Related provisions for COCON 4.1.6

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SYSC 4.8.5GRP
The purpose of this section is to ensure, together with the equivalent PRA requirements, that an SMF manager is responsible and accountable for every area of a branch’s activities.
SYSC 4.8.6RRP
(1) A firm must allocate each of the FCA-prescribed senior management responsibilities in rows (1) to (7) in the table in SYSC 4.8.9R to one or more SMF managers of the branch.(2) If the FCA-prescribed senior management responsibility in row (8) of the table in SYSC 4.8.9R (functions in relation to CASS) applies to a firm, the firm must allocate that FCA-prescribed senior management responsibility to one or more SMF managers of the branch.(3) A firm may not allocate an FCA-prescribed
SYSC 4.8.9RRP
Table: FCA-prescribed senior management responsibilities for third-country relevant authorised persons.FCA-prescribed senior management responsibility in relation to the branchExplanationEquivalent PRA-prescribed UK branch senior management responsibility(1) Responsibility for the firm’s performance of its obligations under the senior management regimeThe senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as
SYSC 4.8.10RRP
(1) A firm must ensure that, at all times, one or more of its SMF managers has overall responsibility (subject to the branch’sgoverning body) for each of the activities, business areas and management functions of the branch that are under the management of the branch’sgoverning body.(2) A firm must ensure that, at all times, one or more of its SMF managers has responsibility for each of the activities, business areas and management functions of the branch not covered by (1).(3)
SYSC 4.8.11GRP
(1) The purpose of SYSC 4.8.10R is to avoid gaps. It is to ensure that an SMF manager has responsibility for every part of a branch’s activities, business areas and management functions not otherwise covered by other parts of this section or by the equivalent PRA requirements.(2) SYSC 4.8.10R(1) refers to the activities, business areas and management functions of the branch that are under the management of the branch’sgoverning body. However, the FCA recognises that for some branches,
SYSC 4.8.19GRP
SYSC 4.7.13G and SYSC 4.7.14G (meaning of overall responsibility for UK relevant authorised persons) apply to the meaning of overall responsibility in this section but as if:(1) references to the firm were to the branch; and(2) references to the chief executive were to the branchmanager or the person performing the PRA’s Head of Overseas Branch designated senior management function.
SYSC 4.8.27GRP
(1) Generally, where a firm allocates responsibility under SYSC 4.8.10R to one of the firm’sSMF managers who is not based in the branch the FCA would expect:(a) that the responsibility would not be allocated to a manager whose responsibilities for the branch are limited to setting overall strategy for the branch; and(b) that, instead, the firm would allocate it to a manager who is the most senior person responsible for implementing the strategy for the branch.(2) See SUP 10C.1.5AG
SYSC 4.8.30GRP
(1) It is common for a branch to carry out only part of a transaction. For instance, a transaction may be booked in a branch but negotiated and arranged elsewhere or vice versa.(2) When allocating responsibility to an SMF manager for activities in relation to transactions under SYSC 4.8.10R, a firm should not exclude a transaction which is arranged, booked or negotiated in the branch merely because other elements of the transaction occur outside the United Kingdom.
SYSC 4.8.32GRP
(1) A third-country relevant authorised person should allocate responsibility to its SMF managers for every area of the activities of its branch.(2) This is required by a mixture of: (a) SYSC 4.8.6R (FCA-prescribed senior management responsibility);(b) SYSC 4.8.10R (Local responsibility for a firm’s activities, business areas and management functions);(c) the requirements for FCA-designated senior management functions; and(d) the corresponding PRA requirements.
