Related provisions for SUP 8.3.5
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The appropriate regulator7 will treat a firm's application for a waiver as withdrawn if it does not hear from the firm within 20 business days of sending a communication which requests or requires a response from the firm. The appropriate regulator7 will not do this if the firm has made it clear to the appropriate regulator7 in some other way that it intends to pursue the application. 3777
For an application for a waiver of the presumption of contravention of a binding rule, which is actionable under section 138D7 of the Act, the appropriate regulator7 would normally wish to be satisfied that the evidential rule is itself unduly burdensome or does not achieve the purpose of the rule.277
(1) This section is about the FCA's requirements for statements of responsibilities.(2) However, where applications and notifications relate both to FCA-designated senior management functions and to PRA ones, the regulators’ requirements are consistent with each other.(3) The general material in this section (SUP 10C.11.13D5 to SUP 10C.11.35G) applies to statements of responsibilities submitted in all the cases covered by this section. It covers statements of responsibilities
Table: Examples5 of how the requirements for submitting statements of responsibilities work1ExampleComments(1) A firm applies for approval for A to perform the executive director function5 and the money laundering reporting function5.There should be a single statement of responsibilities document that covers the two functions.The combined document should be included with the application for approval.(2) Firm X applies for approval for A to perform the executive director function5.
The appropriate regulator3 is required by sections 138B(1) and (2)3 of the Act to publish a waiver unless it is satisfied that it is inappropriate or unnecessary to do so. If the appropriate regulator3 publishes a waiver, it will not publish details of why a waiver was required or any of the supporting information given in a waiver application.333
If, after taking into account the matters in SUP 8.3.3 D to SUP 8.6.6 G, a firm believes there are good grounds for the appropriate regulator3 either to withhold publication or to publish the waiver without disclosing the identity of the firm, it should make this clear in its application. If the appropriate regulator3proposes to publish a waiver against the wishes of the firm, the appropriate regulator3 will give the firm the opportunity to withdraw its application before the
6FCA staff under executive procedures will take the decision where the FCA is proposing or deciding to:(1) refuse its consent to the granting by the PRA of an application for a Part 4A permission, or give its consent subject to conditions; (2) refuse its consent to the granting by the PRA of an application for the variation of a Part 4A permission, or give its consent subject to conditions; or(3) refuse its consent to the granting by the PRA of an application to perform a controlled
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
2Where an application for Part 4A permission is made to the PRA as the appropriate regulator (section 55A(2)(a) of the Act), the PRA may only give permission with the consent of the FCA (section 55F of the Act). FCA consent can be conditional on the PRA imposing limitations or specifying the permission is for certain regulated activities only.
2Where an application to perform a controlled function is made to the PRA as the appropriate regulator, the PRA can only approve a person to perform a controlled function with the consent of the FCA (section 59(4)(b) of the Act). Where the application is a relevant senior management application, the FCA’s consent can be conditional on the PRA imposing conditions, or the PRA giving approval only for a limited period.3
Table: Examples of how the need for dual FCA and PRA approval in relation to PRA-authorised persons is reduced1ExampleWhether FCA approval requiredWhether PRA approval requiredComments(1) A is appointed as chief risk officer and an executive director.No. A4 is not treated as performing the executive director function.4YesChief risk officer is a PRA-designated senior management function. A’s functions as a director will be included in the PRA-designated senior management function.
Table of application, notification, vetting and other fees payable to the FCA3231Part 1: Application, notification and vetting fees3131(1) Fee payer(2) Fee payable (£)37Due date(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (zza)52 of this table26(1) Unless (2),41 (3) or (4)41 applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex
(1) An application or submission by a firm made under this rule must be made by submitting the form or document online at fca.org.uk using the FCA's and PRA'sonline notification and application system6.(2) A firm must use the version of the form or document made available on the electronic system referred to in (1). If the form or document is included in an Annex to this chapter, that electronic version is based on the version found in the applicable Annex to this chapter 6(which
(1) SUP 10C.12 describes the regime for conditional and time-limited approvals.(2) In particular, SUP 10C.12 sets out the FCA's policies on giving approval under section 59 subject to conditions or for a limited period only, as required by section 63ZD of the Act (Statement of policy relating to conditional approval and variation).(3) The policies described in SUP 10C.12 also apply when the FCA is considering whether to give its consent to an application made to the PRA for approval.(4)