Related provisions for REC 3.2.1
1 - 20 of 20 items.
Under section 294 of the Act (Modification or waiver of rules), the FSA may, on the application or with the consent of a recognised body (including an overseas recognised body), direct that any notification rule is not to apply to the body or is to apply with such modifications as may be specified in the waiver.
Under section 294(4) of the Act, before the FSA may give a waiver of notification rules, it must be satisfied that:(1) compliance by the recognised body with those notification rules, or with those rules as unmodified, would be unduly burdensome or would not achieve the purpose for which those rules were made; and(2) the waiver would not result in undue risk to persons whose interests those rules are designed to protect.
Any waiver given by the FSA under section 294 of the Act will be made in writing, stating: (1) the name of the recognised body in respect of which the waiver is made;(2) the notification rules which are to be waived or modified in respect of that body;(3) where relevant, the manner in which any rule is to be modified;(4) any condition or time limit to which the waiver is subject; and(5) the date from which the waiver is to take effect.
Unless otherwise stated in the notification rule, a written notification required from a recognised body under any notification rule must be:(1) given to, or addressed for the attention of, the recognised body's usual supervisory contact at the FSA;(2) delivered to the FSA by one of the methods in REC 3.2.3 R.
If a notification rule requires notification within a specified period:(1) the recognised body must give the notification so as to be received by the FSA no later than the end of that period; and (2) if the end of that period falls on a day which is not a business day, the notification must be given so as to be received by the FSA no later than the first business day after the end of that period.
Where a UK recognised body is to circulate any notice or other document proposing any amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution) to:(1) its shareholders (or any group or class of them); or(2) its members (or any group or class of them); or(3) any other group or class of persons which has the power to make that amendment or whose consent or approval is required before it may be made;that UK recognised
Information and supporting documentation (see REC 5.2.4 G).(1)Details of the applicant's constitution, structure and ownership, including its memorandum and articles of association (or similar or analogous documents ) and any agreements between the applicant, its owners or other persons relating to its constitution or governance (if not contained in the information listed in REC 5.2.3A G)1.(2)Details of all business to be conducted by the applicant, whether or not a regulated
1Under section 300B(3) of the Act, the FSA may also by rules under section 293: (1) 1make provision as to the form and contents of the notice required, and(2) 1require the UK recognised body to provide such information relating to the proposal as may be specified in the rules or as the FSA may reasonably require.
(1) Recognised bodies are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).(2) UK recognised bodies must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MiFID implementing requirements in the MiFID Regulation.2Overseas recognised bodies must satisfy recognition requirements
(1) The recognition requirements for UK recognised bodies and the MiFID implementing requirements2are set out, with guidance, in REC 2.(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those rules.(3) Guidance on the FSA's approach to the supervision of recognised bodies is given in REC 4.(4) Guidance for applicants (and potential applicants) for UK recognised body status is given in REC 5.(5) The recognition requirements, notification
The procedure is that the FSA must notify the UK recognised body of the application and, unless within three business days after receipt of that notice, the UK recognised body: (1) takes action under its default rules; or(2) notifies the FSA that it proposes to take action forthwith; or(3) is directed to take action by the FSA under section 166(2)(a) of the Companies Act 1989; the provisions of sections 158 to 165 of the Companies Act 1989 do not apply in relation to market contracts
The FSA expects to have an open, cooperative and constructive relationship with UK recognised bodies to enable it to have a broad picture of the UK recognised body's activities and its ability to meet the recognition requirements. This broad picture is intended to complement the information which the FSA will obtain under section 293 of the Act (Notification requirements) or under notification rules made under that section (see REC 3). The FSA will usually arrange meetings between
Where any key individual of a UK recognised body:(1) is the subject of any disciplinary action because of concerns about his alleged misconduct; (2) resigns as a result of an investigation into his alleged misconduct; or(3) is dismissed for misconduct;that body must immediately give the FSA notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.
(1) The purpose of REC 3.18 is to enable the FSA to monitor changes in the types of member admitted by UK recognised bodies and to ensure that the FSA has notice of foreign jurisdictions in which the members of UK recognised bodies are based. UK recognised bodies may admit persons who are not authorised persons or persons who are not located in the United Kingdom, provided that the recognition requirements continue to be met.(2) REC 3.18.2 R focuses on the admission of persons
1A UK RIE must immediately notify the FSA of:(1) significant breaches of its rules; or(2) disorderly trading conditions on any of its markets;[Note: Article 26(2), first sentence (part) and Article 43(2), first sentence (part) of MiFID. The rest of Article 26(2), first sentence (in so far as it relates to market operators operating an MTF) and Article 43(2), first sentence of MiFID is implemented by REC 3.21.1 R (2)]