Related provisions for SUP 13.7.2

1 - 20 of 108 items.
Results filter

Search Term(s)

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

COBS 6.1A.1RRP
(1) 1This section applies to a firm which makes personal recommendations to retail clients in relation to retail investment products, pension transfers, pension conversions, pension opt-outs 1912or P2P agreements.1111(2) This section does not apply to a firm giving advice, or providing services, to an employer in connection with a group personal pension scheme or group stakeholder pension scheme.2
COBS 6.1A.1AGRP
8PERG 8.30B (Personal recommendations) describes what is meant by a personal recommendation in the context of the definition of the regulated activity of advising on investments (except P2P agreements). That guidance is also relevant to the meaning of personal recommendation in this section in relation to a retail investment product.18 The guidance16 in PERG 8.24 to PERG 8.30B18 does not apply to the regulated activity of advising on P2P agreements. 121216161212
COBS 6.1A.2RRP
This section does not apply to a firm when it gives basic advice in accordance with the basic advicerules.
COBS 6.1A.2ARRP
4This section does not apply to a firm when it makes a personal recommendation to a retail client in relation to a Holloway sickness policy, provided that the Holloway policy special application conditions are met.
COBS 6.1A.3RRP
This section does not apply if the retail client is outside the United Kingdom except to the extent that the service provided is advising on conversion or transfer of pension benefits19.
COBS 6.1A.4RRP
Except as specified in this section,19 a firm must:1115156(1) only be remunerated for the personal recommendation (and any other related services provided by the firm) by adviser charges; and(2) not solicit or accept (and ensure that none of its associates solicits or accepts) any other commissions, remuneration or benefit of any kind in connection with the firm’s business of advising16 or any other related services16, regardless of whether it intends to refund the payments or
COBS 6.1A.4ARRP
6A firm and its associates may:(1) solicit and accept a commission, remuneration or benefit of any kind in the circumstances set out in COBS 6.1A.4 R if:(a) the personal recommendation was made on or before 30 December 2012;(b) the solicitation and acceptance of the commission, remuneration or benefit of any kind was permitted by the rules in force on 30 December 2012;(c) the contract under which the right to receive the commission, remuneration or benefit of any kind was entered
COBS 6.1A.4AAGRP
(1) 8A firm may continue to accept a commission, remuneration or benefit of any kind after 30 December 2012 if there is a clear link between the payment and an investment in a retail investment product which was made by the retail client following a personal recommendation made, or a transaction executed, on or before 30 December 2012. This is the case even if the firm makes a personal recommendation to the same retail client after 30 December 2012 to the extent that the continued
COBS 6.1A.4ABRRP
11A firm and its associates may solicit and accept a commission, remuneration or benefit of any kind from a discretionary investment manager in the circumstances in COBS 6.1A.4 R if:(1) the firm or its associates recommended the discretionary investment manager to a retail client on or before 30 December 2012;(2) the solicitation and acceptance of the commission, remuneration or benefit of any kind was permitted by the rules in force on 30 December 2012;(3) the contract under
COBS 6.1A.4ACGRP
(1) 11If a firm makes a recommendation of a discretionary investment manager to a retail client and wishes to:(a) receive remuneration for that recommendation in addition to any commission, remuneration or benefit of any kind it receives in the circumstances contemplated by COBS 6.1A.4AB R; or(b) be paid additional amounts for any actions linked to a new amount invested by the retail client through the same discretionary investment manager;it should only be paid those additional
COBS 6.1A.4BRRP
6If a retail client chooses to become a client of a firm and that firm or its associate enters into an arrangement in COBS 6.1A.4AR (2), the firm must:(1) before the arrangement is entered into, disclose to the retail client that the transfer of the commission, remuneration or benefit of any kind will be requested by the firm or its associate;(2) throughout the period during which the firm or its associate receives the commission, remuneration or benefit of any kind, provide the
COBS 6.1A.5GRP
A firm may receive an adviser charge that is no longer payable (for example, after the service it is received in payment for has been amended or terminated) provided the firm refunds any such payment to the retail client.
COBS 6.1A.6RRP
7‘Related service(s)’ for the purposes of COBS 6.1A includes:(1) arranging or executing a transaction which has been recommended to a retail client by the firm, an associate or another firm in the same group or conducting administrative tasks associated with that transaction; or(2) managing a relationship between a retail client (to whom the firm provides personal recommendations on retail investment products, pension transfers, pension conversions, pension opt-outs19 or P2P
COBS 6.1A.6AGRP
11‘Other services’ in COBS 6.1A.6R (3) includes:(1) providing information relating to retail investment products, pension transfers, pension conversions, pension opt-outs,19P2P agreements or operators of electronic systems in relation to lending12 to the retail client, for example, general market research; or(2) passing on information from the discretionary investment manager to the retail client.
COBS 6.1A.8GRP
Examples of payments and benefits that should not be accepted under the requirement to be paid through adviser charges include:(1) a share of the retail investment product charges or platform service provider's charges, or5retail investment product provider’s or platform service provider's5 revenues or profits; 125(2) a commission set and payable by a retail investment product provider or an operator of an electronic system in relation to lending12 in any jurisdiction12; and(3)
