General Provisions

1A) Paragraph (1) shall not apply to the undertaking to the extent that it is incompatible with the obligations under Article 44(8) of the MiFID Org Regulation. A firm should continue to inform the FCA of the steps it takes under ■GEN 1.3.2 R (3) to comply with its obligations under Principle 11 (Relations with regulators).

Interpreting the Handbook

Handbook

Introduction

Application

The Reader's Guide

Interpreting the Handbook

Purposive interpretation

Evidential provisions

Use of defined expressions

Unless the context requires otherwise or unless stated otherwise in a particular source book or manual, where italics have not been used, an expression carries its natural meaning (subject to the Interpretation Act 1978; see■GEN 2.2.11 Rto■GEN 2.2. 12G). In respect of those source books, the definitions appearing in the Glossary should not be relied upon, unless otherwise indicated.

Application of the Interpretation Act 1978

Civil partnership - references to stepchildren etc

Cross-references in the Handbook

An example of a requirement relating to whether a communication which the provision of the Manual requires to be "in writing" can be made using electronic media is the requirement of fair treatment of parties under Principle 6. 34;Document" is defined a term in the Glossary, the definition of which includes data recorded in any form, including electronic.

Activities covered by general rules

Continuity of authorised partnerships and unincorporated associations

Designated investment exchanges

European Economic Area (EEA)

Treaty of Lisbon

Onshored Regulations and third country firms

Application of provisions where there are commensurate PRA provisions

Rules applying while a firm has temporary permission: the General Rules

2) ■GEN 2.2.22AR can be set aside where the application provisions at the beginning of individual Handbook chapters qualify its effect. A provision referred to in paragraph (3) or (4) includes a provision where an EU directive sets out a number of options, and the state referred to in paragraph (3) or (4) one or have chosen more such options other than those chosen by the FCA to implement the same provision.

Amendments to rules applied by the General Rules

Modification of rules applied by the General Rules in cases of conflict

MiFID technical standards

Rules and guidance applying while a firm has temporary permission – capital adequacy requirements

Accordingly, a TP firm will not be subject to additional capital adequacy requirements to those applicable to the firm immediately prior to the termination day of the IP. Capital adequacy requirements in such source books may apply to a TP firm pursuant to ■GEN 2.2.26R, to the extent that the firm carries out the relevant regulated activity.

Rules applying while a firm has temporary recognition – general – TP UCITS qualifiers and TP AIFM qualifiers

Such rules may apply to TP firms pursuant to ■GEN 2.2.26R. a) the rules in ■MIPRU 2.2 (Separation of responsibility for insurance distribution activity or MCD credit intermediation activity); However, a TP firm will not be subject to additional capital adequacy. requirements for those that apply to the firm immediately prior to the end date of the IP.

Amendments to rules applied to TP AIFM qualifiers and TP UCITS qualifiers

If after IP Completion Day a person becomes a TP UCITS Qualifier in relation to a new sub-fund, then, unless the contrary appears, a rule that would have imposed an obligation on that person immediately before IP Completion Day that new had subfund. recognized at that time in terms of section 264 of the Act applies to the TP UCITS qualifier. A rule in (a) applies in relation to the new sub-fund to the same extent and to the same activities to which the rule would have applied if that new sub-fund had been recognized in terms of section 264 of the Act. immediately before IP Completion Day.

Modification of rules applied to TP AIFM qualifiers and TP UCITS qualifiers

Guidance applying while a firm has temporary permission

This provision applies mutatis mutandis to the guidelines that apply to the TP KNPVP qualifier or the UAIS TP qualifier. The TP Company should refer to the provisions below which define the rules and guidelines in its source books that came into force after the IP Completion Date and in respect of which specific provisions have been made for their application to TP Companies.

Purpose

A person holding a temporary EMI authorization is deemed to be an authorized e-money institution in accordance with regulation 2(a) of Part 1 of Schedule 3 of the e-Money and Payment Transition Regulations. As such, the provisions of the electronic money regulations are as amended by the e-money and payment transition regulations and are subject to the prescribed exemptions.

The effect of the General Rules

5) ■GEN 2.2.26R(2) refers to a rule dealing with a matter which, immediately before the IP closing date, was reserved for the company's home state. In contrast,■GEN 2.2.27R(4), where it applies, has the effect of requiring a TP firm to comply with a prudential rule that applies to it as the rule was immediately before the IP termination date.

