Guidance on investment business regulation for Funding Advisers for Small and Medium Enterprises (SMEs)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Guidance on investment business regulation for Funding Advisers for Small and Medium Enterprises (SMEs)"

Transcription

1 Guidance on investment business regulation for Funding Advisers for Small and Medium Enterprises (SMEs) The SME Funding Adviser Scheme highlights a number of specialisms that firms may be offering to their clients. This guidance provides advice on whether such activities may be regulated investment business under the terms of the Financial Services and Markets Act 2000 (the Act). Firms may only conduct regulated investment business if they are subject to regulation by the Financial Services Authority (FSA), a Designated Professional Body (DPB), such as the Institute, or are appointed representatives of other FSA authorised firms. The guidance will assist firms in deciding if they have the appropriate type of authorisation or licence for the activities to be conducted. Only certain types of regulated work can be undertaken under a DPB licence. A very important point is that any regulated activity undertaken by a DPB licensed firm cannot be the only service provided to the client. It must be complementary to or arising out of other professional services provided to that client. Firms which hold a DPB licence are required to follow the DPB Handbook. Firms which are FSA authorised must ensure that they are in the correct category of authorisation for the business they conduct. The guidance is given under each of the specialisms identified in the SME Funding Adviser Scheme literature, form A2. If, having considered the information, a firm requires a DPB licence to conduct certain activities; the application form and a copy of the DPB handbook are available at Firms which require FSA authorisation should initially consider the information available on the FSA s website, Details of the Legislative Background are in Appendix A. Appendix B identifies the investments and activities which are subject to the legislation. There are a number of exclusions within the legislation which firms may use to conduct an activity without a DPB licence or FSA authorisation. There are also some activities which may appear to be investment business but are not covered by the legislation at all. The key exclusions are outlined in Appendix C.

2 Specialisms in the SME Funding Adviser Scheme For each of the specialisms, an introductory paragraph indicates aspects of regulation that may need to be considered. Where detailed guidance may be helpful, a table identifies some of the activities which may fall within that specialism and the degree of regulated status needed by a firm, if any, to conduct this type of activity. The table starts with unregulated activities that any firm can undertake, then adds activities that a DPB licensed firm can do and finishes with the activities that only an FSA authorised firm can undertake. o Asset Finance Asset finance is unlikely to involve a regulated activity. o Bank Loans and Overdraft including Small Firms Loan Guarantee Generally bank loans and overdrafts are not regulated under the Act, although the Consumer Credit Act may need to be considered. The only loan which falls under the regulation of investment business is a regulated mortgage contract. A mortgage contract is a regulated mortgage contract if, at the time it is entered into all three of the following criteria are met: the contract is one under which a person ("the lender") provides credit to an individual or to trustees ("the borrower"); the contract provides for the obligation of the borrower to repay to be secured by a first legal mortgage on land (other than timeshare accommodation) in the United Kingdom; and at least 40% of that land is used, or is intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust or by a person related to the borrower or beneficiary. The definition does not state what the borrowed money is used for. Usually it would be used to purchase a house, but the money could be used by an individual to invest in a business. Regardless of the use to which the money is put, if the loan meets the above criteria, it is a regulated mortgage. Firms which are involved in discussing finance should be aware that a lender may at some point suggest a regulated mortgage contract as being a suitable arrangement rather than, for example, a loan to a company directly. If the loan is to the company, but secured on a director s home, this would not be a regulated mortgage contract as it does not meet the first criteria as the loan is not to an individual.

