The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) are the UK regulators’ framework for regulating individuals working in financial services. For most firms in the UK, the SM&CR has replaced the APR, however, for benchmark administrators that do not undertake any other regulated activities, and for appointed representatives, the APR framework, set out in Part V of Financial Services and Markets Act 2000 (FSMA 2000), continues to apply. In December 2020, the Senior Managers Regime and the Conduct Rules will replace the APR in relation to benchmark administrators, however, the APR will continue to apply to appointed representatives.
Regulatory approval is required for any individual who performs one or more activities, called ‘controlled functions’, for an authorised firm. Controlled functions are functions that relate to carrying out regulated activities. Examples include customer functions, being a director of a regulated firm, acting as a senior manager, and proprietary trading. A person approved to perform a controlled function must know and meet the Financial Conduct Authority’s (FCA’s) regulatory requirements, as well as understand how the FCA applies them. This Practice Note considers those controlled functions relevant to firms which remain subject to the APR. The FCA has confirmed that it will continue to process applications for controlled functions under the APR for these firms.
This Practice Note considers the procedure for becoming an
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Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
This Practice Note provides guidance on claims for ‘use and occupation’ or mesne profits, and how and when double rent or double value can be claimed.Claims for use and occupationA claim for use and occupation is possible where there is occupation of land without an express agreement fixing the
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
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