Source: https://handbook.fca.org.uk/handbook/SUP/6/?section=sup%206.1&view=instrument
Timestamp: 2019-10-20 00:35:46
Document Index: 202116138

Matched Legal Cases: ['art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4', 'art 4']

SUP 6 - FCA Handbook
SUP 6.1.1 G 01/04/2013 RP
SUP 6.1.2 G 23/07/2013 RP
If appropriate, a firm which is an authorised fund manager3 should also refer to COLL 7 for guidance on the termination of ICVCs, ACSs4 and AUTs and on winding up authorised funds3that are not commercially viable.1
SUP 6.1.3 G 21/06/2001 RP
SUP 6.1.3A G 01/04/2013 RP
SUP 6.1.4 G 01/04/2013 RP
SUP 6.1.5 G 01/04/2013 RP
SUP 6.1.6 G 01/04/2013 RP
5This chapter does not cover the FCA's use of its own-initiative variation power to vary or cancel a firm'sPart 4A permission or its own-initiative requirement power to impose, vary or cancel a requirement (see SUP 7 (Individual requirements) and EG 8 (Variation and cancellation of permission on the FCA's own initiative and intervention against incoming firms)).
SUP 6.2.1 G 01/04/2013 RP
A firm authorised under Part 4A5 of the Act (Permission to carry on regulated activity) has a single Part 4A permission5 granted by the FCA or the PRA. A firm'sPart 4A permission5 specifies all or some of the following elements (see PERG 2 Annex 2 (Regulated activities and the permission regime) and the information online at the FCA and PRA websites):5
5 5 5 3 3 5
SUP 6.2.2 G 01/04/2013 RP
SUP 6.2.3 G 01/04/2013
SUP 6.2.3A G 01/04/2013 RP
SUP 6.2.3B G 01/04/2013 RP
SUP 6.2.3C G 01/04/2013 RP
SUP 6.2.4 G 01/04/2013 RP
SUP 6.2.4A G 01/04/2013 RP
SUP 6.2.4B G 01/04/2013
5 SUP 6.2.5 G sets out the differences between these types of applications and the circumstances in which they should be made.
SUP 6.2.5 G 01/04/2013 RP
SUP 6.2.6 G 01/04/2013 RP
SUP 6.2.7 G 01/04/2013 RP
SUP 6.2.8 G 01/04/2013 RP
SUP 6.2.9 G 01/04/2013 RP
SUP 6.2.10 G 01/04/2013 RP
SUP 6.2.10A G 01/04/2013 RP
SUP 6.2.11 G 01/04/2013 RP
SUP 6.2.12 G 01/04/2013 RP
SUP 6.2.13 G 01/04/2013 RP
SUP 6.2.14 G 01/04/2013 RP
SUP 6.3.1 G 01/04/2013
SUP 6.3.1A G 01/04/2013 RP
SUP 6.3.1B G 01/04/2013 RP
SUP 6.3.2 G 01/04/2013
SUP 6.3.2A G 01/04/2013 RP
SUP 6.3.2C G 01/04/2013 RP
SUP 6.3.3 G 01/04/2013 RP
SUP 6.3.4 G 01/04/2013 RP
SUP 6.3.5 G 01/04/2013 RP
24 24 10 10 24
SUP 6.3.6 G 01/04/2013 RP
SUP 6.3.7 G 01/04/2013 RP
SUP 6.3.8 G 10/12/2018 RP
SUP 6.3.9 G 10/12/2018 RP
20A variation of a firm’sPart 4A permission may mean that it becomes an SMCR firm or that it changes from one type of SMCR firm to another22. This would have a number of significant consequences, which include:
SUP 6.3.10 G 01/04/2013
SUP 6.3.11 G 01/04/2013 RP
SUP 6.3.12 G 04/10/2013 RP
SUP 6.3.13 G 01/01/2016 RP
24 24 24 24 10 2 24 24 19
SUP 6.3.15 D 30/01/2017 RP
Subject to (1A), a17firm other than a credit union wishing to make an application under SUP 6 must apply online using the forms specified on the online notification and application system21.