SYSC 4.8.33GRP
(1) Having local responsibility for an activity, business area or management function of the branch under SYSC 4.8.10R requires approval under section 59 of the Act (Approval for particular arrangements) as an SMF manager. This is because a person who has local responsibility for an activity will be:(a) performing the other local responsibility function; or(b) approved to perform another designated senior management function.(2) The other local responsibility function applies
COLL 7.4A.1GRP
(1) 1This section deals with the circumstances and manner in which an ACS is to be wound up or a sub-fund of a co-ownership scheme is to be terminated otherwise than by the court as an unregistered company under the Insolvency Act 1986 or the Insolvency (Northern Ireland) Order 1989 (further rules regarding schemes of arrangement are found in COLL 7.6 (Schemes of arrangement)).(2) An ACS may be wound up under this section only if it is solvent. Under section 261W of the Act (Requests
COLL 7.4A.3GRP
This table belongs to COLL 7.4A.1G (5) (Explanation of COLL 7.4A)Summary of the main steps in winding up an ACS or terminating a sub-fund of a co-ownership scheme under FCArulesNotes: N = Notice to be given to the FCA under section 261Q of the Act in a section 261Q case.R = Request to wind up the scheme under section 261W of the Act in a section 261W case. E = commencement of winding up or terminationW/U = winding upFAP = final accounting periodStep numberExplanationWhenCOLLrule,
COLL 7.4A.4RRP
(1) Upon the happening of any of the matters or dates referred to in (3), and subject to the requirement of (4) being satisfied, and not otherwise:(a) COLL 6.2 (Dealing), COLL 6.3(Valuation and pricing) and COLL 5 (Investment and borrowing powers) cease to apply to the ACS or to the units and scheme property in the case of a sub-fund of a co-ownership scheme; (b) the depositary must cease to issue and cancelunits, except in respect of the final cancellation under COLL 7.4A.6R
COLL 7.4A.5RRP
(1) Either before notice is given under section 261Q of the Act or before a request is made under section 261W of the Act in relation to the proposals referred to in COLL 7.4A.4R (4), the authorised contractual scheme manager must make a full inquiry into the ACS's (or, in the case of the termination of a sub-fund of a co-ownership scheme, the sub-fund's) affairs, business and property to establish whether the ACS or the sub-fund will be able to meet all its liabilities.(2) The
COLL 7.4A.6RRP
(1) Where COLL 7.4A.4R (3)(f) applies, the depositary must cancel all units in issue and wind up the ACS or terminate the sub-fund of the co-ownership scheme in accordance with the approved scheme of arrangement.(2) In any other case falling within COLL 7.4A.4 R:(a) once the ACS falls to be wound up or sub-fund terminated, the depositary must realise the scheme property;(b) after paying out or retaining adequate provision for all liabilities payable and for the costs of the winding
COLL 7.4A.7GRP
For the purposes of this section, an ACS may be treated as having been wound up or a sub-fund of a co-ownership scheme terminated upon completion, where relevant, of all of the steps in (1) to (3):(1) payment or adequate provision being made (by the depositary after consulting the authorised contractual scheme manager) to cover the expenses relating to the winding up or termination and all liabilities of the scheme;(2) the scheme property being realised or distributed in accordance
COLL 7.4A.8RRP
(1) The authorised contractual scheme manager must use all reasonable endeavours to ensure that all the liabilities of the ACS or the sub-fund of a co-ownership scheme are discharged before the completion of the winding up or termination.(2) The duty in (1) relates to all liabilities of which the authorised contractual scheme manager: (a) is, or becomes, aware before the completion of the winding up or termination; or(b) would have become aware before the completion of the winding
COLL 7.4A.9RRP
(1) [deleted]2(2) [deleted]2(3) For any annual accounting period or half-yearly accounting period which begins after commencement of the winding up or termination2, a copy of the long report must be supplied free of charge to any unitholder upon request.(4) The2authorised contractual scheme manager must ensure that it keeps unitholders appropriately informed about the winding up or termination, including its likely duration. (5) The authorised contractual scheme manager must send
COLL 7.4A.10GRP
