North American Industry Classification System (NAICS) Canada 2012

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The Conservative Party first set out its plans to reform the regulation of financial services in the UK in July The proposals published at that time included abolishing the tripartite system whereby the Bank of England, the Treasury and the Financial Services Authority FSA share responsibility for national financial stability. In its place, the Conservative Party proposed that both macro and micro-prudential oversight should be given to the Bank of England which, it was argued, was best placed to monitor systemic issues across the financial services sector.

In his first Mansion House speech delivered in JuneChancellor of the Exchequer George Osborne announced that the Coalition Government would move to address what he considered the "spectacular regulatory failure of the City". He announced that the tripartite regime would be abolished and the FSA would cease to exist in its current form. A new prudential regulator would be created, operating under the supervision of the Bank of England, and an independent Financial Conduct Authority FCA would be established to regulate the conduct of firms providing services to consumers.

The Government proposed that the process of dismantling the current regulatory system be completed by In Februarythe Government published A new wholesale trade agents and brokers dubai timetables to financial regulation: According to the Government, the decision was taken so that the changes could be implemented with greater speed, whilst minimising the disruption to firms that would arise from repealing FSMA and starting with an entirely new Bill.

The legislative process began on 26 January when the draft Bill had its first reading in the House of Commons. The new regulatory structure came into force on 1 April This article will consider the new regulatory landscape for insurance firms in the UK. One of the main failures in regulatory oversight, identified following wholesale trade agents and brokers dubai timetables financial crisis, was a lack of macro-prudential scrutiny. To address this perceived failure to spot systemic risks in financial markets, the July consultation paper entitled A new approach to financial regulation: The Financial Policy Committee FPC has a number of macro-prudential tools available to address systemic risk, including capital and liquidity tools.

In response to the Government's proposals, the Treasury Select Committee stressed the need for clarity about what such 'stability' means and cautioned that ensuring wholesale trade agents and brokers dubai timetables overall stability of the financial system should not mean that no firm wholesale trade agents and brokers dubai timetables ever fail.

Given that the white paper A new approach to financial regulation: During the legislative process, both the Treasury Select Committee and industry commentators expressed concern that the membership of the interim FPC was too heavily weighted towards banking. In response, the Government stressed that, together with the Bank, it was committed to ensuring an appropriate balance and breadth of experience for the FPC. Stakeholders welcomed the Government's views on the importance of ensuring that external members of the FPC have recent and relevant financial services experience in non-banking areas like insurance.

The PRA is responsible for the micro-prudential regulation of all deposit taking institutions, insurers and banks. It was set up as a subsidiary of the Bank of England in order to bring both the macro and micro-prudential oversight of financial institutions within one body.

Where the FPC identifies wider market issues which need addressing, it will request that the PRA take regulatory action to address any concerns with individual firms. The PRA wholesale trade agents and brokers dubai timetables two statutory objectives: The FS Act inserted a new section 2C into FSMA specifying the PRA's insurance objective to contribute to the securing of an appropriate degree of protection for those who are, or may become policyholders.

The insurance objective is designed to recognise the correlation especially in with-profits policies between the management of risk and consumer outcomes. Despite further criticism, most notably in a report by the Joint Committee of both Houses of Wholesale trade agents and brokers dubai timetables, the standalone insurance objective was chosen in favour of cross-sectoral objectives.

Prior to legal cutover, the FSA frequently stated that the new legislation was not aiming for a zero-failure regime. Instead, the regulatory focus is on ensuring that where firm failure does occur, it is managed in binare optionen demokonto kostenlos und ohne registrierung orderly way thereby minimising adverse affects on policyholders and disruption to the financial system.

The PRA has adopted a "judgement-based" supervisory approach. Practically, this means that the nature and intensity of the PRA's supervision will be commensurate with the level of risk a firm poses to policyholders and to the stability of the system.

Whilst there is an acceptance that insurers are not systemic in the same way as banks, when judging the risk posed by a firm the PRA will consider various factors, for example, the combination of insurance and banking in a single group that may give rise to system-wide risk if the failure of the insurer threatens the financial condition of the wholesale trade agents and brokers dubai timetables. Furthermore, the investment decisions of insurers can accentuate movements in asset prices and groups containing an insurer may undertake non-insurance activities that bring risk to the system.

