Financial Conduct Authority—Principles for Businesses (PRIN)
Financial Conduct Authority—Principles for Businesses (PRIN)

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Financial Conduct Authority—Principles for Businesses (PRIN)
  • The Principles
  • Purpose
  • Clients and the Principles
  • Client categorisation
  • Classification of clients as eligible counterparties
  • Effect of classifying clients as eligible counterparties
  • Application
  • Which firms?
  • Which activities?
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general statement of the fundamental obligations of firms under the regulatory system.

The  Prudential Regulation Authority (PRA) has equivalent high level standards which are found in the Fundamental Rules contained in its Rulebook. Substantial differences between PRIN and the PRA's Fundamental Rules mean that dual-regulated firms will need to keep those differences in mind when considering how they comply with their conduct and prudential requirements. In particular, the PRA's Fundamental Rules include a requirement for firms to prepare for resolution so, if the need arises, they can be resolved in an orderly manner with a minimum disruption of critical services. For more information on the PRA's Fundamental Rules, see Practice Note: Prudential Regulation Authority—Fundamental Rules.

If

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