(1) The effect of COLL 7.4A.9R2 is that the authorised contractual scheme manager must continue to prepare annual and half-yearly long reports and to make them available to unitholders in accordance with COLL 4.5.14R (Publication and availability of annual and half-yearly long report).(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates to unitholders at six-monthly or more frequent
COLL 7.4A.11RRP
(1) Except to the extent that the authorised contractual scheme manager can show that it has complied with COLL 7.4A.8 R (Duty to ascertain liabilities), the authorised contractual scheme manager is personally liable to meet any liability of an ACS or a sub-fund of a co-ownership scheme, of which it is the authorised contractual scheme manager, wound up or terminated under this section (whether or not the winding up of the ACS or the termination of the sub-fund has been completed)
COLL 7.4A.12RRP
If:(1) during the course, or as a result, of the enquiry referred to in COLL 7.4A.5R (1) (Solvency statement), the authorised contractual scheme manager becomes of the opinion that it will not be possible to provide the confirmation referred to in (2)(a) of that rule; or(2) after winding up or termination has commenced, the authorised contractual scheme manager becomes of the opinion that the ACS or the sub-fund of a co-ownership scheme will be unable to meet all its liabilities
COLL 7.4.1GRP
(1) This section deals with the circumstances and manner in which an AUT is to be wound up or a sub-fund of an AUT is to be terminated. Under section 256 of the Act (Requests for revocation of authorisation order), the manager or trustee of an AUT may request the FCA to revoke the authorisation order in respect of that AUT. Section 257 of the Act (Directions) gives the FCA the power to make certain directions.(2) The termination of a sub-fund under this section will be subject
COLL 7.4.2AGRP
1This table belongs to COLL 7.4.1 G (4) (Explanation of COLL 7.4)Summary of the main steps in winding up an AUT or terminating a sub-fund under FCArulesNotes: N = Notice to be given to the FCA under section 251 of the Act.E = commencement of winding up or termination W/U = winding up FAP = final accounting period (COLL 7.4.5 R (4))Step numberExplanationWhenCOLLrule (unless stated otherwise)1Receive FCA approvalN + one monthOn receipt of notice from the FCASection 251 of the Act2Normal
COLL 7.4.3RRP
(1) Upon the happening of any of the events or dates referred to in (2) and not otherwise:1(a) COLL 6.2 (Dealing), COLL 6.3 (Valuation and pricing) and COLL 5 (Investment and borrowing powers) cease to apply to the AUT or to the units and scheme property in the case of a sub-fund;1(b) the trustee must cease to issue and cancel1units, except in respect of the final cancellation under COLL 7.4.4 R (1) or (2);11(c) the manager must cease to sell and redeem units; (d) the manager
COLL 7.4.4RRP
(1) Where COLL 7.4.3 R (2) (f) applies, the trustee must cancel all units in issue and1 wind up the AUT or terminate the sub-fund in accordance with the approved scheme of arrangement.(2) In any other case falling within COLL 7.4.3 R:(a) once the AUT falls to be wound up or sub-fund terminated, the trustee must realise the scheme property;(b) after paying out or retaining adequate provision for all liabilities payable and for the costs of the winding up or termination, the trustee
COLL 7.4.4AGRP
1For the purposes of this section, an AUT may be treated as having been wound up or a sub-fund terminated upon completion, where relevant, of all of the steps in (1) to (3):(1) payment or adequate provision being made (by the trustee after consulting the manager) to cover the expenses relating to the winding up or termination and all liabilities of the scheme;(2) the scheme property being realised or distributed in accordance with COLL 7.4.4 R (5); and(3) the net proceeds being
COLL 7.4.5RRP
(1) [deleted]21111(1A) [deleted]21(2) For any annual accounting period or half-yearly accounting period which begins after commencement of the winding up or termination2, a copy of the long report must be supplied free of charge to any unitholder upon request.1(2A) The2manager must ensure that it keeps unitholders appropriately informed about the winding up or termination, including its likely duration.1(2B) The manager must send a copy of the information required by COLL 7.4.5
COLL 7.4.6GRP
(1) 1The effect of COLL 7.4.5R2 is that the manager must continue to prepare annual and half-yearly long reports and to make them available to unitholders in accordance with COLL 4.5.14 R.(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates to unitholders at six-monthly or more frequent intervals.