COBS 6.1A.9RRP
If the firm or its associate is the retail investment product provider, platform service provider14 or operator of an electronic system in relation to lending12, the firm must ensure that the level of its adviser charges is at least reasonably representative of the cost of the14 services associated with making the personal recommendation (and related services).
COBS 6.1A.11RRP
A firm must determine and use an appropriate charging structure for calculating its adviser charge for each retail client.
COBS 6.1A.13GRP
In determining its charging structure and adviser charges a firm should have regard to its duties under the client's best interests rule. Practices which may indicate that a firm is not in compliance with this duty include:(1) varying its adviser charges inappropriately according to provider or, for substitutable and competing retail investment products, the type of retail investment product; or(2) allowing the availability or limitations of services offered by third parties
COBS 6.1A.14RRP
A firm must not use a charging structure which conceals the amount or purpose of any of its adviser charges from a retail client.
COBS 6.1A.14ARRP
9A firm must not make a personal recommendation to a retail client in relation to a retail investment product or P2P agreement12if it knows, or ought to know, that:(1) the product’s charges,12 the platform service provider's charges or the operator of the electronic system in relation to lending’s charges 12are presented in a way that offsets or may appear to offset any adviser charges or platform charges that are payable by that retail client; or(2) the product’s charges or other
COBS 6.1A.15GRP
A firm is likely to be viewed as operating a charging structure that conceals the amount or purpose of its adviser charges if, for example:(1) it makes arrangements for amounts in excess of its adviser charges to be deducted from a retail client's investments from the outset, in order to be able to provide a cash refund to the retail client later; or(2) it provides other services to a retail client (for example, advising on a home finance transaction or advising on an equity release
COBS 6.1A.16GRP
19To meet its responsibilities under the client's best interests rule and Principle 6 (Customers’ interests):19(1) a firm should consider whether the personal recommendation or any other related service is likely to be of value to the retail client when the total charges the retail client is likely to be required to pay are taken into account;19(2) a firm that advises on conversion or transfers of pension benefits should consider whether it would be more appropriate to give a
COBS 6.1A.18GRP
A firm may wish to consider disclosing as its charging structure a list of the advisory services it offers with the associated indicative charges which will be used for calculating the adviser charge for each service.
COBS 6.1A.19GRP
In order to meet the requirement in the rule on information disclosure before providing services (COBS 2.2.1 R), a firm should ensure that the disclosure of its charging structure is in clear and plain language and, as far as is practicable, uses cash terms19. If a firm's charging structure is in non-cash terms, examples in cash terms19should be used to illustrate how the charging structure will be applied in practice.
COBS 6.1A.20GRP
A firm is unlikely to meet its obligations under the fair, clear and not misleading rule and the client's best interests rule unless it ensures that:(1) the charging structure it discloses reflects, as closely as is practicable, the total adviser charge to be paid; for example, the firm should avoid using a wide range; and(2) if using hourly rates in its charging structure, it states whether the rates are indicative or actual hourly rates, provides the basis (if any) upon which
COBS 6.1A.21GRP
[deleted]13
COBS 6.1A.22RRP
A firm must not use an adviser charge which is structured to be payable by the retail client over a period of time unless (1) or (2) applies:(1) the adviser charge is in respect of an ongoing service for the provision of personal recommendations or related services and: (a) the firm has disclosed that service along with the adviser charge; and6(b) the retail client is provided with a right to cancel the ongoing service, which must be reasonable in all the circumstances, without
COBS 6.1A.22AGRP
6To comply with the rule on providing a retail client with the right to cancel an ongoing service for the provision of personal recommendations or related services without penalty (COBS 6.1A.22R (1)(b)) a firm should:(1) ensure that any notice period of the retail client's right of cancellation is reasonable; (2) not make any charge in respect of cancellation of the ongoing service except for an amount which is in proportion to the extent of the service already provided by the
COBS 6.1A.22BRRP
6If a retail client exercises his right to cancel an ongoing service, the firm must clearly disclose to the retail client whether charges for other services provided by the firm, such as custody services, will continue to be payable by the retail client.
COBS 6.1A.23RRP
If COBS 6.1A.22R(1) or (2) do not apply, a firm may not offer credit to a retail client for the purpose of paying adviser charges unless this would be in the best interests of the retail client.
COBS 6.1A.24RRP
(1) A firm must agree with and disclose to a retail client the total adviser charge payable to it or any of its associates by a retail client.(2) A disclosure under (1) must:(a) be in cash terms19 (or convert non-cash terms into illustrative cash equivalents);(b) be as early as practicable;(c) be in a durable medium or through a website (if it does not constitute a durable medium) if the website conditions are satisfied; and(d) if there are payments over a period of time, include
COBS 6.1A.24AGRP
3If the price of the retail investment product may vary as a result of fluctuations in the financial markets and the adviser charge is expressed as a percentage of that price, a firm need not disclose to the retail client the total adviser charge payable to the firm or any of its associates by the retail client until after execution of the transaction, provided it then does so promptly.
