Related provisions for SYSC 5.2.52
41 - 60 of 149 items.
An issuer of securities other than shares admitted to trading on a regulated market must disclose to the public without delay any changes in the rights of holders of securities other than shares, including changes in the terms and conditions of such securities which could indirectly affect those rights, resulting in particular from a change in loan terms or in interest rates.[Note article 16(2) of the TD]
A parent undertaking which wishes to make use of the exemption in relation to issuers subject to this chapter whose shares are admitted to trading on a regulated market must without delay, notify the following to the FCA:1(1) a list of the names of those management companies, investment firms or other entities, indicating the competent authorities that supervise them, but with no reference to the issuers concerned; and(2) a statement that, in the case of each such management company
A parent undertaking of a management company or of an investment firm must in relation to issuers subject to this chapter whose shares are admitted to trading on a regulated market be able to demonstrate to the FCA on request that:1(1) the organisational structures of the parent undertaking and the management company or investment firm are such that the voting rights are exercised independently of the parent undertaking;(2) the persons who decide how the voting rights are exercised
1Paragraph 7BA – Position management(1)A [UK RIE] operating a trading venue which trades commodity derivatives must apply position management controls on that venue, which must at least enable the [UK RIE] to -(a)monitor the open interest positions of persons; (b)access information, including all relevant documentation, from persons about-(i)the size and purpose of a position or exposure entered into; (ii)any beneficial or underlying owners;(iii)any concert arrangements; and(iv)any
The recognition requirements in respect of position management and position reporting set out in REC 2.7A.1UK apply to a UK RIE operating a trading venue. An investment firm operating a trading venue which trades:(1) commodity derivatives must apply position management controls on that venue in accordance with MAR 10.3.(2) commodity derivatives or emission allowances must provide position reports in accordance with MAR 10.4.
4For the purposes of MCOB 4.4A.2R (1) there is one relevant market for equity release transactions. Accordingly, a firm offering a customer only lifetime mortgages or only home reversion plans must include in its disclosure under MCOB 4.4A.1R (1) that it is limited in that regard in the range of products that it can offer to the customer.
4In the light of MCOB 8.3.2B R, a firm may wish to consider using a sentence appropriate to the circumstances, along the following lines: •“We offer a comprehensive range of equity release products from across the market.” •“We sell home reversion plans only and not lifetime mortgages, though we will consider all home reversion plans available in the market.”
Schedule to the Recognition Requirements Regulations, paragraphs 3 – 3H4Paragraph 3 – Systems and controls4(1)The [UK RIE] must ensure that the systems and controls, including procedures and arrangements,4 used in the performance of its functions and the functions of the trading venues it operates are adequate, effective4 and appropriate for the scale and nature of its business.(2)Sub-paragraph (1) applies in particular to systems and controls concerning - (a)the transmission
Schedule to the Recognition Requirements Regulations, paragraph 4(2)(ea)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -appropriate arrangements are made to -(i)identify conflicts between the interests of the [UK RIE], its owners and operators and the interests of the persons who make use of itsfacilities or the interests of the trading venues4operated by it; and(ii)manage such conflicts so as to avoid adverse consequences for the operation
4Where the MiFID/MiFIR Systems Regulations apply to a UK RIE, the FCA will, in assessing the UK RIE’s systems and controls, additionally have regard to the UK RIE’s satisfaction of any relevant requirements in those regulations. Of particular importance is MiFID RTS 7, which will apply where a trading venue allows or enables algorithmic trading.
