GEN 1
FSA approval and emergencies
GEN 1.1
Application
- 01/12/2004
GEN 1.1.1
See Notes
- (1) This chapter applies to every firm. GEN 1.3 (Emergency) also applies to an unauthorised person to whom a rule in the Handbook applies.
- (2) For a UCITS qualifier, this chapter applies only with respect to the communication and approval of financial promotions to which COBS 4 (Communicating with clients, including financial promotion) applies and to the maintenance of facilities to which COLL 9.4 (Facilities in the United Kingdom) applies.
- 01/11/2007
GEN 1.1.2
See Notes
- 21/06/2001
GEN 1.2
Referring to approval by the FSA
- 01/12/2004
GEN 1.2.1
See Notes
- 21/06/2001
GEN 1.2.2
See Notes
- (1) Unless required to do so under the regulatory system, a firm must ensure that neither it nor anyone acting on its behalf claims, in a public statement or to a client, expressly or by implication, that its affairs, or any aspect of them, have the approval or endorsement of the FSA or another competent authority.
- (2) Paragraph (1) does not apply to statements that explain, in a way that is fair, clear and not misleading, that:
- (a) the firm is an authorised person;
- (b) the firm has permission to carry on a specific activity;
- (c) an authorisation order has been made in relation to an AUT or ICVC;
- (d) a recognised scheme has that status;
- (e) the firm's approved persons have been approved by the FSA for the purposes of section 59 of the Act (Approval for particular arrangements);
- (f) the firm has been given express written approval by the FSA in respect of a specific aspect of the firm's affairs.
- (3) Paragraph (1) applies with respect to the carrying on of both regulated activities and unregulated activities.
- 01/11/2007
GEN 1.2.3
See Notes
- 01/01/2006
GEN 1.3
Emergency
- 01/12/2004
GEN 1.3.1
See Notes
- 01/05/2003
GEN 1.3.2
See Notes
- (1) If any emergency arises which:
- (a) makes it impracticable for a person to comply with a particular rule in the Handbook;
- (b) could not have been avoided by the person taking all reasonable steps; and
- (c) is outside the control of the person, its associates and agents (and of its and their employees);
- the person will not be in contravention of that rule to the extent that, in consequence of the emergency, compliance with that rule is impracticable.
- (2) Paragraph (1) applies only for so long as:
- (a) the consequences of the emergency continue; and
- (b) the person can demonstrate that it is taking all practicable steps to deal with those consequences, to comply with the rule, and to mitigate losses and potential losses to its clients (if any).
- (3) The person must notify the FSA as soon as practicable of the emergency and of the steps it is taking and proposes to take to deal with the consequences of the emergency.
- (4) A notification under (3) must be given to or addressed and delivered in accordance with SUP 15.7 (Form and method of notification) (whether or not the person is a firm). If the person is not a firm, the notification must be given to or addressed for the attention of: Firm Contact Centre, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (tel: 0845 606 9966).
- 01/05/2003
GEN 1.3.3
See Notes
- 21/06/2001
GEN 1.3.4
See Notes
- 01/05/2003
GEN 1.3.5
See Notes
- 28/08/2007
GEN 2
Interpreting the Handbook
GEN 2.1
Introduction
- 06/07/2006
Application
GEN 2.1.2
See Notes
- 06/07/2006
The Reader's Guide
GEN 2.1.10
See Notes
- 06/07/2006
GEN 2.2
Interpreting the Handbook
- 01/12/2004
Purposive interpretation
GEN 2.2.1
See Notes
- 21/06/2001
GEN 2.2.2
See Notes
- 21/06/2001
Evidential provisions
GEN 2.2.3
See Notes
- 21/06/2001
GEN 2.2.4
See Notes
- (1) The rules to which section 149 of the Act applies ("evidential provisions") are identified in the Handbook by the status letter "E" in the margin or heading.
- (2) Other provisions in the Handbook, although also identified by the status letter "E" in the margin or heading, are actually not rules but provisions in codes and GEN 2.2.3 R does not apply to them. These code provisions are GEN 2.1.4 E, and those provisions in the Code of Practice for Approved Persons (APER 3 and APER 4) and the Code of Market Conduct (MAR 1) with the status letter "E".
- 21/06/2001
GEN 2.2.5
See Notes
- 01/01/2006
Use of defined expressions
GEN 2.2.6
See Notes
- 21/06/2001
GEN 2.2.7
See Notes
- 31/12/2004
GEN 2.2.8
See Notes
Examples of related expressions are:
- (1) "advice on investments" and "advise on investments", which should be interpreted by reference to "advising on investments";
- (2) "closely linked", which should be interpreted by reference to "close links";
- (3) "controls" and "controlled", which should be interpreted by reference to "control"; and
- (4) "effect", as for example in "effect a life policy", which should be interpreted by reference to "effecting contracts of insurance".
- 21/06/2001
GEN 2.2.9
See Notes
- 21/06/2001
GEN 2.2.10
See Notes
- 21/06/2001
Application of the Interpretation Act 1978
GEN 2.2.11
See Notes
- 21/06/2001
GEN 2.2.12
See Notes
The application of the Interpretation Act 1978 to the Handbook has the effect, in particular, that:
- (1) expressions in the Handbook used in the Act have the meanings which they bear in the Act, unless the contrary intention appears;
- (2) where reference is made in the Handbook to an enactment, it is a reference to that enactment as amended, and includes a reference to that provision as extended or applied by or under any other enactment, unless the contrary intention appears; and
- (3) unless the contrary intention appears:
- 21/06/2001
Civil partnership - references to stepchildren etc
GEN 2.2.12A
See Notes
- 05/12/2005
GEN 2.2.12B
See Notes
- 05/12/2005
Cross-references in the Handbook
GEN 2.2.13
See Notes
- 21/06/2001
References to writing
GEN 2.2.14
See Notes
- 21/06/2001
GEN 2.2.15
See Notes
GEN 2.2.14 R means that, for example, electronic media may be used to make communications which are required by a provision of the Handbook to be "in writing", unless a contrary intention appears, or the use of electronic media would contravene some other requirement such as the requirement to treat customers fairly under Principle 6. GEN 2.2.14 R does not, however, affect any other legal requirement which may apply in relation to the form or manner of executing a document or agreement.