As such it assesses insurers not just against current risks, but also against those that could plausibly arise in the future. All firms are divided into five categories of impact. Category 1 firms are the most significant insurers whose size, interconnectedness, complexity and business type give them the capacity to cause very significant disruption to the UK financial system and to the interests of policyholders, whilst category 5 firms are those that have no capacity to individually cause disruption to the financial system or to the interests of policyholders.

Dual-regulation means that not only are insurers supervised by the PRA and FCA, wholesale trade agents and brokers dubai timetables also that policyholders are protected by both regulators. Whilst the PRA looks to ensure that an insurer is likely to have sufficient financial resources to meet its obligations to policyholders as they fall due, the FCA's role as conduct regulator is to ensure that consumers are treated fairly in all their engagements with insurance firms.

The FCA was originally given a single strategic objective of protecting and enhancing confidence in the financial system. Relevant markets include financial markets, markets for regulated financial services, and markets for services provided by unauthorised persons carrying on regulated activities without contravening the general prohibition this also covers appointed representatives and exempt professions.

In the build-up to the FCA assuming responsibility for conduct regulation, questions were asked as to how its supervisory approach would differ to its predecessor. The FCA also has a free-standing duty to have regard to the importance of taking action to minimise the extent to which regulated business may be used for a purpose connected with financial crime. These objectives and the principles to which the FCA should have regard to in discharging them reflect the Government's new approach to regulation wholesale trade agents and brokers dubai timetables the wake of wholesale trade agents and brokers dubai timetables financial crisis.

Notably, the requirements that the regulator considers the desirability of facilitating innovation and maintaining the competitive position of the UK are no longer included in FSMA. Recognising that an effective regulatory system can attract business, the Treasury Committee, in its report entitled House of Commons Treasury Committee: Financial Conduct Authoritystated that it is important that the new regulatory bodies do not ignore the impact of their actions on the competitiveness of the UK.

In addition to having responsibility wholesale trade agents and brokers dubai timetables conduct issues, the FCA is responsible for the wholesale trade agents and brokers dubai timetables regulation of around 23, firms that are not regulated by the PRA. Insurance intermediaries, for example, are solely regulated by the FCA. They have argued that fundamental reform is essential to allow the FCA to deliver discernable value to regulated firms and their customers.

The Confederation of British Industry was particularly vocal in its concern about the role of the FCA and cautioned that the differing objectives of the two regulators could give rise to the potential for differences in their approach to prudential regulation.

One issue that was raised was the possibility of creating a two tier regulatory regime for firms within the same industry that could damage competition between firms that are close to the dividing line between being supervised by the FCA or PRA.

This label was heavily criticised by the Treasury Select Committee who considered it to be inappropriate, confusing and dangerous. The crux of their argument was that the promotion of a regulator as a consumer champion would lead consumers to falsely believe that all financial products are risk free, potentially creating moral hazard. The Government dropped this name in favour of the FCA but stressed that the term "consumer champion" should be viewed in the context of the FCA's role as a focused and proactive conduct regulator that is entirely independent and impartial.

The FCA will focus more closely on wholesale conduct and will take a more assertive and interventionist approach to risks caused by wholesale activities. The FCA does not believe there is a clear divide between retail and wholesale markets and consequently, its approach will recognise that activities in these markets are connected and that risks caused by poor conduct can be transmitted between them. Poor behaviour has a wider impact on trust in the integrity of markets and, following a number of high-profile scandals in recent years, will not be tolerated by the regulator.

Further thematic work on key risks and priorities in the wholesale market will be carried out in due course. The FCA will make a temporary product intervention rule where it identifies a threat to its statutory objectives which requires prompt action. Although the FSA intervened robustly to secure redress of consumer detriment, in the future the FCA will look to ensure that fewer such problems develop in the first place.

To this end firms can expect far greater scrutiny of the product lifespan, from design to point of sale. Recent enforcement action indicates those areas the FCA will be focussing on and the level of intervention firms will need to get used to. We have produced a briefing looking at how the FCA will supervise product development and issues firms need to consider when designing insurance products.

Insurance product development in the new regulatory landscape. To this end, the Government has legislated for a variety of general coordination mechanisms including a statutory duty to coordinate the exercise of the authorities' functions contained in a Memorandum of Understandingcross-membership of boards and a veto mechanism for the PRA to reduce the risk of regulatory actions by the FCA threatening financial stability or the wholesale trade agents and brokers dubai timetables failure of a firm.

