AUTH 1
Introduction to the Authorisation manual
AUTH 1.1
Application and purpose
- 01/12/2004
Application
AUTH 1.1.1
See Notes
Purpose
AUTH 1.1.2
See Notes
- 03/09/2001
AUTH 1.1.3
See Notes
AUTH 1.2
Introduction
- 01/12/2004
AUTH 1.2.1
See Notes
- 01/07/2005
- Past version of AUTH 1.2.1 before 01/07/2005
AUTH 1.2.2
See Notes
- 03/09/2001
AUTH 1.2.3
See Notes
- 01/07/2005
- Past version of AUTH 1.2.3 before 01/07/2005
AUTH 1.2.4
See Notes
- 01/07/2005
- Past version of AUTH 1.2.4 before 01/07/2005
AUTH 1.2.5
See Notes
AUTH 1.2.6
See Notes
- 01/07/2005
- Past version of AUTH 1.2.6 before 01/07/2005
AUTH 1.3
The Authorisation manual
- 01/12/2004
AUTH 1.3.1
See Notes
- 03/09/2001
AUTH 1.3.2
See Notes
- 18/10/2001
AUTH 1.3.3
See Notes
- 01/04/2005
- Past version of AUTH 1.3.3 before 01/04/2005
AUTH 1.3.4
See Notes
- 03/09/2001
AUTH 1.3.5
See Notes
- 03/09/2001
AUTH 1.3.6
See Notes
- 01/04/2005
- Past version of AUTH 1.3.6 before 01/04/2005
AUTH 1.3.7
See Notes
- 01/07/2005
- Past version of AUTH 1.3.7 before 01/07/2005
AUTH 1.3.8
See Notes
- 03/09/2001
AUTH 1.3.9
See Notes
Summary of AUTH and parts of PERG
This table belongs to AUTH 1.3.7 G
Chapter: | Applicable to: | On: |
PERG 2: Authorisation and regulated activities | a person wishing to find out whether it needs to be authorised (or is an exempt person). | the Act, the Regulated Activities Order and the Exemption Order. |
AUTH 3: Applications for Part IV permission | an applicant for Part IV permission. | how the FSA will exercise the powers granted to it in Part IV of the Act to determine and, if appropriate, grant an application for Part IV permission. |
AUTH 4: Authorisation Fees | an applicant for Part IV permission. | the fees the FSA will levy on applicants for Part IV permission. |
AUTH 5: Qualifying for authorisation under the Act | 1. an EEA firm wishing to exercise its EEA right and establish a branch in, or provide cross border services into, the United Kingdom; | how an EEA firm, a Treaty firm or a UCITS qualifier can qualify for authorisation under the Act. |
2. a Treaty firm wishing to exercise its Treaty rights; | ||
3. a prospective UCITS qualifier. | ||
AUTH 6: Approved persons | 1. an applicant
for Part IV permission seeking
approval for a person to perform a controlled
function under arrangements to
be entered into by the firm or
its contractors (including appointed
representatives); 2. a candidate. | 1. the controlled functions that
the FSA has
specified; and. 2. how the FSA will exercise the powers given to it in Part V of the Act to require firms to obtain prior approval for persons who will perform controlled functions. |
Note: EEA firms, Treaty firms and UCITS qualifiers should refer to SUP 10 (Application). | ||
PERG 7: Periodical publications, news services and broadcasts: application for certification | anyone involved in publishing periodicals, or in providing news services or broadcasts, who gives (or proposes to give) advice about securities or contractually based investments. | 1. whether the person will be carrying on the regulated activity of advising on investments; and |
2. how the FSA will exercise its power to give certificates. | ||
AUTH 8: Determining applications | 1. applicants for Part IV permission generally; | 1. the procedures which the FSA will follow when granting an application; and |
2. an EEA firm or a Treaty firm that has submitted an application for approval of a person under the approved persons regime; | 2. a summary
of the FSA's decision
making procedures for: (a) refusing, or proposing to refuse, an application for Part IV permission or an application for approval under the approved persons regime; or | |
3. a candidate. | (b) granting, or proposing to grant, an application for Part IV permission subject to limitations or requirements not applied for or with a narrower description of regulated activity than that to which the application relates. |
AUTH 1.4
The FSA's approach to applications for Part IV permission: an overview
- 01/12/2004
AUTH 1.4.1
See Notes
- 03/09/2001
AUTH 1.4.2
See Notes
- 03/09/2001
AUTH 1.4.3
See Notes
- 03/09/2001
The FSA's approach to risk assessment
AUTH 1.4.4
See Notes
- 03/09/2001
AUTH 1.5
Understanding the requirements and standards of the regulatory system
- 01/12/2004
AUTH 1.5.1
See Notes
- 03/09/2001
AUTH 1.5.2
See Notes
- 03/09/2001
AUTH 1.5.3
See Notes
AUTH 1.6
Applying for Part IV permission: overview of the process
- 01/12/2004
AUTH 1.6.1
See Notes
- 03/09/2001
AUTH 1.6.2
See Notes
- 03/09/2001
AUTH 1.6.3
See Notes
- 03/09/2001
AUTH 1.6.4
See Notes
- 03/09/2001
AUTH 1.6.5
See Notes
- 03/09/2001
AUTH 1.6.6
See Notes
- 01/07/2005
- Past version of AUTH 1.6.6 before 01/07/2005
AUTH 1.6.7
See Notes
- 01/07/2003
AUTH 1.6.8
See Notes
- 01/07/2003
AUTH 1.6.9
See Notes
- 01/07/2005
- Past version of AUTH 1.6.9 before 01/07/2005
AUTH 1.6.10
See Notes
- 03/09/2001
AUTH 1.6.11
See Notes
- 03/09/2001
AUTH 1.6.12
See Notes
- 01/07/2003
AUTH 1.7
Appointed representatives
- 01/12/2004
AUTH 1.7.1
See Notes
- 03/09/2001
AUTH 1.7.2
See Notes
- 18/10/2001
AUTH 1.8
What other general guidance is available from the FSA?
- 01/12/2004
AUTH 1.8.1
See Notes
- 03/09/2001
AUTH 1.8.2
See Notes
- 01/07/2005
- Past version of AUTH 1.8.2 before 01/07/2005
AUTH 1.8.3
See Notes
- 03/09/2001
AUTH 1.8.4
See Notes
- 01/10/2002
AUTH 1.8.5
See Notes
- 01/04/2005
- Past version of AUTH 1.8.5 before 01/04/2005
AUTH 1.9
Next steps?
- 01/12/2004
AUTH 1.9.1
See Notes
- 03/09/2001
AUTH 1.9.2
See Notes
Who to contact at the FSA
This table belongs to AUTH 1.9.1 G
FSA dept. | For advice on: | Contact details: |
Authorisation and Approvals Department | The authorisation aspects of the Act and relevant secondary legislation made under the Act (for example, the Regulated Activities Order) | Authorisation
Enquiries The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone: 020 7066 0082 |
Authorisation and Approvals Department | Applications for Part IV permission | Authorisation
Teams The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone: 020 7066 3954 email: corporate.authorisation@fsa.gov.uk |
Regulatory Decisions | Passporting notifications (into or out of the United Kingdom) | Passport Notification
Unit The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone: 020 7066 1000 email: passport.notifications@fsa.gov.uk |
Authorisation and Approvals Department | Applications for approval of persons under the approved persons regime | Enquiries and
Applications Department (Individual Approvals team) The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone: 020 7066 0019 Fax: 020 7066 0017 email: iva@fsa.gov.uk |
- 01/07/2003
AUTH 1 Annex 1
Introduction to the Authorisation Manual
- 01/12/2004
Where to next?
AUTH 1 Ann 1
See Notes
AUTH 3
Applications
for Part IV permission
AUTH 3.1
Application and purpose
- 01/12/2004
Application
AUTH 3.1.1
See Notes
- 03/09/2001
Purpose
AUTH 3.1.2
See Notes
- 03/09/2001
AUTH 3.2
Introduction
- 01/12/2004
AUTH 3.2.1
See Notes
- 01/07/2005
- Past version of AUTH 3.2.1 before 01/07/2005
AUTH 3.2.2
See Notes
- 03/09/2001
AUTH 3.3
When is Part IV permission required and what does it contain?