COLL 8.5.3ARRP
9Where reasonable grounds exist for an ACD of an ICVC, or an authorised contractual scheme manager of a co-ownership scheme10 which is an umbrella,10 to consider that a foreign law contract entered into by the ICVC or authorised contractual scheme manager on behalf of the co-ownership scheme10 may have become inconsistent with the principle of limited recourse stated in the instrument constituting the fund12 of the ICVC or co-ownership scheme10 (see COLL 8.2.6 R(2)(4A) and COLL
COLL 8.5.3BGRP
9In deciding what steps are appropriate to remedy the inconsistency, the ACD or authorised contractual scheme manager of the co-ownership scheme10 should have regard to the best interests of the unitholders. Appropriate steps to remedy the inconsistency may include:(1) where possible, renegotiating the foreign law contract in a way that remedies the inconsistency; or(2) causing the ICVC or the authorised contractual scheme manager on behalf of the co-ownership scheme10 to exit
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 8.5.10BRRP
(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
COLL 8.5.10CGRP
10The FCA recognises that some transfers of units arise by operation of law (such as upon death or bankruptcy of the unitholder, or otherwise) and are accordingly outside the control of the authorised contractual scheme manager. The authorised contractual scheme manager is expected to comply with its responsibilities under COLL 8.5.10E R (Redemption of ACS units in a QIS by an authorised contractual scheme manager) in those cases by redeeming those units.
COLL 8.5.10DRRP
(1) 10The authorised contractual scheme manager of an authorised contractual scheme which is a qualified investor scheme must take reasonable care to ensure that rights or interests in units in the scheme are not acquired by any person from or through an intermediate Unitholder in a qualified investor scheme, unless:11(a) that person11is a:(i) professional ACS investor; or(ii) large ACS investor; or(iii) person who already holds units in the scheme; and(b) units in a qualified
COLL 8.5.10ERRP
10The authorised contractual scheme manager of a qualified investor scheme which is an ACS must redeemunits in the scheme as soon as practicable after becoming aware that those units are vested in anyone (whether as a result of subscription or transfer of units) other than a person meeting the criteria in COLL 8 Annex 2(1) and (2) (ACS Qualified Investor Schemes: eligible investors).
DEPP 8.2.1GRP
1The FCA may use the own-initiative variation of approval power where it considers that it is desirable to do so to advance one or more of its operational objectives. The FCA will assess this on a case-by-case basis, taking into account the specific circumstances of the firm and the SMF manager.
DEPP 8.2.2GRP
When considering the use of this power to deal with a particular concern, the FCA will have regard to the range of regulatory tools that are available. The FCA will consider dealing with any concerns informally through discussion and agreement with the firm and the SMF manager, instead of using the own-initiative variation of approval power.
DEPP 8.2.3GRP
The power to impose a conditional or time-limited approval does not depend on the SMF manager being unfit without that condition or time limitation. The FCA can impose a condition or time limitation even if the candidate would still be fit and proper without it. Conversely, where an SMF manager is not fit and proper but might be if a condition or time limitation is imposed, the FCA is not obliged to impose a condition or time limitation, and may take the view that a prohibition
DEPP 8.2.6GRP
The circumstances which will lead to a condition or time limitation being imposed on a candidate for an SMF manager role will, where appropriate, also lead to an existing SMF manager’s approval being varied. SUP 10C is therefore relevant to the FCA’s use of the own-initiative variation of approval power.
DEPP 2.5.8AGRP
9The RDC will take the decision under section 63ZB of the Act to vary an approval given to an SMF manager (by imposing a condition, varying a condition, removing a condition or limiting the period for which the approval is to have effect).
DEPP 2.5.8CGRP
9The FCA’s statement of policy on the use of the power to vary an SMF manager’s approval on its own initiative is set out in DEPP 8.