3 Bank Loans and Overdraft including Small Firms Loan Guarantee (continued) Activities that any firm can do 1. Discussing with a client: the need for a mortgage, loan or overdraft, the merits of a particular overdraft or loan, provided the loan is not a regulated mortgage contract, the type of mortgage to obtain (endowment, repayment etc), which particular lender (which provides a range of mortgages) to go to. 2. Contacting a mortgage broker, who provides independent advice, to introduce a client for mortgage business. 3. Contacting a lender to introduce a client. (Note, the firm should ensure that in doing so, it does not implicitly recommend a specific regulated mortgage contract because, for example, the lender only has one mortgage product. The firm must not handle money relating to the mortgage. The firm should also consider if it would be complying with the Institute s ethical guidance by potentially limiting the client s choice if it makes such an introduction.) 4. Producing a cash flow forecast for a client to support a loan or mortgage application. 5. Providing a reference for a client to support a loan or mortgage application. (Firms should consider the Institute s helpsheet References on Clients Financial Status when providing references.) 6. Advising a client to redeem a loan or any type of mortgage contract. 7. Explaining the terms of a loan or any type of mortgage contract to a client. 8. Assisting the client to complete a loan or any type of mortgage contract application form. 9. Advising a client to take out a particular overdraft, loan or mortgage, which is not a regulated mortgage contract. 10. Acting as an intermediary between the client and the lender to put in place an overdraft, loan or regulated mortgage contract, but where no advice is given to the client if it is a regulated mortgage contract. Additional activities that a DPB licensed firm can do 11. Commenting on, agreeing or disagreeing with advice given by an FSA authorised person. Additional activities that an FSA authorised firm can do 12. Recommending a client to take out a specific regulated mortgage contract. o Business plans for bank and equity finance Providing plans and forecasts is not a regulated activity. The adviser will be providing a professional accountancy service in drawing up such plans. Where a client is issuing business plans which are in effect an invitation to invest in a company, this could be a financial promotion. This guidance does not cover financial promotions and firm may wish to consider the guidance available on the website at

4 o Business start-up (e g friends and family) There can be many elements to business start up advice, most of which are not regulated. However, where advice is given to an individual to invest in a company, this is a regulated activity. 1. Advising on the establishment of a new company. Activities that any firm can do 2. Arranging for the issue of new shares. 3. Providing company secretarial services. 4. Providing administrative services on the issue of shares by the company, but not advising any individual shareholders. 5. Arranging for the transfer of shares for no financial consideration, such as between family members. Additional activities that a DPB licensed firm can do 6. Advising an individual to buy (or sell) shares in a company where the shares are not traded on a public market, nor is there any intention to trade them on a public market. 7. Arranging for the sale or purchase of shares. Additional activities that an FSA authorised firm can do None o Corporate finance A range of activities may come under the auspices of corporate finance. Raising finance and restructuring may be involved and the guidance given under bank loans and overdrafts may be pertinent if loans or mortgages are considered rather than issuing share capital. Firms may also be asked to advise generally on the issue of shares and advising the issuer is not a regulated activity. Advising on the purchase of shares is a regulated activity. Corporate finance will often involve acquisitions or management buyouts, which will be structured to secure control of the target company concerned. In many of these situations, the sale of a body corporate exclusion can be used (where the objective of the transaction is to secure control) and the activity will not then be regulated. Another key aspect to consider is that advice to purchase shares (which are traded, or where there is an intention that they will be traded, on a public market) can only be given by a firm which is FSA authorised. Activities that any firm can do 1. Arranging for the issue of shares 2. Company secretarial services 3. Advising company A on a cash take-over bid which company A is making for company B. 4. Arranging a takeover by company A of company B.

5 5. Advising the shareholders in company A as to whether to accept an offer for their shares in a takeover situation.* 6. Advising on the issue of shares by a company. This may include a rights issue, restructuring or the establishment of a new company. 7. Providing administration services on the issue of shares by a company (but not arranging for the sale by bringing the company and the purchasers together). 8. Advising a company on becoming a public company (but not advising any individual shareholders). 9. Advising a company to do a share buy back. 10. Advising the purchasing team in a management buy-out.* 11. Arranging the purchase of shares in a buy out on behalf of the management buy-out team.* 12. Advising the shareholders of the target company* 13. Arranging the sale of the shares on behalf of the vendor* Additional activities that a DPB licensed firm can do 14. Arranging for a person to subscribe for shares (but not giving advice in respect of shares which are traded on a public market, or where there is an intention to trade them on a public market). 15. Advising shareholders to buy or sell shares which are not traded on a public market, nor is there an intention to trade them on a public market. 16. Advising shareholders as to whether to take up an offer in a rights issue where the shares are not traded on a public market, nor is there an intention to trade them on a public market. 17. Advising shareholders to sell shares, whether or not traded on a public market. Additional activities than an FSA authorised firm can do 18. Recommending the purchase of a specific publicly tradable share. 19. Advising a shareholder to take up an offer in a rights issue from a publicly quoted company. * the example given here relates to a take-over situations where the purchaser is intending to acquire day to day control of the company through the purchase of shares. The specific provisions of the exclusions used are complex and reference should be made to Schedule 5 to Part 3 of the DPB Handbook for more information ( The examples in this section do not necessarily apply where there is a purchase of a minority interest. This can be undertaken by a DPB licensed firm, o Invoice Discounting & Factoring It is extremely unlikely that any activity relating to invoice discounting and factoring will be regulated.

