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- Preliminary Material
- Main Text
- 1 Background, EU and Global Influences
- Preliminary Material
- I Introduction
- II Self-regulation under the FSA 1986
- III The Creation of the Financial Services Authority
- IV The Impact of the Financial Crisis 2007–2009
- V The Creation of the New UK Regulators
- VI The Europeanisation of Regulation
- VII The Globalisation of Regulation
- 1.98
- 1.99
- A Bank capital
- B Strengthening risk management
- C Regulating remuneration
- D Ending ‘too-big-to-fail’
- E Improving the capacity to resolve systemic institutions
- F Systemically important non-bank non-insurance firms
- G Improving the intensity and effectiveness of SIFI supervision
- H Strengthening regulation of the shadow banking system
- 2 The General Prohibition and the Specified Investments
- Preliminary Material
- I Introduction
- II The General Prohibition
- III Offences under the General Prohibition
- IV Enforceability of Agreements
- V The Specified Investments
- VI Specified Investments
- 2.39
- 2.40
- A A deposit (Article 74)
- B Electronic money (Article 74A)
- C Rights under a contract of insurance (Article 75)
- D Shares (Article 76)
- E Instruments creating or acknowledging indebtedness (Article 77)
- F Theologically compliant bonds (Article 77A)
- G Government and public securities (Article 78)
- H Instruments giving entitlements to investments (Article 79)
- I Certificates representing securities (Article 80)
- J Units in a collective investment scheme (Article 81)
- K Rights under a pension scheme (Article 82)
- L Greenhouse gas emissions (Article 82A)
- M Options (Article 83)
- N Futures (Article 84)
- O Contracts for differences (Article 85)
- P Lloyd’s (Article 86)
- Q Funeral plan contracts (Article 87)
- R Consumer finance contracts (Articles 88 to 88E)
- S Credit information and references (Articles 89A and 89B)
- VII Collective Investment Schemes
- 3 Specified Activities and Exclusions
- Preliminary Material
- I Introduction
- II Disapplication of Exclusions
- III The Specified Activities
- 3.05
- A Agreeing to carry on a specified activity (Article 64)
- B Activities relating to banking and finance
- C Activities relating to insurance
- D Activities relating to securities
- 3.28
- 1 Dealing in investments as principal (Article 14)
- 2 Exclusions to dealing as principal
- 3 Dealing in investments as agent (Article 21)
- 4 Arranging deals in investments (Article 25)
- 5 Managing (Article 37)
- 6 Advising
- 7 Safeguarding and administering investments (Article 40)
- 8 Sending dematerialised instructions (Article 45)
- 9 Operating a multilateral trading facility (Article 25D)
- 10 Entering into a funeral plan contract (Article 59)
- E Activities relating to home finance
- F Activities relating to consumer lending
- G Activities in relation to debt (Articles 39D to 39G)
- H Activities relating to funds
- I Miscellaneous activities
- IV Generally Available Exclusions
- 3.89
- A Trustees, nominees and personal representatives (Article 66)
- B Activities carried on in the course of a profession or non-investment business (Article 67)
- C Activities carried on in connection with the sale of goods or supply of services (Article 68)
- D Groups and joint enterprises (Article 69)
- E Sale of a body corporate (Article 70)
- F Employee share schemes (Article 71)
- G Information society services (Article 72A)
- H UCITS and AIF managers (Article 72AA)
- I Business angel-led enterprise capital funds (BAL fund) (Article 72E)
- J Local authorities (Article 72G)
- K Insolvency practitioners (Article 72H)
- L Registered consumer buy-to-let mortgage firm (Article 72I)
- 4 The Constitution and Powers of the UK Regulators
- Preliminary Material
- I Introduction
- II The Bank of England and the Financial Policy Committee
- III The Prudential Regulation Authority
- IV The Financial Conduct Authority
- V Provisions Relating to both the PRA and the FCA
- A The regulatory principles
- B Principles of good governance
- C Coordination of functions
- D Consolidated supervision
- E Independent enquiry into serious regulatory failures
- F Regulatory investigation into possible failure
- G Treasury review
- H Investigation of complaints against regulators
- I International obligations
- J Further provisions
- VI Payment Systems Regulator
- VII Parliamentary Control over Financial Services Legislation
- 5 Authorisation
- Preliminary Material
- I Introduction
- II Obtaining Authorisation
- III The Threshold Conditions
- IV Exercise of Passport Rights by EEA Firms and by UK Firms
- V Exemption from the Requirement to be Authorised
- VI Variation of Permission, Cancellation of Permission, and Imposition of Requirements
- 6 The Approval and Regulation of Individuals
- Preliminary Material
- I Introduction
- II The Requirement for Approval
- 6.07
- 6.08
- 6.09
- 6.10
- 6.11
- A The designation of controlled functions
- 6.12
- 6.13
- 6.14
- 6.15
- 6.16
- 1 Governing functions
- 2 FCA required functions (also applicable to PRA-authorised persons, but (save for CF12, 12A, and 12B) not designated by the PRA)
- (g) CF8 Apportionment and oversight function
- (h) CF10 Compliance oversight function
- (i) CF10A CASS operational oversight function
- (j) CF11 Money laundering reporting function
- (k) CF12, 12A, and 12B—insurer-related functions (designated only by the PRA)
- (l) CF40 Benchmark submission function
- (m) CF50 Benchmark administration function
- 3 Systems and controls function
