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Application provision

3.1 The Fundamental Rules apply to every firm, except that:

  1. (1) for an incoming firm, the Fundamental Rules apply only in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's home state regulator;
  2. (2) for an incoming EEA firm that is a credit institution without a top-up permission, Fundamental Rule 4 does not apply; and
  3. (3) for an incoming EEA firm that has permission only for cross border services and does not carry on regulated activities in the UK, the Fundamental Rules do not apply.

3.1

01/10/2015

The Fundamental Rules apply to every firm, except that:

  1. (1) for an incoming firm, the Fundamental Rules apply only in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's home state regulator;
  2. (2) for an incoming EEA firm that is a credit institution without a top-up permission, Fundamental Rule 4 does not apply; and
  3. (3) for an incoming EEA firm that has permission only for cross border services and does not carry on regulated activities in the UK, the Fundamental Rules do not apply.

3.2

19/06/2014

A firm will not be subject to a Fundamental Rule to the extent that it would be contrary to the UK's obligations under EU legislation.

3.3

19/06/2014

The Fundamental Rules apply with respect to the carrying on of:

  1. (1) regulated activities;
  2. (2) activities that constitute dealing in investments as principal, disregarding the exclusion in Article 15 of the Regulated Activities Order (Absence of holding out etc); and
  3. (3) ancillary activities in relation to PRA-regulated activities.

3.4

19/06/2014

Fundamental Rules 3, 4, 5, 6, 8 and (in so far as it relates to disclosing to the PRA) 7 (and this chapter) also:

  1. (1) apply with respect to the carrying on of unregulated activities (for Fundamental Rules 5, 6 and 8 this is only in a prudential context); and
  2. (2) take into account any activity of other members of a group of which the firm is a member.

3.5

19/06/2014

The Fundamental Rules apply with respect to activities wherever they are carried on.

3.6

19/06/2014

Where Fundamental Rule 7 refers to regulators, this means, in addition to the PRA, other regulators with recognised jurisdiction in relation to regulated activities, whether in the UK or abroad.