COBS 6.1A.25GRP
A firm may include the information required by the rule on disclosure of total adviser charges (COBS 6.1A.24 R) in a suitability report.
COBS 6.1A.26GRP
To comply with the rule on disclosure of total adviser charges (COBS 6.1A.24 R) and the fair, clear and not misleading rule, a firm's disclosure of the total adviser charge should:(1) provide information to the retail client as to which particular service an adviser charge applied to;(2) include information as to when payment of the adviser charge is due; (3) inform the retail client if the total adviser charge varies materially from the charge indicated for that service in the
COBS 6.1A.27RRP
A firm must keep a record of:(1) its charging structure;(2) the total adviser charge payable by each retail client; and(3) if the total adviser charge paid by a retail client has varied materially from the charge indicated for that service in the firm's charging structure, the reasons for that difference.
COBS 6.1B.2RRP
This section does not apply to a firm when a retail client receives basic advice in accordance with the basic advicerules.
COBS 6.1B.2ARRP
3This section does not apply to a firm in circumstances where a retail client receives a personal recommendation in relation to one of7 the firm'sHolloway sickness policies,7 provided that the Holloway policy special application conditions are met.
COBS 6.1B.3GRP
This section applies to a firm when it makes a personal recommendation on a retail investment product or P2P agreement11and where a retail investment product for which it is the retail investment product provider or P2P agreement which it facilitates as the operator of an electronic system in relation to lending11is the subject of a personal recommendation made by another firm.
COBS 6.1B.5ARRP
5A firm and its associates may:(1) offer and pay a commission, remuneration or benefit of any kind in the circumstances set out in COBS 6.1B.5 R if:(a) the personal recommendation was made on or before 30 December 2012;(b) the offer and payment was permitted by the rules in force on 30 December 2012;(c) the contract under which the right to receive the commission, remuneration or benefit of any kind was entered into on or before 30 December 2012; (d) the terms of that contract
COBS 6.1B.5BGRP
8A firm may continue paying commission, remuneration or benefits of any kind to another firm in relation to a personal recommendation made by that other firm in circumstances where that other firm may accept that commission, remuneration or benefit of any kind (see COBS 6.1A.4A R and COBS 6.1A.4AA G).
COBS 6.1B.7ARRP
10A retail investment product provider may maintain retail investment product charges at a level such that a cash rebate is payable to the retail client if:(1) the retail investment product transaction was agreed on or before 5 April 2014 and executed within a reasonable time of that agreement; and (2) the retail client's right to receive the cash rebate arose on or before 5 April 2014; and(3) on or after 6 April 2014 no change is made to that product, or, where there is such
COBS 6.1B.7BGRP
10In the FCA's view, if the platform service provider retained any part of a rebate on or before 5 April 2014, the retail client is unlikely to have had a right to receive that part of the rebate.
COBS 6.1B.7CGRP
10The following examples do not entail changes to the retail investment product: (1) no change is made to the retail client's investment in the relevant product or to the level of the retail client's regular contributions into that product;(2) the retail client's investment in, or regular contribution to, the relevant product is reduced: the retail investment product provider may continue to pay the cash rebate associated with the reduced investment amount;(3) the retail client's
COBS 6.1B.8GRP
COBS 6.1B.7 R does not prevent a firm from offering a promotional discount to a retail client in the form of extra units or additional investment, but a firm should not offer to invest more than 100% of the retail client's investment.99
COBS 6.1B.9RRP
COBS 6.1B.7 R does not prevent a firm from offering a promotional discount to a retail client in the form of extra units or additional investment, but a9firm that offers to facilitate, directly or through a third party, the payment of adviser charges, including6 by means of a platform service must:49(1) obtain and validate instructions from a retail client in relation to an adviser charge;(2) offer sufficient flexibility in terms of the adviser charges it facilitates; and(3) not
COBS 6.1B.9AGRP
6A firm facilitates the payment of adviser charges for the purposes of COBS 6.1B.9 R if the adviser charge is not paid directly by the retail client, but is instead paid on behalf of the retail client via the firm.
COBS 6.1B.9BGRP
6A firm may facilitate the payment of adviser charges for the purposes of COBS 6.1B.9 R by:(1) selling all or part of the retail client'sretail investment product to pay the adviser charge; or(2) disposing of or reducing all or part of the retail client's rights under the retail investment product (for example, by way of a part disposal which creates benefits under a life policy) to pay the adviser charge; or(3) separating out an amount or amounts for the payment of the adviser
BIPRU 12.8.10GRP
The appropriate regulator also recognises that a firm incorporated in the United Kingdom and to which BIPRU 12 applies may wish to rely on liquidity support from a subsidiary undertaking of that firm which is incorporated in a country or territory outside the United Kingdom. The appropriate regulator is, however, likely to consider that an application for an intra-group liquidity modification that contemplates reliance for liquidity support on only, or mostly, an applicant firm's
BIPRU 12.8.17GRP
In relation to an applicant firm wishing to rely on liquidity support from a parent undertaking constituted under the law of a country or territory outside the United Kingdom, the appropriate regulator will ordinarily expect to reach agreement with the authority that regulates that undertaking for liquidity purposes in a number of areas, including agreement that:(1) it will notify the appropriate regulator of any material or persistent breaches by that undertaking of that authority's
