Related provisions for GENPRU 2.2.168

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REC 5.2.1GRP
An applicant for recognised body status needs to demonstrate to the FCA5 that it is able to meet the recognised body requirements31before a recognition order can be made. Once it has been recognised, a recognised body has to comply with the recognised body requirements31at all times. (Guidance on the recognised body requirements3 applicable to UK recognised bodies (and applicants) is given in REC 2 and REC 2A).35333
REC 5.2.7GRP
At any time after making a formal application, the applicant may make amendments to its rules, guidance or any other part of its application submitted to the FCA.555
REC 5.2.12GRP
Where the FCA5 considers that it is unlikely to make a recognition order it will discuss its concerns with the applicant as early as possible with a view to enabling the applicant to make changes to its rules or guidance, or other parts of the application (see REC 5.2.7 G). If the FCA5 decides that it will not make a recognition order, it will follow the procedure set out in section 298 of the Act (Directions and revocation: procedure) or (in the case of an RAP) regulation 5 of
SYSC 4.6.14GRP
  1. (1)

    The guidance below applies to management responsibilities maps for branches maintained by third-country relevant authorised persons, subject to the modifications in (2):

    1. (a)

      SYSC 4.5.11G to SYSC 4.5.12G (Guidance about management responsibilities maps);

    2. (b)

      SYSC 4.5.15G (Single document);

    3. (c)

      SYSC 4.5.16G to SYSC 4.5.17G (Purpose of SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person));

    4. (d)

      SYSC 4.5.18G to SYSC 4.5.20G (Contents of SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person));

    5. (e)

      SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person); and

    6. (f)

      SYSC 4.5.21G to SYSC 4.5.22G (Records).

  2. (2)

    Unless the context otherwise requires, the following terms and cross-references in the guidance in (1) are modified as follows:

    Reference in guidance in (1)

    Modification

    firm

    treated as a reference to the branch

    governing body, senior management and senior personnel

    (a) treated as a reference to the branch’sgoverning body, senior management or senior personnel;

    (b) the Glossary definitions of these terms are adjusted so as to refer to the branch rather than the firm as a whole

    other overall responsibility function

    treated as a reference to the other local responsibility function

    SYSC 4.5.5R

    treated as a reference to SYSC 4.6.7R

    SYSC 4.5.7R

    subject to modification under SYSC 4.6.9R(2)

    SYSC 4.7.8R

    treated as a reference to SYSC 4.8.10R

    the reference to SYSC 4.5.13G in SYSC 4.5.15G(5)

    treated as a reference to SYSC 4.6.29G

SYSC 4.6.26GRP
SYSC 4.6.27G and SYSC 4.6.28G do not take into account the right of a firm to omit information under SYSC 4.6.20R. They assume that the firm will prepare a single document under SYSC 4.6.24G. However SYSC 4.6.27G and SYSC 4.6.28G are not intended to take away the right to omit information under SYSC 4.6.20R.
SYSC 4.6.28GRP
(1) This provision gives guidance on specific aspects of SYSC 4.6.16R and SYSC 4.6.18R.(2) A firm need only include summary details of the persons in SYSC 4.6.18R(1).(3) A branch’sSMF managers and members of its governing body or equivalent may overlap with its senior management and senior personnel. If so, the firm does not have to give the same details twice.(4) A firm should include details of individuals in addition to those in SYSC 4.6.18R(1) if they are needed to make the
SYSC 4.6.29GRP
(1) The guidance in this paragraph applies to EEA relevant authorised persons and third-country relevant authorised persons.(2) The FCA expects that the management responsibilities map of a small and non-complex branch is likely to be simple and short. It may be no more than a single sheet of paper.(3) A branch is likely to be small and non-complex if it:(a) conducts a limited number of simple business lines; and(b) does not rely on group governance arrangements or on governance
MCOB 8.3.1RRP
(1) 3(a) 3Subject to (c),4MCOB 4.1 to MCOB 4.6A4 (with the modifications stated in MCOB 8.3.2B R to4MCOB 8.3.4 R) apply to a firm where the home finance transaction is a lifetime mortgage.343(b) MCOB 4.1 to MCOB 4.4A4 (with the modifications stated inMCOB 8.3.2B R to4MCOB 8.3.4 R) apply to a firm where the home finance transaction is a home reversion plan, except for those provisions that by their nature are only relevant to regulated mortgage contracts.34(c) MCOB 4.6A applies
MCOB 8.3.1AGRP
3The rules and guidance that are not relevant to home reversion plans are those related, for example, to interest rates, APR, higher lending charge, mortgage credit cards, multi-part mortgages and foreign currency mortgages.
MCOB 8.3.3RRP

Table of modified cross-references to other rules: This table belongs to MCOB 8.3.1 R.