- 01/12/2004
AUTH 3.3.1
See Notes
- 01/07/2005
- Past version of AUTH 3.3.1 before 01/07/2005
AUTH 3.3.2
See Notes
- 03/09/2001
AUTH 3.3.3
See Notes
- 03/09/2001
AUTH 3.3.4
See Notes
- 03/09/2001
AUTH 3.3.5
See Notes
- 03/09/2001
AUTH 3.4
Activities
- 01/12/2004
AUTH 3.4.1
See Notes
- 01/07/2005
- Past version of AUTH 3.4.1 before 01/07/2005
AUTH 3.4.2
See Notes
- 03/09/2001
AUTH 3.4.3
See Notes
- 03/09/2001
AUTH 3.5
Specified investments
- 01/12/2004
AUTH 3.5.1
See Notes
- 01/07/2005
- Past version of AUTH 3.5.1 before 01/07/2005
AUTH 3.6
Limitations
- 01/12/2004
AUTH 3.6.1
See Notes
- 03/09/2001
AUTH 3.6.2
See Notes
- 03/09/2001
AUTH 3.6.3
See Notes
- 18/10/2001
AUTH 3.6.4
See Notes
- 06/04/2005
- Past version of AUTH 3.6.4 before 06/04/2005
AUTH 3.6.5
See Notes
AUTH 3.6.6
See Notes
- 03/09/2001
AUTH 3.7
Requirements
- 01/12/2004
AUTH 3.7.1
See Notes
- 03/09/2001
AUTH 3.7.2
See Notes
- 03/09/2001
AUTH 3.7.3
See Notes
- 13/02/2004
AUTH 3.7.4
See Notes
- 21/02/2002
AUTH 3.7.5
See Notes
- 03/09/2001
AUTH 3.7.6
See Notes
- 03/09/2001
AUTH 3.7.7
See Notes
AUTH 3.7.8
See Notes
- 03/09/2001
AUTH 3.8
The threshold conditions and financial resources
- 01/12/2004
The threshold conditions
AUTH 3.8.1
See Notes
- 03/09/2001
AUTH 3.8.2
See Notes
- 19/01/2003
AUTH 3.8.3
See Notes
- 03/09/2001
Financial resources
AUTH 3.8.4
See Notes
- 31/12/2004
AUTH 3.8.5
See Notes
- 27/04/2002
AUTH 3.8.6
See Notes
- 31/12/2004
AUTH 3.8.7
See Notes
- 31/01/2005
- Past version of AUTH 3.8.7 before 31/01/2005
AUTH 3.8.8
See Notes
- 31/12/2004
AUTH 3.9
Procedures in relation to applications for Part IV permission
- 01/12/2004
Pre-application meetings
AUTH 3.9.1
See Notes
- 01/07/2003
AUTH 3.9.2
See Notes
- 03/09/2001
The application for permission
AUTH 3.9.3
See Notes
- 01/07/2003
AUTH 3.9.4
See Notes
- 01/07/2003
AUTH 3.9.5
See Notes
- 03/09/2001
Information to be supplied to the FSA
AUTH 3.9.6
See Notes
- 03/09/2001
AUTH 3.9.7
See Notes
- 03/09/2001
AUTH 3.9.8
See Notes
- 03/09/2001
AUTH 3.9.9
See Notes
- 03/09/2001
AUTH 3.9.10
See Notes
- 03/09/2001
AUTH 3.9.11
See Notes
- 03/09/2001
AUTH 3.9.12
See Notes
- 01/07/2003
AUTH 3.9.13
See Notes
- 03/09/2001
AUTH 3.9.14
See Notes
- 01/07/2003
AUTH 3.9.15
See Notes
- 03/09/2001
Reports from third parties
AUTH 3.9.16
See Notes
- 03/09/2001
AUTH 3.9.17
See Notes
- 03/09/2001
AUTH 3.9.18
See Notes
- 03/09/2001
AUTH 3.9.19
See Notes
- 31/12/2004
AUTH 3.9.20
See Notes
- 03/09/2001
Applications to other bodies
AUTH 3.9.21
See Notes
- 03/09/2001
Connected persons
AUTH 3.9.22
See Notes
- 03/09/2001
AUTH 3.9.23
See Notes
- 03/09/2001
AUTH 3.9.24
See Notes
- 03/09/2001
Commencing regulated activities
AUTH 3.9.25
See Notes
- 01/07/2003
When will the FSA grant an application for Part IV permission?
AUTH 3.9.26
See Notes
- 03/09/2001
AUTH 3.9.27
See Notes
- 03/09/2001
AUTH 3.9.28
See Notes
- 01/07/2003
Other powers relating to the scope of Part IV permission
AUTH 3.9.29
See Notes
- 03/09/2001
How long will an application take?
AUTH 3.9.30
See Notes
- 03/09/2001
How will FSA make the decision?
AUTH 3.9.31
See Notes
Withdrawal of applications
AUTH 3.9.32
See Notes
- 03/09/2001
Authorised status
AUTH 3.9.33
See Notes
- 03/09/2001
AUTH 3.10
The FSA register
- 01/12/2004
AUTH 3.10.1
See Notes
- 03/09/2001
AUTH 3.11
Specific obligations: partnerships or unincorporated associations
- 01/12/2004
AUTH 3.11.1
See Notes
- 01/07/2003
AUTH 3.11.2
See Notes
- 03/09/2001
AUTH 3.11.3
See Notes
- 03/09/2001
AUTH 3.11.4
See Notes
- 01/07/2003
AUTH 3.12
Specific obligations: applicants seeking to carry on insurance business
- 01/12/2004
AUTH 3.12.1
See Notes
- 15/11/2001
AUTH 3.12.2
See Notes
- 31/12/2004
AUTH 3.12.3
See Notes
- 31/12/2004
AUTH 3.12.4
See Notes
- 03/09/2001
Friendly societies and reinsurance
AUTH 3.12.5
See Notes
- 03/09/2001
Contracts written on an ancillary and supplementary basis
AUTH 3.12.6
See Notes
- 03/09/2001
AUTH 3.12.7
See Notes
- 03/09/2001
AUTH 3.12.8
See Notes
- 03/09/2001
AUTH 3.12.9
See Notes
- 03/09/2001
AUTH 3.12.10
See Notes
- 03/09/2001
AUTH 3.12.11
See Notes
- 01/07/2003
AUTH 3.12.12
See Notes
- 03/09/2001
Reporting requirements
AUTH 3.12.13
See Notes
- 03/09/2001
Applicants seeking to carry on insurance business with a head office outside the United Kingdom (other than EEA firms or Treaty firms)
AUTH 3.12.14
See Notes
- 03/09/2001
AUTH 3.12.15
See Notes
- 31/12/2004
AUTH 3.12.16
See Notes
- 31/12/2004
AUTH 3.12.17
See Notes
- 31/12/2004
AUTH 3.13
Specific obligations: applicants seeking to carry on the regulated activities of accepting deposits or issuing electronic money
- 01/12/2004
AUTH 3.13.1
See Notes
- 27/04/2002
AUTH 3.14
Specific obligations: applicants seeking to hold or control client money
- 01/12/2004
AUTH 3.14.1
See Notes
- 03/09/2001
AUTH 3.14.2
See Notes
- 03/09/2001
AUTH 3.15
Specific obligations: applicants seeking to manage PEPS or ISAS
- 01/12/2004
AUTH 3.15.1
See Notes
- 03/09/2001
AUTH 3.15.2
See Notes
- 03/09/2001
AUTH 3.15.3
See Notes
AUTH 3.15.4
See Notes
AUTH 3.15.5
See Notes
- 03/09/2001
AUTH 3.16
Specific obligations: applicants seeking to establish, operate or wind up a stakeholder pension scheme
- 01/12/2004
AUTH 3.16.1
See Notes
AUTH 3.16.2
See Notes
- 03/09/2001
AUTH 3.17
Specific obligations: applicants seeking to establish a collective investment scheme or to act as manager of a regulated collective investment scheme
- 01/12/2004
AUTH 3.17.1
See Notes
- 01/04/2004
AUTH 3.17.2
See Notes
- 01/04/2004
AUTH 3.17.3
See Notes
- 01/04/2004
AUTH 3.17.4
See Notes
- 01/04/2004
AUTH 3.18
Specific obligations: additional considerations for applicants (other than EEA firms or Treaty firms) with a head office in a country of territory outside the United Kingdom seeking to establish a branch in the United Kingdom
- 01/12/2004
AUTH 3.18.1
See Notes
- 03/09/2001
AUTH 3.18.2
See Notes
- 03/09/2001
AUTH 3.18.3
See Notes
- 31/12/2004
AUTH 3.18.4
See Notes
- 03/09/2001
AUTH 3.19
Specific obligations: applications in connection with group-restructuring
- 01/12/2004
AUTH 3.19.1
See Notes
- 03/09/2001
AUTH 3.19.2
See Notes
- 01/07/2003
AUTH 3.19.3
See Notes
- 01/07/2003
AUTH 3.19.4
See Notes
- 03/09/2001
AUTH 3.20
Specific obligations: applicants seeking to establish a branch in, or provide services into, another EEA State
- 01/12/2004
AUTH 3.20.1
See Notes
- 03/09/2001
AUTH 3.20.2
See Notes
- 01/07/2003
AUTH 3.20.3
See Notes
- 01/04/2004
AUTH 3.20.4
See Notes
- 01/07/2003
AUTH 3.20.5
See Notes
- 03/09/2001
AUTH 3.21
Treaty firms applying for Part IV Permission
- 01/12/2004
AUTH 3.21.1
See Notes
- 21/02/2002
AUTH 3.21.2
See Notes
- 21/02/2002
AUTH 3.21.3
See Notes
- 21/02/2002
AUTH 3.21.4
See Notes
- 01/07/2003
AUTH 3.22
Specific issues: applicants that are limited partnerships under the Limited Partnerships Act 1907
- 01/12/2004
AUTH 3.22.1
See Notes
- 01/07/2003
AUTH 3.22.2
See Notes
- 01/07/2003
AUTH 3.22.3
See Notes
- 01/04/2004
AUTH 3.22.4
See Notes
- 01/07/2003
AUTH 3.22.5
See Notes
- 01/07/2003
AUTH 3.23
Specific issues: applicants that are limited liability partnerships
- 01/12/2004
AUTH 3.23.1
See Notes
- 01/07/2003
AUTH 3.23.2
See Notes
- 01/07/2003
AUTH 3.23.3
See Notes
- 01/07/2003
AUTH 3.23.4
See Notes
- 01/07/2003
AUTH 3.23.5
See Notes
- 01/07/2003
AUTH 3.24
Specific obligations: applicants wishing to operate an ATS
- 01/12/2004
AUTH 3.24.1
See Notes
- 01/04/2004
AUTH 3 Annex 1
Application for Part IV Permission
- 01/12/2004
AUTH 3 Annex 1.1
See Notes
AUTH 3 Annex 2
- 01/12/2004
AUTH 3 Annex 2.1
See Notes
CHAPTER OF IPRU(INV) THAT REQUIREMENT ON PERMISSION REQUIRES THE FIRM TO COMPLY WITH | FIRM'S PRUDENTIAL CATEGORY |
Chapter 3 | Securities and futures firm |
Chapter 5 | Investment management firm |
Chapter 10 | Securities and futures firm |
Chapter 13 | Personal investment firm |