SYSC 5.2.19RRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.3.1R]8
SYSC 5.2.28ARRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.5.3R]8
SYSC 5.2.35RRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.8.4R]8
SYSC 5.2.39RRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.8.10R]8
SYSC 5.2.40GRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.8.11G]88
SUP 13.7.3AGRP
5If a UK firm is providing cross border services in a particular EEA State in exercise of an EEA right deriving from MiFID, the UK firm must comply with the requirements of regulation 12A(2) before it makes a change to its programme of operations, including:(1) changing the activities to be carried on in exercise of13 that EEA right;(2) using, for the first time, any tied agent to provide services in the territory of that EEA State; or(3) ceasing to use any tied agent to provide
SUP 13.7.11GRP
A UK firm providing cross border services under the CRD714is not required to supply a change to the details of cross border services notice5.3756
SUP 13.7.13BGRP
If a UKfirm has exercised an EEA right under AIFMD to provide cross-border services to manage an AIF, regulation 17A(2) states that the UKfirm must not make a material change to:(1) the programme of operations, or the EEA activities, to be carried out in exercise of that right; or(2) the EEA States in which it manages AIFs; or(3) the identity of the AIFs it manages in those EEA States;unless the UKfirmcomplies with the relevant requirements in regulation 17A(4) for a planned change
SUP 13.7.14GRP
9If a UKfirm has exercised an EEA right deriving from AIFMD to provide cross-border services to market an AIF, regulation 17A(3) states that it must not make a material change to any of the following:(1) the programme of operations identifying the AIF the AIFM intends to market and information on where the AIF is established;(2) the AIF rules or instruments of incorporation; (3) the depositary of the AIF;(4) the description of, or information on, the AIF available to investors;(5)
SUP 13.7.15GRP
(1) 11A UK firm which has exercised an EEA right deriving from the MCD to provide a cross border service, must not make any material changes to the service unless it has complied with the requirements in regulation 17(B)(2).(2) The requirements in regulation 17(B)(2) are that;(a) the UK firm has given notice to the FCA stating the details of the proposed change; and(b) the period of one month has elapsed, beginning with the day on which the UK firm gave notice.(3) Paragraph (1)
COLL 7.7.1RRP
1This section applies to an ICVC, an authorised fund manager of an AUT, ACS3 or ICVC, any other director of an ICVC and the depositary of any such scheme where, in each case, the AUT, ACS3 or ICVC is a UCITS scheme that is a party to:(1) a domestic UCITS merger.6(2) [deleted]6
COLL 7.7.2GRP
(1) The effect of COLL 7.7.1 R, and in particular the narrow Glossary definition of domestic UCITS merger6, is that this section will not apply to a merger in the United Kingdom between two or more UCITS schemes unless one of them was6 the subject of a UCITS marketing notification before IP completion day76.(2) [deleted]6
COLL 7.7.4RRP
A domestic UCITS merger between two or more UCITS schemes6 is permissible provided:(1) it is effected in accordance with the requirements of:(a) the UCITS Regulations 2011, which include the need for the FCA to have made a prior order approving the proposed merger (which may be made subject to (2)); and(b) this chapter; and (2) in the case of a UCITS scheme that is:(a) a merging UCITS6, an extraordinary resolution is approved by unitholders in accordance with COLL 7.6.2 R (3)
COLL 7.7.6GRP
(1) The requirements and the process which must be followed to give effect to a proposal for a domestic UCITS merger are in6 Part 4 of the UCITS Regulations 2011. The main features of the regime as set out in those provisions include:(a) the merger must be a domestic UCITS merger which takes the form of a scheme of arrangement;6(b) the need for the FCA to give prior approval to the proposed merger under regulation 9 (Application for authorisation) of the UCITS Regulations 2011;6(c)
COLL 7.7.10RRP
(1) The authorised fund manager of a UCITS scheme that is a merging UCITS or a receiving UCITS in a proposed UCITS merger must ensure that a document containing appropriate and accurate information on the merger is provided to the unitholders of that scheme so as to enable them to:(a) make an informed judgment about the impact of the proposal on their investment;(b) exercise their rights under regulation 12 (Right of redemption) of the UCITS Regulations 2011; and(c) where applicable,
COLL 7.7.11RRP
(1) The information document that must be provided to unitholders under COLL 7.7.10 R (Information to be given to unitholders) by the authorised fund manager of a UCITS scheme must be written in a concise manner and in non-technical language.(2) [deleted]6(3) The information to be provided to the unitholders of the merging UCITS must meet the needs of investors who have no prior knowledge of the features of the receiving UCITS or of the manner of its operation, drawing their attention
COLL 7.7.17RRP
[deleted]6
COLL 7.7.21GRP
(1) In a domestic UCITS merger, the effective date of the merger will be the date specified by the FCA in its order authorising the proposed merger in accordance with regulation 9 of the UCITS Regulations 2011.(2) [deleted]6(3) For the receiving UCITS in a domestic UCITS merger6:(a) the date for calculating the exchange ratio of units of the merging UCITS into units of the receiving UCITS and, where applicable, for determining the relevant net asset value for cash will be the
COLL 7.7.22RRP
The authorised fund manager of 6the receiving UCITS in a domestic UCITS merger6 must confirm in writing to the depositary of the UCITS scheme and the FCA that the merger transfer is complete.[Note: article 48(4) of the UCITS Directive]
SYSC 4.8.2RRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.1.5R]5
SYSC 4.8.8GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 24.3.14G]5
SYSC 4.8.9RRP