The general principle underpinning the Government's model of dual regulation applies to insurance regulation. The FCA is responsible for supervising the day-to-day conduct of insurance firms in dealing with their customers and clients, whilst the PRA will look to promote their long-term soundness and stability. There are, however, certain areas which require further consideration. The Government originally intended to insert a section into FSMA giving the PRA sole responsibility for securing an appropriate degree of protection for the reasonable expectations of policyholders in regard to their returns under with-profit policies.

This necessarily covers conduct as well as prudential issues. The Joint Committee contended that the phrase would make it difficult for the PRA to be clear on the wholesale trade agents and brokers dubai timetables of its duties, and near to impossible for consumers and Parliament wholesale trade agents and brokers dubai timetables hold the PRA to account for its actions.

Given the importance of facilitating effective communication, the Joint Committee also suggested that the PRA should be subject to an explicit duty to consult with the FCA on matters affecting with-profits customers. A with-profits policy is defined as a contract of insurance under which the policyholder is eligible to receive a financial benefit at the discretion of the insurer.

FSMA does not set out how the regulation of with-profits business is split between the PRA and FCA and instead requires the regulators to enter into and maintain a memorandum describing in general terms the role of each regulator in relation to with-profits insurers. It states that the exercise of discretion in policyholder returns gives rise to questions of fairness which is a matter for the FCA. The PRA will be concerned about the impact on the safety and soundness of with-profits insurers, in particular their solvency, of any action taken or proposed by the firm.

The PRA meanwhile will consider whether actions proposed by the insurer are affordable. Insurers are expected to establish and maintain adequate financial resources in respect of both guaranteed and discretionary payments to with-profits policyholders. The PRA is granted a significant power, under section 3J, which allows it to direct the FCA not to exercise wholesale trade agents and brokers dubai timetables regulatory powers or not to exercise them in a specified manner if the regulators cannot reconcile their concerns.

The MoU also details how with-profits regulation will operate in practice. Both regulators have rule-making powers in their respective areas of competence. In cases where the PRA has no affordability concerns or other concerns in line with its objectivesfirms can expect to deal with the FCA. For conduct of business matters that do not trigger affordability issues, the PRA will have no role and the FCA will determine the outcome on the basis of fairness.

In the Government's original consultation paper, the Society of Lloyd's was hardly mentioned and Lord Myners described the consideration given to the regulation of Lloyd's as an "afterthought". This lack of thought was heavily criticised by the Treasury Select Committee in Financial Regulation: The FCA is tasked with the oversight of market conduct and consumer protection. The division of responsibility wholesale trade agents and brokers dubai timetables follows the division of interests in relation to insurance business or activities but also has regard to the unique nature of Lloyd's, including the way it operates as a specialist financial market and the distinctive roles played by certain participants in the market.

Firms must apply to the PRA for authorisation if they wish to effect or carry out contracts of insurance. The PRA will administer the application and be responsible for granting authorisation.

Authorisation to carry out regulated activities will not be granted unless both the PRA and the FCA are satisfied that it should be. Before granting authorisation, wholesale trade agents and brokers dubai timetables PRA will assess whether the firm satisfies the relevant statutory threshold conditions.

Under the new regulatory structure, each regulator will be responsible for different sets of threshold conditions. Part 1B, 1C, 1D an 1E. The result is that dual-regulated firms will have to comply with two sets of threshold conditions: Part 1B covers threshold conditions for firms authorised and regulated by the FCA only i. This is an FCA condition and is therefore applicable to all firms. For firms that are regulated by the FCA only, the condition requires that the business model is suitable and considers the interests of consumers and the integrity of the system.

To meet this requirement, insurers should be prepared to explain their business model to the FCA and justify the rationale behind it. The Bank of England and FSA joint paper explained that the importance of scrutinising firms' business models is one of the key lessons learnt from previous episodes of insurer distress.

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Click here to view SUP5 Application to request an endorsement on the Licence of a new applicant firm or add or remove an endorsement on the Licence of an existing firm. Click here to view GEN1 Application for a waiver or modification.

Article 54 of the Law provides that: A person shall not, in the DIFC or elsewhere, by any means, directly or indirectly….. Article 54 includes a specific requirement relating to knowledge. It requires that the person who engages or participates in the act, practice or course of conduct either knew a subjective test or reasonably ought to have known an objective test that the act, practice or course of conduct would have the effect described in paragraph a , b or c of that Article.

In assessing whether a person reasonably ought to have known that an act, practice or course of conduct would have the effect described in Article 54 a , b or c i. The following sections of this chapter set out the DFSA's views on conduct that contravenes paragraph a , b and c respectively of Article This section sets out examples of conduct that, in the DFSA's view, may contravene Articles 54 a and b and factors that the DFSA G may take into account in considering whether conduct contravenes those Articles.

