Related provisions for SUP 16.12.3B

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SUP 10C.10.7GRP

Outsourcing arrangements

1Outsourcing arrangements

Explanation

Submitting form

Firm A to firm B

The FCA will consider A to have taken reasonable care if it enters into a contract with B under which B is responsible for ensuring that the relevant FCA-designated senior management functions are performed by FCA-approved SMF managers, and that it is reasonable for A to rely on this.

Firm B submits FCA-approved persons forms on behalf of firm A.

Outsourcing by A to B (both being a member of the same United Kingdomgroup and each having its registered office in the United Kingdom)

See SUP 10C.3.9G

Either A or B may submit FCA-approved persons forms on behalf of firms in the group (see SUP 15.7.8G).

(i) A to B, where B:

(a) is not an authorised person; and

(b) is not part of the same group as A; or

(ii) A to B, where A is a branch of an overseas firm in the United Kingdom, and B is an overseasundertaking of the same group; or

(iii) A to B, where A is a UK authorised subsidiary of an overseas firm and B is an overseasundertaking of the same group.

Responsibility for (as opposed to the performance of) any activity outsourced to B will remain with A. See SYSC 8.

A ensures that an individual approved by the FCA or the PRA to perform a designated senior management function has responsibility for the outsourcedarrangement and A submits a form in relation to that individual.
SUP 10C.10.9DRP
(1) A firm must use Form E (SUP 10C Annex 7D6) where an approved person:6(a) is both ceasing to perform one or more controlled functions; and6(b) needs to be approved in relation to one or more FCA-designated senior management function;6within the same firm or group.(2) A firm must not use Form E if the approved person has never before been approved to perform for any firm:(a) an FCA controlled function that is a significant influence function;(b) an FCA-designated senior management
SUP 16.8.4RRP
1In this section, and in SUP 16 Annex 6R:9(1) '12 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-2, '24 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-3, and so on;(2) 'CC' means the number of life policies or stakeholder pensions which: (a) were effected during the period to which the calculation relates; and(b)
SUP 16.8.8RRP
1A persistency report or data report must report on a life policy or stakeholder pension if:(1) it is not of a type listed in SUP 16.8.13 R or SUP 16.8.14 R;(2) it was effected by:(a) the firm submitting the report; or(b) an unauthorised member of the group of the firm submitting the report and in circumstances in which that firm was responsible for the promotion of that life policy or stakeholder pension; or(c) another firm, but is being carried out by the firm submitting the
SUP 13.4.4GRP
8(2) [deleted]17(2A) If the UK firm’sEEA right derives from the IDD, paragraph 20(3B)(a) of Part III of Schedule 3 to the Act requires the appropriate UK regulator to send a copy of the notice of intention to the Host State regulator within one month of receipt.198(2B) Where a consent notice is given under the UCITS Directive, the FCA20 will at the same time:1020(a) communicate to the Host State regulator details of the compensation scheme intended to protect investors; and10(b)
SUP 13.4.4AGRP
20Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give a consent notice and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 12.5.6ARRP
(1) 4A firm must ensure that, if appointing an appointed representative (other than an introducer appointed representative), to carry on any of the following regulated activities, its written contract prohibits the appointed representative from carrying on any of the specified activities as an appointed representative for another firm:4(a) any designated investment business for retail clients7: the prohibition must cover all designated investment business for retail clients7;477(b)
SUP 12.5.7RRP
A firm must ensure that its written contract with each of its introducer appointed representatives limits the scope of the appointment to:4(1) effecting introductions to the firm or other members of the firm's group; and4(2) distributing non-real time financial promotions which relate to products or services available from or through the firm or other members of the firm's group.4
LR 13.8.11RRP
A circular to shareholders about the approval of an employee's share scheme or long-term incentive scheme must:(1) include either the full text of the scheme or a description of its principal terms;(2) include, if directors of the listed company are trustees of the scheme, or have a direct or indirect interest in the trustees, details of the trusteeship or interest;(3) state that the provisions (if any) relating to:(a) the persons to whom, or for whom, securities, cash or other
LR 13.8.18RRP
8In relation to a listed company which did not previously have a controlling shareholder, LR 13.8.17 R does not apply to a circular sent to shareholders within a period of 3 months from the event that resulted in a person becoming a controlling shareholder of the listed company.
LR 8.7.8RRP
A sponsor must notify the FCA in writing as soon as possible if:(1) 8(a) 8the sponsor ceases to satisfy the criteria for approval as a sponsor set out in LR 8.6.5 R or becomes aware of any matter which, in its reasonable opinion, would be relevant to the FCA in considering whether the sponsor continues to comply with LR 8.6.6 R; or(b) 8the sponsor becomes aware of any fact or circumstance relating to the sponsor or any of its employees engaged in the provision of sponsor services
LR 8.7.21AGRP
8Examples of when a sponsor should submit a cancellation request pursuant to LR 8.7.22 R include, but are not limited to:(1) situations where the sponsor ceases to satisfy the ongoing criteria for approval as a sponsor in accordance with LR 8.6.6 R and, following a notification made under LR 8.7.8 R, there are no ongoing discussions with the FCA which could lead to the conclusion that the sponsor remains eligible; or(2) where there is a change of control of the sponsor or any
PERG 2.7.6BGRP