[deleted] 5

PERG 5.12.1GRP
Section 19 of the Act (The general prohibition) provides that the requirement to be authorised under the Act only applies in relation to regulated activities which are carried on 'in the United Kingdom'. In many cases, it will be quite straightforward to identify where an activity is carried on. But, when there is a cross-border element, for example because a customer is outside the United Kingdom or because some other element of the activity happens outside the United Kingdom,
PERG 5.12.12GRP
Non-UK-based persons wishing to carry on insurance distribution activities5 in the United Kingdom must:(1) [deleted]6(2) make use of the overseas persons exclusion (which then has the effect that activities are deemed not to be regulated activities carried on in the United Kingdom); or(3) seek Part 4A permission.
SUP 16.12.16RRP

The applicable reporting frequencies for data items referred to in SUP 16.12.15 R2 are set out in the table below according to firm type. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.

89Data item

Non-SNI MIFIDPRU investment firm

SNI MIFIDPRU investment firm

Investment firm group

Firm other than a MIFIDPRU investment firm

Solvency statement

Annually

Annually

Annually

FSA029

Quarterly

Quarterly

Quarterly

Quarterly

FSA030

Quarterly

Quarterly

Quarterly

Quarterly

FSA031

Quarterly

FSA033

Quarterly

FSA034

Quarterly

FSA035

Quarterly

FSA039

Half yearly

Half yearly

Half yearly

FIN067

Quarterly

(note 3)

Quarterly

(note 3)

FIN071

Quarterly

MIF001

Quarterly

(note 3)

Quarterly

(note 3)

Quarterly

(note 3)

MIF002

Quarterly

(note 3)

Quarterly

(note 3)

Quarterly

(note 3)

MIF003

Quarterly

(note 3)

Quarterly

(note 3)

Quarterly

(note 3)

MIF004

Quarterly

(note 3)

Quarterly

(note 3)

MIF005

Quarterly

Quarterly

MIF006

Quarterly

(note 3)

Quarterly

(note 3)

MIF007

Annually

(note 4)

Annually

(note 4)

Section A RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section B RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section C RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section D1 RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section F RMAR

Half yearly 90

Note 1

Annual regulated business revenue up to and including £5 million.

Note 2

Annual regulated business revenue over £5 million.

Note 3

Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis and not by reference to the firm’saccounting reference date. The relevant quarters end on the last business day of March, June, September and December.

Note 4

The reporting period for MIF007 is determined by the date on which the firm reviews its ICARA process under MIFIDPRU 7.8.2R and the submission date that applies under MIFIDPRU 7.8.4R.

SUP 16.12.23ARRP

The applicable reporting frequencies for data items referred to in SUP 16.12.22A R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.45

89Data item

Frequency

Non-SNI MIFIDPRU investment firm

SNI MIFIDPRU investment firm

Investment firm group

Annual regulated business revenue up to and including £5 million

Annual regulated business revenue over £5 million

Solvency statement

Annually

Annually

FSA029

Quarterly

Quarterly

Quarterly

FSA030

Quarterly

Quarterly

Quarterly

FIN067

Quarterly

Quarterly

MIF001

Quarterly

(note 1)

Quarterly

(note 1)

Quarterly

(note 1)

MIF002

Quarterly

(note 1)

Quarterly

(note 1)

Quarterly

(note 1)

MIF003

Quarterly

(note 1)

Quarterly

(note 1)

Quarterly

(note 1)