- 06/02/2008
GEN 2.2.16
See Notes
- 21/06/2001
Activities covered by general rules
GEN 2.2.17
See Notes
A general rule (that is a rule made section 138 of the Act (General rule-making power)) is to be interpreted as:
- (1) applying to a firm with respect to the carrying on of all regulated activities, except to the extent that a contrary intention appears; and
- (2) not applying to a firm with respect to the carrying on of unregulated activities, unless and then only to the extent that a contrary intention appears.
- 21/06/2001
Continuity of authorised partnerships and unincorporated associations
GEN 2.2.18
See Notes
- (1) If a firm, which is a partnership or unincorporated association, is dissolved, but its authorisation continues to have effect under section 32 of the Act (Partnerships and unincorporated associations) in relation to any partnership or unincorporated association which succeeds to the business of the dissolved firm, the successor partnership or unincorporated association is to be regarded as the same firm for the purposes of the Handbook unless the context otherwise requires.
- (2) [deleted]
- (3) [deleted]
- 06/07/2006
GEN 2.2.19
See Notes
- 06/02/2008
Designated investment exchanges
GEN 2.2.20
See Notes
- 01/01/2006
GEN 2 Annex 1
Designated investment exchanges
- 01/12/2004
See Notes
Introduction | ||
1. | A designated investment exchange is an exchange appearing in the list of such exchanges in the Glossary. | |
Benefits of designation | ||
2. | Under certain rules, firms may treat transactions effected on a designated investment exchange in the same way as transactions on RIEs (for example, see CASS 2). | |
Criteria for inclusion in the list of designated investment exchanges | ||
3. | Before adding an investment exchange to the list of designated investment exchanges in the Handbook, the FSA will comply with all the requirements imposed by the Act in relation to the exercise of its rule-making powers. This will include consulting on the proposed amendment to the list. | |
4. | In considering compatibility of the proposed addition with the regulatory objectives, the FSA will determine whether the investment exchange provides an appropriate degree of protection for consumers having regard in particular to: | |
(1) | the relevant law and practice, including the regulatory framework in which the investment exchange operates, in the country or territory in which the investment exchange's head office is situated and any other relevant country or territory; and | |
(2) | the rules and practices of the investment exchange. | |
5. | Only investment exchanges which do not carry on a regulated activity in the United Kingdom and are not regulated markets may be added to the list. This is because an investment exchange carrying on a regulated activity in the United Kingdom will need to apply for recognition as an RIE, or authorisation, and because a regulated market is usually treated in the same way as an RIE in the rules. | |
Applications to be added to the list of designated investment exchanges | ||
6. | An application to be added to the list should be in writing and delivered to the FSA by: | |
(1) | post to: The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS; or |
|
(2) | leaving the application at that address. | |
7. | In support of the application, an investment exchange should provide information on the questions set out in the table below. | |
8 | An application will not be considered by the FSA until the application fee has been paid. See FEES 3.2 |
Designated investment exchange questionnaire | |
1 | In what way are members subject to formal supervision by the exchange or another supervisory or regulatory body? Describe how capital resources of members are monitored on an ongoing basis and how this is related to business done. |
2 | What powers does the exchange or any other supervisory or regulatory body have to intervene in a member's business in the event of misconduct, financial difficulties or otherwise? |
3 | What are the clearing arrangements of the exchange? How does the exchange ensure performance of a contract between its members? If relevant, what type of contract guarantee is available? |
4 | How is price information in respect of contracts effected on the exchange disseminated to investors, particularly those investors in the United Kingdom? |
5 | What are the exchange's arrangements for reporting and recording of transactions effected on the exchange? Please describe. |
6 | Does the exchange, or any other supervisory or regulatory body, require members to segregate the money and assets of the member's clients from the money and assets of the member? If so, please describe in outline how this operates. If not, are investors protected in any other way in the event of the insolvency of a member or the exchange? |
7 | Does the exchange have procedures for the investigation of complaints? Please describe what they are. |
8 | Does the exchange classify the different contracts traded on it in terms of liquidity? Is it possible to identify certain contracts which are more liquid than others and in which a ready market might be considered to exist? |
- 01/11/2007
GEN 3
FSA Fees: General Provisions
GEN 3.1
GEN 3 [deleted: the general provisions in relation to fees are set out in FEES 2 (General Provisions)]
- 01/01/2006
GEN 3.2
GEN 3 [deleted: the general provisions in relation to fees are set out in FEES 2 (General Provisions)]
- 01/01/2006
GEN 3.3
GEN 3 [deleted: the general provisions in relation to fees are set out in FEES 2 (General Provisions)]
- 01/01/2006
GEN 4
Statutory status disclosure
GEN 4.1
Application and purpose
- 01/12/2004
Who? What?
GEN 4.1.1
See Notes
This chapter applies to every firm and with respect to every regulated activity, except that:
- (1) for an incoming ECA provider, this chapter does not apply when the firm is acting as such;
- (2) for an incoming EEA firm which has permission only for cross-border services and which does not carry on regulated activities in the United Kingdom, this chapter does not apply;
- (3) for an incoming firm not falling under (1) or (2), this chapter does not apply to the extent that the firm is subject to equivalent rules imposed by its Home State;
- (4) for a UCITS qualifier, this chapter does not apply; and
- (5) this chapter does not apply in relation to MiFID business. or the equivalent business of a third country investment firm.
- 01/11/2007
Where?