Rules and guidance applying while a firm has temporary permission – tied agents

This guidance does not apply to rules applied to TP companies under the general approach rules.■GEN 2.2.27R(3) therefore achieves a result similar to the direction by failing to apply. As ■GEN 2.2.27R(3) states that a TP firm, where it applies, does not have to comply with a rule as amended under ■GEN 2.2.27R(1)(a), it is open to TP firm to comply with such a rule while the FCA's standstill guideline is in force.■GEN 2.2.33R(3) has the same effect in relation to TP UCITS-qualifying and TP-FAIF.

TP firms that enter the financial services contracts regime under Part 6 of the EU Exit Passport Regulations

General saving of the Handbook for Gibraltar

Continued application of the Handbook with respect to Gibraltar

Extent of guidance applying in relation to or in connection with Gibraltar

Purpose of GEN 2.3.1R and GEN 2.3.2R

Further guidance on GEN 2.3.1R and GEN 2.3.2R as they apply in relation to Gibraltar based firms exercising market.

Further guidance on GEN 2.3.1R and GEN 2.3.2R as they apply in relation to Gibraltar-based firms exercising market

Exception for fee rates

Interpreting the Annex 1 Handbook

2Designated investment exchanges

Annex 1/2

Interpreting the Annex 2 Handbook

2[deleted]

Annex 2/2

Handbook and other documents during the implementation…

2A.1 Introduction

Interpretation

2A.2 Interpreting the Handbook and other documents during the

FSA Fees: General Provisions

Statutory status disclosure

Application

Who? What?

Where?

Statutory status Section 4.2 : Purpose

Purpose
Letter disclosure

This chapter requires the provision of appropriate minimum information about the identity of the supervisor who has authorized an undertaking. This helps to achieve the statutory objectives, including the FCA's strategic objective of ensuring that relevant markets function properly and its consumer protection and integrity objectives.

Disclosure in letters to retail clients

2) ■GEN 4.3.1 R(Disclosure in letters to retail customers) applies to letters sent by any of the firm's employees, which includes its appointed representatives and their employees.

Exception: insurers

Exception: authorised professional firms

Exception: use of third party processors in home finance and insurance distribution activities

Exception: credit firms

Business for retail clients from non- UK offices

The firm may also indicate defenses and appeals or. compensation arrangements available under another relevant regulatory system.

Exception

Statements about authorisation and regulation by the appropriate

The duty

Statutory status Annex 1 disclosure

4Statutory status disclosure

If a firm offers to make details about the extent of its authorisation or regulation by the FCA available on request and a customer requests such details, it must provide those details in a

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

Annex 1/2

Statutory status Annex 1A disclosure

4Statutory status disclosure (PRA-authorised persons)

Annex 1A/2

Statutory status Annex 1B disclosure

4Statutory status disclosure (TP firms)

Annex 1B/2

Subject to regulation by the Financial Conduct Authority and limited regulation by the Care Regulation Authority. The nature and extent of consumer protection may differ from that for UK-based firms. Details of the temporary permits regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority's website.

In doing so, it must ensure that the country in which the regulator is based is clear.

Annex 1B/4

Statutory status Annex 1C disclosure

4Statutory status disclosure (TP firms under Part 6 of the EU Exit Passport

Regulations)

Annex 1C/2

Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The nature and extent of consumer protection may differ from that for firms based in the UK. Details of the Financial Services Contracts Regime, which allows EEA-based firms to operate in the UK for a limited period to carry on activities necessary for the performance of pre-existing contracts, are available on the Financial Conduct Authority's website.” .

Annex 1C/4

Regulators' logos and the Key

Application and purpose

The Key facts logo

The FSA logo

The FCA logo

Regulators' logos and Annex 1 the Key facts logo

5Licence for use of the FSA and Key facts logos

Annex 1/2

In relation to the FSA logo, this license ceases to be effective and is revoked on 1 April 2014. The courts of any jurisdiction in the United Kingdom shall have exclusive jurisdiction to resolve any dispute relating to this License.

Annex 1/4

Insurance against financial

Payment of financial penalties

Payment of a penalty imposed on an employee

Insurance against financial penalties

Amendments to the General Provisions (GEN)

Charging consumers for

Charging consumers for Section 7.1 : Application

Application

Who? Where?