6 o Grants Advising and assisting a client in an application for a grant is not a regulated activity. o Leasing and Hire Purchase Advising and assisting a client in setting up leasing and hire purchase arrangements is not a regulated activity. o Share valuations Providing a valuation is not a regulated activity, although going on to suggest whether it would be advisable to sell or invest based on that valuation, would be regulated. o Small Scale Equity Issues (e. g. Business Angels) Advice on obtaining equity finance without making a public offering may involve regulated activities. Although the issue of shares by a company is not regulated, advice to shareholders to sell shares and arranging for the sale of shares is regulated. Advice to the business angel to purchase shares is also a regulated activity. Advertising for investment in companies is regulated under the Financial Promotions Order, which is not dealt with in this guidance. However, specific guidance is provided on the exemptions available under this Order for advertising to high net worth individuals and companies on the website, Activities that any firm can do 1. Advising the company on the options available to raise finance, including discussion on the possibilities of business angels and venture capitalists investing. 2. Advising on and arranging for the issue of shares. Additional activities that a DPB licensed firm can do 3. Advising a shareholder on the sale of shares. 4. Advising on the purchase of shares which are not traded on a public market, nor is there an intention to trade them on a public market. Additional activities than an FSA authorised firm can do 5. Recommending the purchase of a specific publicly tradable share.

7 Legislative Background Appendix A There are a number of Statutory Instruments (SIs) which deal with what is regulated. There are two main SIs to consider: the Financial Services and Markets Act 2000 Regulated Activities Order - SI 2001/No544, which identifies the investments and activities which are regulated and includes various exemptions; and the Financial Services and Markets Act (Professions) (Non-Exempt Activities) Order - SI 2001/1227, which identifies specific activities which cannot be undertaken under a DPB licence. This guidance does not provide cross references to the legislation which has been heavily amended since it came into force. Nor are the examples provided exhaustive, so firms may wish to refer to the DPB Handbook (available on the Institute website, for further information. The legislation is available from

8 Regulated Investments and Regulated Activities Appendix B The activities are wide ranging, although in some instances, activities may be excluded from regulation by the detailed wording of the legislation. Regulated investments Deposits Rights under contracts of insurance (general insurance, life and pensions contracts) Shares Instruments creating or acknowledging indebtedness (e.g. debentures) Government and public securities Instruments giving entitlement to investments (e.g. warrants) Certificates representing certain securities Units in a collective investment scheme Rights under a stakeholder pension scheme Options Futures Contracts for differences Lloyds syndicate capacity and syndicate membership Funeral plan contracts Regulated mortgage contracts (In 2006, home reversion schemes and home purchase plans will become regulated) Rights to or interests in investments Regulated activities Effecting and carrying out contracts of insurance Dealing in investments as principal Dealing in investments as agent Arranging deals in investments (including some introductions) Arranging regulated mortgage contracts Managing investments Assisting in the administration and performance of a contract of insurance (e.g. claims handling for a client) Safeguarding and administering investments Sending dematerialised instructions Establishing (operating or winding up) a collective investment scheme Establishing (operating or winding up) a stakeholder pension scheme Advising on investments Advising on regulated mortgage contracts Advising on Lloyd's membership, managing Lloyd's syndicates underwriting capacity and arranging deals in contracts of insurance written at Lloyd s Entering as provider into a funeral plan contract Entering into a regulated mortgage contract as a lender Agreeing to carry on a specified activity