The table below shows how a firm's main regulated activities determine its prudential category. A firm's 'main regulated activities' in this context are the regulated activities included in the firm's Part IV permission from which the firm derives or is expected to derive the most substantial part of its gross income, including commissions. The aggregate gross income from all of the activities listed against each prudential category should be considered to determine which source is the most substantial. The gross income is based on the business plan submitted as part of the firm's application for a Part IV permission. |
ACTIVITIES FROM WHICH THE MOST SUBSTANTIAL PART OF THE FIRM'S GROSS INCOME, INCLUDING COMMISSIONS, FROM REGULATED ACTIVITIES IS DERIVED | FIRM'S PRUDENTIAL CATEGORY |
(i) Managing investments other than for private customers or where the assets managed are primarily derivatives; (ii) OPS activity; (iii) acting as the manager or trustee of an AUT; (iv) acting as the ACD or depositary of an ICVC; (v) establishing, operating or winding up a collective investment scheme other than an AUT or ICVC; and (vi) safeguarding and administering investments. |
Investment management firm |
(i) Advising on investments, or arranging (bringing about) deals in investments in relation to, packaged products; and (ii) managing investments for private customers. |
Personal investment firm |
ACTIVITIES FROM WHICH THE MOST SUBSTANTIAL PART OF THE FIRM'S GROSS INCOME, INCLUDING COMMISSIONS, FROM REGULATED ACTIVITIES IS DERIVED | FIRM'S PRUDENTIAL CATEGORY |
(i) An activity carried on as a member of an exchange; (ii) making a market in securities or derivatives; (iii) corporate finance business; (iv) dealing, or arranging (bringing about) deals in investments, in securities or derivatives; (v) the provision of clearing services as a clearing firm; (vi) managing investments where the assets managed are primarily derivatives; and (vii) activities relating to spread bets; |
|
Securities and futures firm |
- 27/04/2002
AUTH 3 Annex 3
Determination of an applicant's prudential category
- 01/12/2004
AUTH 3 Annex 3.1
See Notes
- 03/09/2001
AUTH 4
Authorisation
Fees
AUTH 4.1
Introduction
- 01/12/2004
Application
AUTH 4.1.1
See Notes
- 01/01/2002
AUTH 4.1.2
See Notes
- 01/01/2002
Purpose
AUTH 4.1.3
See Notes
- 01/01/2002
Background
AUTH 4.1.4
See Notes
- 01/01/2002
AUTH 4.1.5
See Notes
- 01/04/2004
AUTH 4.1.5A
See Notes
- 01/01/2004
AUTH 4.1.6
See Notes
- 01/01/2002
AUTH 4.1.7
See Notes
- 01/11/2003
AUTH 4.1.7A
See Notes
- 01/01/2004
AUTH 4.1.8
See Notes
- 01/01/2002
AUTH 4.1.9
See Notes
- 01/01/2002
AUTH 4.1.10
See Notes
- 01/01/2002
AUTH 4.2
Obligation to Pay Authorisation Fees
- 01/12/2004
- Future version of AUTH 4.2 after 31/12/2005
General
AUTH 4.2.1
See Notes
- 01/11/2003
Amount
AUTH 4.2.2
See Notes
- 01/11/2003
AUTH 4.2.3
See Notes
- 01/01/2002
Due date and method of payment
AUTH 4.2.4
See Notes
- 01/01/2002
AUTH 4.2.5
See Notes
- 01/03/2003
Modification for certain Treaty firms
AUTH 4.2.6
See Notes
- 01/01/2002
AUTH 4.2.7
See Notes
- 01/01/2002
AUTH 4.3
Obligation to pay certification fees
- 01/12/2004
General
AUTH 4.3.1
See Notes
- 15/11/2001
Due date and method of payment
AUTH 4.3.2
See Notes
- 15/11/2001
AUTH 4.3.3
See Notes
- 15/11/2001
AUTH 4 Annex 1
Authorisation fees payable
- 01/12/2004
See Notes
Application type (see Part 2) | Amount payable |
(a) Credit unions - registration of common bond | £200 |
(b) Version 1 credit unions - authorisation | £300 |
(c) Version 2 credit unions - authorisation | £1,800 |
(d) Straightforward | £1,500 |
(e) Moderately complex | £5,000 |
(f) Complex | £25,000 |
Straightforward cases | |
Activity grouping | Description |
A.3 | Friendly societies only |
A.4 | Friendly societies only |
A.12 | Advisory arrangers, dealers or brokers (holding or controlling client money and/or assets) |
A.13 | Advisory only firms and advisory arrangers, dealers or brokers (not holding or controlling client money and/or assets) |
A.14 | Corporate finance advisers |
A.18 | Mortgage lenders, advisers and arrangers (excluding mortgage lenders) |
A.19 | General insurance mediation |
Moderately complex cases | |
Activity grouping | Description |
A.1 | E-money issuers only |
A.2 | Mortgage lenders and administrators |
A.5 | Managing agents at Lloyd's |
A.7 | Fund managers |
A.9 | Operators, trustees and depositaries of collective investment schemes |
A.10 | Firms dealing as principal |
B. | Service companies |
Complex cases | |
Activity grouping | Description |
A.1 | Deposit acceptors (excluding e-money issuers and credit unions) |
A.3 | Insurers - general (excluding friendly societies) |
A.4 | Insurers - life (excluding friendly societies) |
The fee payable under SUP 6.3.22 R is 50% of that payable under AUTH 4.2.2 R.There are no circumstances specified for the purposes of SUP 6.3.22 R (2). |
If the Treaty firm wishes to
undertake the permitted activities in question through its branch in the United Kingdom, the fee
is 50% of the fee that would be payable under AUTH
4.2.2 R. If the Treaty firm wishes to undertake the permitted activities in question by providing services in the United Kingdom, the fee is 25% of the fee which would be payable under AUTH 4.2.2 R. |
The activity group definitions are set out in SUP 20 Annex 1. |
The amount payable in relation to each application is £2,000. |
- 03/09/2001
AUTH 4 Annex 2
Authorisation fees payable in relation to the A.2 and A.18 activity groups up to and including 30 October 2004 and the A.19 activity group up to and including 13 January 2005
- 01/12/2004
See Notes
Note: This annex specifies the application fees for applicants seeking to apply for Part IV permission, or to vary their existing Part IV permission, in order to undertake any of the activities specified in the A.2, A.18 and A.19 activity groups (see Part 1 of SUP 20 Annex 1 for details of the activities). |
For the permitted activities included in the A.2 and A.18 activity groups, regulation commences on 31 October 2004. Regulation commences on 14 January 2005 for the permitted activities included in the A.19 activity group. |
The fee rules set out in this annex will apply from the beginning of the application period until regulation of these permitted activities commences. At that time, these rules will cease to have effect and application fees for these types of permitted activities will be dealt with alongside the other authorisation fees as part of AUTH 4 Annex 1. |
1. For the A.2
and A.18 activity groups, these rates apply up to and including 30 October
2004. 2. For the A.19 activity group, these rates apply up to and including 13 January 2005. |
Activity group | Amount payable | |||||
Fee bands | Fee - early applications | Fee - other applications | Discount - electronic applications | Discount - non-electronic applications paying by direct debit | ||
Band no. | Band | |||||
A.2 Mortgage lenders and administrators | 1 2 3 4 | Gross advances
(£m) 0-10 >10-100 >100-1,000 >1,000 | Fee (?) 600 8,000 13,000 23,000 | Fee (?) 1,200 10,000 15,000 25,000 | Discount
(£) 100 250 250 500 | Discount
(£) 50 50 50 50 |
A.18 Mortgage
lenders, advisers and arrangers; and A.19 General insurance mediation | 5 6 7 8 | Annual income
(£m) 0 - 1 >1-3 >3-25 >25 | Fee (?) 600 4,250 9,000 23,000 | Fee (?) 1,200 5,750 11,000 25,000 | Discount (£) 100 250 250 500 | Discount (£) 50 50 50 50 |
(1) | An early application is an application lodged: | |||
(a) | for A.2 or A.18 applications, before 1 April 2004; and | |||
(b) | for A.19 applications, before 1 June 2004. | |||
(2) | For the purposes of this table: | |||
(a) | ||||
An electronic application is one submitted via the electronic facility provided by the FSA for these purposes. | ||||
(b) | Gross advances means the value of all new mortgage advances made (not the total mortgage balances outstanding) including loans for house purchase, remortgages, further advances and top-up loans, in the 12 months to 31 December 2003; PLUS | |||
the value of all new mortgages administered (not the total mortgage balances outstanding) including loans for house purchase, remortgages, further advances and top-up loans, in the 12 months to 31 December 2003, multiplied by 0.5. | ||||
Note: For this purpose, a mortgage is a contract for a loan secured by a first charge over residential property in the United Kingdom. | ||||