GEN 4.1.2
See Notes
- 01/03/2003
GEN 4.1.3
See Notes
- 01/03/2003
GEN 4.2
Purpose
- 01/12/2004
GEN 4.2.1
See Notes
- 01/03/2003
GEN 4.2.2
See Notes
There are other pre-contract information requirements outside this chapter, including:
- (1) for financial promotions, in the financial promotion rules;
- (2) for designated investment business, in COBS 8 (Client agreements), COBS 5 (Distance Communications), COBS 6 (Information about the firm, its services and remuneration), COBS 13 and 14 (which relate to product information) and CASS (Client assets);
- (3) for non-investment insurance contracts, distance communication requirements in ICOBS 3, initial disclosure requirements in ICOBS 4, disclosures relating to client needs and advice in ICOBS 5 and product information requirements in ICOBS 6;
- (4) for electronic commerce activities carried on from an establishment in the United Kingdom, in COBS 5.2, ICOBS 3.2 and MCOB 2.8; and
- (5) for regulated mortgage contracts and home purchase plans, initial disclosure requirements in MCOB 4, pre-application disclosure requirements in MCOB 5, and disclosure at the offer stage in MCOB 6; and
- (6) for equity release transactions, initial disclosure requirements in MCOB 8.4, pre-application disclosure requirements in MCOB 9.4 and disclosure at the offer stage in MCOB 9.5
- 06/01/2008
GEN 4.3
Letter disclosure
- 01/12/2004
Disclosure in letters to retail clients
GEN 4.3.1
See Notes
- 01/11/2007
GEN 4.3.1A
See Notes
- 01/11/2007
GEN 4.3.2
See Notes
- 01/03/2003
GEN 4.3.3
See Notes
- (1) GEN 4.3.1 R (Disclosure in letters to retail clients) covers letters delivered by hand, sent by post and sent by fax and also electronic mail, but not text messages, account statements, business cards or compliment slips (used as such).
- (2) GEN 4.3.1 R (Disclosure in letters to retail clients) applies in relation to letters sent by any of the firm's employees, which includes its appointed representatives and their employees.
- (3) Firms are likely to find it convenient to include the required disclosure in their letterhead.
- 01/11/2007
Exception: insurers
GEN 4.3.4
See Notes
GEN 4.3.1 R (Disclosure in letters to retail clients) does not apply in relation to:
- (1) general insurance business if:
- (a) the State of the risk is an EEA State other than the United Kingdom; or
- (b) the State of the risk is outside the EEA and the client is not in the United Kingdom when the contract of insurance is entered into; or
- (2) long-term insurance business if:
- (a) the client is habitually resident in an EEA State other than the United Kingdom; or
- (b) the client is habitually resident outside the EEA and is not present in the United Kingdom when the contract of insurance is entered into.
- 01/11/2007
Exception: authorised professional firms
GEN 4.3.5
See Notes
- 01/11/2007
Exception: use of third party processors in home finance and insurance mediation activities
GEN 4.3.6
See Notes
- (1) Where a firm has outsourced activities to a third party processor other than advising on life policies, GEN 4.3.1 R does not apply to that third party processor when acting as such, so long as the outsourcing firm ensures that the third party processor and its employees comply with that rule as if it was the firm and they were employees of the firm.
- (2) Where an appointed representative has outsourced insurance mediation activities other than advising on life policies or home finance mediation activities to a third party processor, GEN 4.3.1 R does not apply to that third party processor when acting as such, so long as the appointed representative's principal ensures that the third party processor and its employees comply with that rule as if it was the appointed representative and they were the employees of the appointed representative.
- (3) Where an appointed representative of a firm is carrying on:
- (a) insurance mediation activities other than advising on life policies; or
- (b) home finance mediation activities;
- which have been outsourced to it by the firm, GEN 4.3.1 R does not apply to the firm when the appointed representative is carrying on the outsourced activities, so long as the firm ensures that the appointed representative and its employees comply with that rule as if it was the firm and they were employees of the firm.
- 06/04/2007
GEN 4.4
Business for retail clients from non-UK offices
- 01/11/2007
GEN 4.4.1
See Notes
- (1) If, in any communication:
- (a) made to:
- (i) (in relation to a non-investment insurance contract) a consumer;
- (ii) (in relation to a home finance transaction) a customer; or
- (iii) (in all other cases) a retail client; and
- (b) in connection with a regulated activity carried on from an establishment of the firm (or its appointed representative) that is not in the United Kingdom;
- the firm indicates that it is an authorised person, it must also, where relevant, and with equal prominence, give the information in (2) in writing.
- (2) The information required is that in some or all respects the regulatory system applying will be different from that of the United Kingdom. The firm may also indicate the protections and complaints or compensation arrangements available under another relevant system of regulation.
- (3) A firm need not provide the information required by (1) if it has already provided it in writing to the customer to whom the communication is made.
- 01/11/2007
GEN 4 Annex 1
Statutory status disclosure
- 01/12/2004
See Notes
Type of firm | Required disclosure (Note 5) | |
(1) | UK domestic firm; or overseas firm (which is not an incoming firm) | "Authorised and regulated by the Financial Services Authority" (Note 1) |
(2) | Incoming firm without a top-up permission | (a) "Authorised by [name of Home State regulator] and regulated by the Financial Services Authority for the conduct of UK business" (Notes 1, 2, and 3) |
(3) | Incoming firm with a top-up permission | "Authorised by [name of Home State regulator] and by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business" (Notes 1, 2 and 3) |
(4) | Appointed representative of a firm | "[Name of appointed representative] is an appointed representative of [name of firm] which is [then continue with the required disclosure of the firm]" (Note 4) |
(5) | Society of Lloyd's | "Authorised under the Financial Services and Markets Act 2000" |
Note 1 = A firm must use the formulation "Financial Services Authority" and not the abbreviated formulation "FSA". Note 2 = An incoming firm is free to translate the name of its Home State regulator into English if it wishes. In doing so, it must ensure that the State in which the regulator is based is clear. Note 3 = An incoming firm may state the type of business that it conducts, for example, that it is regulated by the Financial Services Authority for the conduct of investment business in the UK. Note 4 = If the appointed representative has more than one principal, the disclosure must relate to the principal or principals responsible for the regulated activity or activities concerned. Note 5 = Any firm listed in this table is permitted to add words to the relevant required disclosure statement but only if the firm has taken reasonable steps to satisfy itself that the presentation of its statutory status will, as a consequence, remain fair, clear and not misleading . For example, an authorised professional firm may wish to make it clear that it is also regulated by its professional body. |
- 01/11/2007
GEN 5
The FSA logo and the keyfacts logo
GEN 5.1
Application and purpose
- 01/12/2004
Application
GEN 5.1.1
See Notes
This chapter contains:
- (1) guidance for firms and appointed representatives or tied agents on the circumstances in which the FSA permits firms and their appointed representatives or tied agents to reproduce the FSA logo;
- (2) rules on the use by firms of the keyfacts logo.