SUP 6.3.15A G 26/01/2017 RP
SUP 6.3.16 G 01/04/2013 RP
SUP 6.3.17 G 01/04/2013 RP
SUP 6.3.18 G 01/04/2013 RP
SUP 6.3.19 G 01/04/2013 RP
SUP 6.3.20 G 01/04/2013 RP
24 24 24 10 24 24 24 24 24 10 24
SUP 6.3.21 G 01/04/2013 RP
SUP 6.3.22 G 01/04/2013 RP
SUP 6.3.23 G 01/04/2013 RP
SUP 6.3.24 G 01/04/2013
SUP 6.3.25 G 10/12/2018 RP
SUP 6.3.26 G 01/04/2013 RP
SUP 6.3.27 G 01/04/2013 RP
SUP 6.3.28 G 01/04/2013 RP
SUP 6.3.28A G 01/04/2013 RP
SUP 6.3.28B G 01/04/2013 RP
SUP 6.3.29 G 01/04/2013 RP
SUP 6.3.30 G 01/04/2013 RP
SUP 6.3.31 G 01/04/2013 RP
24 6 10 24 24 24 24
SUP 6.3.32 G 01/04/2013
SUP 6.3.32A G 01/04/2013 RP
SUP 6.3.32B G 01/04/2013 RP
SUP 6.3.32C G 01/04/2013 RP
SUP 6.3.33 G 01/04/2013
SUP 6.3.34 G 01/04/2013 RP
SUP 6.3.34A G 01/04/2013 RP
SUP 6.3.35 G 01/04/2013 RP
SUP 6.3.36 G 01/04/2013 RP
SUP 6.3.36A G 01/04/2013 RP
SUP 6.3.37 G 01/04/2013 RP
SUP 6.3.37A G 01/04/2013 RP
SUP 6.3.38 G 01/04/2013 RP
SUP 6.3.38A G 01/04/2019
SUP 6.3.39 G 01/04/2013 RP
SUP 6.3.40 G 01/04/2013 RP
SUP 6.3.41 G 01/04/2013 RP
SUP 6.3.42 G 01/04/2013 RP
13The appropriate regulator24 may exercise its own-initiative variation power24 to cancel an investment firm'sPart 4A permission24 if the investment firm has provided or performed no investment services and activities at any time during the period of six months ending with the day on which the warning notice under section 55Z(1)24 of the Act is given (see EG 8).9
If the appropriate regulator24 considers that such a variation or cancellation of the firm'sPart 4A permission24 is appropriate, it will discuss the proposed action with the firm and its reasons for not commencing or carrying on the regulated activities concerned.
SUP 6.3.43 G 01/04/2013 RP
SUP 6.4.1 G 01/04/2013
SUP 6.4.1A G 01/04/2013 RP
SUP 6.4.2 G 01/04/2013
SUP 6.4.2A G 01/04/2013 RP
SUP 6.4.3 G 01/04/2013 RP
SUP 6.4.4 G 01/04/2013 RP
SUP 6.4.5 D 26/01/2017 RP
Subject to (1A), a 11firm other than a credit union wishing to cancel its Part 4A permission, must apply online at the appropriate regulator website using the form specified on the online notification and application system16.
SUP 6.4.5A G 26/01/2017 RP
SUP 6.4.6 G 01/07/2018 RP
SUP 6.4.7 G 01/04/2013 RP
4 4 21 4 21 4 21
SUP 6.4.8 G 01/04/2013 RP
SUP 6.4.9 G 01/04/2013 RP
SUP 6.4.10 G 01/04/2013 RP
SUP 6.4.11 G 01/04/2013 RP
If the firm is carrying on designated investment business with retail clients7, the FCA21 may request confirmation that the firm has written, or intends to write, to all retail clients7with, or for whom, the firm has conducted regulated activities within a certain period.