9 Key exclusions in the legislation Appendix C Generic advice The legislation does not regulate the provision of generic advice, where there is a general discussion with a client about different types of investments, but not a recommendation or discussion on the merits of a particular, identifiable investment. For example, a recommendation to invest in shares would be generic advice; a recommendation to invest in particular shares would be specific. Introduction for independent financial advice. Any firm can make an introduction to a suitably authorised firm for a client to obtain independent financial advice. This exclusion can be used where the introduction is made with a view to the client obtaining advice on any investment except any involving or potentially involving an insurance contract (which includes general insurance and life and pensions contracts). Arranging with an FSA authorised person An unauthorised/unlicensed firm can make arrangements for a client to buy or sell an investment through an FSA authorised firm provided: o they do not themselves give advice on the merits of the transaction, o the transaction is on the advice of an FSA authorised person, and o the client has not requested any advice or if they have, they been advised to seek advice from an FSA authorised person. This exclusion cannot be used in respect of insurance contracts (which includes general insurance and life and pensions contracts) and the firm must account to the client for any commission which arises out of the transaction. Professional firms exclusion A firm can arrange a deal in investments or give advice, provided: the service may reasonably be regarded as a necessary part of other professional services; the service is not remunerated for this work separately from the other services; and the business or profession does not otherwise consist of regulated activities. This exclusion cannot be used in respect of insurance contracts (which includes general insurance and life and pensions contracts). However, firms should be careful to ensure that they can justify the use of this exclusion and that the service may reasonably be regarded as a necessary part of other professional services.

10 Sale of a body corporate exclusion This is a fairly complex exclusion which applies to advising on and arranging transactions in respect of shares. However, it can be widely used, particularly in the acquisition of companies. Advice, arranging a deal or dealing as agent regarding the sale or purchase of a body corporate is not a regulated activity, but only if: the object of the transaction may be reasonably regarded as the acquisition of day to day control over the affairs of the body corporate; or the shares (together with ones already held) are 50% or more of the voting rights and the transaction is between two parties each of whom is a body corporate, a partnership, a single individual or a group of connected individuals. The first test relates to day to day control and can only be used where the firm is satisfied that it is acting for a person (which could be a group of disparate persons) who is seeking to acquire day to day control. Where a group of persons are acting together, it may be difficult to establish that they seek to possess a controlling interest (i.e. day to day control). A group of persons must be acting in concert to meet the test. The firm does not need to act for all of the potential shareholders, provided those it collectively represents are seeking to acquire control. The second test is more straight forward although the definition of a group of connected persons may need to be considered: A group of connected individuals means: a in relation to the vendor, a single group of persons each of whom is: i) a director or manager of the body corporate; ii) a close relative of any such director or manager; or iii) a person acting as trustee for any person falling within paragraphs i) or ii). b in relation to the acquirer, a single group of persons each of whom is: i) a person who is or is to be a director or manager of the body corporate; ii) a close relative of any such person; or a person acting as trustee for any person falling within paragraphs i) or ii). Further explanation on both tests is provided in the DPB Handbook at

Investment business A brief guide as to whether you are conducting investment business and whether you need a DPB licence

Investment business A brief guide as to whether you are conducting investment business and whether you need a DPB licence Investment business A brief guide as to whether you are conducting investment business and whether you need a DPB licence This helpsheet has been produced in conjunction with the ICAS Quality Assurance

More information

INVESTMENT BUSINESS. A brief guide as to whether you are conducting investment business and whether you need a DPB licence APRIL 2014

INVESTMENT BUSINESS. A brief guide as to whether you are conducting investment business and whether you need a DPB licence APRIL 2014 INVESTMENT BUSINESS A brief guide as to whether you are conducting investment business and whether you need a DPB licence APRIL 2014 This helpsheet is intended to help members in practice determine whether

More information

Guidance on corporate finance activities

Guidance on corporate finance activities Guidance on corporate finance activities The purpose of this schedule is to describe some common corporate finance scenarios and identify whether these are regulated activities or not and if so whether

