Transitional Provisions and Schedules

Part

PRIN Principles for Businesses

Chapter

Transitional Provisions and Schedules

Printed on: 13/11/2024

Rulebook at: 06/01/2011

Transitional Provisions and Schedules

PRIN TP 1

Transitional provisions

PRIN TP 1.1

Material to which the transitional provision applies

Transitional Provision

Transitional Provision: dates in force

Handbook provision: coming into force

PRIN 1 Annex 1 R 1.2(2)

A firm need not comply with PRIN Ann 1R 1.2(2) in relation to an eligible counterparty if the client was correctly categorised as a market counterparty on 31 October 2007 and the firm complied with COB 4.1.12 R (2) (Large intermediate customer classified as market counterparty).

From 1 November 2007 indefinitely

1 November 2007

01/11/2007

PRIN Sch 1

Record Keeping Requirements

01/12/2004

PRIN Sch 1.1

There are no record keeping requirements in PRIN.

01/12/2004

PRIN Sch 2

Notification requirements

01/12/2004

PRIN Sch 2.1

The aim of the guidance in the following table is to give the reader a quick over-all 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

PRIN Sch 2.2

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

Principle 11 (PRIN 2.1.1 R)

Anything relating to the firm of which the FSA would reasonably expect notice

Appropriate disclosure

Anything relating to the firm of which the FSA would reasonably expect notice

Appropriate

01/12/2004

PRIN Sch 3

Fees and other required payments

01/12/2004

PRIN Sch 3.1

There are no requirements for fees or other payments in PRIN.

01/12/2004

PRIN Sch 4

Powers Exercised

01/12/2004

PRIN Sch 4.1

The following powers and related provisions in the Act have been exercised by the FSA to make the rules in PRIN:

Section 138 (General rule-making power)

Section 145 (Financial promotion rules)

Section 146 (Money laundering rules)

Section 150(2) (Actions for damages)

Section 156 (General supplementary powers)

01/12/2004

PRIN Sch 4.2

The following powers in the Act have been exercised by the FSA to give the guidance in PRIN:

Section 157(1) (Guidance)

Section 158A (Guidance on outsourcing by investment firms and credit institutions)

06/10/2009

PRIN Sch 5

Rights of action for damages

01/12/2004

PRIN Sch 5.1

The table below sets out the rules in PRIN 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

PRIN Sch 5.2

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 No 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

PRIN Sch 5.3

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.

01/12/2004

PRIN Sch 5.4

Chapter/Appendix

Section/Annex

Paragraph

Right of Action

For private person?

Removed?

For other person?

All rules in PRIN

Yes
PRIN 3.4.4 R

01/12/2004

PRIN Sch 6

Rules that can be waived

01/12/2004

PRIN Sch 6.1

As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the FSA has power to waive all its rules, other than rules made under section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.

06/01/2011