- 01/11/2007
Purpose
GEN 5.1.2
See Notes
- 06/11/2006
GEN 5.1.3
See Notes
- 01/11/2007
GEN 5.1.4
See Notes
- 01/11/2007
The keyfacts logo
GEN 5.1.5
See Notes
- 01/11/2007
GEN 5.1.6
See Notes
- 01/12/2004
GEN 5.1.7
See Notes
- 01/12/2004
GEN 5 Annex 1
Licence for use of the FSA and keyfacts logos by authorised firms and appointed representatives or tied agents
- 01/11/2007
See Notes
Application | |||
1.1 | The FSA grants this licence to firms, appointed representatives and tied agents. | ||
The FSA and keyfacts logos | |||
2.1 | The FSA logo is made up of two elements which together make up the registered UK service mark, with number 2150560: | ||
(1) | the symbol (the scroll and globe device); and | ||
(2) | the FSA letters. | ||
2.2 | The keyfacts logo is made up of two elements which together make up the registered Community trade mark, with number E3866688: | ||
(1) | the symbol (the rectangular speech bubble); and |
||
(2) | the word 'keyfacts'. |
||
2.3 | There are two versions of the FSA logo, version A and a smaller version B in which the scroll has been simplified. There are two versions of the keyfacts logo, a low resolution version and a high resolution version. | ||
2.4 | Copyright subsists in the FSA and keyfacts logos. | ||
2.5 | Copies of the FSA and keyfacts logos that are capable of being reproduced for printing can be found on the FSA's website at http://www.fsa.gov.uk/Pages/Library/Other_publications/Logos_and_Photos/index.shtml | ||
Permission to use the FSA logo | |||
3.1 | A firm, its appointed representatives and tied agents are permitted to use the FSA logo: | ||
(1) | as part of a statement by that person, in a letter or electronic equivalent, that the firm is authorised or that it is regulated by the FSA, but only in connection with a regulated activity carried on from an establishment in the United Kingdom; or | ||
(2) | if required to do so by the FSA. | ||
3.2 | The disclosure required by GEN 4.3.1 R (Disclosure in letters to retail clients) is an example of a statement within paragraph 3.1 above. | ||
3.3 | Business cards, compliment slips, text messages, account statements and other similar documents are not letters (or electronic equivalents). Therefore, the licence does not extend to documents such as these. | ||
Permission to use the keyfacts logo | |||
3A.1 | A firm, its appointed representatives and tied agents are permitted to use the keyfacts logo as and when it is required or permitted to be used by the rules. | ||
3A.2 | The following are examples of places where the rules require or permit the keyfacts logo to be used: | ||
(1) | In COBS : | ||
(a) | in an initial disclosure document or combined initial disclosure document (COBS 6.3); and | ||
(b) | in a menu (COBS 6.3). | ||
(2) | In ICOBS: | ||
(a) | in an initial disclosure document or combined initial disclosure document; | ||
(b) | in a policy summary; and | ||
(c) | in a key features as an alternative to a policy summary. | ||
(3) | In MCOB | ||
(a) | in an initial disclosure document or combined initial disclosure document; | ||
(b) | in an illustration (MCOB 5.6.2 R and MCOB 9.4.2 R); and | ||
(c) | in a risks and features statement (MCOB 4.10.11 R) and financial information statement (MCOB 5.8.7 R). | ||
Conditions on appearance of the FSA logo | |||
4.1 | The permission in paragraph 3.1 is subject to the following conditions: | ||
(1) | the regulatory mark is attached to the FSA logo; | ||
(2) | the FSA logo and regulatory mark appear in black type, or reversed out white on a coloured background; | ||
(3) | the FSA letters appear in type which is not more than three times the size of the accompanying script; | ||
(4) | the two elements of the FSA logo appear together in the same way, and in the same proportion, as in the registered service mark; | ||
(5) | the FSA logo is not redrawn in any way, or matched by a typesetter; | ||
(6) | version B of the FSA logo is used only at sizes below 10 mm in overall height; and | ||
(7) | if the FSA logo is reproduced electronically, no hyperlink is incorporated. | ||
Conditions on appearance of the keyfacts logo | |||
4A.1 | The permission in paragraph 3A.1 is subject to the following conditions: | ||
(1) | the regulatory mark (®) is attached to the keyfacts logo; | ||
(2) | the keyfacts logo and regulatory mark appear: | ||
(a) | in black type; | ||
(b) | reversed out white on a coloured background; or | ||
(c) | in colour provided that this does not diminish their prominence; | ||
(3) | the two elements of the keyfacts logo appear together in the same way, and in the same proportion, as in the Community trade mark; | ||
(4) | the keyfacts logo is not redrawn in any way, or matched by a typesetter; | ||
(5) | the low resolution version of the keyfacts logo is used only in documents intended to be read on a computer, television or other screen; and | ||
(6) | if the keyfacts logo is reproduced electronically, no hyperlink is incorporated. | ||
Further conditions on the use of the FSA and keyfacts logos | |||
5.1 | The permissions in paragraphs 3.1 and 3A.1 are also subject to the conditions that any material, whether produced on paper or electronically, on which the FSA or keyfacts logos are displayed does not: | ||
(1) | in any way imply that the FSA is endorsing the firm or its appointed representatives, tied agents or products, services or communications (see also GEN 1.2.2 R (1)); or | ||
(2) | misrepresent the firm's or its appointed representative's or tied agent's relationship with the FSA or present false information about the FSA; or | ||
(3) | contain content that could be construed as distasteful, offensive or controversial; or | ||
(4) | infringe any intellectual property or other rights of any person or otherwise not comply with any relevant law or regulation. | ||
Use of the FSA logo by appointed representatives | |||
6.1 | Firms and appointed representatives or, where applicable, tied agents are reminded that an appointed representative or tied agent is not a firm. Therefore, the permission in paragraph 3.1 does not extend to a statement made by an appointed representative or tied agent about its own status. However, the effect of paragraph 3.1 is that an appointed representative or tied agent is permitted to reproduce the FSA logo as part of a statement about the authorisation or regulation by the FSA of the appointed representative's or tied agent's principal, provided the other conditions of paragraph 3.1 and those of paragraphs 4.1 and 5.1 are met. | ||
Commencement and duration | |||
7.1 | This licence comes into effect on 1 May 2003 except that in relation to the keyfacts logo it comes into effect on 6 November 2006. | ||