Examples of market manipulation. Article 54 c prohibits an act, practice or course of conduct relating to Investments that the person knows, or reasonably ought to know perpetrates a fraud on any person. In the DFSA's view, a person perpetrates a fraud on another person if the first person engages in conduct that is dishonest or deceptive and is intended to result in a financial gain or benefit or to avoid a loss whether to the first person or to another person.

A number of defences to Article 54 are set out in Chapter 2 of Part 6 of the Law. Article 58 1 of the law provides that: A person who is an insider shall not, in the DIFC or elsewhere…… directly or indirectly, deal, or attempt to deal…… in an Investment, or in a related investment…….

The term "Insider G " is defined in Article 63 1 b as meaning: If a person has Inside Information G in any of the circumstances set out in Article 63 1 b i to iv then, in the DFSA's view, it is not necessary to show that the person knew that the information concerned was Inside Information G. However, if the person has information in the circumstances set out in Article 63 1 b v , then that sub-paragraph requires that the person knew, or could reasonably be expected to know, that the information is Inside Information G.

For that purpose, a person could reasonably be expected to know, if a reasonable person in his position who has Inside Information G would have known it is Inside Information G.

The following are general examples of conduct that, in the DFSA's view, may contravene Article 58 insider dealing: The following are some more specific examples of conduct that, in the DFSA's view, may contravene Article 58 insider dealing: The report will disclose an outstanding claim that will have a significant impact on the company's financial results. A passes this information on to family members who instruct their broker to sell their shares in the company.

The family members would have contravened Article 58 insider dealing and A would have contravened Article 59 1 providing inside information see CMC chapter 7 ; b B, an employee of an oil and gas company a Reporting Entity G becomes aware through his employment, that the company is about to enter into a new joint venture agreement with another company that will potentially be very lucrative for the company.

Before the new joint venture is disclosed to the market, B buys shares in his employer company based on his expectation that the price of the shares will rise significantly once the new joint venture is announced; c C, an employee of a firm that is providing advisory services to a company, D, a Reporting Entity G becomes aware of negotiations for a takeover of D that is likely to be announced to the market imminently. C buys shares in D based on his expectation that the takeover will soon be announced; d D, a dealer on the trading desk of an Authorised Firm G dealing in Derivatives G accepts a large order from a Client G to acquire a long position in futures.

Before executing the order, D trades for the firm and on his personal account by taking a long position in those futures, based on his expectation that he will be able to sell them at profit due to the significant price increase that will result from the execution of his Client's order.

Both trades would contravene Article 58 insider dealing ; and e investment bank E has been in discussions with an Issuer G about a potential issue of new Investments G by the Issuer. In order to gauge potential investor interest and the terms of the issue, E raises the issue with a potential investor, F, to see if F would be prepared to commit to purchasing some of the Investments G.

F uses this Inside Information to deal in other related investments. Article 64 2 provides that a person does not contravene Article 58 insider dealing if: Further Guidance setting out the DFSA's views on some, but not all, of these defences is set out below. Article 59 prohibits two further types of conduct by an Insider G relating to Inside Information G , i.

The relevant definitions of: Article 59 1 of the Law provides that: An insider shall not…. Disclosure "in the necessary course of business". Article 59 2 of the Law provides that: An insider………… shall not procure another person to deal in the Investments or related investments……….. Article 64 3 provides that a person shall not be found to have contravened Article 59 providing inside information if: Stock lending and collateral.

If the DFSA G proposes to take enforcement action against a person, it is required to comply with the applicable decision-making procedures in Schedule 3 to the Regulatory Law. Click here to view PDF. All financial data reported through EPRS are to be in United States Dollars and in thousands unless stated otherwise in the specific form guidance.

This Form is designed to capture detailed information about the Authorised Firm's G Assets as at the reporting date. For this reason many of the balance sheet and income statement schedules are to be completed in line with these standards.

Where there is a requirement to deviate from these standards these will be outlined in the guidance below.

The balance sheet has been broken down into different accounting portfolios in line with the valuation methodologies adopted under IFRS. Within each accounting portfolio Firms will be required to classify all financial instruments into the respective category to reflect the underlying nature of the asset being reported.

Firms are required to identify and report each of their financial assets into each of the Accounting Portfolios. Within each Accounting Portfolio specific financial asset categories will be outlined — these categories are outlined in the next section. Within each Accounting Portfolio Firms are required to classify financial assets into financial categories.