DEPP 2.5.14GRP
In determining whether there is agreement to or acceptance of the action proposed, an indication by the following persons will be regarded as conclusive:(1) in relation to an authorised unit trust scheme, the manager and trustee;88(1A) in relation to an authorised contractual scheme, the authorised contractual scheme manager and depositary;7(2) in relation to an ICVC, the directors and the depositary;88(3) in relation to a recognised scheme, the operator and, if any, the trustee8or
DEPP 2.5.15GRP
A decision to give a warning notice or decision notice refusing an application for an authorisation order declaring a scheme7 to be an AUT, ACS7 or ICVC2 will be taken by the RDC only if the application is by an authorised fund manager who is not the operator of an existing AUT, ACS7 or ICVC. Otherwise, the decision to give the warning notice or decision notice will be taken by FCA6 staff under executive procedures.2762
DEPP 2.5.18GRP
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
SYSC 5.2.28ARRP
(1) 3None of the FCA-specified significant-harm functions extend to an individual (“P”) in relation to a firm if:(a) P is based outside the United Kingdom for the firm; and(b) in a 12-month period, P spends no more than 30 days performing what would otherwise be an FCA-specified significant-harm function for that firm within the territorial scope of this section as described in SYSC 5.2.19R.(2) Paragraph (1) only applies to the extent that P is appropriately supervised by: (a)
SYSC 5.2.30RRP
Table: FCA-specified significant-harm functionsFunctionWhere defined(1) CASS oversightSYSC 5.2.32R7(3) Proprietary traderSYSC 5.2.34R(4) Significant managementSYSC 5.2.35R(5) Functions requiring qualificationsSYSC 5.2.39R(6) Managers of certification employeesSYSC 5.2.41R(7) Material risk takersSYSC 5.2.42R3(8) Client-dealingSYSC 5.2.44R3(9) Algorithmic tradingSYSC 5.2.49R
SYSC 5.2.32RRP
(1) Each of the following is an FCA-specified significant-harm function:(a) in relation to a CASS medium firm and a CASS large firm (other than a CASS large debt management firm), the function of acting in the capacity of a person who is allocated the function in CASS 1A.3.1AR (oversight of operational effectiveness);(b) in relation to a CASS large debt management firm, the function of acting in the capacity of a person who is allocated the function in CASS 11.3.4R (oversight
SYSC 5.2.33RRP
[deleted]7
SYSC 5.2.38GRP
When considering whether a business unit is significant for the purposes of SYSC 5.2.35R, the firm should take into account all relevant factors in the light of the firm's current circumstances and its plans for the future, including:(1) the risk profile of the unit;(2) its use or commitment of the firm's capital;(3) its contribution to the profit and loss account;(4) the number of employees, certification employees or SMF managers in the unit;(5) the number of customers of the
SYSC 5.2.41RRP
(1) The function of managing or supervising a certification employee, directly or indirectly, is an FCA-specified significant-harm function.(2) A function in (1) is not an FCA-specified significant-harm function for that firm if it is performed by an SMF manager of that firm.
COBS 14.4.10RRP
If an intermediate Unitholder receives a reasonable request from an authorised fund manager for information relating to the beneficial owners of the units of a scheme that it operates which the authorised fund manager reasonably needs for the purposes of liquidity management, the intermediate Unitholder must provide that information to the authorised fund manager as soon as is reasonably practicable.
COBS 14.4.11GRP
Examples of information which may be reasonably requested by an authorised fund manager include:(1) a breakdown of the total number of units held by the intermediate Unitholder in each scheme to indicate the number of units attributable to individual beneficial owners; and(2) information about the types of distribution channel which have been used to sell the units to the relevant beneficial owners.
COBS 14.4.12GRP
In determining whether a request from an authorised fund manager is reasonable, an intermediate Unitholder may take into account the frequency with which such requests have been received from that authorised fund manager.