Subject

Rule or guidance

Reference in rule or guidance

To be read as a reference to:

Additional disclosure for distance mortgage mediation contracts

MCOB 4.5

MCOB 41

MCOB 4 as modified by MCOB 814

SYSC 18.1.1ARRP
2This chapter applies to:(1) a firm;(2) in relation to the guidance4 in SYSC 18.3.9G, 45every firm; 54(3) in relation to SYSC 18.3.6R and SYSC 18.3.10R, EEA relevant authorised persons and third-country relevant authorised persons only in relation to a branch maintained by them in the United Kingdom; and54(4) in relation to SYSC 18.6.1R to SYSC 18.6.3G (Whistleblowing obligations under MiFID):5(a) a UK MiFID investment firm, except a collective portfolio management firm; and5(b)
SYSC 18.1.1AAGRP
2Firms are reminded that for the purpose of SYSC 18 (except for SYSC 18.3.9G) “firm” has the specific meaning set out in paragraph (8) of that definition in the Glossary, namely:“(8) (in SYSC 18, with the exception of the guidance in SYSC 18.3.9G):5(a) a UK relevant authorised person3 except a small deposit taker; and(b) a firm as referred to in Chapter 1.1 of the PRA Rulebook: Solvency II Firms: Whistleblowing Instrument 2015.”
SYSC 18.1.1CGRP
2A firm not referred to in SYSC 18.1.1AR may adopt the rules and guidance in this chapter as best practice. If so, it may tailor its approach in a manner that reflects its size, structure and headcount.
PRIN 1.1.6AGRP
5PRIN 4 (Principles : MiFID Business) provides guidance on the application of the Principles to MiFID business.
PRIN 1.1.9GRP
Some of the other rules and guidance in the Handbook deal with the bearing of the Principles upon particular circumstances. However, since the Principles are also designed as a general statement of regulatory requirements applicable in new or unforeseen situations, and in situations in which there is no need for guidance, the FCA's11 other rules and guidance or EU regulations11 should not be viewed as exhausting the implications of the Principles themselves.
PRIN 1.1.10GRP
4RPPD contains guidance on the responsibilities of providers and distributors for the fair treatment of customers under the Principles.
SYSC 3.1.2AGRP
5Firms should also consider the additional guidance on risk-centric governance arrangements for effective risk management contained in SYSC 21.
SYSC 3.1.3GRP
Where the UK Corporate Governance Code4 is relevant to a firm, the appropriate regulator, in considering whether the firm's obligations under SYSC 3.1.1 R have been met, will give it due credit for following corresponding provisions in the code4and related guidance.44
SYSC 3.1.8GRP
2The Training and Competence sourcebook (TC) contains additional rules and guidance relating to specified retail activities undertaken by a firm.
PERG 8.23.2GRP
Anyone who is carrying on a regulated activity is likely to make financial promotions in the course of or for the purposes of carrying on that activity. It is beyond the scope of this guidance to cover regulated activities as such (for a general guide see PERG 2). There are circumstances, however, where persons whose main aim is either:(1) to make financial promotions for their own purposes or on behalf of others; or(2) to help other persons to make financial promotions;may find
PERG 8.23.4GRP
The guidance that follows is concerned with the regulated activities of making arrangements with a view to transactions in investments1and advising on investments (except P2P agreements)5. Guidance on the regulated activities of making arrangements with a view to regulated mortgage contracts1and advising on regulated mortgage contracts is in PERG 4 (Guidance on regulated activities1 connected with mortgages). Guidance on the regulated activities of making arrangements with a view
PERG 8.23.5GRP
3As explained inPERG 1.2.3AG, where the guidance that follows uses the defined term advising on investments, this term should be read as referring only to the regulated activity (in article 53(1) of the Regulated Activities Order) of advising on investments (except P2P agreements). Related text should be construed accordingly.
BIPRU 7.10.45GRP
(1) This paragraph contains guidance on the inclusion of CIUs in a VaR model.(2) The appropriate regulator may allow all types of CIU to be included within the scope of a firm'sVaR model permission.(3) BIPRU 7.10 does not distinguish between specific risk and general market risk for positions in CIUs. Therefore even if specific risk is not otherwise included within the scope of a firm'sVaR model permission, a firm should be able to demonstrate that its VaR model captures specific
BIPRU 7.10.47GRP
This paragraph provides guidance onBIPRU 7.10.46 R (2). Take as an example a VaR model based on a factor model or on a historical simulation model. The ability of the model to explain price variation could be demonstrated by a statistical comparison over the same period of time between actual price changes on the portfolio and the profit and loss impact of risk factors included within the model. A firm may wish to include an estimate of residual variation not explained by the
BIPRU 7.10.105GRP