The carrying amount of financial assets shall include accrued interest in accordance with IFRS. Financial assets shall be distributed among the following classes of instruments for each Accounting Portfolio:. The following is a summary of the above treatments and how it applies to the full schedule. The amount to be recorded is the maximum credit risk exposure without taking into account any form of credit risk mitigation. This Form intends to capture the top 10 undrawn committed lines granted by the Authorised Firm G.

Committed lines are funding approved internally for utilisation by the counterparty. This is intended to provide an overview of the future potential exposures by the Authorised Firm G.

The Authorised Firm G is required to categorise and rank the counterparties by the amount of Funding Available, where:. Form B10C — Balance sheet is intended to reflect the liabilities of an Authorised Firm G at the end of the reporting period. This form is applicable to Authorised Firms G operating as subsidiaries categorised under all prudential categories, excluding Authorised Firms G in Category 5. This Form is designed to capture detailed information about the Authorised Firm's G Financial Liabilities at the reporting date.

Firms are required to identify and report each of their financial liabilities into each of the Accounting Portfolios. Within each Accounting Portfolio specific financial liability categories will be outlined — these categories are outlined in the next section.

Within each Accounting Portfolio Firms are required to classify the financial liabilities into financial categories. The carrying amount of financial liabilities shall include accrued interest in accordance with IFRS. Financial liabilities shall be distributed among the following classes of instruments for each Accounting Portfolio:. Form B10D — Equity is intended to reflect the equity structure of an Authorised Firm G at the end of the reporting period.

This form is applicable to Authorised Firms G operating as a domestic entity categorised under all prudential categories, excluding Authorised Firms G in Category 5. This Form is designed to capture detailed information about the Authorised Firm's G issued capital and reserves. Form B10E — Balance sheet is intended to reflect the liabilities of an Authorised Firm G at the end of the reporting period. Refer to Section 1. The only difference between the forms is the breakdown of "Other Liabilities" in this form to include "Head Office Account".

This form is applicable to an Authorised Firm G operating under a prudential category 5 license. This Form includes an additional column to separate assets financed through the Firm's own funds and assets financed through liabilities raised under an unrestricted profit sharing investment account PSIAu G. Form B20C — Balance sheet is intended to reflect the liabilities of an Authorised Firm G at the end of the reporting period.

Form B20F — Analysis of Reserves movement is intended to capture details regarding the changes in the reserves about the Islamic Finance Business. The form is designed to capture the details regarding the changes in the reserves about the Islamic Finance Business. Form B30 — Profit and Loss statement is intended to capture the results of operations of an Authorised Firm G during the reporting period.

This form is applicable to Authorised Firms G categorised under all prudential categories. The form is designed to capture information about the Authorised Firm's G income, expenses and profit for the reporting period. All figures recorded should correspond to the current reporting period only and not cumulative or year-to-date amounts i.

Form B40 — Profit and Loss Statement is intended to capture the results of operations of an Islamic Financial Institution G during the reporting period. This form is applicable to Authorised Firms G categorised under prudential category 5. The form is designed to capture information pertaining to an Islamic Financial Institution's income, expenses and profit for the reporting period. Refer to PIB 3. The Firm is to report the expenses incurred related to the reporting period only e.

Form B60 — Capital Resources is intended to capture the breakdown of the Firm's capital resources and its capital adequacy status. This form is applicable to domestic Authorised Firms G categorised under all prudential categories.

This form is applicable to Authorised Firms G which are Domestic Firms G , and are categorised under prudential categories 1, 2 and 3A. Form B60A1 is intended to capture the credit risk capital requirement of an Authorised Firm G for on and off balance sheet exposures and breakdown by applicable risk weights.

This form is applicable to Authorised Firms G which are Domestic Firms G , and are categorised under prudential categories 1, 2, 3A and 5. The form is designed to capture the details of the Credit Risk Capital Requirement G for on and off balance sheet exposures. The three forms are interlinked; the Firm will need to complete all three forms to arrive at the correct capital requirement. The Firm is required initially to break down the exposure against the relevant asset class e. The Firm is then required to complete the following columns to arrive at the applicable capital requirement.

The Firm is required to aggregate all their credit exposures against the category of the counterparty when completing this form. This form is applicable to Authorised Firms G which are Domestic Firms G , and are categorised under prudential categories 1, 2, 3 and 5.