(3) | For the purposes of this table, annual income means: | |||
(a) | the net amount retained by the firm of all brokerages, fees, commissions and other related income (e.g. administration charges, overriders, profit shares) due to the firm in respect of or in relation to: | |||
(i) | activities which would be mortgage mediation activity if they had been carried out after 30 October 2004; PLUS | |||
(ii) | activities which would be insurance mediation activity (in relation to general insurance contracts or pure protection contracts) if they had been carried out after 13 January 2005; | |||
earned in its latest financial year ending on or before 31 December 2003; | ||||
PLUS | ||||
(b) | (i) | in relation to the activities set out in (a)(i), for any mortgage mediation activity carried out by the firm for which it receives payment from the lender on a basis other than that in (a), the value of all new mortgage advances resulting from that activity multiplied by 0.004; | ||
PLUS | ||||
(ii) | If the firm is a mortgage lender, the value of all new mortgage advances which would be regulated mortgage contracts if they had been made after 30 October 2004 (other than those made as a result of mortgage mediation activity by another firm), multiplied by 0.004; | |||
for its latest financial year ending on or before 31 December 2003; | ||||
PLUS | ||||
(c) | in relation to the activities set out in (a)(ii): | |||
(i) | for any insurance mediation activity carried out by the firm for which it receives payment from the insurer on a basis other than that in (a), the amount of premiums receivable on the contracts of insurance resulting from that activity multiplied by 0.07; PLUS | |||
(ii) | if the firm is an insurer, the amount of premiums receivable on its contracts of insurance multiplied by 0.07, excluding those contracts of insurance which: | |||
(aa) | result from insurance mediation activity by another firm, where a payment has been made by the insurer to the firm under (a); or | |||
(ab) | the insurer reports, and pays a fee on, in the A.4 activity group; or | |||
(ac) | are not general insurance contracts or pure protection contracts; | |||
for its latest financial year ending on or before 31 December 2003. | ||||
The firm must include in its income calculation, on the same basis as above, earnings from those who will become its appointed representatives immediately after authorisation. | ||||
In note (3), a reference to a "firm" also includes reference to any person who carried out activities which would be; | ||||
(1) | mortgage mediation activity if they had been carried out after 30 October 2004; or | |||
(2) | insurance mediation activity (in respect of general insurance contracts or pure protection contracts) if they had been carried out after 13 January 2005. |
3. | The activity group definitions are set out in SUP 20 Annex 1. |
- 03/09/2001
AUTH 5
Qualifying for authorisation under the Act
AUTH 5.1
Application and purpose
- 01/12/2004
Application
AUTH 5.1.1
See Notes
- 01/07/2005
- Past version of AUTH 5.1.1 before 01/07/2005
AUTH 5.1.2
See Notes
- 21/08/2002
AUTH 5.1.3
See Notes
- 01/12/2001
Purpose
AUTH 5.1.4
See Notes
- 01/12/2001
AUTH 5.1.5
See Notes
- 21/02/2002
AUTH 5.2
EEA firms and Treaty firms
- 01/12/2004
AUTH 5.2.1
See Notes
- 01/12/2001
AUTH 5.2.2
See Notes
- 01/12/2001
AUTH 5.3
Qualification for authorisation under the Act
- 01/12/2004
EEA firms
AUTH 5.3.1
See Notes
- 01/12/2001
AUTH 5.3.2
See Notes
- (1) On qualifying for authorisation, subject to AUTH 5.3.2 G (1A), an EEA firm will have permission to carry on each permitted activity (see (2) below) which is a regulated activity:
- (a) through its UK branch (if it satisfies the establishment conditions); or
- (b) by providing cross border services into the United Kingdom (if it satisfies the service conditions).
- (1A)
- (a) Paragraph (1) does not apply to the activity of dealing in units in a collective investment scheme in the United Kingdom where:
- (i) the firm is an EEA UCITS management company;
- (ii) the firm satisfies the establishment conditions in AUTH 5.4.2 G; and
- (iii) the FSA notifies the EEA firm and the EEA firm's Home State regulator that the way in which it intends to market a relevant scheme in the United Kingdom does not comply with the law in force in the United Kingdom.
- (b) The FSA's notice under (1A)(a)(iii) has to be given to the EEA firm within two months of receiving the consent notice (AUTH 5.4.2 G(1)) and will be similar to a warning notice.
- (c) For details of the FSA's procedures for the giving of warning notices and references to the Tribunal, see DEC 2.2 (Statutory notice procedure: Warning notice and decision notice procedure) and DEC 5 (References to the Tribunal, publication and services of notices).
- (2) The permitted activities of EEA firm are those activities identified in the consent notice, regulator's notice or notice of intention. Permitted activities may include activities that are within the scope of a Single Market Directive but which are unregulated activity in the United Kingdom.
- (3) Paragraph 15(2) of Part II of Schedule 3 to the Act states that this permission is treated as being on terms equivalent to those appearing in the consent notice, regulator's notice or notice of intention. For example, it will reflect any limitations or requirements which are included in the firm's Home State authorisation.
- 13/02/2004
AUTH 5.3.3
See Notes
- 01/12/2001
Treaty firms
AUTH 5.3.4
See Notes
- 01/12/2001
AUTH 5.3.5
See Notes
- 01/12/2001
AUTH 5.3.6
See Notes
- 01/12/2001
AUTH 5.3.7
See Notes
- 01/12/2001
AUTH 5.3.8
See Notes
- 01/12/2001
AUTH 5.3.9
See Notes
- 01/07/2003
AUTH 5.3.10
See Notes
- 01/07/2003
AUTH 5.3.11
See Notes
- 01/07/2003
AUTH 5.3.12
See Notes
AUTH 5.3.13
See Notes
- 01/07/2003
UCITS qualifiers
AUTH 5.3.14
See Notes
- 01/12/2001
AUTH 5.3.15
See Notes
- 01/07/2003
AUTH 5.3.16
See Notes
- 01/04/2004
AUTH 5.4
EEA firms establishing a branch in the United Kingdom
- 01/12/2004
What constitutes a branch?
AUTH 5.4.1
See Notes
- 01/12/2001
The conditions for establishing a branch
AUTH 5.4.2
See Notes
- 01/12/2001
AUTH 5.4.2A
See Notes
- 14/01/2005
AUTH 5.4.3
See Notes
- 01/12/2001
The notification procedure
AUTH 5.4.4
See Notes
- 01/12/2001
AUTH 5.5
EEA firms providing cross border services into the United Kingdom
- 01/12/2004
Is the service provided within the United Kingdom?
AUTH 5.5.1
See Notes
- 01/12/2001
AUTH 5.5.2
See Notes
- 01/12/2001
The conditions for providing cross border services into the United Kingdom
AUTH 5.5.3
See Notes
- 01/12/2001
The notification procedure
AUTH 5.5.4
See Notes
- 01/12/2001
AUTH 5.5.5
See Notes
- 01/12/2001
AUTH 5.6
Which rules will an incoming EEA firm be subject to?
- 01/12/2004
AUTH 5.6.1
See Notes
- 01/12/2001
AUTH 5.6.2
See Notes
- 01/12/2001
AUTH 5.6.3
See Notes
- 01/12/2001
AUTH 5.6.4
See Notes
- 01/12/2001
AUTH 5.6.5
See Notes
- 01/12/2001
AUTH 5.7
Top-up permission
- 01/12/2004
AUTH 5.7.1
See Notes
- 01/12/2001
AUTH 5.7.2
See Notes
- 01/12/2001
AUTH 5.7.3
See Notes
- 01/12/2001
AUTH 5.7.4
See Notes
- 01/12/2001
AUTH 5.8
Sources of further information
- 01/12/2004
AUTH 5.8.1
See Notes
For further information on UK regulation, an EEA firm, aTreaty firm or a UCITS qualifier should contact the Authorisation and Approvals Department (Authorisation Enquiries) at the FSA. Questions about the passporting notification procedures can be addressed to the Passport Notification Unit.
- (1) To contact the Authorisation Enquiries team:
- (a) telephone on +44 20 7066 0082 or fax on +44 20 7066 9719;
- (b) write to: Authorisation and Approvals Department (Authorisation Enquiries), The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
- (2) To contact the Passport Notification Unit:
- (a) telephone on +44 20 7066 1000 or fax on +44 20 7066 xxxx;
- (b) write to: Passport Notification Unit, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS;
- (c) email: passport.notifications@ fsa.gov.uk.
