance were a reference to an electronic money institution and the reference to group is read accordingly.
SUP 16.15.6DRP
SUP 16.3.11 R (Complete reporting) and SUP 16.3.13 R (Timely reporting) apply to an authorised electronic money institution and a small electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution and a small electronic money institution.
SUP 16.15.7RRP
SUP 16.3.14 R (Failure to submit reports) also applies to an authorised electronic money institution and a small electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution and a small electronic money institution.
COLL 12.2.2RRP
Where this section refers to rules in any other part of this sourcebook, references in those rules and any relevant guidance to an authorised fund manager, AFM or operator of a UCITS scheme are to be interpreted as if they are referring to a UK UCITS management company of the EEA UCITS scheme.
COLL 12.2.3RRP
A UK UCITS management company that operates an EEA UCITS scheme must in relation to that activity comply with the rules which relate to:(1) the organisation of the management company, including delegation arrangements;(2) risk-management procedures;(3) prudential rules and supervision;(4) operating conditions; and(5) reporting requirements.[Note: article 19(1) of the UCITS Directive]
COLL 12.2.5GRP
The FCA's equivalent rules under articles 19(3) and 19(4) of the Directive are set out in COLL 12.3.5 R (COLL fund rules under the management company passport: the fund application rules) and COLL 6.6.3 R (Functions of the authorised fund manager).
COLL 12.2.6GRP
(1) Each EEA State, including the United Kingdom, is required to implement article 14 of the UCITS Directive by drawing up rules of conduct which management companies authorised in that State must observe at all times, except as explained in (3).(2) UK UCITS management companies operating an EEA UCITS scheme under the freedom to provide cross border services (otherwise than by establishing a branch in that State) are advised that, as provided for elsewhere in the Handbook, they
SYSC 8.1.-2GRP

7For a common platform firm:

  1. (1)

    the MiFID Org Regulation applies, as summarised in SYSC 1 Annex 1 3.2G, SYSC 1 Annex 1 3.2-AR and SYSC 1 Annex 1 3.2-BR; and

  2. (2)

    the rules and guidance apply as set out in the table below:

    Subject

    Applicable rule or guidance

    General requirements

    SYSC 8.1.1R, SYSC 8.1.2G, SYSC 8.1.3G, SYSC 8.1.12G

SYSC 8.1.-1GRP
7For a MiFID optional exemption firm and a third country firm:(1) the rules and guidance in this chapter apply to them as if they were rules or as guidance in accordance with SYSC 1 Annex 1 3.2CR(1); and(2) those articles of the MiFID Org Regulation in SYSC 1 Annex 1 2.8AR and 3.2CR apply to them as if they were rules or as guidance in accordance with SYSC 1 Annex 1 3.2CR(2).
SYSC 8.1.1AGRP
2Other firms should take account of the outsourcing rule (SYSC 8.1.1 R) as if it were guidance (and as if should appeared in that rule7 instead of must) as explained in SYSC 1 Annex 1 3.3R(1)75.
SYSC 8.1.3GRP
SYSC 4.1.1 R requires a firm to have effective processes to identify, manage, monitor and report risks and internal control mechanisms. Except in relation to those functions described in SYSC 8.1.5R and (for a common platform firm in article 30(2) of the MiFID Org Regulation)7, where a firm relies on a third party for the performance of operational functions which are not critical or important for the performance of relevant services and activities (see SYSC 8.1.1 R (1)) on a
SYSC 8.1.5AGRP
2Other firms should take account of the critical functions rules (SYSC 8.1.4 R and SYSC 8.1.5 R) as if they were guidance (and as if should appeared in those rules7 instead of must) as explained in SYSC 1 Annex 1 3.3R(1)75.
SYSC 8.1.11AGRP
2Other firms should take account of the outsourcing of important operational functions rules (SYSC 8.1.7 R to SYSC 8.1.11 R) as if they were guidance (and as if should appeared in those rules7 instead of must) as explained in SYSC 1 Annex 1 3.3R(1)75.
FEES 10.1.1RRP
This chapter applies to a firm that:(1) (a) has a Part 4A Permission; or(b) is an incoming EEA firm with a branch in the United Kingdom; or(c) is an incoming Treaty firm with a branch in the United Kingdom; and(2) is in one of the following activity groups listed in Part 1 of FEES 4 Annex 1A: (a) A.1 Deposit acceptors;(b) A.4 Insurers — life;(c) A.7 Portfolio managers excluding Class (1)A firms;(d) A.9 Managers and depositaries of investment funds, and operators of collective
FEES 10.1.2GRP
This chapter sets out rules governing the amounts payable by firms to the FCA to fund the Secretary of State for Work and Pensions’2 pensions guidance costs and the related FCA collection costs.
FEES 10.1.4GRP
(1) Section 333R(1) of the Act requires the Secretary of State2 to notify the FCA of the amount of the Secretary of State’s2 pensions guidance costs.(2) Section 333R(2) requires the FCA to make rules requiring authorised persons to pay amounts, or amounts calculated in a specified way, to the FCA with a view to recovering the amounts notified by the Secretary of State2.(3) Under subsection 3 such amounts may include a component to cover the expenses of the FCA in collecting the
FEES 10.1.6GRP
Under section 333R(8) of the Act, the FCA must pay to the Secretary of State2 the amounts that it receives under these rules, apart from amounts covering its collection costs (which it may keep).
FEES 10.1.8GRP
These rules were made with the consent of the Secretary of State2 pursuant to section 333R(5) of the Act.