Transitional Provisions and Schedules
PROF TP 1
Transitional provisions
(1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
1 | PROF 4.1.2 R | G | The FSA considers that the issue by an exempt professional firm of a letter to a client on a letterhead that includes a statement that it is "authorised" will be in breach of PROF 4.1.2 R. This includes a statement such as: 'This firm is authorised in the conduct of investment business by [name of recognised professional body] under the Financial Services Act 1986.' However, an exempt professional firm which has been authorised for investment business by a recognised professional body under the Financial Services Act 1986 may continue to use stocks of notepaper and other material that discloses its status under that act, provided that it strikes through the disclosure statement. | From commencement | Commencement |
2 | PROF | G | General transitional provisions GEN contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement. |
From commencement | Commencement |
- 01/12/2004
PROF Sch 1
Record keeping requirements
- 01/12/2004
PROF Sch 1.1
See Notes
There are no record keeping requirements in PROF. |
- 01/12/2004
PROF Sch 2
Notification requirements
- 01/12/2004
PROF Sch 2.1
See Notes
There are no notification or reporting requirements in PROF. |
- 01/12/2004
PROF Sch 3
Fees and other required payments
- 01/12/2004
PROF Sch 3.1
See Notes
There are no requirements for fees or other payments in PROF. |
- 01/12/2004
PROF Sch 4
Powers exercised
- 01/12/2004
PROF Sch 4.1
See Notes
- 01/12/2004
PROF Sch 4.2
See Notes
- 01/12/2004
PROF Sch 5
Rights of action for damages
- 01/12/2004
PROF Sch 5.1
See Notes
The table below sets out the rules in PROF contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
- 01/12/2004
PROF Sch 5.2
See Notes
If a "YES" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001 No. 2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
- 01/12/2004
PROF Sch 5.3
See Notes
The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
- 01/12/2004
PROF Sch 5.4
See Notes
Right of action under section 150 | |||||
Chapter/Appendix | Section/Annex | Paragraph | For private person? | Removed? | For other person? |
PROF 5.2.1 R Conditions for non-mainstream regulated activity | Yes | No | No |
- 01/12/2004
PROF Sch 6
Rules that can be waived
- 01/12/2004
PROF Sch 6.1
See Notes
As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the FSA has power to waive all its rules, other than rules made under section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives. |
- 06/01/2011