- 4 Significant management function (designated only by the FCA)
- 5 Customer-dealing functions (also applicable to PRA-authorised persons, but not designated by the PRA)
- 6 Use of forms for applications and notifications
- III Applying for Approval
- IV Withdrawing Approval
- V Penalty for Performing a Controlled Function without Approval
- VI Prohibiting an Individual
- VII Discipline
- VIII Rules of Conduct
- A Introduction
- B Statements of Principle and Code of Practice for Approved Persons
- IX Private Right of Action
- X The New Regime for Banks
- 6.138
- 6.139
- A Senior management
- B The duties of non-executive directors
- C Certification of employees in ‘significant-harm’ functions
- D The conduct rules—COCON
- E References
- XI Criminal Offence of Causing a Financial Institution to Fail
- 7 Rules and Principles
- Preliminary Material
- I Introduction
- II The Regulators’ Powers to Make Rules
- III The Structure of the Rulebooks
- IV Correspondence with EU Legislation
- V Interpreting a Rule
- VI The Effect of a Rule
- VII Waiving or Modifying a Rule
- VIII Issuing Guidance on a Rule
- IX FCA Principles for Business and PRA Fundamental Rules
- 8 Prudential Regulation
- 9 Conduct Regulation
- Preliminary Material
- I Introduction
- II The FCA’s Conduct Policy
- III The FCA’s Conduct Rules
- 9.05
- A Banking Conduct of Business Sourcebook (BCOBS)
- B Conduct of Business Sourcebook (COBS)
- C Insurance Conduct of Business Sourcebook (ICOBS)
- D Mortgages and Home Finance Conduct of Business Sourcebook (MCOB)
- E Consumer Credit (CONC)
- IV Client Assets—CASS and PRIN 10
- V Market Conduct—PRIN 5
- VI Product Governance
- VII Product Regulation and Intervention
- VIII Competition
- 10 Financial Promotions—Regulating Marketing Material
- Preliminary Material
- I Introduction
- II The Elements of a Financial Promotion
- III Contravention of the Restriction on Financial Promotions
- IV Exclusions from the Restriction on Financial Promotions
- A Introduction
- B Exemptions for all controlled activities
- C Exemptions for accepting deposits and entering into or effecting non-qualifying contracts of insurance
- D Exemptions for all controlled activities other than accepting deposits and for entering into or effecting qualifying contracts of insurance
- 1 Individual communications
- 2 Media related communications
- 3 Communications to particular persons
- 4 Communications made by particular persons (non-RTC or solicited RTC)
- 5 Relating to a Collective Investment Scheme or to an OEIC
- 6 Relating to investment markets
- 7 Relating to bodies corporate
- 8 Overseas persons
- 9 Miscellaneous
- V The FCA’s Rules and Policy on Financial Promotions
- 11 Supervision and Other Powers
- Preliminary Material
- I Introduction
- II Supervision
- III Change in Control
- A Introduction
- B The process—acquiring or increasing control
- C The process—reducing or ceasing to have control
- D Acquiring, increasing and ceasing control, and partial exemptions
- E Criteria for approval of acquisition or increase in control
- F Approval or objection
- G Offences
- H The obligation on the firm subject to the change in control
- IV Powers Over Parent Undertakings
- V Short Selling
- VI Lloyd’s
- VII Auditors and Actuaries
- VIII Insolvency
- 12 Enforcement
- Preliminary Material
- I Introduction
- II Powers to Gather Information
- 12.05
- A Firms’ provision of information
- B Statutory powers of information gathering and of investigation
- C Reports by skilled persons
- D Appointment of investigators
- 1 Statutory powers
- (a) General investigations
- (b) Particular investigations
- (c) Notice to the subject
- (d) Conduct of the investigation
- (e) Powers of the investigator
- (f) Powers relating to documents
- (g) Admissibility of statements
- (h) Entering premises
- (i) Offences in connection with investigations under sections 165 to 177
- (j) Assistance to overseas regulators
- 1 Statutory powers
- E The process of investigation
- F Cooperation between the PRA and the FCA
- G Disclosure of information
- III How the FCA and PRA take Formal Decisions
- IV Disciplinary Action
- 12.71
- A The statutory framework for disciplinary action
- B The PRA’s policy on disciplinary action
- C The FCA’s policy on disciplinary action
- D The stages of a disciplinary case
- E Issuing a Warning Notice
- F Making representations in response to a Warning Notice
- G Decision Notices
- H Notices of discontinuance
- I Final Notices
- J Procedural matters
- K Penalties
- V The Tribunal
- VI Injunctions
- VII Offences
- 13 Financial Crime
- Preliminary Material
- I Introduction
- II Market Abuse
- 13.03
- A The elements of market abuse
- B Offence and defences
- C Dealing on inside information
- D Disclosing inside information
- E Manipulating transactions
- F Manipulative devices
- G Disseminating misleading information
- H Residual UK market abuse—insider dealing and misleading impressions falling outside MAD
- I Injunctions and restitution for market abuse
- J The FCA’s approach to market abuse
- K Reform of market abuse
- III Money Laundering
- IV Fraud and Other Financial Crime
- 14 Redress
- Preliminary Material
- 14.01
- I Firms’ Complaint Handling
- II The Financial Ombudsman Scheme
- III Super-complaints and References to the FCA
- IV The Financial Services Compensation Scheme (FSCS)
- V Consumer Redress Schemes
- VI Restitution Orders
- VII Further Circumstances where Investors may Obtain Redress
- 1 Background, EU and Global Influences
- Further Material
- [54.173.214.227]
- 54.173.214.227