More information

THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND

THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND Designated Professional Body Handbook 2004

More information

Financial Services 17.1 INTRODUCTION CHAPTER 17. Financial Services 169 LEARNING OUTCOMES

Financial Services 17.1 INTRODUCTION CHAPTER 17. Financial Services 169 LEARNING OUTCOMES Financial Services 169 CHAPTER 17 Financial Services 17.1 Introduction 169 17.2 Source material 170 17.3 Financial services regulatory structure 170 17.4 The general framework 171 17.5 The need for authority

More information

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. To whom does the SIB Law apply? 2 3. What is Securities Investment Business? 2 4. Excluded Activities

More information

FSA regulation of mortgage arranging and advising do I need to be authorised?

FSA regulation of mortgage arranging and advising do I need to be authorised? Financial Services Authority FSA regulation of mortgage arranging and advising do I need to be authorised? Do I need to read this factsheet? Since October 2004 we (the FSA) have been responsible for regulating

More information

Investment Business in Bermuda

Investment Business in Bermuda Investment Business in Bermuda Foreword This memorandum has been prepared for the assistance of those who require information about the Investment Business Act 2003. It deals in broad terms with the requirements

More information

Important News. for all firms regarding the regulation of mortgage and general insurance business. Contents

Important News. for all firms regarding the regulation of mortgage and general insurance business. Contents Important News for all firms regarding the regulation of mortgage and general insurance business DPB UPDATE Issue 3 September 2004 This is a special issue of DPB Update that we are sending to all firms

More information

The Perimeter Guidance manual. Chapter 8. Financial promotion and related activities

The Perimeter Guidance manual. Chapter 8. Financial promotion and related activities The Perimeter uidance manual Chapter Financial promotion and related activities PER : Financial promotion.4 Invitation or inducement.4.1 Promotional element The Act does not contain any definition of the

More information

GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS

GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS CONTENTS PREFACE 1 1. PIK Notes 2 2. CISE Listing 2 3. Appleby Securities (Channel Islands) Limited 2 APPENDIX

More information

The Companies Act 1862-1900. Private Company Limited by Guarantee and not. having a Share Capital. Memorandum of Association. Children North East

The Companies Act 1862-1900. Private Company Limited by Guarantee and not. having a Share Capital. Memorandum of Association. Children North East The Companies Act 1862-1900 Private Company Limited by Guarantee and not having a Share Capital Memorandum of Association of Children North East As amended by special resolution dated 11 July 2007 1. Name

More information

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

More information

Personal Financial Planning

Personal Financial Planning Personal Financial Planning Traffic light guide to regulation BUSINESS WITH CONFIDENCE icaew.com Personal Financial Planning Advice Regulation considerations Contents In 2015 we launched Tomorrow s Practice,

More information

Finance for Business Growth

Finance for Business Growth Finance for Business Growth A Presentation by Clive Lewis, Head of Enterprise, Institute of Chartered Accountants in England & Wales (ICAEW) Finance for Growth Businesses Presentation will cover: Do you

More information

Code of Conduct 1. The Financial Services Authority

Code of Conduct 1. The Financial Services Authority The Financial Services Authority Code of Conduct 1 1 The FSA's Code of Conduct should be read in conjunction with the guidance, which is designed to help you understand and apply the provisions of the

More information

Security Trading Policy

Security Trading Policy Security Trading Policy Grays ecommerce Group Limited (ACN 125 736 914) (Grays or Company) Adopted by the Board on 1. Introduction 1.1 Purpose This policy summarises the law relating to insider trading

More information

Mauritius Investment Funds

Mauritius Investment Funds Mauritius Investment Funds Foreword This memorandum has been prepared for the assistance of those who are considering the formation and regulation of Mauritius investment funds. It deals in broad terms

More information

Acquiring land April 2001

Acquiring land April 2001 Acquiring land April 2001 Contents 1. What is this guidance about? 2 2. In this guidance 2 3. Trustees powers and duties 3 4. What are the general duties of trustees when acquiring land for their charity?