- 01/12/2001
AUTH 5 Annex 1
Establishment of a branch: Contents of Consent Notice G
- 01/12/2004
See Notes
Type of firm | Para No. | Contents of consent notice (Regulation 2) | |
Investment firm | (2)(a) | a statement that the firm is an investment firm; | |
(b) | the requisite details of the branch (see SUP 13 Annex 1 ); | ||
(c) | details of any compensation scheme which is intended to protect the branch's investors. | ||
EEA UCITS management company | (2A)(a) | a statement that the firm is an EEA UCITS management company; | |
(b) | the requisite details of the branch; and | ||
(c) | details of any compensation scheme which is intended to protect the branch's investors. | ||
Credit institution
or | (3)(a) | a statement that the firm is a credit institution; | |
(b) | the requisite details of the branch (see SUP 13 Annex 1 ); | ||
(c) | the amount of the firm's own funds (as defined in Section 1 of Chapter 2 of Title V to the Banking Consolidation Directive); and | ||
(d) | the solvency ratio of the firm (calculated in accordance with the Banking Consolidation Directive). | ||
Financial institution | (4)(a) | a statement that: | |
(i) | the firm is a financial institution; | ||
(ii) | the firm is a subsidiary undertaking of a credit institution which is authorised in the EEA State in question and which holds at least 90 per cent of the voting rights in the firm (and for the purpose of this paragraph any two or more credit institutions which are authorised in that EEA State and hold voting rights in the firm are to be treated as a single credit institution, and as being "parent undertakings" of the firm); | ||
(iii) | the firm carries on in that EEA State the EEA activities in question; | ||
(iv) | the memorandum and articles of association, or other constituent instrument, of the firm permit it to carry on those activities; | ||
(v) | the consolidated supervision of the firm's parent undertaking or, if more than one of them, any one of them effectively includes supervision of the firm; | ||
(vi) | the firm's parent undertaking has guaranteed or, if more than one, they have jointly and severally guaranteed, the firm's obligations, with the consent of the Home State regulator; | ||
(vii) | the firm's business is being conducted in a prudent manner. | ||
(b) | the requisite details of the branch (see SUP 13 Annex 1 ); | ||
(c) | the amount of the firm's own funds (as defined in Section 1 of Chapter 2 of Title V to the Banking Consolidation Directive); | ||
(d) | the solvency ratio of the firm's parent undertaking (calculated in accordance with the Banking Consolidation Directive). | ||
Insurance undertaking | (5)(a) | a scheme of operations prepared in accordance with such requirements as may be imposed by the firm's Home State regulator, setting out (among other things) the types of business to be carried on and the structural organisation of the branch; | |
(b) | the name of the firm's authorised agent; | ||
(c) | the address in the United Kingdom from which information about the business may be obtained, and a statement that this is the address for service on the firm's authorised agent; | ||
(d) | in the case of a firm which intends to cover relevant motor vehicle risks, a declaration by the firm that it has become a member of the Motor Insurers' Bureau (being a company limited by guarantee and incorporated under the Companies Act 1929(1) on 14 th June 1946); and | ||
(e) | a statement by the firm's Home State regulator attesting that the firm has the minimum margin of solvency calculated in accordance with such of the following as are appropriate: | ||
(i) | articles 16 and 17 of the First Non-Life Insurance Directive; and; | ||
(ii) | articles 18, 19 and 20 of the First Life Insurance Directive. |
- 13/02/2004
AUTH 5 Annex 2
Provision of services: Contents of regulator's notice G
- 01/12/2004
See Notes
Type of firm | Para No. | Contents of regulator's notice (Regulation 3) | |
Investment firm | (2)(a) | a statement that the firm is an investment firm; and | |
(b) | particulars of the programme of operations to be carried on in the United Kingdom including a description of the particular activities which the firm is seeking to carry on in the United Kingdom in the exercise of an EEA right. | ||
EEA UCITS management company | (2A)(a) | a statement that the firm is an EEA UCITS management company; | |
(b) | particulars of the programme of operations to be carried on in the United Kingdom including a description of the particular activities which the firm is seeking to carry on in the United Kingdom in the exercise of an EEA right; and | ||
(c) | details of any compensation scheme which is intended to protect the branch's investors. | ||
Insurance undertaking | (3)(a) | a statement of the classes of business which the firm is authorised to carry on in accordance with Article 6 of the First Non-Life Directive or Article 6 of the First Life Directive; | |
(b) | the name and address of the firm; | ||
(c) | the nature of the risks or commitments which the firm proposes to cover in the United Kingdom; | ||
(d) | in the case of a firm which intends to cover relevant motor vehicle risks: | ||
(i) | the name and address of the claims representative (Note); and | ||
(ii) | a declaration by the firm that it has become a member of the Motor Insurers' Bureau (being a company limited by guarantee and incorporated under the Companies Act 1929 (1) on 14 th June 1946); and | ||
(e) | a statement by the firm's Home State regulator attesting that the firm has a minimum margin of solvency calculated in accordance with such of the following as are appropriate: | ||
(i) | articles 16 and 17 of the First Non-Life Insurance Directive ; and | ||
(ii) | article 18, 19 and 20 of the First Life Insurance Directive | ||
Insurance intermediary | (4) | that the firm intends to carry on insurance mediation or reinsurance mediation by providing services in the United Kingdom. |
- 13/02/2004
AUTH 5 Annex 3
Application of the Handbook to Incoming EEA Firms G
- 01/12/2004
See Notes
1. | The table below summarises the application of the Handbook to an incoming EEA firm. Where the table indicates that a particular module of the Handbook may apply, its application in relation to any particular activity is dependent on the detailed application provisions in that module. The table does not apply to incoming ECA providers. These should refer to ECO 1 for guidance on how the Handbook applies to them. |
2. | In some cases, the application of the Handbook depends on whether responsibility for a matter is reserved under a European Community instrument to the incoming EEA firm's Home State regulator. Guidance on the reservation of responsibility is contained in SYSC App 1 (Matters reserved to a Home State regulator). |
3. | For an incoming EEA firm which has permission for cross-border services only, many parts of the Handbook apply only if the firm carries on regulated activities in the United Kingdom. Those parts of the Handbook will therefore not apply if the firm confines its activities to those within the overseas persons exclusions in article 72 of the Regulated Activities Order, or which would not be regarded as carried on in the United Kingdom. Further guidance may be found in PERG 2.4 (Link between activities and the United Kingdom) and PERG 2.9.15G to PERG 2.9.17G (Overseas persons). |
(1) Module of Handbook | (2) Potential application to an incoming EEA firm with respect to activities carried on from an establishment of the firm (or its appointed representative) in the United Kingdom | (3) Potential application to an incoming EEA firm with respect to activities carried on other than from an establishment of the firm (or its appointed representative) in the United Kingdom |
PRIN | The Principles apply only in so far as responsibility for the matter in question is not reserved by a European Community instrument to the firm's Home State regulator (PRIN 3.1.1 R). For an incoming EEA firm which is a BCD credit institution without a top-up permission, Principle 4 applies only in relation to the liquidity of a branch established in the United Kingdom (PRIN 3.1.1 R (2)). |
The Principles do not apply if the firm has permission only for cross-border services and does not carry on regulated activities in the United Kingdom (PRIN 3.1.1 R (2)). The Principles have limited application for activities which are not carried on from a UK establishment (see PRIN 3.3.1 R). Otherwise, see column (2). |
SYSC | SYSC 1 contains application provisions only. SYSC 2 and SYSC 3 apply as set out in SYSC 1.1.1 R (1): (1) SYSC 2.1.1 R and SYSC 2.1.2 G do not apply; (2) SYSC 2.1.3 R to SYSC 2.2.3 G apply, but only in relation to allocation of the function in SYSC 2.1.3 R (2) and only in so far as responsibility for the matter in question is not reserved by a European Community instrument to the firm's Home State regulator; and (3) SYSC 3 applies, but only in so far as responsibility for the matter in question is not reserved by a European Community instrument to the firm's Home State regulator. SYSC 1.1.7 R (Where?) further restricts the territorial application of SYSC 1 to SYSC 3 for an incoming EEA firm. Further guidance is contained in SYSC 2.1.6 G, Question 12. SYSC 4 applies to the extent that the Public Interest Disclosure Act 1998 applies to the firm. |
SYSC 1 to SYSC 3 do not apply if the firm has permission only for cross-border services and does not carry on regulated activities in the United Kingdom (SYSC 1.1.1 R (2)). SYSC 1 to SYSC 3 have limited application for activities which are not carried on from a UK establishment (see SYSC 1.1.7 R). Otherwise, see column (2). |