7.2 | The FSA may alter or revoke this licence at any time, by giving at least two months' notice on the FSA's website. | ||
Interpretation | |||
8.1 | This licence is to be interpreted in accordance with chapter 2 of the General provisions (Interpreting the Handbook) of the FSA's Handbook of Rules and Guidance. In particular, expressions in italics are defined in the Handbook Glossary. | ||
Governing law and jurisdiction | |||
9.1 | This licence is governed by and interpreted in line with English law. The courts of any jurisdiction in the United Kingdom have the exclusive jurisdiction to settle any dispute in connection with this licence. |
- 06/01/2008
GEN 6
Insurance against financial penalties
GEN 6.1
Insurance against financial penalties
- 01/12/2004
Application
GEN 6.1.1
See Notes
- 01/01/2004
GEN 6.1.2
See Notes
- 01/01/2004
Purpose
GEN 6.1.3
See Notes
- 01/01/2004
Interpretation
GEN 6.1.4
See Notes
- 01/01/2004
Insurance against financial penalties
GEN 6.1.5
See Notes
- 01/01/2004
GEN 6.1.6
See Notes
- 01/01/2004
GEN 6.1.7
See Notes
- 01/01/2004
Transitional Provisions and Schedules
GEN TP 1
Transitional provisions
Table: (1) Transitional Provisions applying across the Handbook
(1) | The purpose of these transitional provisions is to assist a smooth transition at commencement. They comprise various technical provisions that will apply across the whole Handbook and achieve results that most people would probably expect to apply in any event. |
(2) | These transitional provisions consist of general transitional provisions, which apply at a high level of generality, and more specific transitional provisions in relation to record keeping and notification rules. |
(3) | The more specific transitional provisions relating to record keeping and notification rules override the general transitional provisions. Both the general and the more specific transitional provisions do not apply if the context requires otherwise and are subject to any more specific transitional provision elsewhere in the Handbook relating to the matter. |
(4) | Definitions for these transitional provisions, additional to those in the Glossary, are provided at paragraph 17 of the table. |
Table 2: Transitional Provisions applying across the Handbook
(1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
1 | Every rule in the Handbook, unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | R | Acts under pre-commencement provisions Anything done, or having effect as done, under or for the purposes of any pre-commencement provision has effect as if done under or for the purposes of any substantially similar provision in the Handbook. |
From commencement of the relevant rule in the Handbook | See schedule of Transitional provisions of the relevant rule |
2 | [deleted] | G | [deleted] | [deleted] | [deleted] |
3 | As paragraph 1 | R | Achieving compliance before commencement. Anything done before commencement for the purposes of a provision in the Handbook has effect as if done under that provision. |
As paragraph 1 | As paragraph 1 |
4 | Paragraph 3 | G | For example, a firm may allocate responsibility for apportionment and oversight for the purposes of SYSC 2.1.3 R (Apportionment of responsibilities) before commencement, so as to be in compliance at commencement. | As paragraph 1 | As paragraph 1 |
5 | As paragraph 1 | R | Series of events If the application of any provision in the Handbook is dependent on the occurrence of a series of events, some of which occur before, and some of which occur after, commencement, the provision applies with respect to the events that occur after commencement. |
As paragraph 1 | As paragraph 1 |
6 | [deleted] | G | [deleted] | [deleted] | [deleted] |
7 | As paragraph 1 | R | Deemed references to pre-commencement provisions Any reference (express or implied) in a provision in the Handbook to a provision of or made under the Act is to be read (so far as the context permits and according to the context) as being or including, in relation to times, circumstances and purposes before commencement , a reference to any substantially similar pre-commencement provision applicable to the firm. |
As paragraph 1 | As paragraph 1 |
8 | Paragraph 7 | G | For example, SUP 11.6.4 R requires certain firms to notify the FSA when a change in control, previously notified under SUP 11.4.2 R, has taken place. Such a firm must notify a change in control that takes place after commencement, even if previously notified under a pre-commencement provision rather than under SUP 11.4.2 R (and SUP 11.6.4 R is to be read as referring to that pre-commencement provision). Another example is SUP 3.10.6R, which requires an auditor's report on client assets to be provided not more than 53 weeks after the period covered by the previous report on such matters. For the first report after commencement, the period runs from that covered by the report under any substantially similar pre-commencement provision (because of an implied reference to that provision). |
As paragraph 1 | As paragraph 1 |
9 | As paragraph 1 | R | Time starting before commencement If, at commencement, time has begun to run for any purpose under any pre-commencement provision applicable to a firm, then: (1) time will be regarded as having started to run, for the purposes of any substantially similar provision in the Handbook, when it started to run for that other purpose; and (2) the firm will be relieved of its obligation to comply with the relevant pre-commencement provision if and to the extent that it complies with the substantially similar provision as extended by this transitional provision. |
As paragraph 1 | As paragraph 1 |
10 | Paragraph 9 | G | For example, a UK bank was required to submit Form LE2 within 10 business days after its quarter end by the FSA's Guide to Banking Supervisory Policy. If the quarter end fell five days before commencement, the UK bank must still submit the report within 10 business days, but in accordance with SUP 16.7.8 R (Financial reports: banks). | As paragraph 1 | As paragraph 1 |
11 | Every rule in the Handbook requiring a record to be made or retained (see schedule 1), unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | R | Record keeping A firm will not contravene a rule in the Handbook requiring a record to be made or retained to the extent that the firm: (1) made a record of the matter before mortgage lender in accordance with the rule or with a substantially similar pre-commencement provision applicable to the firm; and (2) retains that record as if the rule was in force when the record was made. |
From commencement of the relevant rule in the Handbook | See schedule of Transitional provisions of the relevant rule |