MIF004

Quarterly

(note 1)

Quarterly

(note 1)

MIF005

Quarterly

Quarterly

MIF006

Quarterly

(note 1)

Quarterly

(note 1)

MIF007

Annually

(note 2)

Annually

(note 2)

Section A RMAR

Half yearly

Quarterly

Section B RMAR

Half yearly

Quarterly

Section C RMAR

Half yearly

Quarterly

Section D1 RMAR

Half yearly

Quarterly

Section E RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Quarterly

Section F RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

Section G RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

Section H RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

Section J RMAR

Annually

Annually

Annually

Annually

Annually

Section K RMAR

Annually

Annually

Annually

Annually

Annually

Note 1

Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis and not by reference to the firm’saccounting reference date. The relevant quarters end on the last business day of March, June, September and December.

Note 2

The reporting period for MIF007 is determined by the date on which the firm reviews its ICARA process under MIFIDPRU 7.8.2R and the submission date that applies under MIFIDPRU 7.8.4R.

SUP 16.12.26RRP

The applicable reporting frequencies for data items referred to in SUP 16.12.25A R are set out according to the type of firm2 in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.

89Data item

Non-SNI MIFIDPRU investment firm

SNI MIFIDPRU investment firm

Investment firm group

Firm other than a MIFIDPRU investment firm

Solvency statement

Annually

Annually

Annually

FSA029

Quarterly

Quarterly

Quarterly

Quarterly

FSA030

Quarterly

Quarterly

Quarterly

Quarterly

FSA031

Quarterly

FSA033

Quarterly

FSA034

Quarterly

FSA035

Quarterly

FSA039

Half yearly

Half yearly

Half yearly

FIN071

Quarterly

MIF001

Quarterly

(note 3)

Quarterly

(note 3)

Quarterly

(note 3)

MIF002

Quarterly

(note 3)

Quarterly

(note 3)

Quarterly

(note 3)

MIF003

Quarterly

(note 3)

Quarterly

(note 3)

Quarterly

(note 3)

MIF004

Quarterly

(note 3)

Quarterly

(note 3)

MIF005

Quarterly

Quarterly

MIF006

Quarterly

Quarterly

MIF007

Annually

(note 4)

Annually

(note 4)

Section A RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section B RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section C RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section D1 RMAR

Half yearly

(note 1)

Quarterly

(note 2)

Section F RMAR

Half yearly

Note 1

Annual regulated business revenue up to and including £5 million.

Note 2

Annual regulated business revenue over £5 million.

Note 3

Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis and not by reference to the firm’saccounting reference date. The relevant quarters end on the last business day of March, June, September and December.

Note 4

The reporting period for MIF007 is determined by the date on which the firm reviews its ICARA process under MIFIDPRU 7.8.2R and the submission date that applies under MIFIDPRU 7.8.4R.

SUP 16.12.27RRP

The applicable due dates for submission referred to in SUP 16.12.4 R are set out in the table below. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period set out in SUP 16.12.26 R, unless indicated otherwise13.

89Data item

Quarterly

Half yearly

Annual

Solvency statement

3 months

FSA029

20 business days

(note 1)

30 business days

(note 2)

FSA030

20 business days

(note 1)

30 business days

(note 2)

FSA031

20 business days

FSA033

20 business days

FSA034

20 business days

FSA035

20 business days

FSA039

30 business days

FIN071

20 business days

MIF001

20 business days

(note 1)

30 business days

(note 2)

MIF002

20 business days

(note 1)

30 business days

(note 2)

MIF003

20 business days

(note 1)

30 business days

(note 2)

MIF004

20 business days

(note 1)

30 business days

(note 2)

MIF005

20 business days

(note 1)

30 business days

(note 2)

MIF006

20 business days

MIF007

The submission date that applies under MIFIDPRU 7.8.4R

Section A RMAR

30 business days

30 business days

Section B RMAR

30 business days

30 business days

Section C RMAR

30 business days

30 business days

Section D1 RMAR

30 business days

30 business days

Section F RMAR

30 business days

30 business days

Note 1

For reports relating to the position of an individual firm.

Note 2

For reports relating to the consolidated situation of an investment firm group.