SYSC 4.9.1RRP
(1) This section applies to UK relevant authorised persons and to third-country relevant authorised persons.2(2) For third-country relevant authorised persons, references in this section to an SMF manager are references to the SMF manager when acting as an SMF manager for the firm’sbranch in the United Kingdom.2
SYSC 4.9.4RRP
A firm must take all reasonable steps to ensure that:(1) a person who is becoming an SMF manager;(2) an SMF manager: (a) taking on a new job or new responsibilities; or(b) whose responsibilities or job are being changed; and(3) anyone who has management or supervisory responsibilities for the SMF manager in (1) or (2);has, when the SMF manager starts to perform his new or revised responsibilities or job, all information and material that a person in (1) to (3) could reasonably
SYSC 4.9.7GRP
(1) The main purpose of SYSC 4.9.4R is to help the SMF manager with his new or revised responsibilities or job and to help the managers of SMF managers.(2) It should be a practical and helpful document and not just a record.(3) The material should include an assessment of what issues should be prioritised.(4) It should include judgement and opinion, not just facts and figures.
COCON 4.1.4GRP
It is important for a manager to understand the business for which they are responsible. A manager is unlikely to be an expert in all aspects of a complex financial services business. However, they should understand and inform themselves about the business sufficiently to understand the risks of its trading, credit or other business activities.
COCON 4.1.5GRP
It is important for a manager to understand the risks of expanding the business into new areas and, before approving the expansion, they should investigate and satisfy themselves, on reasonable grounds, about the risks, if any, to the business.
COCON 4.1.7GRP
Where a manager is not an expert in a business area, they should consider whether they (or those with whom they work) have the necessary expertise to provide an adequate explanation of issues within that business area. If not, they should seek an independent opinion from elsewhere, within or outside the firm.
COCON 4.1.8GRP
The following is a non-exhaustive list of examples of conduct by a manager that would be in breach of rule 2.(1) Failing to take reasonable steps to ensure that the business of the firm for which the manager has responsibility:(a) is controlled effectively;(b) complies with the relevant requirements and standards of the regulatory system applicable to that area of the business; and(c) is conducted in such a way to ensure that any delegation of responsibilities is to an appropriate
COLL 6.4.4RRP
(1) Either:11(a) the manager or the trustee (as nominated in the trust deed); or1(b) the authorised contractual scheme manager or the depositary of the ACS (as nominated in the contractual scheme deed);1must establish and maintain a register of unitholders as a document in accordance with this section.1(2) The manager or trustee or the authorised fund manager or depositary1 in accordance with their duties under (1) must exercise all due diligence and take all reasonable steps
COLL 6.4.5RRP
(1) Subject to (3), if1 no person is entered in the register as the unitholder of a unit, the authorised fund manager1 must be treated as the unitholder of each such unit which is in issue3.11(2) Where units are transferred to the authorised fund manager1, they need not be cancelled and the authorised fund manager1 need not be entered on the register as the new unitholder.11(3) In the case of a limited partnership scheme, unregistered units may be held by the authorised contractual
COLL 6.4.6ARRP
(1) 1Where 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 3.2.6 R(27G) (ACSs: UCITS and NURS transfer of units) and COLL 4.2.5
COLL 6.4.6BGRP
1The FCA recognises that some transfers of units arise by operation of law (such as upon death or bankruptcy of the unitholder, or otherwise) and are accordingly outside the control of the authorised contractual scheme manager. The authorised contractual scheme manager is expected to comply with its responsibilities under COLL 6.6.3B R (Redemption of ACS units by an authorised contractual scheme manager) in such cases by redeeming such units.
DEPP 6.2.9-AGRP
9The FCA is able to take action against an SMF manager under section 66A(5) of the Act where: (1) there has been (or continues to be) a contravention of a relevant requirement by the SMF manager’sfirm;(2) at the time of the contravention, the SMF manager was responsible for the management of any of the firm’s activities in relation to which the contravention occurred; and(3) the SMF manager did not take such steps as a person in their position could reasonably be expected to take
DEPP 6.2.9-CGRP
9When determining, for the purposes of section 66A(5) of the Act, whether an SMF manager was responsible for the management of any of the firm’s activities in relation to which a contravention of a relevant requirement by the firm occurred, the FCA will consider the full circumstances of each case. A list of considerations that may be relevant for this purpose is set out below. This list is not exhaustive.(1) The SMF manager’sstatement of responsibilities, including whether the
DEPP 6.2.9-DGRP
9Under section 66A(5)(d) of the Act, such steps as a person in the position of the SMF manager could reasonably be expected to take to avoid the firm’s contravention of a relevant requirement occurring (or continuing) are: (1) such steps as a competent SMF manager would have taken:(a) at that time;(b) in that specific individual’s position;(c) with that individual’s role and responsibilities; and(d) in all the circumstances.