12 | Paragraph 11 | G | This transitional provision makes specific provision, in relation to record keeping, for the matters covered by paragraphs 1 and 3. It is included for clarity and overrides those general transitional provisions. | As paragraph 11 | As paragraph 11 |
13 | As paragraph 11 | R | A firm must retain a record in accordance with a rule in the Handbook requiring a record of that sort to be retained, if the firm was required to make and retain that record before commencement under a substantially similar pre-commencement provision applicable to the firm. | As paragraph 11 | As paragraph 11 |
14 | Paragraph 13 | G | This transitional provision makes specific provision, in relation to records, for the matters covered by paragraphs 7 and 9. It is included for clarity and overrides those general transitional provisions. | As paragraph 11 | As paragraph 11 |
15 | Every notification rule in the Handbook (see schedule 2), unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | R | Notification A firm (or its auditor or actuary appointed under SUP 4 (Actuaries)) will not contravene a notification rule in the Handbook to the extent that notice of the relevant matter was given to the firm's previous regulator before commencement in accordance with: (1) the notification rule; or (2) a substantially similar pre-commencement provision applicable to the firm. |
From commencement of the relevant rule in the Handbook | See schedule of Transitional provisions of the relevant rule |
16 | Paragraph 15 | G | This transitional provision makes specific provision, in relation to notifications, for the matters covered by paragraphs 1 and 3. It is included for clarity and overrides those general transitional provisions. | As paragraph 15 | As paragraph 15 |
17 | Paragraphs 1 to 16 | R | Definitions In these transitional provisions: (1) "pre-commencement provision" means a provision repealed or revoked by or under the Act or a rule or guidance of the firm's previous regulator, including (where the context permits) any relevant provision which it replaced before commencement; |
As paragraph 1 | As paragraph 1 |
(2) "substantially similar" means substantially similar in purpose and effect; and | |||||
(3) a reference to a "provision" in the Handbook means every type of provision, including rules, guidance, provisions in codes, and so on. | |||||
18 | Paragraphs 19 to 22 | G | Application for provisions which are not rules The purpose of paragraphs 19 to 22 is to ensure that the transitional provisions in paragraphs 1 to 10 apply throughout the Handbook. |
As paragraphs 19 to 22 | As paragraphs 19 to 22 |
19 | Statements of Principle unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | P | The provisions in paragraphs 1 to 10 apply to every approved person as if the rules in those paragraphs were part of the Statements of Principle. | From commencement of the relevant Statement of Principle | See schedule of Transitional provisions for APER |
20 | Code of Practice for Approved Persons and Code of Market Conduct unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | E | The provisions in paragraphs 1 to 10 apply to every approved person and every person to whom the Code of Market Conduct applies as if the rules in those paragraphs were part of the Code of Practice for Approved Persons and the Code of Market Conduct respectively. | From commencement of the relevant provision of the Code | See schedule of Transitional provisions for APER and MAR |
21 | Directions and requirements in the Handbook (that is, provisions with the status letter "D" in the margin or heading) unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | D | The provisions in paragraphs 1 to 10 apply to every person to whom a direction or requirement in the Handbook applies as if the rules in those paragraphs were part of that direction or requirement. | From commencement of the relevant direction or requirement | See schedule of Transitional provisions of the relevant direction or requirement |
22 | Guidance (and other provisions with the status letter "G" in the margin or heading) in the Handbook unless the context otherwise requires and subject to any more specific transitional provision relating to the matter | G | The provisions in paragraphs 1 to 10 are also relevant to every person to whom any other guidance (or other provision with the status letter "G" in the margin or heading) in the Handbook is relevant as if the rules in those paragraphs were part of that guidance (or other provision). | From commencement of the relevant provision | See schedule of Transitional provisions of the relevant provision |
23 | Every rule in the Handbook made by the FSA | R | Expired | ||
24 | Paragraph 23 and guidance in the Handbook other than in:•COND; •APER; •FIT; •PROF ;•MAR 1 | G | Expired | ||
25 | References in the Handbook (except those in LR, PR and DTR) to Companies Act 1985 provisions which have been repealed, in whole or in part, by the Companies Act 2006. | R | Each reference is to be read as a reference to the corresponding provision of the Companies Act 2006 and related provisions taking into account any relevant commencement, transitional or savings provisions made under that Act or related provisions. | From 6 April 2008 until 4 November 2008 | various |
26 | Paragraph 25 | G | (1) The purpose of the transitional provision in paragraph 25 is to ensure the effectiveness of provisions which have been, or will be, repealed by the Companies Act 2006 until each cross reference or dependency in the Handbook is reviewed and updated as appropriate. | From 6 April 2008 until 4 November 2008 | various |
(2) The references to provisions which have been repealed, in whole or in part, are primarily to the Companies Act 1985, the Companies Act 1989 and the various Companies (Northern Ireland) Orders. |
(3) Transitional Provisions applying to GEN only
(1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
1 | GEN 2.2.7 R | R | Expired | ||
2 | GEN 4.3.1 R | R | Expired | ||
3 | GEN 4.3.1 R | R | Expired | ||
4 | GEN 4.4.1 R | R | Expired | ||
5 | GEN 6.1 | R | GEN 6.1 does not: (1) apply to an unamended contract of insurance, first entered into on or before 24 July 2003; or (2) prohibit a firm from claiming on, or making a payment under, a contract of insurance: (a) in connection with a financial penalty imposed by the FSA pursuant to a warning notice issued before 25 July 2003; or (b) first entered into between 25 July 2003 and 31 December 2003 in respect of a financial penalty imposed by the FSA by a final notice issued on or before 31 December 2003. (For these purposes only, a contract of insurance will be regarded as unamended if: (i) it was amended on or before 24 July 2003; or (ii) it was amended after 24 July 2003, but the amendments did not affect the duration or scope of any indemnity against a financial penalty imposed by the FSA under the Act.) |
