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GLOSSARY

Authorised Persons definition

Published by a LexisNexis Information Law expert

What does Authorised Persons mean?

means[, in relation to a party, any of the following only to the extent that they are engaged by that party in connection with the performance of their obligations in connection with the Agreement: its[ officers, directors, members, partners,] employees[, consultants, subcontractors] or professional advisers and that of its Affiliates[, and any other person who has been previously approved in writing by the other party] OR the individuals listed in Schedule [insert Schedule number] to this Agreement];

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SM&CR Forms—Checklist

SM&CR Forms—Checklist The following checklist sets out the forms that are relevant to the Senior Managers and Certification Regime (SM&CR). Summaries of forms, their use in complying with the SM&CR, and how to submit, amend and withdraw them, are provided in the Financial Conduct Authority (FCA) Handbook, primarily in: • SUP 10C.15—Forms and other documents and how to submit them to the FCA • SUP 10C Annex 2G—Summary of forms and their use in the Senior Managers Regime Note that for credit unions, the FCA Handbook references will differ—see SUP 10C.15.10. The Prudential Regulation Authority (PRA) provides guidance on submitting, amending and withdrawing forms in the Senior Managers Regime — Applications and Notifications; Fitness and Propriety and Notifications provisions of the PRA Rulebook and on its website . The relevant chapter of the PRA Rulebook should be consulted depending on the sector. Practical guidance on reporting information on Directory Persons (for example staff holding a Certification Function under the SM&CR) to the FCA is set out...

Drafting a confidentiality agreement (disclosing party)—checklist

Drafting a confidentiality agreement (disclosing party)—checklist This Checklist is to be used when drafting a confidentiality agreement (also known as a non-disclosure agreement or NDA) where you are the party disclosing confidential information under that agreement. Consider the following questions before drafting the agreement: • what information does the business want to disclose and is that information confidential? • why does the business want to disclose that information? • will the business also be receiving confidential information from the other party? • who is the business disclosing that information to? For further information, see Precedent: Confidentiality agreement—one-way—pro-discloser. Checklist The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) Parties ☐ Confirm the parties to the agreement. Consider which people and/or entities will be party to the agreement. What information does the business want to disclose? ☐ Confirm how confidential information will be defined. Consider:—is a general definition or list form appropriate?—will any confidential information belonging...

Discover our 10 Checklists on Authorised Persons

Offences relating to change in control of UK authorised persons

Offences relating to change in control of UK authorised persons Change in control of authorised persons Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires individuals or corporate bodies wishing to acquire or increase control in a UK authorised firm to seek prior approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). An existing controller must also notify the FCA or PRA when decreasing or ceasing control in a firm. SUP 11 in the FCA Handbook and the Change in Control Part of the PRA Rulebook give full details of the thresholds and requirements. Notifications for acquiring or increasing control are known as section 178 notifications and should be submitted to the FCA or the PRA as soon as a decision is made to acquire or increase control. Prior approval from the appropriate regulator is needed before there is any acquisition or increase in control. For further information on the change of control regime, see Practice Notes: • FSMA...

Prudential Regulation Authority—supervisory approach—deposit-takers

Prudential Regulation Authority—supervisory approach—deposit-takers The PRA's strategy Up until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE). However, from 1 March 2017 the PRA continued its role acting through the Bank's Prudential Regulation Committee (PRC). HM Treasury made recommendations to the PRC about aspects of the government’s economic policy to which the PRC will have regard when carrying out its activities. HM Treasury can also direct the Bank to take actions to implement the UK’s obligations under the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive, and to refrain from taking actions that are incompatible with those obligations. An end to PRA's subsidiary status was bought about by the Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017. The Regulations brought certain provisions of the Bank of England and Financial Services Act 2016, including sections 12-15, into force ending the subsidiary status of the PRA....

Discover our 120 Practice Notes on Authorised Persons

Confidentiality agreement — restructuring & insolvency

Confidentiality agreement — restructuring & insolvency This Agreement is made [insert day and month] 20[insert year] Parties 1 [insert name of debtor company] a company incorporated in [insert country eg England and Wales] under number [insert registered number] whose registered office is at [insert address] (the Company); and 2 The Creditors (as set out in the Schedule) (the Creditors); (each of the Creditors and the Company being a Party and together the Creditors and the Company are the Parties). Recitals (A) the Company agrees to disclose information to the Creditors and the Creditors agree to keep that information confidential and use it solely for the purposes of evaluating, negotiating, monitoring and implementing a [Standstill Agreement OR Restructuring Agreement]. (B) [insert any further recitals]. The parties agree: 1 Definitions and interpretation 1.1 Definitions In this Agreement, unless otherwise provided: Authorised Person • means any officer, employee, director, consultant, agent, affiliate or representative of the Creditors [the Reporting Accountant] and any other legal or financial...