(1) This paragraph gives guidance on the backtesting calculation and reporting process in BIPRU 7.10.96R - BIPRU 7.10.104R.(2) Let the day on which the loss referred to in BIPRU 7.10.100R is made be day n. The value-at-risk measure for that day will be calculated on day n-1, or overnight between day n-1 and day n. Profit and loss figures are produced on day n+1, and backtesting also takes place on day n+1. The firm's supervisor should be notified of any backtesting exceptions
BIPRU 7.10.106GRP
(1) This paragraph gives guidance on the process for excluding backtesting exceptions as referred to in BIPRU 7.10.103R.(2) The appropriate regulator will respond flexibly to backtesting exceptions. However, the appropriate regulator's starting assumption will be that a backtesting exception should be taken into account for the purpose of the calculation of plus factors. If the firm believes that a backtesting exception should not count for that purpose, then it should seek a
SUP 12.4.2BGRP
(1) 13 A firm to which SUP 12.4.2AR applies should also have regard to SYSC 5.1 (Skills, knowledge and expertise). The requirements of the Training and Competence sourcebook (TC) and guidance in the Fit and Proper Test for Approved Persons and specified significant-harm functions (FIT) may also be relevant. (2) ESMA has issued guidelines for MiFID investment firms specifying the criteria for the assessment of knowledge and competence. These guidelines are relevant to tied agents
SUP 12.4.3GRP
In assessing, under SUP 12.4.2 R(2)1(a) and (b), whether an appointed representative or prospective appointed representative is solvent and otherwise 1suitable, a firm should determine, among other matters, whether the person is likely to be adversely influenced by its financial position in the conduct of the business for which the firm is responsible. This might arise, for example, if the person has cashflow problems and is not able to service its debts. Guidance for firms on
SUP 12.4.4GRP
In assessing, under SUP 12.4.2 R (2)(b), whether an appointed representative or prospective appointed representative is otherwise 1suitable to act for the firm in that capacity, a firm should consider:(1) whether the person is fit and proper; guidance on the information that firms should take reasonable steps to obtain and verify is given in SUP 12 Annex 2; and(2) the fitness and propriety (including good character and competence) and financial standing of the controllers, directors,
SUP 12.4.5GRP
In determining, under SUP 12.4.2 R (2)(c), whether an appointed representative or prospective appointed representative has any close links which would be likely to prevent the firm's effective supervision, a firm should consider the guidance to threshold condition 2C or 3B as applicable23 in COND 2.3.23
PERG 2.8.5GRP
The regulated activity of dealing in investments as agent applies to specified transactions relating to any security or to any relevant investment (apart from rights under funeral plan contracts or rights to or interests in such rights). In addition, the activity is cut back by exclusions as follows.(1) An exclusion applies to certain transactions entered into by an agent who is not an authorised person which depend on him dealing with (or through) an authorised person. It does
PERG 2.8.6AGRP
3The exclusions in the Regulated Activities Order that relate to the various arranging activities are as follows.(-1) 8Under Article 24A(2), an activity that would otherwise be both arranging and bidding in emissions auctions is specifically excluded from arranging because the activity of bidding in emissions auctions does not form part of any other regulated activity (see PERG 2.7.6D G).(1) Under article 26, arrangements that do not or would not bring about the transaction to
PERG 2.8.12GRP
In certain circumstances, advice that takes the form of a regularly updated news or information service and advice which is given in one of a range of different media (for example, newspaper or television) is excluded from the regulated activities of:3(1) advising on investments;3(2) advising on regulated mortgage contracts;3(3) advising on a home reversion plan; 35(4) advising on a home purchase plan;53513(5) advising on a regulated sale and rent back agreement; and13513(6) [text
PERG 2.8.12AGRP
3Advice given by an unauthorised person in relation to a home finance transaction or advising on regulated credit agreements for the acquisition of land12 in the circumstances referred to in PERG 2.8.6AG (5)(a) or (b) (Arranging deals in investments and arranging a home finance transaction) is also excluded. In addition:(1) the following exclusions apply in specified circumstances where a person is advising on investments, advising on regulated credit agreements for the acquisition
GENPRU 2.2.13GRP
There may be examples of capital instruments that, although based on a standard form, contain structural features that make the rules in this section difficult to apply. In such circumstances, a firm may seek individual guidance on the application of those rules to the capital instrument in question. See SUP 9 (Individual guidance) for the process to be followed when seeking individual guidance.
GENPRU 2.2.136GRP
The FCA18 is likely to consider as unusual a transaction which involves the raising by the firm of tier one capital through a subsidiary undertaking of that firm that is not an SPV. The FCA18 would expect a firm to request individual guidance in such circumstances.
