ALL: Time limits, sentences, key numbers etc Flashcards
what is a non retail investment
above 50k
how often does FCA make a report to the treasury
annually
how often does SYSC 4 general requirements say written reports on compliance and internal audit need to be made
annually
how many years of employment history needed for fit and proper test
6 years
how many years of criminal convictions needed for fit and proper test
no time limit
within how many days should firms be informed when using Form A to apply for approval on behalf of senior managers
within 90 days
when can the FCA stop the 90 day limit in responding to form A
if receives insufficient info about an applicant and need to wait for clarification
deadline for proving competence via exam success
30 months
how long does a firm have to provide documents to FCA
reasonable time period
how many days does a firm have to appeal to upper tribunal
28 days
what is penalty for breaching prohibition order S56 FSMA 2000
criminal offence punishable by fine
how long can FCA ban products without consultation and what type of products
up to 12 months - products posing unacceptable risks to consumers
max penalty for insider dealing
ten years jail and or unlimited fine
max penalty misleading statements and impressions
crown court: ten years and or unlimited fine
market abuse max penalty
unlimited fine - civil offence so no jail
when must a firm report suspicions to the FCA regarding suspicious transactions
without delay
within how many days must PDMRs dealing in their own companies shares disclose to both their company and the FCA the transaction
within 3 business days of the transaction
how long is closed period
30 days
is breaching managers transaction rule criminal offence
no but fca will take disciplinary action
what is the threshold below which transactions in dealing within your own companies shares will not require disclosure
5000 euros
maximum penalty for failing to register as a foreign company and beneficial owner holding property investments in the UK
5 years jail or unlimited fine
how soon do firms need to obtain evidence regarding identity in customer due diligence
as soon as reasonably practical
how long must records be kept in relation to money laundering and from what point
5 years after the business relationship has ended or an occasional transaction
max penalty for failing to comply with money laundering regulations (directors and senior managers)
2 years jail and or unlimited fine
max penalty for recklessly making a statement in context of money laundering which is false or misleading
2 years jail and or unlimited fine
max penalty for general offences to money laundering (concealing, arrangements and acquiring or possessing)
14 years and or unlimited fine
max penalty for knowingly prejudicing an investigation into money laundering
5 years and or unlimited fine
max penalty for failure to report money laundering
5 years and or unlimited fine
max penalty for tipping off someone suspected of money laundering
2 years and or unlimited fine
max penalty for failure to report suspicions of terrorist financing
5 years and or unlimited fine
maximum penalty for an individual and for a company for bribery offences
individual - 10 years jail and or unlimited fine
company - unlimited fine
higher penalties of the ICO for failure to comply with data protection principles, data subject rights and transfer of data to third countries
up to 17.5m or 4% of global turnover
standard penalties of the ICO for failure to comply with other failures such as administrative
up to 8.7m or 2% of global turnover
under GDPR (general data protection regime) of the EU what is the max fine
up to 4% of worldwide turnover or 20m euros for breaches of certain provisions
EU transparency directive disclosure thresholds for share holdings
5, 10, 15 20, 25, 30, 50, 75 %
UK disclosure rules threshold for share holdings
3% then change up or down to next percentage point or fall below 3
UK disclosure rules for fund managers for share holdings
5%, 10% and then every % point
UK disclosure rules for market makers for share holdings
exempt below 10%
what are exempt under UK disclosure rules of share holdings
custodians and bare nominees
shares held as collateral
companies act 2006 S793 letter requires disclosure of shares held when
at present time
and in the last 3 years
when do trade reports need to be made
automatic within 3 mins
when do transaction reports need to be made
by T+1
latest time trade report can be sent
8pm
large undertaking threshold
2/3 of:
balance sheet 20m
net turnover 40m
own funds 2m
non mifid large undertaking threshold
2/3 of:
balance sheet 12.5m
net turnover 25m
average number of employees 250
quantitative test for elective professional clients
2/3 of:
average 10 trades per quarter for last 4 quarters
portfolio over 500k
works or has worked in finance for at least a year
max penalty for breaching S21 FSMA 2000 communicating fin promo
2 years jail and or unlimited fine
how many years must past performance cover in fin promo
at least 5 years or full life of investment in complete 12 month periods
life products and pensions cancellation day allowance
30 days
other products e.g. ISAss cancellation day allowance
14 days
within how many days must suitability report be provided for personal or stakeholder pension schemes where right to cancel applies
within 14 days
transaction confirmation sent to client in what time frame
no later than next business day
if a retail clients derivative positions move below pre specified threshold how soon should firm notify client
by end of business day that the breach occured
how long is DvP not subject to CASS
3 business days
general record keeping rule for mifid business
5 years from date of dispatch
general record keeping rule for non mifid business
3 years from date of dispatch
pension contracts, stakeholder pensions and life assurance record keeping timit
5 years
pension transfers and opt outs, free standing additional voluntary contributions record keeping time limit
indefinitely
recordings of telephone communications must be kept how long
5 years from the creation of the record
records of directors responsibilities under SYSC must be kept how long
6 years
records of identification under MLR must be kept how long
5 years
records held in data under the data protection act must be kept how long
no longer than necessary
complaints must be kept for how long for mifid or ucits business
5 years from the date the complaint was received
complaints must be kept for how long for other business
3 years from the date the complaint was received
how many days until complaint procedures need to be sent
3 days
how long does a firm have to send a final response to a complaint
8 weeks
how long does a complainant have to go to the FOS
6 months
how many days does the FCA have to respond to super complaints or mass detriment references
90 days
how often do periodic statements need to be sent to retail clients when not derivatives
every 3 months
how often do periodic reports need to be sent for retail clients involving derivatives
each month
max claim in FSCS per person
85k