Confidentiality agreement—private M&A—asset purchase—corporate seller—long form

Confidentiality agreement—private M&A—asset purchase—corporate seller—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [insert selling corporate entity] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Seller), [and] 2 [insert name of purchasing corporate entity] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Buyer), [and] the Seller and the Buyer being a Party and together the Seller and the Buyer are the Parties. background (A) The Parties propose to enter into negotiations concerning the Proposed Acquisition. (B) In order to explore, discuss, evaluate and negotiate the Proposed Acquisition, the Buyer has requested that certain Confidential Information [(and Personal Data) ]be made available to it in order to evaluate the Business and to consider and negotiate the terms of the Proposed Acquisition. (C) The Parties have agreed to enter into this Agreement in consideration of the...

Dive into our 26 Precedents related to Authorised Persons

If a client has conducted an activity abroad that would be considered illegal abroad but would be legal in the UK, would any resulting property be criminal property under POCA 2002, and are there any other laws that would make it criminal to bring that property into the UK and for a legal professional to ‘handle’ the money?

If a client has conducted an activity abroad that would be considered illegal abroad but would be legal in the UK, would any resulting property be criminal property under POCA 2002, and are there any other laws that would make it criminal to bring that property into the UK and for a legal professional to ‘handle’ the money? The Proceeds of Crime Act 2002 (POCA 2002) creates the three main money laundering offences, with penalties of up to 14 years imprisonment. They are: • POCA 2002, s 327—concealing, disguising, converting or transferring criminal property or removing it from the jurisdiction • POCA 2002, s 328—entering into or becoming concerned in an arrangement to facilitate the acquisition, retention or control by, or on behalf of another person of criminal property knowing or suspecting that the property is criminal property, and • POCA 2002, s 329—acquiring, using or having possession of criminal property In each case, commission of the offence depends on the notion of ‘criminal property’. This...

If a person is exempt from carrying on a regulated activity and therefore not required to be authorised, is a loan made by that person or company to an employee also exempt, ie the loan would not be a regulated mortgage contract under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and FCA's Perimeter Guidance manual?

If a person is exempt from carrying on a regulated activity and therefore not required to be authorised, is a loan made by that person or company to an employee also exempt, ie the loan would not be a regulated mortgage contract under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and FCA's Perimeter Guidance manual? Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out a regulated activity, or purport to do so, in the UK unless they are either an authorised person (ie authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA)), or an exempt person (eg by being an appointed representative). An activity is a regulated activity if it is: • an activity of a specified kind which is carried on by way of business, and • relates to a specified investment or property of any kind For an overview of the regulated activities regime in the UK, see Practice...

See the 12 Q&As about Authorised Persons

UK announces regulation of buy-now-pay-later credit products

Financial Services analysis: Rachpal K Thind, partner, John M Casanova, partner, Max Savoie, partner, Martin Dowdall, senior managing associate, and Paida Manhambara, associate at Sidley Austin LLP reflect on the UK government’s consultation on the proposed draft legislation that will bring BNPL into FCA regulation.

Unenforceable financial services transactions: validation orders and compensation claims (Barclays Partner Finance Applicants v FCA)

Financial Services analysis: This was an unusual case in which the Upper Tribunal (UT) (1) gave applicants challenging a validation order granted by the Financial Conduct Authority (FCA) to Barclays Partner Finance (BPF), permission to withdraw their references and (2) struck out as having no reasonable prospect of success, the references of any applicants who had not sought to withdraw, in both cases because following the FCA’s validation order, BPF had adopted a remediation process which gave the applicants everything they could have obtained as a result of their references. A part of the UT’s reasoning for that conclusion was that it did not have jurisdiction under those references to deal with issues relating to the compensation claims made by some applicants. The discussion of the relationship between validation and compensation claims may encourage those with potential compensation claims to pursue them more vigorously at an earlier stage and prompts reflection on how the procedure adopted might be improved. Written by Elizabeth Ovey, barrister at Radcliffe Chambers.

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