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
PERG 2.7.19IGRP
15A credit agreement is also an exempt agreement17 in the following cases:(1) if it is a borrower-lender agreement, the lender is a credit union and the rate of the total charge for credit (see CONC App 1) does not exceed 42.6 per cent provided that:41(a) the agreement is not an MCD regulated mortgage contract or an article 3(1)(b) credit agreement; or41(b) the agreement is an MCD regulated mortgage contract or an article 3(1)(b) credit agreement but:41(i) the agreement is of
IFPRU 2.2.57GRP
Whereas a single legal entity can generally use its capital to absorb losses wherever they arise, there are often practical and legal restrictions on the ability of a group to do so. For instance:(1) capital which is held by overseas regulated firms may not be capable of being remitted to a firm in the UK which has suffered a loss;(2) a firm which is, or likely to become, insolvent may be obliged to look to the interests of its creditors first before transferring capital to other
IFPRU 2.2.88GRP
In performing stress tests and scenario analyses, a firm should take into account the risk that its group may have to bring back on to its consolidated balance sheet the assets and liabilities of off-balance sheet entities as a result of reputational contagion, notwithstanding the appearance of legal risk transfer.
SUP 15.3.7GRP
Principle 11 requires a firm to deal with its regulators in an open and cooperative way and to disclose to the FCA11 appropriately anything relating to the firm of which the FCA11 would reasonably expect notice. Principle 11 applies to unregulated activities as well as regulated activities and takes into account the activities of other members of a group35353535
SUP 15.3.8GRP
Compliance with Principle 11 includes, but is not limited to, giving the FCA11 notice of:3535(1) any proposed restructuring, reorganisation or business expansion which could have a significant impact on the firm's risk profile or resources, including, but not limited to:(a) setting up a new undertaking within a firm'sgroup, or a new branch (whether in the United Kingdom or overseas); or (b) commencing the provision of cross border services into a new territory; or(c) commencing
CASS 5.5.47RRP
Subject to CASS 5.5.41 R, a firm that holds or intends to hold client money with a bank which is in the same group as the firm must:(1) undertake a continuous review in relation to that bank which is at least as rigorous as the review of any bank which is not in the same group, in order to ensure that the decision to use a group bank is appropriate for the client;(2) disclose in writing to its client at the outset of the client relationship (whether by way of a client agreement,4terms of
CASS 5.5.48RRP
If a client has notified a firm in writing that he does not wish his money to be held with a bank in the same group as the firm, the firm must either:(1) place that client money in a client bank account with another bank in accordance with CASS 5.5.38 R; or(2) return that client money to, or pay it to the order of, the client.
COLL 5.6.19RRP
The following limits apply in respect of immovables held as part of scheme property of a scheme:(1) not more than 15% in value of the scheme property is to consist of any one immovable;(2) in (1), immovables within COLL 5.6.18 R (4) (b) (Investment in property) must be regarded as one immovable;(3) the figure of 15% in (1) may be increased to 25% once the immovable has been included in the scheme property in compliance with (1);(4) the income receivable from any one group in any
COLL 5.6.23AGRP
(1) 9Replication of the composition of an index shall be understood to be a reference to replication of the composition of the underlying assets of that index, including the use of techniques and instruments for the purpose of efficient portfolio management.(2) The composition of an index is sufficiently diversified if its components adhere to the spread requirements in this section.(3) An index is a representative benchmark if its provider uses a recognised methodology which
BIPRU 12.5.3GRP
In conducting its ILAA, a firm is obliged to comply with the stress testing and related requirements which appear in this section. The rules in this section also provide that in its ILAA a firm must include an assessment of the firm's compliance with the standards set out in BIPRU 12.3 and BIPRU 12.4.
BIPRU 12.5.36RRP
Where a firm has an intra-group liquidity modification permitting it to rely on liquidity from other members of its group in order to satisfy the overall liquidity adequacy rule, or may be exposed to calls on its own liquidity resources from others in its group, then in assessing its intra-groupliquidity risk it must:(1) take into account:(a) the extent to which it and other entities in its group have access to central bank funding;(b) in relation to any group entity on which
PERG 2.9.10GRP
These exclusions apply to intra-group dealings and activities and to dealings or activities involving participators in a joint enterprise which take place for the purposes of, or in connection with, the enterprise. The general principle here is that, as long as activities that would otherwise be regulated activities take place wholly within a group of companies, then there is no need for authorisation. The same principle applies to dealings or activities that take place wholly
PERG 2.9.14GRP
In broad terms, the exclusions apply to activities which further an employee share scheme, or are carried on in operation of such a scheme. They apply to activities carried on by the company whose securities or debentures (which are given an extended meaning for this exclusion) are the subject of the scheme. They also apply to activities of any company in the same group or of any trustee who holds certain types of securities or debentures under the scheme. They do not apply to
IFPRU 11.6.1RRP
This section applies to:(1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is: (a) a mixed activity holding company of an IFPRU 730k firm; and(b) does not hold an RRD institution using an intermediate financial holding company or mixed financial holding company.
REC 2.4A.2UKRP