GENPRU 2.2.154GRP
Debt instruments containing embedded options, e.g. issues containing options for the interest rate after the step-up to be at a margin over the higher of two (or more) reference rates, or for the interest rate in the previous period to act as a floor, may affect the funding costs of the borrower and imply a step-up. In such circumstances, a firm may wish to seek individual guidance on the application of the rules relating to step-ups to the capital instrument in question. See
GENPRU 2.2.216GRP
(1) This paragraph gives guidance on how the calculation under GENPRU 2.2.214R (1) should be carried out where an insurance undertaking is accounted for using the embedded value method.(2) On acquisition, any "goodwill" element (that is, the difference between the acquisition value according to the embedded value method and the actual investment) should be deducted from tier one capital resources.(3) The embedded value should be deducted from the total of tier one capital resources
PERG 8.4.9GRP
Ordinary telephone directory entries which merely list names and contact details (for example where they are grouped together under a heading such as ‘stockbrokers’) will not be inducements. They will be sources of information. Were they to be presented in a promotional manner or accompanied by promotional material they would be capable of being inducements. Even so, they may merely be inducements to make contact with the listed person. Specialist directories such as ones providing
PERG 8.4.14GRP
Encouraging (or discouraging) statements may be made by a company director. These will typically be made in reports or accounts or at a presentation or road show or during a briefing of analysts. Alternatively, such statements may be made on the company’s behalf by its public relations adviser. Statements of fact about a company’s performance or activities will not, themselves, be inducements to engage in investment activity even if they may lead persons to decide to buy or sell
PERG 8.4.21GRP
These will be advertisements that contain encouragement to contact the advertiser. They are likely to be inducements to do business with him or to get more information from him. If so, they will be inducements to engage in investment activity if they seek to persuade or incite persons to buy or sell investments or to get investment services. See PERG 8.4.7 G for more guidance on preliminary communications and whether they are a significant step in the chain of events which are
PERG 8.4.33GRP
Things such as help-lines for persons who wish to make an investment will not usually involve invitations or inducements to engage in investment activity. This is where their purpose is merely to explain or offer guidance on how to invest or to accept an offer. In such cases, the investor will already have decided to invest and there will be no element of persuasion on the part of the person giving the explanation or guidance.
PERG 4.17.16GRP
For more detailed guidance concerning the application of1 the financial promotion regime to qualifying credit and relevant consumer credit1, see PERG 8.17.17 G.11
PERG 4.17.17GRP
2Whether a business decides that this chapter does or does not apply to its mortgage activities, it should go on to consider whether the activities are consumer credit regulated activities. PERG 2 has guidance on consumer credit regulated activities.
DISP App 1.6.1GRP
If, exceptionally under the guidance at DISP App 1.5.13 G to DISP App 1.5.21 G, cash or shares derived from a corporate event are to be taken into account when assessing loss and redress, cash should be valued at the amount actually received and shares should be valued at their issue price. In both cases there should be no addition for interest.3434
DISP App 1.6.7GRP
342An actuary, appointed by a product provider under SUP 4 (Actuaries)2 should certify that the method adopted by the product provider for calculating the value of an augmentation benefit is in accordance with the guidance in DISP App 1.6.1 G to DISP App 1.6.6 G.
SYSC 13.9.1GRP
As SYSC 3.2.4 G explains, a firm cannot contract out its regulatory obligations and should take reasonable care to supervise the discharge of outsourced functions. This section provides additional guidance on managing outsourcing arrangements (and will be relevant, to some extent, to other forms of third party dependency) in relation to operational risk. Outsourcing may affect a firm's exposure to operational risk through significant changes to, and reduced control over, people,
SYSC 13.9.9GRP
(1) 1Parts of the guidance in SYSC 13.9 do not apply to a Solvency II firm. They are SYSC 13.9.3G3, SYSC 13.9.4G(1), (2), (4) and (5) and SYSC 13.9.5G(6).(2) A Solvency II firm is subject to the outsourcing requirements in PRA Rulebook: Solvency II firms: Conditions Governing Business 7. (3) The Solvency II Regulation (EU) 2015/35 of 10 October 2014 (article 274) also imposes specific requirements on firms which outsource, or propose to outsource, functions or insurance activities.
CREDS 1.1.4GRP