SUP 6.4.12 G 01/04/2013 RP
SUP 6.4.13 G 01/04/2013 RP
SUP 6.4.14 G 01/04/2013 RP
SUP 6.4.15 G 01/04/2013 RP
SUP 6.4.16 G 21/06/2001 RP
SUP 6.4.17 G 01/04/2013 RP
SUP 6.4.18 G 10/12/2018 RP
SUP 6.4.19 G 01/04/2013 RP
The relevant regulator21 will usually not cancel a firm'sPart 4A permission21 until the firm can demonstrate that, in relation to business carried on under that permission, it has, as appropriate:
SUP 6.4.20 G 01/04/2013 RP
SUP 6.4.21 G 01/04/2013 RP
Before the relevant regulator21 cancels a firm'sPart 4A permission,21 the firm will be expected to be able to demonstrate that it has ceased or transferred all regulated activities under that permission. For example, the firm may be asked to provide evidence that a transfer of business (including, where relevant, any client money, customer assets or deposits or insurance liabilities) is complete. As noted in SUP 6.4.9 G, the relevant regulator21 may require the firm to confirm this by providing a report, in a form specified by the relevant regulator:21
SUP 6.4.22 G 03/01/2018 RP
In deciding whether to cancel a firm'sPart 4A permission, the relevant regulator21 will take into account all relevant factors in relation to business carried on under that permission, including whether:
the firm has complied with CASS 5.5.80 R and CASS 7.11.34R 13 (Client money: discharge of fiduciary duty)21 and CASS 7.11.50 R135(Client money: allocated but unclaimed client money) if it has ceased to hold client money; these rules apply to both repayment and transfer to a third party;1
SUP 6.4.23 G 01/04/2013 RP
If an application for cancellation of a firm'sPart 4A permission has been granted and a firm's status as an authorised person has been withdrawn (see SUP 6.5) it will remain subject to certain investigative and enforcement powers as a former authorised person. These include:21
SUP 6.4.24 G 01/04/2013 RP
SUP 6.4.25 G 01/04/2013 RP
SUP 6.4.26 G 01/04/2013
SUP 6.4.27 G 01/04/2013 RP
SUP 6.4.27A G 01/04/2013 RP
SUP 6.4.28 G 01/04/2013 RP
21 21 21 3 21
SUP 6.4.29 G 01/04/2013
SUP 6.5.1 G 01/04/2013 RP
Under section 33(2) of the Act (Withdrawal of authorisation), if the appropriate regulator cancels a firm'sPart 4A permission,1 and as a result there is no regulated activity for which the firm has permission, the regulator authorising that firm1 is required to give a direction withdrawing the firm's status as an authorised person.
SUP 6.5.2 G 01/04/2013
SUP 6.5.2A G 01/04/2013 RP
1If the FCA concludes that it should grant an FCA-authorised person's application for cancellation of permission and end its authorisation, the FCA will:
cancel the firm'sPart 4A permission under section 55H(3) of the Act;
withdraw the firm'sauthorised status under section 33(2) of the Act by giving the firm a direction in writing; and
update the firm's entry in the Financial Services Register to show it has ceased to be authorised.
SUP 6 Annex 4.1 G 01/04/2013
SUP 6 Annex 4.2 G 01/04/2013
SUP 6 Annex 4.2A G 03/01/2018
SUP 6 Annex 4.3 G 01/04/2013
SUP 6 Annex 4.4 G 01/04/2013
SUP 6 Annex 4.5 G 28/02/2014
(3)impose on it11requirements concerning solvency.
SUP 6 Annex 5 1Variation of permission application form
D 01/04/2019
Variation of Permission Application - Insurance Business, Banking (accepting deposits), Electronic Money, Lloyd's Market and Funeral Plan Providers 5
Variation of Permission Application - Insurance Business, Banking (accepting deposits), Electronic Money, Lloyd's Market and Funeral Plan Providers (Notes)
Variation of Permission Application - Investment Business 5
Variation of Permission Application - Investment Business (Notes)
Variation of Permission Application – Home Finance Mediation and General Insurance Distribution Activities 5
Variation of Permission Application – Home Finance Mediation and General Insurance Distribution Activities (Notes)
Variation of Permission (VOP) Application Consumer Credit Activities 5
Variation of Permission (VOP) Application Consumer Credit Activities (Notes)
Variation of Permission (VOP) Application – Claims Management 5
Variation of Permission (VOP) Application – Claims Management (Notes) 5
4 6 6 3 2
SUP 6 Annex 6 1Cancellation of permission application form
Cancellation of permission application form - Forms/sup/cancellation_form_20130401.doc