COND | COND does not apply if the firm does not have, or apply for, a top-up permission. Otherwise, only threshold conditions 1, 3, 4 and 5 apply and only in so far as relevant to: (1) an application for a top-up permission under Part IV of the Act (that is, a permission to carry on regulated activities in addition to those permitted through its authorisation under Schedule 3 to the Act (EEA Passport Rights)); and (2) the exercise of the FSA's own-initiative power in relation to the top-up permission. (COND 1.1.1 G.) |
As column (2). |
APER | APER applies to approved persons (APER 1.1.1 G). See below under SUP 10 as to whether controlled functions are performed, and approval therefore required. | Not relevant because SUP 10 does not apply. |
FIT | FIT applies to a firm wishing to establish a branch in the United Kingdom or to apply for a top-up permission in respect of any application that it makes for the approval of a person to perform a controlled function (FIT 1.1). See under SUP 10 below as to whether such approval is required. | Does not apply. |
GEN | GEN applies (GEN 1.1, GEN 2.1, GEN 3.1, GEN 4.1, GEN 5.1 and GEN 6.1). However, (a) GEN 4 does not apply to the extent that the firm is subject to equivalent rules imposed by its Home State (4.1.1 R (3)) and (b) GEN 6 only applies to business that can be regulated under section 138 of the Act (General rule-making power). It does not therefore apply if, or to the extent that, responsibility has been reserved to an incoming firm's Home State regulator by a European Community instrument. | GEN 4 does not apply if the firm has permission only for cross-border services and does not carry on regulated activities in the United Kingdom. Otherwise, as column (2). |
IPRU(BANK) | Only the following apply, and only if the firm is a credit institution other than an electronic money institution within the meaning of article 1(3)(a) of the E-Money Directive that has the right to benefit from the mutual recognition arrangements under the Banking Consolidation Directive (IPRU(BANK) 3.2.1R): (1) IPRU(BANK) 3.3.15R, IPRU(BANK) 3.3.16G and IPRU(BANK) 3.5.1R; and (2) chapter CO (which provides an overview of the underlying policy) and the more detailed guidance in chapters CB, CA, BC, BO, FX, CM, DU, TI, TE, TC, TL, TU, TS and TV. |
Does not apply. But if the firm is a credit institution whose notification to the FSA of its intention to provide services in the United Kingdom covers services provided through a branch, see column (2). |
IPRU(BSOC) | Does not apply because an incoming EEA firm cannot be a building society (IPRU(BSOC) X.2.1R). | Does not apply because an incoming EEA firm cannot be a building society (IPRU(BSOC) X.2.1R). |
IPRU(FSOC) | Does not apply because an incoming EEA firm cannot be a friendly society (IPRU(FSOC) 1.1). | Does not apply because an incoming EEA firm cannot be a friendly society (IPRU(FSOC) 1.1). |
IPRU(INS) | Only IPRU(INS) 3.6 and 3.7 (Linked long-term contracts) apply, and only if the firm is an insurer (IPRU(INS) 1.1(b)). | As column (2). |
IPRU(INV) | IPRU(INV) does not apply unless the firm: (1) has a top-up permission; (2) is an authorised professional firm, investment management firm, members' adviser, personal investment firm, securities and futures firm, service company or underwriting agent; and (3) is not a lead regulated firm or a media firm. (IPRU(INV) 1.1.1R and 1.2R) |
As column (2). |
PRU | PRU 9.1 (Responsibility for insurance mediation activity) does not apply unless the firm has a top-up permission. PRU 9.2 (Professional indemnity insurance requirements for insurance and mortgage mediation activity and mortgage lending and administration) does not apply unless the firm has a top-up permission. |
As column (2). As column (2). |
PRU | PRU 9.3 (Capital resources for insurance and mortgage mediation activity and mortgage lending and administration) does not apply unless the firm has a top-up permission. See PRU 9.3.2 G for more detailed guidance. PRU 9.4 (Insurance undertakings and mortgage lenders using insurance or mortgage mediation services) does not apply unless the firm has a top-up permission. Otherwise, PRU does not apply unless the firm is an insurer to which PRU 7.6.33 R applies |
As column (2). As column (2). |
COB | COB applies. | Where the activity: (1) (a) would fall within the overseas persons exclusions in article 72 of the Regulated Activities Order; or (b) would not be regarded as carried on in the United Kingdom; or (c) is not carried on with or for a client in the United Kingdom; then only the following apply: (d) COB 3 (Financial promotion), but see the territorial scope in COB 3.3 (Where?); (e) COB 5.5.7 R (Overseas business); (f) certain parts of COB 6 (Product disclosure and the customer's right to cancel or withdraw) but only in relation to long-term insurance business carried on with a customer habitually resident in the United Kingdom or if the State of the risk is the FSA (see COB 1.4.7 R and COB 1.4.8 R); and (g) (i) COB 4.3.19 R to COB 4.3.25 R save that the firm must also comply with those rules as if they also applied to a firm carrying out the activities in COB 4.3.19R (1) with or on behalf of all private customers; (ii) COB 5.2.12 R to COB 5.2.14 R; and (iii) COB 5.3.18 R (1) and COB 5.3.18A R to COB 5.3.18C R; but only in relation to activities passported under the IMD (see COB 1.4.12R (3)); (2) concerns a distance contract and is carried on with retail customers in the United Kingdom from an establishment maintained by the firm in an EEA State which: (a) has implemented the DMD; or (b) has obligations in its domestic law corresponding to those provided for by the DMD; COB 4.2, COB 5, and COB 6 do not apply. Otherwise, as column (2), (COB 1.4.3 R). |
ICOB | ICOB applies. | Only the following provisions of ICOB apply: (a) ICOB 3 (Financial promotion), but see the territorial scope in ICOB 3.4 (Application: where?) (b) ICOB 5.5.20 R, but only in relation to general insurance contracts if the state of the risk is the United Kingdom; (c) ICOB 5.5.20 Rand ICOB 5.5.20 R, but only in respect of non-investment insurance contracts which are pure protection contracts where the habitual residence of the customer, other than an EEA ECA recipient, is in the United Kingdom; (d) ICOB 6 (Cancellation), but only in respect of non-investment insurance contracts which are pure protection contracts where the habitual residence of the customer, other than an EEA ECA recipient, is in the United Kingdom. |
CASS | CASS does not apply with respect to the firm's passported activities unless the firm is an insurer (CASS 1.2.3 R (2)). | As column (2). |
MAR | MAR 1 (Code of market conduct) Applies if the firm is seeking guidance as to whether or not behaviour amounts to market abuse (MAR 1.1.1 G). |
MAR 1 (Code of market conduct) As column (2). |
MAR 2 (Price stabilising rules) Applies if the firm undertakes stabilising action and wishes to show that it has acted in conformity with price stabilising rules, or that its behaviour conforms with rules in accordance with section 118A(5)(a)of the Act (Market abuse) (MAR 2.1 Application)) |
MAR 2 (Price stabilising rules) Only applies in so far as the firm undertakes stabilising action and wishes to rely on a defence that it has acted in conformity with price stabilising rules, or that its behaviour conforms with rules in accordance with section 118A(5)(a)of the Act (Market abuse) (MAR 2.1 and in particular MAR 2.1.3R). |
|
MAR 3 (Inter-professional conduct) Applies (MAR 3.1.4 R). |
MAR 3 (Inter-professional conduct) Does not apply (MAR 3.1.4 R). |
|
MAR 4 (Endorsement of the Take-over Code) Applies to firms whose permission includes, or ought to include, any designated investment business, except as set out in MAR 4.4.1 R. |
MAR 4 (Endorsement of the Take-over Code) Does not apply (MAR 4.4.1 R (4)(b)). |
|
MAR 5 (Alternative Trading Systems) Does not apply (MAR 5.1.1 R). |
MAR 5 (Alternative Trading Systems) Does not apply (MAR 5.1.1 R). |
|
TC | TC applies, but only in so far as responsibility for any matter it covers is not reserved by a European Community instrument to the firm's Home State regulator. | TC 1 (Commitments): (1) contains guidance relevant to compliance with Principle 3, satisfaction of threshold condition 5 and the fit and proper test for approved persons; it is therefore relevant only if they apply to the firm (see the guidance on application of PRIN, COND and FIT above); (2) in particular, does not therefore apply if the firm has permission only for cross-border services and does not carry on regulated activities in the United Kingdom. TC 2 (Rules and guidance) does not apply (TC 2.1.2 R (2)). |
ML | Applies (ML 1.1.2 R). | Does not apply (ML 1.1.2 R). |
AUTH | AUTH applies to the firm if it: (1) is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether it needs a top-up permission; or (2) is, or is considering, applying to the FSA to carry on regulated activities in the United Kingdom under a top-up permission; or (3) is, or is considering, establishing a branch or providing cross-border services into the United Kingdom using EEA rights. |
As column (2). |
SUP | SUP 1 (The FSA's approach to supervision) Applies, but contains only guidance. |
SUP 1 (The FSA's approach to supervision) As column (2). |
SUP 2 (Information gathering by the FSA on its own initiative) The application of this chapter is the same as for Principle 11 (see under PRIN above). |