CREDS sets out rules and guidance that are specific to credit unions. CREDS 10 refers to other more generally applicable provisions of the Handbook that are likely to be relevant to credit unions with Part 4A permission to accept deposits. For details of these provisions, we would expect credit unions to access the full text in the Handbook.
CREDS 1.1.5GRP
The status of the provisions in CREDS is indicated by icons containing the letters R, G or E. Please refer to 5the Reader's Guide for further explanation about the significance of these icons. The Reader's Guide can be found 8at http://www.fca.org.uk/your-fca/documents/handbook/handbook-readers-guide
PERG 8.6.6GRP
Where a website operator provides links to other sites he is not usually to be regarded as causing the communication of the contents of those other sites to persons who may use the links. See further guidance on Internet issues in PERG 8.22.
PERG 8.6.10GRP
In the FCA's opinion, the matters in PERG 8.6.9 G have the following effects.(1) Any one particular communication will either be real time or non-real time but not both. This is because:(a) a real time communication is one made in the course of an interactive dialogue (see PERG 8.10.2 G for guidance on the meaning of real time);(b) those exemptions which concern real time communications apply only to communications which are made to persons and not those which are directed at
REC 2.3.10GRP
4The FCA5 would expect to provide a UK recognised body with individual guidance, issued with a frequency determined in accordance with the usual prudential cycle for such bodies, communicated from time to time,6 on the amount of eligible financial resources which it considers would be sufficient for the UK recognised body to hold in respect of operational and other risks6 to satisfy the recognition requirements. In formulating its individual guidance, the FCA5 will ordinarily
REC 2.3.16GRP
4The FCA5 would normally expect to use the most recent6 financial risk assessment prepared by the UK RIE in the course of preparing individual guidance, issued in accordance with the usual prudential cycle for such bodies,6 on the amount of financial resources that it considers is sufficient for a UK RIE to hold6 to satisfy the recognition requirements. The financial risk assessment would provide the basis for calculating the amount of eligible financial resources that should
REC 2.3.20GRP
4The FCA5 would expect to consider the relevant annual6 financial risk assessment, any proposal with respect to an operational risk buffer and, if applicable, the consolidated balance sheet, in formulating, in accordance with the usual prudential cycle for UK RIEs,6 its guidance on the amount of eligible financial resources it considers to be sufficient for the UK RIE to hold for6 the recognition requirements. In formulating its guidance, the FCA5 would, where relevant, consider
PERG 8.21.1GRP
There is a general concern that the practice of companies issuing statements and giving briefings may involve a financial promotion. These arise sometimes as a result of requirements imposed by a listing authority or an exchange or market, PERG 8.4.14 G offers guidance on when such statements or briefings may amount to or involve an inducement to engage in investment activity. It indicates that whilst statements of fact alone will not be inducements, there may be circumstances
PERG 8.21.6GRP
PERG 8.12.32 G contains detailed guidance on the exemption in article 20A. The exemption is capable of applying to financial promotions in a company statement or briefing where they are communicated through a webcast if the website is a regularly updated news or information service. For this to be the case, the website must be a service provided to persons who use it (so it must not, for example, simply be an advertising vehicle) and that service must be one of providing news
PERG 8.21.14GRP
The reference to financial promotions which are permitted to be communicated relates, in the FCA's opinion, to something which is expressly permitted rather than simply not expressly prohibited. Article 67 itself does not specify any particular medium for communicating required or permitted material. So, it will be enough for the financial promotion to be part of a document which is itself required or permitted to be communicated (such as reports or financial statements). Market
PERG 7.1.2GRP
The purpose of this chapter is to provide guidance as to:(1) when a person involved in publishing periodicals, or in providing news services or broadcasts, requires authorisation to carry on the regulated activities of advising on investments, advising on regulated credit agreements for the acquisition of land,4advising on a home finance transaction1or advising on conversion or transfer of pension benefits4 (see PERG 7.3 (Does the activity require authorisation));21(2) if he does,
PERG 7.1.3GRP
This guidance is issued under section 139A of the Act. The guidance represents the FCA's views and does not bind the courts, for example in relation to an action for damages brought by a private person for breach of a rule (see section 138D of the Act (Actions for damages)), or in relation to the enforceability of a contract where there has been a breach of section 19 (The general prohibition) of the Act (see section 26 of the Act (Enforceability of agreements)). Although the