Information under the TD2 that may be incorporated by reference includes, for example, annual accounts and annual reports, interim management statements,2 equivalent information made available to markets in the United Kingdom,42 half yearly reports and reports on payments to governments4.2422
Article 28 of the PD Regulation provides examples of information that may be incorporated by reference:Arrangements for incorporation by reference1.Information may be incorporated by reference in a prospectus or base prospectus, notably if it is contained in one the following documents:(1)annual and interim financial information;(2)documents prepared on the occasion of a specific transaction such as a merger or demerger;(3)audit reports and financial statements;(4)memorandum and
The Companies Act 1989: section 166The FCA1 may issue a "positive" direction (to take action) under section 166(2)(a) of the Companies Act 1989:1Where in any case a [UK RIE] has not taken action under its default rules- if it appears to [the FCA] that it could take action, [the FCA may direct it to do so,11but under section 166(3)(a) of the Companies Act 1989:Before giving such a direction the [FCA] shall consult the [UK RIE] in question; and [the FCA] shall not give a direction
Under section 166(7) of the Companies Act 1989, where a UK RIE has taken action either of its own accord or in response to a direction, the FCA may direct it to do or not to do specific things subject to these being within the powers of the UK RIE under its default rules. However,11(1) 1where the UK RIE is acting in accordance with a direction given by the FCA to take action under section 166(2)(a) of the Act on the basis that failure to take action would involve undue risk to
1The purpose of this chapter is to implement article 17 of MiFID, which imposes requirements on investment firms which are: (1) engaging in algorithmic trading; or(2) providing the service of DEA to a trading venue; or(3) providing the service of acting as a general clearing member for another person.[Note: related requirements imposed under article 48 of MiFID upon trading venues, in respect of members and participants engaging in algorithmic trading and providing the service
1A firm must: (1) not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue; (2) where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate or are referenced to that financial instrument, where necessary
1The FCA considers it generally appropriate to publish details of its successful applications to the court for civil remedies including injunctions or restitution orders. For example, where the court has ordered an injunction to prohibit further illegal regulated activity, the FCA thinks it is appropriate to publicise this to tell consumers of the position and help them avoid dealing with the person who is the subject of the injunction. Similarly, a restitution order may be publicised
1A firm must:(1) not exercise any power under its rules to suspend or remove from trading any financial instrument which no longer complies with its rules, where such a step would be likely to cause significant damage to the interest of investors or the orderly functioning of the trading venue;(2) where it does suspend or remove from trading a financial instrument, also suspend or remove derivatives that relate, or are referenced, to that financial instrument, where necessary
The orders the court may make following an application by the FCA under the powers referred to in this chapter are generally known in England and Wales as injunctions, and in Scotland as interdicts. In the chapter, the word 'injunction' and the word 'order' also mean 'interdict'. The FCA's effective use of these powers will help it work towards its operational objectives, in particular, those of securing an appropriate degree of protection for consumers, protecting and enhancing
In relation to an MCD regulated mortgage contract, where there is an auction on the capital markets which will, or might reasonably be expected to, result in an interest-rate change, the firm must give the consumer, in good time before the auction, notice in a durable medium of:(1) the upcoming procedure for the auction; and(2) an indication of how the interest rates could be affected.[Note: article 27(4) of the MCD]
(1) A firm must reconcile all balances and positions with: (a) banks and building societies (other than a client bank account subject to the client money rules), exchanges, approved exchanges, clearing houses and intermediate brokers; and (b) eligible counterparties which are members of an exchange or approved exchange as recorded by the firm to the balance or position on a statement
This chapter applies to a firm in relation to the following activities: (1) algorithmic trading (MAR 7A.3); (2) providing the service of DEA to a trading venue (MAR 7A.4); and (3) providing the service of acting as a general clearing member for another person (MAR 7A.5). [Note: this chapter transposes article 17 of MiFID, in respect of the types of firms referred to above. Parts 4 of the MiFI Regulations sets out equivalent requirements in respect of persons exempt under article
Examples of when the FCA may require the suspension of trading of a financial instrument include:(1) if an issuer fails to make an2 announcement as required by the Market Abuse Regulation2 within the applicable time-limits which the FCA considers could affect the interests of investors or affect the smooth operation of the market; or(2) if there is or there may be a leak of inside information and the issuer is unwilling or unable to issue an appropriate2 announcement required
1Where a person who is a shareholder has contravened one or more relevant transparency provisions (as defined in section 89NA(11) of the Act) in respect of shares in a company admitted to trading on a regulated market and the FCA considers the breach to be serious, the FCA may apply to the Court for an order suspending that person’s voting rights as set out in section 89NA of the Act.