SUP 14.3.1GRP
Where an incoming EEA firm passporting under the MiFID4, UCITS Directive10, MCD, AIFMD or IDD11 is exercising an EEA right and is providing cross border services into the United Kingdom, the EEA Passport Rights Regulations govern any changes to the details of those services. Where an incoming EEA firm has complied with the EEA Passport Rights Regulations, then the firm'spermission under Schedule 3 to the Act is to be treated as varied.214668896666
SUP 14.3.8GRP
7Where an EEA AIFM is providing cross-border services to manage an AIF in the UK, it must not make a material change to:(1) the particulars of the programme of operations to be carried out in the UK, including the description of the particular EEA activities; or(2) the identity of the AIFs that the EEA AIFM intends to manage;unless it has complied with the relevant requirement in regulation 7A(3).
SUP 14.3.9GRP
7Where an EEA AIFM is providing cross-border services to market an AIF in the UK, it must not make a material change to:(1) the documents and information referred to in Annex IV to AIFMD; or(2) the statement that the EEA AIFM is authorised to manage AIFs with a particular management strategy; unless it has complied with the relevant requirement in regulation 7A(3).
SUP 14.3.11GRP
9As required by regulation 7B(1), where an incoming EEA firm is providing cross border services under the MCD in the UK, it must not make a material change to any of the matters referred to in regulation 2(8)(b) to (e) or regulation 3(6)(b) to (e), unless it has complied with the relevant requirements.
PERG 8.12.3GRP
The exemption applies to situations where a financial promotion is either:(1) made to a person who receives it outside the United Kingdom; or(2) directed at persons who are outside the United Kingdom.
PERG 8.12.4GRP
The exemption applies whether or not the financial promotion is made from the United Kingdom. However, there is the exception that, if it is an unsolicited real time financial promotion, it must be made from a place outside the United Kingdom and be for the purposes of a business carried on entirely outside the United Kingdom. 922
PERG 8.12.5GRP
Articles 12(3) and (4) of the Financial Promotion Order (subject to article 12(5) – see PERG 8.12.8 G) have the effect that, where a financial promotion is directed from a place outside the United Kingdom, it will be conclusive proof that it is not directed at persons in the United Kingdom even if it is received by a person in the United Kingdom, if:(1) the financial promotion is not referred to in or directly accessible from another communication (for example, an advertisement
PERG 8.12.7GRP
Where a financial promotion is directed from within the United Kingdom, articles 12(3) and (4) also state (subject to article 12(5) – see PERG 8.12.8 G) that there can be conclusive proof that the financial promotion is directed only at persons outside the United Kingdom. This will be the case if, in addition to the conditions referred to in PERG 8.12.5G (1) and PERG 8.12.5G (2), the financial promotion is accompanied by an indication that:(1) it is directed only at persons outside
PERG 8.12.8GRP
In any case, some but not all of the conditions referred to in PERG 8.12.5G (1) to PERG 8.12.5G (2) and PERG 8.12.7G (1) to PERG 8.12.7G (2) (or the additional condition that the communication is included in a website, newspaper or periodical publication which is principally accessed in or intended for a non-UK market or in a radio or television broadcast or teletext service transmitted principally for reception overseas) may be met. In these cases, those conditions being satisfied
CASS 5.5.28RRP
When a firm receives a client entitlement on behalf of a client, it must pay any part of it which is client money:(1) for client entitlements received in the United Kingdom, into a client bank account in accordance with CASS 5.5.5 R; or(2) for client entitlements received outside the United Kingdom, into any bank account operated by the firm, provided that such client money is:(a) paid to, or in accordance with, the instructions of the client concerned; or(b) paid into a client
CASS 5.5.41RRP
A firm may hold client money with a bank that is not an approved bank if all the following conditions are met:(1) the client money relates to one or more insurance transactions which are subject to the law or market practice of a jurisdiction outside the United Kingdom;(2) because of the applicable law or market practice of that overseas jurisdiction, it is not possible to hold the client money in a client bank account with an approved bank;(3) the firm holds the money with such
CASS 5.5.53RRP
A firm must not hold, for a consumer5, client money in a client bank account outside the United Kingdom, unless the firm has previously disclosed to the consumer5 (whether in its terms of business, client agreement10 or otherwise in writing):5510(1) that his money may be deposited in a client bank account outside the United Kingdom but that the client may notify the firm that he does not wish his money to be held in a particular jurisdiction;(2) that in such circumstances, the
CASS 5.5.58RRP
A firm must not undertake any transaction for a consumer5 that involves client money being passed to another broker or settlement agent located in a jurisdiction outside the United Kingdom, unless the firm has previously disclosed to the consumer5 (whether in its terms of business, client agreement 4or otherwise in writing):554(1) that his client money may be passed to a person outside the United Kingdom but the client may notify the firm that he does not wish his money to be
PERG 4.11.9GRP

Simplified summary of the territorial scope of the regulated mortgage activities for contracts entered into on or after IP completion day65, to be read in conjunction with the rest of this section.