SUP 2 (Information gathering by the FSA on its own initiative) As column (2). |
|
SUP 3 (Auditors) Applies to the firm (and its auditor) only if the firm has a top-up permission. |
SUP 3 (Auditors) As column (2). |
|
SUP 4 (Actuaries) Does not apply. |
SUP 4 (Actuaries) Does not apply |
|
SUP 5 (Skilled persons) Applies only if the firm is required by the FSA to provide a report under section 166 of the Act (Reports by skilled persons). |
SUP 5 (Skilled persons) As column (2). |
|
SUP 6 (Applications to vary and cancel Part IV permission) Applies only if the firm has a top-up permission. |
SUP 6 (Applications to vary and cancel Part IV permission) As column (2). |
|
SUP 7 (Individual requirements) Applies only if the firm has a top-up permission. It contains only guidance on the exercise of the FSA's own-initiative power to vary that permission. The FSA has similar, but more limited, powers of intervention under Part XIII of the Act in relation to the permission of the firm under Schedule 3 to the Act (see ENF 4). |
SUP 7 (Individual requirements) As column (2). |
|
SUP 8 (Waiver and modification of rules) Applies only if the firm wishes to apply for, or consent to, or has been given, a waiver of the FSA's rules (SUP 8.1.1 R). |
SUP 8 (Waiver and modification of rules) As column (2). |
|
SUP 9 (Individual guidance) Applies only if the firm wishes to obtain individual guidance from the FSA or if the FSA gives the firm individual guidance on its own initiative (SUP 9.1.1 G). |
SUP 9 (Individual guidance) As column (2). |
|
SUP 10 (Approved persons) Applies, but the applicable controlled functions are limited. See SUP 10.1 (Application) for more detailed guidance. |
SUP 10 (Approved persons) Does not apply (SUP 10.1.6 R). |
|
SUP 11 (Controllers and close links) Does not apply (SUP 11.1.1 R (2)). |
SUP 11 (Controllers and close links) Does not apply (SUP 11.1.1 R (2)). |
|
SUP 12 (Appointed representatives) Applies only if the firm has permission to carry on designated investment business, insurance mediation activity or mortgage mediation activity and wishes to appoint, or has appointed, an appointed representative (SUP 12.1.1 R (1)). |
SUP 12 (Appointed representatives) As column (2). |
|
SUP 13 (Exercise of passport rights by UK firms) Does not apply. |
SUP 13 (Exercise of passport rights by UK firms) Does not apply. |
|
SUP 14 (Incoming EEA Firms: Changing detail and cancelling qualifications for authorisation) Applies. |
SUP 14 (Incoming EEA Firms: Changing detail and cancelling qualifications for authorisation) Applies |
|
SUP 15 (Notifications to the FSA) Applies in full if the firm has a top-up permission. Otherwise, the application is modified as set out in SUP 15 Annex 1. |
SUP 15 (Notifications to the FSA) Does not apply if the firm has permission only for cross-border services and does not carry on regulated activities in the United Kingdom (SUP 15 Annex 1).Otherwise, as column (2). |
|
SUP 16 (Reporting requirements) Parts of this chapter may apply if the firm has a top-up permission or if the firm is: (a) a bank; or (b) a depositary of an ICVC; or (c) an OPS firm; or (d) a trustee of an AUT; or (e) an insurer with permission to effect or carry out life policies; or (f) a firm with permission to establish, operate or wind up a stakeholder pension scheme; or (g) a firm with permission to advise on investments, arrange (bring about) deals in investments, make arrangements with a view to transactions in investments, or arrange safeguarding and administration of assets. (SUP 16.1.) |
SUP 16 (Reporting requirements) Parts of this chapter may apply if the firm has a top-up permission or if the firm is: (a) a depositary of an ICVC; or (b) an OPS firm; or (c) a trustee of an AUT; or (d) an insurer with permission to effect or carry out life policies; or (e) a firm with permission to establish, operate or wind up a stakeholder pension scheme; or (f) a firm with permission to advise on investments, arrange (bring about) deals in investments, make arrangements with a view to transactions in investments, or arrange safeguarding and administration of assets (SUP 16.1.) |
|
SUP 17 (Transaction reporting) Does not apply in relation to the firm's passported activities. Otherwise, this chapter applies only if the firm is a securities and futures firm, a personal investment firm or an ISD investment firm (SUP 17.1.1). |
SUP 17 (Transaction reporting) Does not apply (SUP 17.1.1 (2)(a)). |
|
SUP 18 (Transfers of business) SUP 18.4 Does not apply. SUP 18.1, SUP 18.2 and SUP 18.3 may be relevant if the firm proposes to transfer the whole or part of its business by an insurance business transfer scheme or to accept such a transfer or proposes to accept certain transfers of insurance business taking place outside the United Kingdom. |
SUP 18 (Transfers of business) As column (2). |
|
SUP 19 (Commodity Futures Trading Commission Part 30 Exemption) This chapter may be relevant if the firm intends to trade on behalf of US customers on non-US futures and options exchanges. |
SUP 19 (Commodity Futures Trading Commission Part 30 Exemption) Does not apply (SUP 19.1.1 G (2)). |
|
SUP 20 (Fees) Applies (SUP 20.1.1 R) but modified (SUP 20.4.7 G - SUP 20.4.10 R). |
SUP 20 (Fees) As column (2). |
|
SUP App 1 (Prudential categories) Applies and provides guidance on the prudential categories used in the Handbook. |
SUP App 1 (Prudential categories) As column (2). |
|
SUP App 2 (Insurers: Scheme of operations) Does not apply (SUP App 2.1.1 R). |
SUP App 2 (Insurers: Scheme of operations) Does not apply (SUP App 2.1.1 R). |
|
ENF | ENF applies and contains guidance on the use of the FSA's enforcement powers (ENF 1). | ENF applies and contains guidance on the use of the FSA's enforcement powers (ENF 1). |
DEC | DEC applies and contains guidance on the FSA's decision making procedures (DEC 1). | DEC applies and contains guidance on the FSA's decision making procedures (DEC 1). |
DISP | Applies (DISP 1.1.1 R). | Does not apply (DISP 1.1.1 R). |
COMP | Applies, except in relation to the passported activities of an ISD investment firm or a BCD credit institution (see the definition of "participant firm") other than an electronic money institution within the meaning of article 1(3)(a) of the E-Money Directive that has the right to benefit from the mutual recognition arrangements under the Banking Consolidation Directive. However, an ISD investment firm or BCD credit institution may be able to apply for top-up cover in relation to its passported activities (see COMP 14 (Participation by EEA Firms)). | Does not apply in relation to the passported activities of an ISD investment firm or a BCD credit institution (see the definition of "participant firm"). Otherwise, COMP may apply, but the coverage of the compensation scheme is limited for non-UK activities (see COMP 5). |
COAF | Applies if the firm wishes to bring a complaint under the complaints scheme, provided the complaint meets the requirements of the complaints scheme (COAF 1.2). | As column (2). |
COLL and CIS | COLL and CIS apply if the firm: (a) is the operator or depositary of an AUT or ICVC; or (b) wishes to apply for an authorisation order to establish an AUT or ICVC; or (c) is the operator of a recognised scheme; or (d) wishes to apply for recognition of a recognised scheme. |
As column (2). |
CRED | Does not apply. | Does not apply. |
ECO | ECO 2 applies if the firm is an outgoing ECA provider. ECO 3 applies if the firm is a domestic ECA provider. ECO 1 does not apply. | ECO 1 applies if the firm is an incoming ECA provider except for ECO 1.2.1 R which does not apply if:. (a) the electronic commerce activity is not insurance business which: (i) satisfies the conditions in ECO 1.2.3 R; and (ii) is carried on by an insurer; and (b) the EEA State from which the activity is provided has implemented the DMD with the result that the obligations provided for by the DMD are applied when the incoming ECA provider is carrying on the activity from an establishment in that State with a UK ECA recipient in the United Kingdom. ECO 2 and ECO 3 do not apply. |
ELM | Only ELM 6 and (in so far as it applies to the rules in ELM 6) ELM 5.6.1R apply. | Does not apply. |
LLD | Does not apply. | Does not apply. |
MCOB | Applies where the activity is carried on with or for a customer resident in the United Kingdom or another EEA State at the time that the activity is carried on, but see the territorial scope in MCOB 3.3 (Application: where?). | Applies where the activity is carried on with or for a customer resident in the United Kingdom at the time, that the activity is carried on but see MCOB 1.3.4 R (Distance contracts entered into from an establishment in another EEA State) and MCOB 3.3 (Application: where?). |
PROF | PROF applies only if the firm is an authorised professional firm. | As column (2). |
REC | Does not apply. | Does not apply. |
LR | LR (Listing Rules) May apply if the firm is applying for listing in the United Kingdom, is a listedissuer in the United Kingdom , is a sponsor or is applying for approval as a sponsor. |
LR (Listing Rules). As column (2). |
PR | PR (Prospectus Rules) May apply if the firm makes an offer of transferable securities to the public in the United Kingdom or is seeking the admission to trading of transferable securities on a regulated market situated or operating in the United Kingdom. |
PR (Prospectus Rules). As column (2). |
