Related provisions for IPRU-INV 4.1.2
1 - 18 of 18 items.
The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet and continue to meet financial resource requirements at least equivalent to the requirements set out in Lloyd's Capital and Solvency Requirements 2001, as they are in force immediately before commencement.
The report referred to in IPRU-INV 4.4.2D must reach the FCA1 within two months of the end of the relevant quarter and must state: (1) whether the Society has any information indicating or tending to indicate that, during the quarter to which the report relates, the members’ agents1 failed to meet the financial resource requirements referred to in IPRU-INV 4.4.1D; (2) whether, at the end of the quarter to which the report relates, the members’ agents1 failed to meet the financial
The report in IPRU-INV 4.4.4D must reach the FCA1 within seven months of that members’ agent's1 accounting reference date and must: (1) confirm that: (a) the Society has received from that members’ agent1 in respect of the financial year to which the report relates, all relevant attachments to the Annual Financial Return that the members’ agent1 is required to make to the Society under the requirements identified in IPRU-INV 4.4.1D; (b) that members’ agent1 met the applicable
When a firm is carrying on Lloyd's market activities, any reference in COBS to the term:(1) designated investment is to be taken to include the following specified investments:(a) the underwriting capacity of a Lloyd's syndicate;(b) membership of a Lloyd's syndicate; and (c) rights to or interests in the specified investments in (a) or (b);(2) designated investment business is to be taken to include the following regulated activities:(a) advising on syndicate participation at
The directions in IPRU-INV 4.4.1D to IPRU-INV 4.4.5D and IPRU-INV 4.5.1D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective that members’ agents1 have adequate financial resources to support, and keep and preserve adequate accounting records in respect of their business at Lloyd's.
The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet the obligation to keep and preserve accounting records, set out in Lloyd's Underwriting Agents Byelaw (No 4 of 1984), Section III, paragraph 53B, as it is in force immediately before commencement.
A person involved in insurance business written at Lloyd’s may be making financial promotions when attracting another person:(1) to effect or carry out contracts of insurance written at Lloyd’s (where the controlled activity which is the subject of the financial promotion is effecting and carrying out contracts of insurance); or(2) to have assets held under funds at Lloyd’s (where the controlled activity may involve dealing in securities and contractually based investments, arranging
A firm must ensure that an employee does not carry on any of the following activities without first attaining 16each module of an appropriate qualification:1616(1) [deleted]1616(1A) 16advising on and dealing in securities which are not stakeholder pension schemes, personal pension schemes18 or broker funds;(1B) advising on and dealing in derivatives;(2) the activity of a broker fund adviser;(3) advising on syndicate participation at Lloyd's; or(4) the activity of a pension transfer
(1) If a firm is satisfied that an employee meets the conditions in this rule then the requirements to have attained 16each module of an appropriate qualification 16will only apply if that employee is carrying on one of the activities specified in this rule.1616(2) The conditions are that a firm should be satisfied that an employee:(a) has at least three years' up-to-date relevant experience in the activity in question obtained while employed outside the United Kingdom;(b) has
Several activities carried on in connection with business at Lloyds are regulated activities in respect of which authorisation must be obtained. These include the regulated activities of advising on syndicate participation at Lloyd's or managing the underwriting capacity of Lloyd's syndicate as a managing agent at Lloyd's or arranging (bringing about) deals in investments or making arrangements with a view to transactions in investments for another in relation to such participation
In addition, there are restrictions on carrying on (or agreeing to carry on) certain other regulated activities. These relate to managing investments, advising on investments, advising on a home finance transaction,2advising on syndicate participation at Lloyd's, entering into a home finance transaction or administering a home finance transaction.222
A members' adviser is not regulated by the Society and accordingly this chapter specifies the financial resource and accounting requirements to be met. Firms which fall within the scope of this chapter will be firms with permission only to advise persons on syndicate participation at Lloyd's. The nature of that advisory business is akin to corporate finance advice and so the applicable requirements are those in IPRU-INV
1ActivityProducts/SectorsIs there an appropriate qualification4requirement?4Designated investment business carried on for a retail clientProviding basic advice1.Stakeholder products excluding a deposit-based stakeholder productNoAdvising 2.Securities which are not stakeholder pension schemes, personal pension schemes7 or broker fundsYes3.DerivativesYes24.Packaged products6Retail investment products6 which are not broker fundsYes25.Friendly Societylife policies where the employee
Table Controlled activities1.Accepting deposits2.Effecting and carrying out contracts of insurance3.Dealing in securities and contractually based investments4.Arranging deals in investments4A.4Operating a multilateral trading facility410104B.Credit broking104C.Operating an electronic system in relation to lending5.Managing investments10105A.Debt adjusting105B.Debt counselling6.Safeguarding and administering investments7.Advising on investments8.Advising on syndicate participation
The various exclusions outlined below deal with a range of different circumstances.(1) Each set of circumstances described in PERG 2.9.3 G to PERG 2.9.17 G has some application to several regulated activities relating to securities, relevant investments orhome finance transactions.4 They have no effect in relation to the separate regulated activities of accepting deposits, issuing electronic money,9effecting or carrying out contracts of insurance, bidding in emissions auctions,10advising
Table of applicable rules containing data items4, frequency and submission periods(1)(2)(3)(4)RAGnumberRegulated ActivitiesProvisions containing:applicabledata itemsreporting frequency/ perioddue date3232RAG 1• accepting deposits• meeting of repayment claims12• managing dormant account funds (including the investment of such funds)1227SUP 16.12.5 R, except FSA001 and FSA002 on consolidated basis for FINREP firms37SUP 16.12.6 RSUP 16.12.7 RRAG 2.1• effecting contracts of insurance•
Certain activities carried on in connection with business at Lloyds will be regulated. In addition to those already mentioned (arranging deals in the underwriting capacity of a Lloyd's syndicate or membership of a Lloyd'ssyndicate), there are three other regulated activities as follows.(1) Managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's is a regulated activity. 'Managing agent' is defined in article 3(1) of the Regulated Activities Order.(2)