[Note: readers wishing to understand the territorial scope of the regulated mortgage activities for contracts entered into before IP completion day6 may wish to refer to the version of this guidance as at the date on which the relevant contract was entered into.]5

This table belongs to PERG 4.11.8 G

5

Individual borrower resident and located:

in the United Kingdom

outside the United Kingdom

Service provider carrying on regulated activity from establishment in the United Kingdom

land in the United Kingdom

Yes

Yes

land outside the United Kingdom

No

No

Service provider carrying on regulated activity from establishment outside the United Kingdom

land in the United Kingdom

Yes

No

land outside the United Kingdom

No

No

Yes = authorisation or exemption required

No = authorisation or exemption not required

PERG 4.11.19GRP
In the FCA's view, in circumstances other than those excluded by article 72(5E) of the Regulated Activities Order, the need for an overseas administrator to be authorised or to have an exemption will depend on the location of the land.4 This is because:4(1) the territorial limitation in the definition of regulated mortgage contract means that regulation applies only if the land is in the United Kingdom5;44(2) when administrators notify borrowers resident in the United Kingdom5
SUP 14.1.1GRP
1This chapter applies to an incoming EEA firm15 which has established a branch in, or is providing cross border services into, the United Kingdom under one of the Single Market Directives or the auction regulation8 and, therefore, qualifies for authorisation under Schedule 3 to the Act. The chapter does not apply to an EEA firm that is a Solvency II firm or to Gibraltar firms treated as such Solvency II firms. Solvency II firms and such Gibraltar firms should consult the relevant
SUP 14.1.3GRP
(1) Under the Gibraltar Order4 made under section 409 of the Act, a Gibraltar firm is treated as an EEA firm under Schedule 3 to the Act if it is:(a) [deleted]151313(aa) [deleted]1313(b) authorised in Gibraltar under the9CRD; or;494(c) authorised in Gibraltar under the IDD16; or4(d) authorised in Gibraltar under MiFID; or1010(e) authorised in Gibraltar under the UCITS Directive; or1210(f) authorised in Gibraltar under AIFMD.12(g) authorised in Gibraltar under the MCD14(1A) 4Similarly,
SUP 14.1.4GRP
This chapter gives guidance on the Act and the EEA Passport Rights Regulations made under the Act, for an incoming EEA firm which has established a branch in, or is providing cross border services into, the United Kingdom and wishes to change the details of the branch or cross border services. [Note: An EEA bank is required to comply with the requirements set out in the directly applicable regulations adopted under Articles 35, 36 and 39 CRD.] 95
SUP 14.1.6GRP
This chapter does not, however, give guidance on the procedures for the establishment of a branch in, or the providing of cross border services into, the United Kingdom for the first time. So, an incoming EEA firm that wishes to change or supplement the nature of its operations in the United Kingdom from the providing of cross border services to the establishment of a branch (or vice versa) should refer to 3SUP 13A3 (Qualifying for authorisation under the Act).
SUP 13A.1.1GRP
(1) 1This chapter applies to an EEA firm that wishes to exercise an entitlement to establish a branch in, or provide cross border services into, the United Kingdom under a Single Market Directive or the auction regulation7. (The Act refers to such an entitlement as an EEA right and its exercise is referred to in the Handbook as "passporting".) (See SUP App 3 (Guidance on passporting issues) for further guidance on passporting.)The chapter does not, apart from in SUP 13A.6G (rules
SUP 13A.1.3GRP
(1) Under the Gibraltar Order2 made under section 409 of the Act, a Gibraltar firm is treated as an EEA firm under Schedule 3 to the Act if it is:22(a) [deleted]141212(aA) [deleted]1212(b) authorised in Gibraltar under the CRD8; or282(c) authorised in Gibraltar under the IDD15; or2(d) authorised in Gibraltar under the MiFID4;9 or114(e) authorised in Gibraltar under the UCITS Directive9; or11(f) authorised in Gibraltar under AIFMD.11(g) authorised in Gibraltar under the MCD13(1A)
SUP 13A.1.4GRP
(1) This chapter explains how an EEA firm and a Treaty firm can qualify for authorisation under Schedules 3 and 4 to the Act and how a UCITS qualifier is authorised under Schedule 5 to the Act. (2) This chapter also provides guidance on Schedule 3 to the Act for an incoming EEA firm that wishes to establish a branch in the United Kingdom instead of, or in addition to, providing cross border services into the United Kingdom or vice versa.
REC 3.1.1RRP
(1) The notification rules in this chapter, which are made under section 293 of the Act (Notification requirements), apply to all UK recognised bodies.(2) The rules relating to the form and method of notification in REC 3.2 also apply to overseas recognised bodies.
EG 8.6.5RP
3Where section 55Q(5) applies and the FCA is considering whether to vary a firm'sPart 4A permission or to impose requirements on a firm, it may take account of all the factors described in paragraphs 8.6.1 to 8.6.8 but may give particular weight to: (1) the matters set out in paragraphs (c) and (d) of section 55Q(5) (seriousness, importance to persons in the United Kingdom, and the public interest); and (2) any specific request made to it by the overseas regulator to impose requirements
EG 8.6.6RP
3The FCA will give careful consideration to whether the relevant authority's concerns would provide grounds for the FCA to exercise its own-initiative powers to vary, impose requirements or cancel if they related to a UK firm. It is not necessary for the FCA to be satisfied that the overseas provisions being enforced mirror precisely those which apply to UK firms. However, the FCA will not assist in the enforcement of regulatory requirements