More information

Detailed proposals for the FCA regime for consumer credit. Appendix 1 Made rules (legal instrument)

Detailed proposals for the FCA regime for consumer credit. Appendix 1 Made rules (legal instrument) Detailed proposals for the FCA regime for consumer credit CP13/10 Appendix 1 Made rules (legal instrument) CP13/10 Detailed proposals for the FCA regime for consumer credit Appendix 2 Draft Handbook text

More information

Title: Code for Dealing in Securities

Title: Code for Dealing in Securities GSK Policy Title: Code for Dealing in Securities Official Short Title: Code for Dealing in Securities Key Points No employee may deal in GlaxoSmithKline plc securities ( GSK securities ) if he or she is

More information

FINANCIAL SERVICES ACT 2008 REGULATED ACTIVITIES ORDER 2011. Approved by Tynwald 13 December 2011 Coming into operation 1 January 2012

FINANCIAL SERVICES ACT 2008 REGULATED ACTIVITIES ORDER 2011. Approved by Tynwald 13 December 2011 Coming into operation 1 January 2012 Statutory Document No. 0884/11 FINANCIAL SERVICES ACT 2008 REGULATED ACTIVITIES ORDER 2011 Approved by Tynwald 13 December 2011 Coming into operation 1 January 2012 The Treasury, after carrying out the

More information

G R O U P T R A D I N G P O L I C Y

G R O U P T R A D I N G P O L I C Y G R O U P T R A D I N G P O L I C Y 1. INTRODUCTION These guidelines set out the policy on the sale and purchase of securities in the Company. This policy applies to: all Directors of the Company; all

More information

Do you need a credit licence? An introduction to consumer credit licensing

Do you need a credit licence? An introduction to consumer credit licensing Do you need a credit licence? An introduction to consumer credit licensing July 2008 Do you need a credit licence? To comply with the requirements of the Consumer Credit Act 1974, you must have a credit

More information

AUSTOCK GROUP LTD POLICY IN RELATION TO SHARE TRADING

AUSTOCK GROUP LTD POLICY IN RELATION TO SHARE TRADING AUSTOCK GROUP LTD POLICY IN RELATION TO SHARE TRADING 1. Purpose 1.1 The purpose of this policy is to: (1) explain the type of conduct that is prohibited under the Corporations Act 2001 (as amended) in

More information

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for

More information

SHARE TRADING POLICY

SHARE TRADING POLICY SHARE TRADING POLICY 1. Background 1.1 Murchison Holdings Limited ( MCH ) has adopted a corporate governance policy taking into account: 1.1.1 the Corporations Act 2001 (Cth); 1.1.2 the guidelines set

More information

Directors Report 2013

Directors Report 2013 Directors Report 2013 Iris Insurance Brokers Limited Directors Report for the Year Ended 30 September 2013 Directors Report 2013 Contents Who we are 1 Key developments 1 Operational highlights 1 Financial

More information

Conduct of Business Sourcebook. Chapter 4. Communicating with clients, including financial promotions

Conduct of Business Sourcebook. Chapter 4. Communicating with clients, including financial promotions Conduct of Business Sourcebook Chapter Communicating with clients, including financial COBS : Communicating with.12 Restrictions on the promotion of non-mainstream pooled investments.12.3 R Restrictions

More information

Guideline: Issuers of securities and participants in issues

Guideline: Issuers of securities and participants in issues Guideline: Issuers of securities and participants in issues December 2012 About this guideline This guideline is for businesses registered on the Financial Services Providers Register (FSPR) as an issuer

More information

Licensing: Financial product advice and dealing

Licensing: Financial product advice and dealing REGULATORY GUIDE 36 Licensing: Financial product advice and dealing August 2013 About this guide This guide is for persons who may provide financial product advice or deal in a financial product as defined

More information

MEMORANDUM OF ASSOCIATION

MEMORANDUM OF ASSOCIATION THE COMPANIES ACTS, 1963 TO 2006 A PUBLIC COMPANY LIMITED BY SHARES AN UMBRELLA TYPE INVESTMENT COMPANY WITH VARIABLE CAPITAL AND HAVING SEGREGATED LIABILITY BETWEEN SUB-FUNDS NATIXIS INTERNATIONAL FUNDS

