The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note explains the process for the approval by authorised of financial promotions under section 21 of Financial Services and Markets Act 2000 (FSMA 2000). For information about the financial promotion regime under FSMA 2000 s 21, see Practice Note: The financial promotion regime—essentials.
As alluded to above, the financial promotion restriction under FSMA 2000, s 21 does not apply where the content of a communication is approved by an authorised person.
Approval must be intended to allow unauthorised persons to transmit financial promotions without breaching the restriction. Although the requirement is that approval relates to the content of communications, approval should relate specifically to that part of a communication which promotes an invitation or inducement as opposed to the whole communication.
Before authorised persons give their approval to unauthorised persons they need to make sure that promotions comply with the relevant conduct rules contained in the FCA Handbook (eg chapter 4 of the Conduct of Business Sourcebook (COBS 4) in relation to investment business, chapter 3A of the Mortgages and Home Finance: Conduct of Business sourcebook (MCOB 3A) and chapter 2.2 of the Insurance Conduct of Business Sourcebook (ICOBS 2.2). For example, it must ensure that promotions is clear, fair and not misleading. If at a later stage they find out that promotions which they have approved no longer comply with
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
Involuntary manslaughter—introductionManslaughter can be classified as either voluntary or involuntary. Voluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element—hence the label voluntary manslaughter) but which are reduced to
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