From 1 January 2004 | 1 January 2004 |
6 | GEN 4.3.1 R | R | Expired | ||
7 | GEN 4.3.1 R | G | Expired | ||
8 | FEES 3.2 | R | FEES 3.2 applies to any application received after 1 October 2004 but not determined until after 1 February 2005. | From 1 February 2005 | 1 February 2005 |
9 | GEN 5 Annex 1 G | G | A firm may continue to use a keyfacts logo which is not accompanied by a regulatory mark (®). | From 6 November 2006 to 6 November 2007 | 6 November 2006 |
10 | GEN 4.3.1 R | R | (1) For the purpose of this rule, a regulated activity does not include a home purchase activity or home reversion activity. (2) If a firm in a letter (or electronic equivalent) which it or its employees send to a customer, with a view to or in connection with the firm carrying out a home purchase activity or a reversion activity, makes a statement about its statutory or regulated status under the Act for carrying on that regulated activity, the firm must include the disclosure in GEN 4 Annex 1 in that letter. |
From 6 April 2007 for six months | 6 April 2007 |
- 06/06/2008
GEN Sch 1
Record keeping requirements
- 01/12/2004
GEN Sch 1.1
See Notes
There are no record keeping requirements in GEN. |
- 01/12/2004
GEN Sch 2
Notification requirements
- 01/12/2004
GEN Sch 2.1
See Notes
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for notification and reporting. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
GEN Sch 2.2
See Notes
Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
GEN 1.3.2 R | An emergency which makes it impracticable for a firm to comply with a particular rule. | Notification of the emergency and of the steps the firm is taking and proposes to take to deal with its consequences | An emergency which makes it impracticable for a firm to comply with a particular rule. | Notification as soon as practicable |
- 01/12/2004
GEN Sch 3
Fees and other required payments
- 01/12/2004
GEN Sch 3.1
See Notes
- 01/01/2006
GEN Sch 4
Powers exercised
- 01/12/2004
GEN Sch 4.1
See Notes
The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in GEN: | |
Section 59 (Approval for particular arrangements) | |
Section 73A (Part 6 Rules) | |
Section 84 (Matters which may be dealt with by prospectus rules) | |
Section 88(3) (Sponsors) | |
Section 89A- 89G (Transparency rules) | |
Section 89O (Corporate governance rules) | |
Section 96 (Obligations of issuers of listed securities) | |
Section 96A (Disclosure of information requirements) | |
Section 101 (Listing rules: general provisions) | |
Section 118(8) (Market abuse) | |
Section 136(2) (Funding of the legal assistance scheme) | |
Section 138 (General rule-making power) | |
Section 139 (Miscellaneous ancillary matters) | |
Section 140 (Restrictions on managers of authorised unit trust schemes) | |
Section 141 (Insurance business rules) | |
Section 142(2) (Insurance business: regulations supplementing Authority's rules) | |
Section 143 (Endorsement of codes etc) | |
Section 144 (Price stabilising rules) | |
Section 145 (Financial promotion rules) | |
Section 146 (Money laundering rules) | |
Section 147 (Control of information rules) | |
Section 149 (Evidential provisions) | |
Section 150(2) (Actions for damages) | |
Section 156 (General supplementary powers) | |
Section 158A (Guidance on outsourcing by investment firms and credit institutions) | |
Section 213 (The compensation scheme) | |
Section 214 (General) | |
Section 215 (Rights of the scheme in relevant person's insolvency) | |
Section 216 (Continuity of long-term insurance policies) | |
Section 217 (Insurers in financial difficulties) | |
Section 218(2)(b) (Annual report) | |
Section 223(1) (Management expenses) | |
Section 226 (Compulsory jurisdiction) | |
Section 226A(7) (Consumer Credit Jurisdiction) | |
Section 229 (Awards) | |
Section 234 (Industry funding) | |
Section 238(5) (Restrictions on promotion) | |
Section 239 (Single property schemes) | |
Section 247 (Trust scheme rules) | |
Section 248 (Scheme particulars rules) | |
Section 278 (Rules as to scheme particulars) | |
Section 283(1) (Facilities and information in the United Kingdom) | |
Section 293 (Notification requirements) | |
Section 295(3) (Notification: overseas investment exchanges and overseas clearing houses) | |
Section 300B (Duty to notify proposal to make regulatory provision) | |
Section 322 (Rules applicable to former underwriting members) | |
Section 332(1) (Rules in relation to persons to whom the general prohibition does not apply) | |
Section 340 (Appointment) | |
Section 341 (Access to books etc) | |
Paragraph 17 of Schedule 1 (The Financial Services Authority: Fees) | |
Paragraph 19 of Schedule 3 (EEA Passport Rights: Establishment) | |
Paragraph 20 of Schedule 3 (EEA Passport Rights: Services) | |
Paragraph 1 of Schedule 7 (The Authority as Competent Authority for Part VI) | |
Paragraph 7(3) of Schedule 17 (The Ombudsman Scheme: Annual reports) | |
Paragraph 13 of Schedule 17 (Authority's procedural rules) | |
Regulation 6(1) of the OEIC Regulations (FSA rules) | |
Article 15 of The Financial Services and Markets Act 2000 (Transitional Provisions) (Ombudsman Scheme and Complaints Scheme) Order 2001 (SI 2001/2326) | |
The following articles of the Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001 (SI 2001/2967): | |
articles 4(3) and 4(4) (Pending applications); | |
article 6(2) (Post-commencement applications); | |
articles 9(3) and 9(4) (Article 9 defaults occurring before commencement); | |
article 10(2) (Applications in respect of compulsory liability insurance); | |
article 12(3) (Applications under the new scheme); | |
article 23 (Record keeping and reporting requirements relating to pre-commencement acts). | |
article 15 of the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001 (SI 2001/2507) | |
The following powers and related provisions in the Act have been exercised by the FSA to issue the parts of the codes in GEN: | |
Section 64(2) (Conduct: statements and codes) | |
Section 119 (The Code) | |
Section 120 (Provisions included in the Authority's code by reference to the City Code). | |
The following powers in the Act have been exercised by the FSA to issue the parts of the statements in GEN: | |
Section 64 (1) (Conduct: statements and codes) | |
Section 69 (Statement of policy) including as applied by paragraph 1 of Schedule 5 to the Payment Services Regulations, | |
Section 124 (Statement of policy) | |
Section 169(9) (Investigations etc in support of overseas regulator), including as applied by paragraph 3 of Schedule 5 to the Payment Services Regulations | |