Schedule to the Recognition Requirements Regulations, paragraph 2B

(1)

If the [UK RIE] is significant the following requirements apply to the management body -

(a)

members of the management body must not at the same time hold positions exceeding more than one of the following combinations –

(i)

one executive directorship with two non-executive directorships (or where so authorised by the FCA under regulation 44(1) [of the MiFI Regulations], three non-executive directorships); or

(ii)

four non-executive directorships (or where so authorised by the FCA under regulation 44(1) [of the MiFI Regulations], five non-executive directorships); and

(b)

the management body must have a nomination committee unless it is prevented by law from selecting and appointing its own members.

(2)

For the purposes of sub-paragraph (1)(a) -

(a)

any directorship in which the person represents the United Kingdom is not counted;

(b)

executive or non-executive directorships -

(i)

held within the same group, or

(ii)

held within the same undertaking where the [UK RIE] holds a qualifying holding within the meaning of Article 4.1.31 of the markets in financial instruments directive [MiFID],

shall be counted as a single directorship; and

(c)

any directorship in an organisation which does not pursue predominantly commercial objectives is not counted.

(3)

The nomination committee referred to in sub-paragraph (1)(b) must -

(a)

be composed of members of the management body who do not perform an executive function in the [UK RIE];

(b)

identify and recommend to the [UK RIE] persons to fill management body vacancies;

(c)

at least annually assess the structure, size, composition and performance of the management body and make recommendations to the management body;

(d)

at least annually assess the knowledge, skills and experience of individual members of the management body and of the management body collectively and report to the management body accordingly; and

(e)

periodically review the policy of the management body for the selection and appointment of senior management and make recommendations to the management body; and

(f)

be able to use any forms of resource it deems appropriate, including external advice.

(4)

In performing its functions under sub-paragraph (3), the nomination committee must take account of the need to ensure that the management body’s decision making is not dominated by-

(a)

any one individual; or

(b)

a small group of individuals,

in a manner that is detrimental to the interests of the [UK RIE] as a whole.

(5)

In performing its function under sub-paragraph 3(b) the nomination committee must -

(a)

evaluate the balance of knowledge, skills, diversity and experience of the management body;

(b)

prepare a description of the roles, capabilities and expected time commitment for any particular appointment;

(c)

decide on a target for the representation of the underrepresented gender in the management body and prepare a policy on how to meet that target;

(d)

engage a broad set of qualities and competences, and for that purpose have a policy promoting diversity on the management body.

(6)

In sub-paragraph (1), “significant” in relation to a [UK RIE] means significant in terms of the size and internal organisation of the [UK RIE] and the nature, scale and complexity of the [UK RIE’s] activities.
SUP 13.7.13AGRP
15Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
BIPRU 1.2.33GRP
The trading book policy statement may be prepared on either a consolidated or a solo (or solo-consolidated) basis. It should be prepared on a consolidated basis when a group either manages its trading risk centrally or employs the same risk management techniques in each group member. A trading book policy statement prepared on a consolidated basis should set out how it applies to each firm in the group and should be approved by each such firm'sgoverning body.
SYSC 22.9.5GRP
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) An SMCR firm2 does not breach the requirements of this chapter by failing to include something in a reference or by failing to have records2 because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.(3) (1) also applies to
CASS 1.2.9AGRP
(1) 7The fact that a firm'sclient is an affiliated company for MiFID business does not affect the operation of CASS to the firm in relation to that client.(2) For business that is not MiFID business, the operation of the custody chapter or the client money chapter may differ if a firm'sclient is an affiliated company and depending on certain other conditions (see, for example, CASS 6.1.10B R and CASS 7.10.26 R7).7
MAR 9.5.10GRP
Q. Can a group of investment firms aggregate their reporting via an internal hub? A. Yes. A group of investment firms may use a hub to assist with aggregating transaction reporting data for each legal entity that is an investment firm in the group for the purposes of article 26 of MiFIR provided that the hub is either an ARM or the hub uses an ARM to report the transaction data to the FCA. Paragraph 2 of article 9 [Security] of MiFID RTS 13 confirms that an investment firm (‘reporting