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P0 > Unit 11 - Rules and regs > Flashcards

Unit 11 - Rules and regs Flashcards

1
Q

Electronic comms privacy legislation

A

Privacy and Electronic Comms Regs 2003

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2
Q

Data controller

A

Legal entity who determines purpose and means of processing of personal data

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3
Q

Data subject

A

Individual to whom personal data relates

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4
Q

Personal data

A

Information relating to individual

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5
Q

Data processing

A
  • Collection/recording
  • Adaption
  • Retrieval
  • Disclosure
  • Combination
  • Erasure
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6
Q

Data processor

A

Entity who processes personal data on behalf of controller

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7
Q

Special category personal data

A

Personal data revealing racial or ethnic origin, political opinions, philosophical beliefs, sexual orientation

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8
Q

Six GDPR principles + 1

A 
PI SALAD
- Lawfulness, fairness and transparency
- Purpose limitation
- Data minimisation
- Accuracy
- Storage limitation
- Integrity and confidentiality
AND Accountability
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9
Q

Legal basis for processing

A

CCC, PP, L

  • Subject’s consent
  • Processing necessary for performance of contract
  • Compliance with legal obligation
  • Protect vital interests of subject
  • Public interest task
  • Legitimate interest
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10
Q

Information notices

A
  • Identity and contact details of controller
  • Contact details fo controllers Data Prot Officer
  • Purpose of processing and legal basis for processing
  • Details of recipients of personal data
  • Details of transfer of data outside EEA
  • Details of how long retained for
  • Explanation of subject’s rights
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11
Q

Individual rights

A
  • Access
  • Inaccurate - rectify
  • Restrict processing
  • Object to processing
  • Erasure if no longer necessary or no legitimate reason to hold
  • Provided to them
  • Not to have decisions made by automated
  • Withdraw consent

Must do within 1 month

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12
Q

ICO

A

UK supervisory authority - monitors DPA 2018 and GDPR

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13
Q

GDPR offences

A

Generally a civil matter but some criminal:

  • Access offences - e.g. sale of data
  • Investigation offences - e.g. provide false statements if asked
  • New offences - In 2018 but not 1998,
    • Re-identification of personal data
    • Destroy info to prevent disclosure
  • Enforcement - €20m or 4% of global revenue - whichever higher
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14
Q

Money laundering

A

The process by which the proceeds of criminal conduct are dealt with in a way to disguise their criminal origins

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15
Q

Where are money laundering offences found?

A

Proceeds of Crime Act 2002

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16
Q

Money Laundering Regulations 2007

A

Require administrative procedures and regulatory requirements to be adopted to guard against ML
Apply to all financial activities

17
Q

Money laundering - FSMA2000

A

FCA has investigation and sanctioning powers for ML

18
Q

POCA02 - Sections

A

327 - offence to conceal or remove criminal property
328 - offence to enter into arrangement which facilitates use of criminal property
329 - offence to acquire criminal property

19
Q

POCA02 - Section 330 - ML

A

Offence when:

  • Person knows another person ML
  • Information for above came from regulated sector
  • Person doesn’t disclose asap
20
Q

AML requirements

A

FCA requires firms to have AML procedures in place and requires approved persons to take responsibility.

Must set up MLRO.
Must not engage with another firm if don’t know who they are - ID for beneficial owners
Must make sure staff who transact report to MLRO if find ML
MLRO must report to National Crime Agency

Also check FCA handbook - has its own expectations e.g. SM to look holistically at financial crime

21
Q

Joint Money Laundering Steering Group

A

JMLSG is an industry body made up of leading trade associations in the UK FSI, encourages good practice in combating ML.

22
Q

What is bribery?

A

Giving someone a financial or other advantage to encourage a person to perform their functions, or to reward someone

23
Q

Bribery Act 2010

A

Four categories of offence:

  • Offering a bribe
  • Accepting a bribe
  • Bribing a foreign official
  • Failing to prevent a bribe
24
Q

Ministry of Justice guidance on BA10

A

Promotional/proportionate hospitality ok

25
Q

FCA - Bribery

A

Check FCA handbook - expects firms to have documented steps against bribery

26
Q

What is a contract?

A

Agreement between two or more parties that is binding in law

27
Q

Valid contract must:

A
  • all parties must have agreed
  • all parties must have intended to be legally bound
  • each party must have provided consideration (a gain/benefit in return for that of another party)
28
Q

When is a formal contract required?

A
  • Leases - over 3 years needs a deed
  • Land - all land contracts in writing
  • Consumer credit agreements - Consumer Credit Act 1974 requires in writing
  • Distance selling - Consumer Contracts Regulations 2013 says written contracts (e.g. online) - includes cooling off period
29
Q

Misrepresentation

A

If facts misrepresented by either party then contract can be void - utmost good faith

30
Q

Consumer insured

A
  • Consumer Insurance (Disclosure and Representation) Act 2012 means consumers now under a duty to take reasonable care not to make a misrep
  • If insurer can show that it wouldn’t have entered into contract after knowing misrep facts then could have a claim
  • Must be factual info not disclosed, and must be material info
  • Financial ombudsman won’t care as consumer won’t know what is material, so insurer needs to ask all material questions up front
31
Q

Business insureds

A
  • Insurance Act 2015 required disclosures made in reasonably clear manner
  • Responsibility on senior managers
  • Policy can be voided if misrep
32
Q

Rule of privity

A

3rd party cannot sue or be sued under a contract to which he is not privy

33
Q

Agency

A

Where someone acts for the principal - rule of privity doesn’t work on them

34
Q

Relevant legislation

A

FSMA 2000 / Financial Services Act 2012
Insider dealing - Criminal justice act 1993
Not allowed to trade based on price sensitive info
Trustee act 2000
Solvency 2 directive

35
Q

Financial promotions

A

Section 21 of FSMA
Communicating for someone to enter into an investment activity
Can only be made by authorised person (e.g. DPB firm)
E.g. not allowed to present on particular personal pension

36
Q

Market abuse

A

Section 118 of FSMA/Market Abuse Regulation

  • Insider dealing
  • Improper disclosure (e.g. of inside info)
  • Misuse of information (similar to inside trading)
  • Manipulating transactions (buy/sell investments at COP to mislead investors)
  • Manipulating devices (trying to move market on media)
  • Dissemination (spreading false info)
  • Misleading behaviour (trying to distort normal supply/demand of shares)

FCA has powers to act on market abuse

P0 (9 decks)

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