Authorised person Definition

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What does Authorised person mean?

For the purposes of the financial services and markets act 2000 (fsma 2000), a person or firm who has permission to carry on certain regulated activities.

In accordance with the FSMA 2000, s 31, certain people and firms are authorised to carry on regulated activities. This includes a person with permission from the FSA to carry on one or more regulated activities and an EEA firm which qualifies for authorisation under FSMA 2000, Sch 3.

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Differences between restructuring plans, schemes of arrangement, and CVAs

Differences between restructuring plans, schemes of arrangement, and CVAs Part 26A restructuring plans The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduced a new restructuring tool, namely a Part 26A restructuring plan. Consultation responses and discussions with stakeholders persuaded the government of the benefits of modelling the restructuring plan procedure on that of schemes of arrangements. As well as familiarity, this had the advantage of providing a long-established and tested body of jurisprudence that courts are able to draw upon when dealing with certain aspects of restructuring plans and considering matters such as class formation (ie relevant scheme case law is applicable to certain provisions of the new restructuring plan procedure, see: Schemes of arrangement—overview). CIGA 2020 introduced a restructuring procedure that allows a company to bind all creditors or members, including junior (or senior) classes of creditors even if they vote against the plan, through the use of a cross-class cram down (CCCD) provision if certain conditions are satisfied (see Practice Note: Cross-Class Cram Down under a Part...

A summary checklist and timeline for the presentation, service and advertisement of a winding-up petition to the court by a creditor of a company registered in England or Wales

A summary checklist and timeline for the presentation, service and advertisement of a winding-up petition to the court by a creditor of a company registered in England or Wales The Corporate Insolvency and Governance Act 2020 contained provisions which, on a temporary basis, imposed significant limitations on the ability for a creditor to seek a winding-up order against a company. For the position pre-1 October 2021, see Practice Note: Corporate Insolvency and Governance Act 2020—temporary changes to corporate statutory demands and winding-up petitions [Archived]. For the position from 1 October 2021 to 31 March 2022 (including an increase in the amount required for a petition debt and the need for a creditor to give 21 days’ notice of its intention to present a winding-up petition), see Practice Note: Corporate Insolvency and Governance Act 2022—winding-up petitions from 1 October 2021 to 31 March 2022 [Archived]. Step/action Time (days) Section/rule Serve statutory demand Draft statutory demand which must contain the information set out in rule 7.3 of the Insolvency...

Promotion of regulated collective investment schemes (CIS)

This Practice Note examines the regulatory requirements for the promotion of Financial Conduct Authority (FCA) regulated collective investment schemes (CIS) in the UK under the Financial Services and Markets Act 2000 (FSMA 2000), as amended, exemptions in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, SI 2005/1529 (FPO), as amended, and the FCA rules and guidance on financial promotions relevant to regulated CIS, including the FCA Handbook, Conduct of business sourcebook (COBS) chapter 4, in particular COBS 4.12B. For practical guidance on the financial promotion requirements and exemptions applicable to unregulated CIS (UCIS), see Practice Note: Promotion of unregulated collective investment schemes (UCIS). For an overview of the Financial Services content within the financial promotion subtopic, see Financial promotions—overview and Practice Note: The financial promotion regime—essentials. For a description of what constitutes a financial promotion, see Flowchart: Financial promotion—flowchart.SummaryPromotion of regulated CIS by authorised personsFCA authorised persons can promote regulated CIS in the UK but they need to comply with the applicable COBS 4 financial promotion rules, including COBS...

Promotion of unregulated collective investment schemes (UCIS)

This Practice Note explores the UK restrictions placed on the promotion of unregulated collective investment schemes (UCIS) in the UK by authorised and unauthorised persons under the provisions in the Financial Services and Markets Act 2000 (FSMA 2000). It also looks at the related exemptions in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, SI 2001/1060 (Promotion of CIS Order), the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, SI 2005/1529 (FPO) and the Financial Conduct Authority (FCA) rules and guidance on financial promotions relevant to UCIS, including the FCA Handbook, Conduct of business sourcebook (COBS) chapter 4, in particular COBS 4.12B.For information on the restrictions on the financial promotion of a regulated collective investment scheme (CIS), see Practice Note: Promotion of regulated collective investment schemes. For general information on the financial promotion regime, see the Financial Promotion subtopic, which is summarised in Overview: Financial promotions—overview, and Practice Note: The financial promotion regime—essentials. For a description of what constitutes a financial promotion, see:...