DR | DR (Disclosure Rules) May apply if the firm is an issuer, any class of whose financial instruments have been admitted to trading on a regulated market, or are the subject of an application for admission to trading on a regulated market, other than issuers who have not requested or approved admission of their financial instruments to trading on a regulated market. |
DR (Disclosure Rules). As column (2). |
AUTH 6
Approved
persons
AUTH 6.1
Application and purpose
- 01/12/2004
Application
AUTH 6.1.1
See Notes
- 21/02/2002
AUTH 6.1.2
See Notes
- 03/09/2001
AUTH 6.1.3
See Notes
- 03/09/2001
Purpose
AUTH 6.1.4
See Notes
- 03/09/2001
AUTH 6.2
Introduction
- 01/12/2004
AUTH 6.2.1
See Notes
- 03/09/2001
AUTH 6.2.2
See Notes
- 03/09/2001
AUTH 6.2.3
See Notes
- 03/09/2001
AUTH 6.2.4
See Notes
- 03/09/2001
AUTH 6.2.5
See Notes
- 03/09/2001
AUTH 6.2.6
See Notes
- 03/09/2001
AUTH 6.2.7
See Notes
- 18/10/2001
AUTH 6.2.8
See Notes
- 21/02/2002
Controlled functions
AUTH 6.2.9
See Notes
- 18/10/2001
AUTH 6.3
Procedures relating to approved persons
- 01/12/2004
AUTH 6.3.1
See Notes
- 21/02/2002
AUTH 6.3.2
See Notes
- 03/09/2001
AUTH 6.3.3
See Notes
- 03/09/2001
AUTH 6.3.4
See Notes
- 03/09/2001
Outsourcing to another firm
AUTH 6.3.5
See Notes
- 03/09/2001
EEA firms and Treaty firms
AUTH 6.3.6
See Notes
- 03/09/2001
Processing an application
AUTH 6.3.7
See Notes
- 03/09/2001
AUTH 6.3.8
See Notes
- 03/09/2001
AUTH 6.3.9
See Notes
AUTH 6.3.10
See Notes
- 03/09/2001
AUTH 6.3.11
See Notes
- 21/02/2002
Decisions on applications
AUTH 6.3.12
See Notes
- 03/09/2001
AUTH 6.3.13
See Notes
- 03/09/2001
AUTH 6.4
Further questions
- 01/12/2004
AUTH 6.4.1
See Notes
- 03/09/2001
AUTH 6.4.2
See Notes
- 01/07/2003
AUTH 6.5
Notified persons
- 01/12/2004
AUTH 6.5.1
See Notes
- 18/10/2001
AUTH 6.5.2
See Notes
- 18/10/2001
AUTH 6 Annex 1
Approved Persons
- 01/12/2004
AUTH 6 Annex 1.1
See Notes
Question: | Answer: | |
Requirements of the regime | ||
1 | When is approval required? | The Act requires that approval be obtained before a person performs a controlled function. See section 59 of the Act (Approval for particular arrangements). |
2 | Can an individual be approved in advance of a firm becoming authorised? | No. The application will be coordinated to ensure that the approval of the individual coincides with the giving of permission to the firm. |
3 | Can a person be approved for more than one controlled function? | Yes. A firm will need to seek approval in respect of each controlled function a person is to perform. |
4 | Do the controlled functions apply to an incoming EEA firm that is providing cross border services into the United Kingdom? | No. The approved persons regime does not apply to cross border services. See SUP 10.1.6 R (Application). |
5 | May any activity be outsourced by a firm? | Yes. But if that activity constitutes a regulated activity the person to whom it is outsourced will itself need permission. |
6 | Can a significant influence function be outsourced? | It is a question of fact in each case who is performing a significant influence function. These functions are mostly described at a high level of responsibility, that is, for example, the director of a company or a partner of a partnership. The persons performing these functions cannot avoid their ultimate responsibility and therefore the need for approval. However, some of the significant influence functions may be performed by a person who is specifically brought in to do the job, for example the chief executive function (where it is to be performed by a body corporate) and the actuarial and with-profits actuary functions. |
7 | Do Lloyd's underwriting agents still require registration with Lloyd's? | Yes. Approval for a controlled function is not sufficient. |
Submitting an application | ||
8 | Who applies for approval? | It is the firm which applies for approval. See section 60 of the Act (Applications for approval). |
9 | What is the role of the candidate in the application process? | Before the firm submits Form A it must verify the information contained in it. As part of this verification, the form provides for the candidate to confirm the accuracy of the information given by the firm so far as it relates to him. |
10 | What is the "fit and proper" test for approval? | Section 61(1) of the Act (Determination of applications) provides that the FSA may grant an application only if it is satisfied that the candidate is a fit and proper person to perform the relevant function. In determining this question, the Act sets out the matters to which the FSA may have regard (section 61(2) of the Act) and the FSA has given guidance on this in FIT. |
11 | If a firm is unsure whether or not something may have an impact on an individual's fitness and propriety, should it be disclosed? | Yes, always. The non-disclosure of material facts is taken very seriously by the FSA, as it is seen as evidence of current dishonesty. Therefore, if in doubt, disclose. |
12 | Must all gaps in previous employment be explained? | Yes. |
FSA procedures | ||
13 | Does the FSA verify the information provided to it? | Yes, as far as possible, information is verified. |
14 | Will the FSA handle information confidentially? | Yes. The FSA handles all information confidentially and is subject to the provisions of the Data Protection Act 1988. |
AUTH 6 Annex 2
Approved Persons
- 01/12/2004
AUTH 6 Annex 2.1
See Notes
AUTH 8
Determining applications
AUTH 8.1
Application and purpose
- 01/12/2004
Application
AUTH 8.1.1
See Notes
- 03/09/2001
Purpose
AUTH 8.1.2
See Notes
- 03/09/2001
AUTH 8.1.3
See Notes
- 03/09/2001
AUTH 8.1.4
See Notes
- 03/09/2001
AUTH 8.1.5
See Notes
- 03/09/2001
AUTH 8.2
Determination of an application
- 01/12/2004
Who makes the determination?
AUTH 8.2.1
See Notes
- 03/09/2001
AUTH 8.2.2
See Notes
- 03/09/2001
What are internal staff procedures?
AUTH 8.2.3
See Notes
- 03/09/2001
AUTH 8.2.4
See Notes
- 03/09/2001
An overview of internal staff procedures
AUTH 8.2.5
See Notes
- 03/09/2001
AUTH 8.2.6
See Notes
- 21/02/2002
AUTH 8.2.7
See Notes
- 03/09/2001
AUTH 8.2.8
See Notes
- 03/09/2001
The Regulatory Decisions Committee
AUTH 8.2.9
See Notes
- 03/09/2001
AUTH 8.2.10
See Notes
- 03/09/2001
AUTH 8.2.11
See Notes
- 03/09/2001
AUTH 8.2.12
See Notes
- 03/09/2001
AUTH 8.3
Statutory notices and other matters
- 01/12/2004
AUTH 8.3.1
See Notes
- 03/09/2001
Warning notices
AUTH 8.3.2
See Notes
- 03/09/2001
AUTH 8.3.3
See Notes
- 03/09/2001
AUTH 8.3.4
See Notes
- 03/09/2001
AUTH 8.3.5
See Notes
- 03/09/2001
Representations
AUTH 8.3.6
See Notes
- 03/09/2001
AUTH 8.3.7
See Notes
- 03/09/2001
Decision notices
AUTH 8.3.8
See Notes
- 03/09/2001
AUTH 8.3.9
See Notes
- 03/09/2001
AUTH 8.3.10
See Notes
- 03/09/2001
Reference to the Financial Services and Markets Tribunal
AUTH 8.3.11
See Notes
- 03/09/2001
AUTH 8.3.12
See Notes
- 03/09/2001
AUTH 8.3.13
See Notes
- 03/09/2001
Final notices
AUTH 8.3.14
See Notes
- 03/09/2001
AUTH 8.3.15
See Notes
- 03/09/2001
AUTH 8.3.16
See Notes
- 03/09/2001
Publication
AUTH 8.3.17
See Notes
- 03/09/2001
AUTH 8.3.18
See Notes
- 01/11/2004
AUTH 8 Annex 1
Determining applications
- 01/12/2004
AUTH 8 Annex 1
See Notes
- 03/09/2001
Export chapter as
Transitional Provisions and Schedules
AUTH TP 1
- 01/12/2004
AUTH Sch 1
Record Keeping Requirements
- 01/12/2004
AUTH Sch 1.1
See Notes
There are no record keeping requirements in AUTH. |
- 03/09/2001
AUTH Sch 2
Notification Requirements
- 01/12/2004
AUTH Sch 2.1
See Notes
Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
AUTH 3.9.3 D | Application for Part IV permission | Matters relevant to the application as indicated in the application pack | Application or significant changes to information given in the application | immediately applicant becomes aware |
AUTH 5.3.9 D | Intention of incoming Treaty firm to carry on a regulated activity in the United Kingdom. | Matters relevant to the notice as indicated in the application pack. | Intention to carry on a regulated activity. | At least seven days in advance. |
AUTH 6.3.1 D AUTH 6.3.4 D | Application for approval of person under section 59 of the Act | Matters relevant to the application as indicated in Form A and significant changes to information given in that Form |
AUTH Sch 3
Fees and other required payments
- 01/12/2004
AUTH Sch 3.1
See Notes
Type of Fee | Trigger Event | Date/Time of Payment | Amount/Rate | Handbook reference |
Certification Fee | Application for a certificate under article 54 of the Regulated Activities Order. | On or before the date on which application is made. | See AUTH 4 Annex 1, Part 6 | AUTH 4.3 |
AUTH Sch 4
Powers exercised
- 01/12/2004
AUTH Sch 4.1
See Notes
The following powers and related provisions in the Act have been exercised by the FSA to make the rules in AUTH: | |
Section 156 (General supplementary powers) | |
Paragraph 17(1) of Schedule 1 (Fees). | |
The following power in the Act has been exercised by the FSA to give the guidance in AUTH: | |
Section 157(1) (Guidance). | |
The following powers in the Act have been exercised by the FSA in AUTH to direct and require: | |
Section 51 (Application under this Part). | |
Section 60 (Application for approval). | |
Paragraph 5(4) of Schedule 4 (Treaty Rights: Notice to Authority). |
AUTH Sch 5
Rights of action for damages
- 01/12/2004
AUTH Sch 5.1
See Notes
1 | The table below sets out the rules in AUTH contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
2 | If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
3 | The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
- 03/09/2001
AUTH Sch 5.2
See Notes
- 03/09/2001
AUTH Sch 6
Rules that can be waived
- 01/12/2004