DEPP 6.2.9-EGRP
9When determining under section 66A(5)(d) of the Act whether or not an SMF manager has taken such steps as a person in their position could reasonably be expected to take to avoid the contravention of a relevant requirement by the firm occurring (or continuing), additional considerations to which the FCA would expect to have regard include, but are not limited to:(1) the role and responsibilities of the SMF manager (for example, such steps as an SMF manager in a non-executive
DEPP 6.2.9-FGRP
Where action is taken against an SMF manager under section 66A(5) of the Act the onus will be on the FCA to show that the SMF manager has been guilty of misconduct.
SUP 10C.1.2GRP
This chapter is also relevant to FCA-approved SMF managers of a relevant authorised person.
SUP 10C.1.5GRP
(1) 2SUP 10C.1.4R reflects the provisions of section 59(8) of the Act and, where relevant, the Treaty.(2) It preserves the principle of Home State prudential regulation. (3) For an EEA relevant authorised person, the effect is to reserve to the Home State regulator the assessment of fitness and propriety of a person performing a function in the exercise of an EEA right. A member of the governing body, or the notified3UKbranchmanager, of an EEA relevant authorised person, acting
SUP 10C.1.5AGRP
(1) 2Generally, where an overseas manager of a non-UK relevant authorised person has responsibilities in relation to its branch in the United Kingdom that are strategic only, they will not need to be an FCA-approved SMF manager.(2) However, where an overseas manager is responsible for implementing that strategy for its branch in the United Kingdom, and has not delegated that responsibility to an SMF manager in the United Kingdom, they will potentially be performing an FCA controlled
COLL 3.2.3RRP
An AUT must be constituted by a trust deed made between the manager and the trustee.
COLL 3.2.3ARRP
12An ACS must be constituted by a contractual scheme deed made between the authorised contractual scheme manager and:(1) the depositary, in the case of a co-ownership scheme; or(2) the nominated partner, in the case of a limited partnership scheme.
COLL 3.2.6RRP
This table belongs to COLL 3.2.4 R (Matters which must be included in the instrument constituting the fund14)14Name of scheme1A statement of:(1) the name of the authorised fund; and(2) whether the authorised fund is a UCITS scheme or a non-UCITS retail scheme.Investment powers in eligible markets2A statement that, subject to any restriction in the rules in this sourcebook or the instrument constituting the fund14, the scheme has the power to invest in any eligible securities market
SUP 16.18.1GRP
1This section applies to the following types of AIFM in line with SUP 16.18.2 G: (1) a full-scope UK AIFM;(2) a small authorised UK AIFM;(3) a small registered UK AIFM;(4) an above-threshold non-EEA AIFMmarketing in the UK; and(5) a small non-EEA AIFMmarketing in the UK.