What?

MiFID firm exception

Payment services exception

Complaints exception

Application to firms carrying on credit-related regulated activities

Related consumer credit rules

Regulated benchmark administrators

Charging consumers for Section 7.2 : Call charges

Call charges

Call charges rule

Meaning of basic rate

GEN TP 1

Transitional provisions

GEN TP 2

Transitional Provisions applying across the FCA Handbook and the PRA Rulebook

6 Paragraph 5 G For example, SUP 11.6.4 R requires a From Cutover firm authorized by the FCA not to take over. Such a company must notify a change of control that occurs after termination, even if it has been previously notified under SUP 11.4.2 Ras issued by the FSA (and SUP 11.6.4 Ris, which is read as relating to this pre-interruption). provision). 8 Paragraph 7 G For example, some companies had to submit a breakdown of product sales.

If the end of the quarter fell five days before the cut-off time, the firms must still submit the report within 20 working days, but in accordance with SUP 16.7.8 Ras made by the FCA. 10 Each line in the G This transitional provision makes From Cutover FCA Handbook specific provision, relating to recycling. 11 Each rule in the R A firm or other person must maintain a record from Cutover FCA Handbook in accordance with a rule cutover.

The company (or its auditor, appointed actuary and ..tuary or appropriate actuary) or a PRA regulation (see ..another person will not contravene Schedule 2) unless. notification rule in FCA Hand- context other-. book or PRA Rule wisely require and. taking into account any extent to which notice of the more specific transevent matter was given to the national provisions of the FSA prior to the suspension pursuant to:. This transitional provision contains a special provision From Suspension relating to the prohibition of suspension. notifications for matters from paragraphs 1 and 3.

GEN TP 3

Transitional Provision in relation to the Alternative Investment Fund Managers Directive Instrument 2013

GEN TP 4

Transitional Provision on early compliance with the Insurance Distribution Directive applying across the Handbook [deleted]

GEN Transitional provision on early compliance with the Insurance Distribution Directive applicable to the entire handbook [deleted]. GEN Transitional provisions applicable to the FCA handbook and technical standards related to the UK's departure from the EU.

Transitional provisions applying across the FCA Handbook and Technical

Standards relating to the UK’s exit from the EU

GEN TP 5

Transitional provisions applying across the FCA Handbook and Technical Standards relating to the UK’s exit from the EU

4 Each provision in R Assumed References From IP Completion - IP Completion Day the FCA Handbook to Pre-IP Completion Day. 5 Row 4 of this table G For example, BIPRU From IP Completion - IP Completion Day 2.1.11Rrequires a day. 6 Each provision in R Time starts from IP Complete - IP Completion Day the FCA Handbook, for IP Completion Day. unless the context day requires otherwise.

9 Any rule in FCA R A firm or other person- From IP comple- Day of completion of IP Manual requiring son must keep a day of action. a record to be recorded in accordance with or preserved, unless under a rule in the other context, the FCA Handbook requires and requires a record subject to any such more to be preserved specific transitory, if. 10 Row 7 of this table. This IP completion day transitional provision makes the .. day a specific provision, in relation to notifications, for the matters covered by lines 1 and 3 of this table.

15 Instructions, request- G Provisions in From IP filling- IP filling days, instructions, lines 1 to 13 apply to the day. 16 TS Technical Standards Provisions in From IP comple- The day of completion of the IP (ie, the provisions lines 1 to 13 of this day .. with the table of the status letter apply to it.

Transitional provisions applying to GEN only - status disclosure for temporary

GEN TP 6

Transitional provisions applying to GEN only - status disclosure for temporary permission firms

General Provisions Schedule 1

Record keeping requirements

G [deleted]

Notification requirements

Fees and other required payments

Powers exercised

G [deleted]

Sections 9D (Applications for certificates), 9F (Revocation of certificate on request), 9G (Obtaining information from certified persons, etc.) and 9H (Rules prohibiting the issuance of discounted electronic money) of the Regulated Activities Order. Regulation 120 (Guidance) of the Payment Services Regulations Section 123 (Application of insolvency law) of the Banking Act 2009 Regulation 60 (Guidance) of the Electronic Money Regulations (Guidance) Regulation 42 of the RCB Regulations.

Rights of action for damages

Rules that can be waived