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Part of the fsa handbook which gives guidance about the circumstances in which authorisation by the FSA is required or exempt person status is available.
This manual includes guidance on regulated activities and exclusions which are available.
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FCA consultation paper tracker—2021 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. This tracker sets out the consultation papers published by the Financial Conduct Authority (FCA) in 2021, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation Authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Consumer protection CP21/36: A new Consumer Duty: Feedback to CP21/13 and further consultation The FCA published consultation paper CP21/36, A new Consumer Duty: Feedback to CP21/13 and further consultation. It sets out the FCA’s analysis of comments received on CP21/13 and the FCA’s revised proposals for a new Consumer Duty. The FCA expects to confirm any final rules by the end of July 2022. 7 December 2021 15 February 2022 PS22/9...
FCA consultation paper tracker—2022 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. This tracker sets out the consultation papers published by the Financial Conduct Authority (FCA) in 2022, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation Authority (PRA) from 2017 and Financial Services Authority (FSA) consultation papers from 2008 to 2013, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Risk management and controls CP22/28 (PRA CP 15/22): Remuneration: Ratio between fixed and variable components of total remuneration The FCA and PRA are jointly consulting on removing the existing limits on the ratio between fixed and variable components of total remuneration (the ‘bonus cap’). The proposed changes resulting from this consultation paper (CP) would come into force the next calendar day after the publication of the...
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Effecting and carrying out contracts of insurance as principal—flowchart Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, a person that carries on a regulated activity by way of business in the UK, where there is no applicable exclusion or exemption, must be authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This is known as the general prohibition. For more information about the general prohibition and the regulated activities that may be carried
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Operating an electronic system in relation to consumer lending Under article 36H of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), operating an electronic system in relation to lending in the UK, by way of business, is a regulated activity. This Practice Note examines the scope of the regulated activity including the main elements of operating an electronic system in relation to lending, the rules applicable to firms authorised to operate an electronic system in relation to lending and relevant exclusions from the regulated activity. Regulated activities—general Section 19(1) of the Financial Services and Markets Act 2000 (FSMA 2000) provides that a person cannot carry on a regulated activity in the UK unless they are an authorised person or exempt. In accordance with FSMA 2000, s 22, for an activity to constitute a regulated activity, it must be carried out 'by way of business'. According to the Financial Conduct Authority’s (FCA) Perimeter Guidance Manual (PERG 2.3.3 G), whether or not an activity is carried...
Impact under Financial Services and Markets Act 2000 of offering shares to non-executive directors It is common for employees, and especially executive directors, of companies to be granted awards over shares. A range of exemptions apply which means that these awards can be made without breaching the Financial Services and Markets Act 2000 (FSMA 2000). However, granting share awards to non-employees, such as non-executive directors, can be less straightforward as a number of those exemptions do not apply. This Practice Note sets out FSMA 2000 issues that apply when granting share awards or options to non-employees and the possible routes through each. As the best alternative depends on the circumstances of each case, it will be for the practitioner to ascertain whether, in their particular situation, the arrangement could fall outside the scope of the relevant prohibition. For a guide to some of the other, non-FSMA 2000 issues that apply when granting such awards to non-executive directors, see Practice Note: Shares for non-executive directors—issues and considerations. FSMA 2000...
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Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
Can real estate joint venture arrangements be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive? Certain real estate joint venture arrangements (JVs) may potentially be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), as implemented. The AIFMD had to be implemented by EU Member States by 22 July 2013. A transitional period under Article 61(1) of the AIFMD gave AIFMs a year to submit an application for authorisation—this ended on 22 July 2014. The AIFMD framework gives rise to a major change for the real estate funds industry, which previously had been relatively lightly regulated by the collective investment schemes (CIS) regime under section 235 of The Financial Services and Markets Act 2000 (FSMA 2000), and related regulations. Crucially, a JV is subject to the AIFMD, as implemented, if it falls within the definition of alternative investment fund (AIF) in Article 4.1(a) of the AIFMD, even if referred to as a ‘JV’....
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Commercial analysis: What does the decision by the London Mercantile Court in Allpropertyclaims v Tang mean for the enforceability of consumer contracts? Russell Kelsall, partner in the litigation and financial services practice group at Squire Patton Boggs (UK) LLP, comments on the judgment and the issue of cancellation rights in consumer contracts.
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