SUP 16.18.2GRP
Type of AIFMRulesDirectionsGuidanceAIFMD level 2 regulationfull-scope UK AIFMFUND 3.4 (Reporting obligation to the FCA) and SUP 16.18.5 RArticle 110 (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU)small authorised UK AIFMSUP 16.18.6 RArticle 110 (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU)small registered UK AIFMSUP 16.18.7 DArticle 110 (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU)above-threshold non-EEA
SUP 16.18.4EURP
Reporting to competent authorities1.In order to comply with the requirements of the second subparagraph of Article 24(1) and of point (d) of Article 3(3) of Directive 2011/61/EU, an AIFM shall provide the following information when reporting to competent authorities:(a)the main instruments in which it is trading, including a break-down of financial instruments and other assets, including the AIF's investment strategies and their geographical and sectoral investment focus;(b)the
SUP 16.11.1RRP
This section2 applies:935510(1) in relation to sales data reports, to a firm:1010(a) which is a home finance provider; or(b) which has permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or(c) which is, in respect of sales to a retail client or a consumer:(i) an insurer; or(ii) the manager of an authorised AIF or a UCITS scheme; or(iii) the operator of an investment trust savings scheme, or a
SUP 16.11.8AGRP
2Where the manager of an authorised AIF or a UCITS scheme9 receives business from a firm which operates a nominee account, the sales 7data report in respect of those transactions submitted by the manager9 should treat those transactions as transactions undertaken by the manager9 with the firm.999
COLL 8.1.3RRP
(1) Subject to (3), the3authorised fund manager of a qualified investor scheme must take reasonable care to ensure that ownership of units in that scheme is recorded in the register only2 for a person to whom such units may be promoted under COBS 4.12.4R2.32112(2) The authorised fund manager will be regarded as complying with (1) and (3)3 to the extent that it can show that it was reasonable for it to rely on relevant information provided by another person.(3) 3In addition to
COLL 8.1.4GRP
(1) Qualified investor schemes are authorised funds which are intended only for professional clients and for retail clients who are2 sophisticated investors. For this reason, qualified investor schemes are subject to a restriction on promotion under COBS 4.12.3 R. See also COBS 4.12.13 G.22123211(1A) 3The authorised contractual scheme manager of a qualified investor scheme which is4 an ACS must take reasonable care to ensure that subscription in relation to the units of this type
SYSC 18.3.1RRP
(1) A firm must establish, implement and maintain appropriate and effective arrangements for the disclosure of reportable concerns by whistleblowers.(2) The arrangements in (1) must at least:(a) be able effectively to handle disclosures of reportable concerns including: (i) where the whistleblower has requested confidentiality or has chosen not to reveal their identity; and(ii) allowing for disclosures to be made through a range of communication methods; (b) ensure the effective
SYSC 18.3.4GRP
A firm’s training and development in line with SYSC 18.3.1R(2)(g) should include:(1) for all UK-based employees:(a) a statement that the firm takes the making of reportable concerns seriously;(b) a reference to the ability to report reportable concerns to the firm and the methods for doing so;(c) examples of events that might prompt the making of a reportable concern;(d) examples of action that might be taken by the firm after receiving a reportable concern by a whistleblower,
SUP 10A.7.3GRP
The fact that there is a person performing the apportionment and oversight function, and who has responsibility for activities subject to regulation by the FCA, may have a bearing on whether a manager who is based overseas will be performing an FCA controlled function. It is a factor to take into account when assessing the likely influence of the overseas manager.
SUP 10A.7.4GRP
Generally, in relation to a UK establishment of an overseas firm or a firm which is part of an overseas group, where an overseas manager’s responsibilities in relation to the United Kingdom are strategic only, he will not need to be an FCA-approved person. However, where, in accordance with SYSC 3 or SYSC 4 to SYSC 10, he is responsible for implementing that strategy in the United Kingdom, and has not delegated that responsibility to a senior manager in the United Kingdom, he
COLL 1.1.1GRP
(1) This sourcebook, except for COLL 9 (Recognised schemes), applies to:(a) investment companies with variable capital (ICVCs);(b) ACDs, other directors and depositaries of ICVCs;3(c) managers and trustees of authorised unit trust schemes (AUTs); 34(cA) authorised fund managers, depositaries and nominated partners of authorised contractual schemes (ACSs); and4(d) to the extent indicated, UK UCITS management companies operating EEA UCITS schemes.3(2) COLL 9 applies to operators
COLL 1.1.1CGRP
3An EEA UCITS management company that is providing collective portfolio management services for a UCITS scheme from a branch in the United Kingdom, or under the freedom to provide cross border services, is advised that where it operates a UCITS scheme as its designated management company, it meets the Glossary definition of an "ACD" of an ICVC or a "manager" of an AUT or an authorised contractual scheme manager of an ACS,4 which in either case is a UCITS scheme. Such firms should