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Execution clause—company—deed

Option 1—deed executed by a company under its common seal (model articles, where the authorised signatory is an individual) Executed as a deed by [insert name of company] by affixing its common seal and by the signature of [insert name of director/secretary/other authorised person], [director OR secretary OR authorised signatory], in the presence of: [affix the common seal of the company].................................................[signature of director/secretary/authorised person] [Director OR Secretary OR Authorised signatory] .................................................[signature of witness] [insert name of witness] [insert witness’s address] [insert witness’s occupation] Option 2—deed executed by a company under its common seal (model articles, where the signing...

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the...

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Can a trainee solicitor certify a document for a friend? If so, how?

Can a trainee solicitor certify a document for a friend? If so, how? There are numerous personal and business reasons for obtaining a certified copy of a document. The certified copy is usually signed by a professional person (often referred to as an ‘authorised’ person) such as a qualified solicitor, a notary, a teacher in current employment, a qualified accountant, a registered doctor, etc. The Post Office provides a document certification service (in relation to personal identity documents only). A trainee solicitor cannot certify as a ‘solicitor’. The person required to certify a document will sometimes be specified under relevant legislation or formal

What powers does an investigator have to compel the witness to provide a statement during a criminal investigation, where a witness is known to be in the possession of crucial evidence, but is unwilling to provide a section 9 witness statement? Can the witness be forced to give evidence at trial?

What powers does an investigator have to compel the witness to provide a statement during a criminal investigation, where a witness is known to be in the possession of crucial evidence, but is unwilling to provide a section 9 witness statement? Can the witness be forced to give evidence at trial? Certain regulators have specific powers to compel witnesses to give statements during investigations. These are statutory powers which can be used during an investigation into suspected offences and the witness is compelled to attend the interview to answer questions or to provide information. However, as these are powers to compel and the witness has no right of silence as they would do in an interview under caution, there are statutory safeguards restricting the use of any information obtained from the compulsory interview powers. The contents of the interviews cannot be used in evidence against the maker in their subsequent criminal trial unless: • the trial is a prosecution for an offence of providing false or...

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FCA fines Macquarie Bank Ltd £13m and prohibits trader over fictitious trading

The Financial Conduct Authority (FCA) has imposed a £13,031,400 fine on the London branch of Macquarie Bank Limited (MBL) for breaching Principle 3 of the FCA's Principles for Businesses (risk management systems). The penalty stems from weaknesses in MBL's systems and controls that allowed a MBL trader, Travis Klein, to record and conceal over 400 fictitious trades over a period of twenty months, ultimately costing MBL $57.8m to unwind. The FCA has also banned Klein from the financial services industry for acting dishonestly and without integrity, breaching Individual Conduct Rule 1 (ICR 1).

FCA move against finfluencers seen having limited impact

Law360, London: The Financial Conduct Authority's (FCA) criminal prosecutions of finfluencers who might be illegally promoting unauthorised investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.

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19 The general prohibition

19 The general prohibition(1) No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—(a) an authorised person; or(b) an exempt person.(2) The prohibition is referred to in this Act as the general prohibition.

31 Authorised persons

31 Authorised persons(1) The following persons are authorised for the purposes of this Act—(a) a person who has a [Part 4A permission] to carry on one or more regulated activities;[(aa) a Gibraltar-based person who has a Schedule 2A permission to carry on one or more regulated activities;](b) . . .(c) . . .(d) a person who is otherwise authorised by a provision of, or made under, this Act.(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Authorised person is referenced 4 in UK Parliament Acts

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