OMPS 1
Special guide for oil market participants
OMPS 1.1
Application and purpose
- 01/12/2004
OMPS 1.1.1
See Notes
This special guide is for oil market participants.
- 20/09/2001
OMPS 1.1.2
See Notes
The purpose of this special guide is to help prospective and actual oil market participants find their way around the Handbook by setting out which parts of it apply to them.
- 20/09/2001
OMPS 1.2
Parts of the Handbook applicable to oil market participants
- 01/12/2004
OMPS 1.2.1
See Notes
The parts of the Handbook and their applicability to oil market participants are listed in OMPS 1.2.2 G. Oil market participants should read applicable parts of the Handbook to find out what the detailed regulatory requirements for oil market participants are.
- 20/09/2001
OMPS 1.2.2
See Notes
Parts of the Handbook applicable to oil market participants
This table belongs to OMPS 1.2.1 G
| Part of Handbook | Applicability to oil market participants | |
| High Level Standards | Principles for Businesses (PRIN) | This applies. |
| Senior management arrangements, Systems and Controls (SYSC) | This applies. | |
| Threshold Conditions (COND) | This applies. | |
| Statements of Principle and Code of Practice for Approved Persons (APER) | This applies to an approved person who performs a controlled function for an oil market participant. | |
| The Fit and Proper test for Approved Persons (FIT) | This applies. | |
| The Financial Stability and Market Confidence sourcebook (FINMAR) | This is unlikely to be of relevance to the business of an energy market participant. | |
| General provisions (GEN) | This applies. | |
| Prudential standards | Interim Prudential sourcebooks (IPRU) | Chapter 1 (Application and General) of IPRU(INV) (Interim Prudential sourcebook: Investment Businesses) applies. Chapter 3 (Financial resources for Securities and Futures Firms which are not MiFID investment firms or which are exempt BIPRU commodities firms) ) of IPRU(INV) applies, with the following qualifications: (a) to an oil market participant only if it is a member of a recognised investment exchange or a designated investment exchange which is, under the rules of that exchange, entitled to trade with other members: see IPRU(INV) 3-1A; and (b) the concentrated risk requirements do not apply to an oil market participant if it is an exempt BIPRU commodities firm that applies the large exposure requirements in BIPRU 10 (Concentration risk): see IPRU(INV) 3-1B R, IPRU(INV) 3-1C G and IPRU(INV) 3-1D G. The other parts of IPRU(INV) do not apply. The other IPRU sourcebooks do not apply. |
| General Prudential sourcebook (GENPRU) | Except for provisions on capital requirements and the ICAAP rules, this applies to an oil market participant if it is an exempt BIPRU commodities firm: see BIPRU TP 15.9 G - BIPRU TP 15.10 G. | |
| Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU) | Except for provisions on capital requirements and the ICAAP rules, this applies to an oil market participant if it is an exempt BIPRU commodities firm: seeBIPRU TP 15.9 G - BIPRU TP 15.10 G. | |
| Business standards | [deleted] | [deleted] |
| Conduct of Business sourcebook (COBS) | Only some parts of COBS apply to oil market activity: see COBS 18.2 | |
| Mortgages: Conduct of Business sourcebook (MCOB) | ||
| Client assets sourcebook (CASS) | This applies | |
| Market Conduct sourcebook (MAR) | This applies; however MAR 2 (Price stabilising rules) is likely to be of only marginal relevance to the business of an oil market participant. MAR 5(Alternative Trading Systems) applies to an oil market participant that operates an ATS. | |
| Training and Competence sourcebook (TC) | TC (Rules and guidance) will apply where an oil market participant conducts activities set out in TC App 1 for retail clients. However, all oil market participant are subject to the competent employees rule in SYSC. | |
| Regulatory processes | [deleted] | [deleted] |
| Supervision manual (SUP) | This applies, with the following qualifications: (a) in SUP 3 (Auditors), only some provisions apply if IPRU(INV) 3 (Financial Resources for Securities and Futures Firms which are not MiFID investment firms or which are exempt BIPRU commodities firms) does not apply to an oil market participant: see SUP 3.1.2R ; (b) in SUP 10 (Approved persons), if an oil market participant's principal purpose is to carry on activities other than regulated activities, then the scope of the significant influence functions is restricted to the required functions: see SUP 10.1.21R - SUP 10.1.22G; (c) SUP 16.7 (Financial reports) does not apply to the firm if IPRU(INV) 3 does not apply: see SUP 16.1.3R and SUP16.7.5G; (d) SUP 17 (Transaction reporting) does not apply to an oil market participant which is not a MiFID investment firm or a third country investment firm in relation to its oil market activity: (e) SUP App 2 (Insurers: Scheme of operations) does not apply. | |
| Decision Procedure and Penalties manual (DEPP) | This applies. | |
| Redress | Dispute resolution: Complaints sourcebook (DISP) |
Oil market participants are subject to the Compulsory Jurisdiction of the Financial Ombudsman Service. However, a firm which does not, and notifies the FSA under DISP 1.1.12 R that it does not, conduct business with eligible complainants (persons eligible to have a complaint considered under the Financial Ombudsman Service, as defined in DISP 2.4) will be exempt from the rules on treating complainants fairly (DISP 1.2 to DISP 1.11 and from the Financial Ombudsman Funding rules ( FEES 5.1 to FEES 5.7). |
| Compensation sourcebook (COMP) | COMP applies to all firm. However, oil market participants that do not conduct business that could give rise to a protected claim by an eligible claimant as defined and have no reasonable likelihood of doing so can gain exemption under FEES 6.2 from some compensation scheme levies. | |
| Complaints against the FSA (COAF) | This applies. | |
| Specialist sourcebooks | Collective Investment Schemes sourcebook COLL | COLL will ordinarily apply to an oil market participant that carries on regulated activities in relation to an oil collective investment scheme. |
| [deleted] | [deleted] | |
| Professional firms sourcebook (PROF) | None of the other specialist sourcebooks applies. | |
| Deleted | ||
| Recognised Investment Exchange and Recognised Clearing House sourcebook (REC) | ||
| Special guides | Special guide for service companies (SERV) | This does not apply because oil market participant is defined to exclude a service company. |
| Special guide for energy market participants (EMPS) | This does not apply because energy market participant is defined to exclude an oil market participant. | |
| Special guide for oil market participants (OMPS) | This applies. | |
| Schedules | Summary schedules 1. Record keeping requirements 2. Notification requirements 3. Fees and other required payments 4. Powers exercised in making the Handbook 5. Rights of action for damages 6. Rules that can be waived 7. Releases | These apply, but only to the extent that the sourcebook or manual to which they relate applies. |
| Glossary of definitions | This applies. | |
| Index | This applies. | |
The following Regulatory Guides may also be relevant to oil market participants:
1. The Enforcement Guide (EG)
- 06/08/2010
- Past version of OMPS 1.2.2 before 06/08/2010