Section 210 (Statements of policy), including as applied by regulation 86(6) of the Payment Services Regulations | |
Section 395(5) (The Authority's procedures), including as applied by paragraph 7 of Schedule 5 to the Payment Services Regulations. | |
The following powers and related provisions in or under the Act have been exercised by the FSA in GEN to direct, require or specify: | |
Section 51 (Applications under this Part) | |
Section 60 (Applications for approval) | |
Section 148(3) (Modification or waiver of rules) | |
Section 182 (Notification) | |
Section 242 (Applications for authorisation of unit trust schemes) | |
Section 250(4) and (5) (Modification or waiver of rules) | |
Section 270(6)(b) (Schemes authorised in designated countries or territories) | |
Section 274 (Application for recognition of individual schemes) | |
Section 287 (Application by an investment exchange) | |
Section 288 (Application by a clearing house) | |
Section 294(2) (Modification or waiver of rules) | |
Section 316 (Direction by Authority) | |
Section 317 (The core provisions) | |
Section 318 (Exercise of powers through Council) | |
Regulation 7(3) and (4) of the OEIC Regulations (Modification or waiver of FSA rules) | |
Regulation 12 of the OEIC Regulations (Authorisation). | |
article 9D of the Regulated Activities Order (Applications for certificates) | |
article 9F of the Regulated Activities Order (Revocation of the certificate on request) | |
The following power in the Act has been exercised by the FSA to make the part of the complaints scheme in GEN: | |
Paragraph 7 of Schedule 1 (Arrangements for the investigation of complaints). | |
The following power in the Act has been exercised by the FSA to give the other guidance in GEN: The following powers have been exercised by the FSA to give the other guidance in GEN: | |
Section 157(1) (Guidance). | |
GEN 2.1.8 R is made by FOS Ltd in the exercise of its powers referred to in Schedule 4 to DISP | |
In this Schedule, references to GEN include the Glossary. | |
The following articles of the Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001 (SI 2001/2967): | |
articles 4(3) and 4(4) (Pending applications); | |
article 6(2) (Post-commencement applications); | |
articles 9(3) and 9(4) (Article 9 defaults occuring before commencement); | |
article 10(2) (Applications in respect of compulsory liability insurance); | |
article 12(3) (Applications under the new scheme); | |
article 23 (Record keeping and reporting requirements relating to pre-commencement acts). | |
article 15 of the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001 (SI 2001/2507) | |
The following articles of the Regulated Activities Order: | |
article 9G(1) (Obtaining information form certified persons) | |
article 9H(1) (Rules prohibiting the issue of electronic money at a discount) | |
Regulation 3 of the Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (SI 2002/1775). | |
Regulation 2 of the Financial Services and Markets Act 2000 (Fourth Motor Insurance Directive) Regulations 2002 (SI 2002/2706). | |
The following powers and related provisions in the Act have been exercised by the FSA to issue the parts of the codes in GEN: | |
Section 64(2) (Conduct: statements and codes) | |
Section 119 (The Code) | |
Section 120 (Provisions included in the Authority's code by reference to the City Code). | |
The following powers in the Act have been exercised by the FSA to issue the parts of the statements in GEN: | |
Section 64 (1) (Conduct: statements and codes) | |
Section 69 (Statement of policy) | |
Section 124 (Statement of policy) | |
Section 169(9) (Investigations etc in support of overseas regulator) | |
Section 210 (Statements of policy) | |
Section 395(5) (The Authority's procedures). | |
The following powers and related provisions in or under the Act have been exercised by the FSA in GEN specify: | |
Section 51 (Applications under this Part) | |
Section 60 (Applications for approval) | |
Section 148(3) (Modification or waiver of rules) | |
Section 182 (Notification) | |
Section 242 (Applications for authorisation of unit trust schemes) | |
Section 250(4) and (5) (Modification or waiver of rules) | |
Section 270(6)(b) (Schemes authorised in designated countries or territories) | |
Section 274 (Application for recognition of individual schemes) | |
Section 287 (Application by an investment exchange) | |
Section 288 (Application by a clearing house) | |
Section 294(2) (Modification or waiver of rules) | |
Section 316 (Direction by Authority) | |
Section 317 (The core provisions) | |
Section 318 (Exercise of powers through Council) | |
Regulation 7(3) and (4) of the OEIC Regulations (Modification or waiver of FSA rules) | |
Regulation 12 of the OEIC Regulations (Authorisation). | |
article 9D of the Regulated Activities Order (Applications for certificates) | |
article 9F of the Regulated Activities Order (Revocation of the certificate on request) | |
The following power in the Act FSA to make the part of the complaints scheme in GEN: | |
Paragraph 7 of Schedule 1 (Arrangements for the investigation of complaints). | |
The following power in the Act has been exercised by the FSA to give the other guidance in GEN: | |
Section 157(1) (Guidance). | |
GEN 2.1.8 R is made by FOS Ltd in the exercise of its powers referred to in Schedule 4 to DISP. | |
In this Schedule, references to GEN include the Glossary. |
- 25/01/2008
GEN Sch 5
Rights of action for damages
- 01/12/2004
GEN Sch 5.1
See Notes
The table below sets out the rules in GEN 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. |
- 01/12/2004
GEN Sch 5.2
See Notes
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. |
- 01/12/2004
GEN Sch 5.3
See Notes
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. |
- 01/12/2004
GEN Sch 5.4
See Notes
Chapter/Appendix | Section/Annex | Paragraph | Right of action under section 150 | ||
For private person? | Removed | For other person? | |||
All rules in GEN with the status letter "E" | No | No | No | ||
GEN 2.1.8 R | No | No | No | ||
All other rules in GEN | Yes | No | No |
- 01/12/2004
GEN Sch 6
Rules that can be waived
- 01/12/2004
GEN Sch 6.1
See Notes
1 | GEN 1.2.2 R (Referring to approval by the FSA) and the rules in GEN 4 (Statutory status disclosure) can be waived by the FSA under section 148 of the Act (Modification or waiver of rules). |
2 | GEN 2.1.8 R is made by FOS Ltd and not by the FSA and cannot be waived by the FSA. |
3 | Every other rule in GEN can be waived by the FSA if, and to the extent that, the rules elsewhere in the Handbook which it modifies or to which it otherwise relates can be waived by the FSA. |
- 01/12/2004