Related provisions for REC 5.2.4
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An example of a rule20 being interpreted as cut back by GEN 2.2.23R is SYSC 6.1.1R, which requires a firm to maintain adequate policies and procedures to ensure compliance with its obligations under the regulatory system; SYSC 6.1.1R should be interpreted as applied by the FCA in respect of a PRA-authorised person’s compliance with regulatory obligations that are the responsibility of the FCA (for example, in respect of a bank maintaining policies and procedures to ensure compliance
1Introduction1.An accredited body is a body appearing in the list of such bodies in the Glossary.112.Information on accredited bodies, including guidance on the process for including an applicant body in the list, is set out below and the obligation to pay the application fee is set out in FEES 3.2.3.[deleted]11Process for including a body in the list of accredited bodies4.In considering the compatibility of a proposed addition with the statutory objectives, the FCA will determine
(1) A written notice from a Treaty firm under paragraph 5(2) of Schedule 4 to the Act must be: (a) addressed for the attention of the authorisations team in the PRA or FCA, as appropriate; and101010(b) delivered to the appropriate UK regulator10 by one of the methods in (2).10(2) The written notice may be delivered by:(a) post to either of the following addresses, as appropriate:1010(i) the address for notices to the FCA: The Financial Conduct Authority, 12 Endeavour Square, London,
(1) This direction applies to an application under Form A or Form E.(2) Subject to (2A), an1 application by a firm4must be made by submitting the Form online at fca.org.uk using the form specified on the FCA's and PRA'sonline notification and application system3. 122(2A) An application by a firm whose application for permission or whose Part 4A permission covers only credit-related regulated activities must be made using the form in SUP 10A Annex 4 or SUP 10A Annex 8 and must
(1) If:(a) a firm:20(i) makes an application to vary its permission (by reducing its scope), or cancel it, in the way set out in SUP 6.3.15D(3) (Variation of permission) and SUP 6.4.5D (Cancellation of permission); or20(ii) applies to vary (by reducing its scope) or cancel its authorisation or registration (regulation 8 and 10(1) of the Payment Services Regulations including as applied by regulation 14 of the Payment Services Regulations); or20(iii) applies to cancel its authorisation
1This chapter provides guidance in relation to business transfers.(1) SUP 18.2 applies to any firm or to any underwritingmember or any former member3 of Lloyd's proposing to transfer the whole or part of its business by an insurance business transfer scheme or to accept such a transfer. Some of the guidance in this chapter, for example, at3SUP 18.2.31 G to SUP 18.2.41 G also applies3 to the independent expert making the scheme report.33(2) SUP 18.3 applies to any firm proposing
(1) A firm other than a credit union must submit the form in SUP 15 Ann 2 R online 7 using the FCA's4online notification and application system6. 777552(2) A credit union must submit the form in SUP 15 Ann 2 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).2(3) Where a firm is obliged to submit an application online under (1), if the FCA's4 information technology systems fail and online submission is unavailable for 24 hours or more, until
In considering whether or not to make a recognition order, the FCA4 will have regard to all relevant information and factors, including its guidance to recognised bodies and applicants and the information provided by applicants. Details of the application processes and other guidance for applicants are set out in REC 5 and (for overseas applications) REC 6.4
Table: Examples of how the need for dual FCA and PRA approval in relation to PRA-authorised persons is reduced1ExampleWhether FCA approval requiredWhether PRA approval requiredComments(1) A is appointed as chief risk officer and an executive director.No. A4 is not treated as performing the executive director function.4YesChief risk officer is a PRA-designated senior management function. A’s functions as a director will be included in the PRA-designated senior management function.
A section 178 notice10 given to the appropriate regulator15 by a person who is acquiring control or increasing his control over a UK domestic firm, in a way described in SUP 11.4.2 R (1) to (4), or acquiring control in a way described in SUP 11.4.2A R, must contain the information and be accompanied by such documents as are required by the controllers form approved by the appropriate regulator15 for the relevant application. 4610151015
5 In addition to those rules in SUP 12 relating to the MiFID business of appointed representatives and tied agents, there are other MiFID obligations in the Handbook relevant to the knowledge and competence of tied agents and related compliance obligations (see SYSC 5.1, TC and FIT (in respect of appointed representatives that are approved persons)). These provisions are subject to the territorial application requirements in their respective chapters.
A firm which is included within comparable disclosures provided on a consolidated basis by a parent undertaking whose head office is not in an EEA State may apply for a waiver from the relevant disclosure requirements in BIPRU 11.2.2 R - BIPRU 11.2.5 R. The appropriate regulator's approach to granting waivers is set out in the Supervision manual (see SUP 8).[Note: BCD Article 72(3)]
SUP 10C.3.13R enables cover to be given for (as an example) holidays and emergencies and avoids the need for the precautionary approval of, for example, a deputy. However, as soon as it becomes apparent that a person will be performing an FCA-designated senior management function for more than 12 weeks, the firm should apply for approval.
Where, in relation to a member (or designated non-member) of a UK RIE :1(1) a bankruptcy order; or(2) an award of sequestration of his estate; or(3) an order appointing an interim receiver of his property; or(4) an administration or winding-up order; or(5) a resolution for a voluntary winding-up; or(6) an order appointing a provisional liquidator; has been made or passed and the UK RIE1 has not taken action under its default rules as a result of this event or of the matters giving
2As well as listing the FCA’sdesignated senior management functions for credit unions and other SMCR firms3, SUP 10C has other requirements about SMF managers:(1) SUP 10C sets out the procedures for applying for, granting, removing and varying approval as an SMF manager.(2) SUP 10C requires firms to give various types of reports to the FCA about their SMF managers.(3) SUP 10C explains that each firm must prepare a statement of responsibilities for each of its SMF managers. A statement
In considering a firm's application for a simplified ILAS waiver, the appropriate regulator will take into account the firm's policy statement submitted to it under BIPRU 12.6.13R and form a view about the appropriateness of the assumptions on which the policy statement is based. Where a policy statement submitted after the grant of a simplified ILAS waiver reflects a materially different assessment to that set out in the policy statement considered as part of a firm'swaiver
If a firm has surplus eligible partnership capital or eligible LLP members' capital that it wishes to repay in circumstances other than those set out in GENPRU 2.2.93 R or GENPRU 2.2.94 R it may apply to the FCA18 for a waiver to allow it to do so. If a firm applies for such a waiver the information that the firm supplies with the application might include:(1) a demonstration that the firm would have sufficient capital resources to meet its capital resources requirement immediately