More information

MJS Business Finance Ltd 2nd Floor, 31 Waterloo Road, Wolverhampton WV1 4DJ

MJS Business Finance Ltd 2nd Floor, 31 Waterloo Road, Wolverhampton WV1 4DJ Introduction MJS specialise in advising small to medium size enterprises (SME s) in all areas concerning Business Funding. We are appointed by a number of accountancy firms to work with and advise their

More information

Mortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation

Mortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation Mortgage Brokerages, Lenders and Administrators Act, 2006 Additional Draft Regulations for Consultation Proposed by the Ministry of Finance January, 2008 Mortgage Brokerages, Lenders and Administrators

More information

Share trading policy. Mortgage Choice Limited ABN 57 009 161 979 ME_89157250_10 (W2003)

Share trading policy. Mortgage Choice Limited ABN 57 009 161 979 ME_89157250_10 (W2003) Share trading policy Mortgage Choice Limited ABN 57 009 161 979 2 Share trading policy 1. Introduction 1.1 The shares of Mortgage Choice Limited ABN 57 009 161 979 (the Company) are quoted on the Australian

More information

ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY

ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY 1. Introduction and Purpose ALMONTY INDUSTRIES INC. INSIDER TRADING POLICY Almonty Industries Inc. (the Corporation ) is a Canadian company, it is a reporting issuer in Canada and its securities are listed

More information

Business Finance Advice Scheme: FAQs

Business Finance Advice Scheme: FAQs Business Finance Advice Scheme: FAQs Q. Why was the Business Finance Advice Scheme created? The Business Finance Advice kitemark scheme helps businesses find professionally qualified accountants who are

More information

PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION (COFUNDS) (CP) TERMS SHEET.

PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION (COFUNDS) (CP) TERMS SHEET. PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION (COFUNDS) (CP) TERMS SHEET. This is an important document which you should keep in a safe place. 2 TERMS SHEET. This document details charges applicable to

More information

Mortgage and Equity Release Client Agreement

Mortgage and Equity Release Client Agreement Mortgage and Equity Release Client Agreement Client name Date of issue CONTENTS Client agreement 1 This details the terms and conditions under which we will conduct business with you. Keyfacts about our

More information

provide a brief and high level summary of the law on insider trading; set out the restrictions on dealing in the Company s securities; and

provide a brief and high level summary of the law on insider trading; set out the restrictions on dealing in the Company s securities; and Share Trading Policy 1. Purpose of this policy The purpose of this policy is to: provide a brief and high level summary of the law on insider trading; set out the restrictions on dealing in the Company

More information

POLICY 5.6 NORMAL COURSE ISSUER BIDS

POLICY 5.6 NORMAL COURSE ISSUER BIDS Scope of Policy POLICY 5.6 NORMAL COURSE ISSUER BIDS This Policy sets out the procedures and policies of the Exchange with respect to normal course issuer bids made through its facilities. In general,

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 14 Credit unions - Illustrative financial statements

Accounting and Reporting Policy FRS 102. Staff Education Note 14 Credit unions - Illustrative financial statements Accounting and Reporting Policy FRS 102 Staff Education Note 14 Credit unions - Illustrative financial statements Disclaimer This Education Note has been prepared by FRC staff for the convenience of users

More information

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1

More information

SHARE TRADING POLICY

SHARE TRADING POLICY 1. INTRODUCTION SHARE TRADING POLICY The Corporations Act contains provisions which prohibit a person in possession of material, non-public information relating to a company from dealing in any way with

More information

Guide to Profit Sharing Schemes

Guide to Profit Sharing Schemes Guide to Profit Sharing Schemes PROFIT SHARING SCHEMES This booklet describes the provisions of Chapter 1 of Part 17, Taxes Consolidation Act, 1997 and Schedule 11 of that Act, incorporating all amendments

More information

ACCOUNTING STANDARDS BOARD SEPTEMBER 1998 FRS 13 FINANCIAL REPORTING STANDARD DERIVATIVES AND OTHER DISCLOSURES ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD SEPTEMBER 1998 FRS 13 FINANCIAL REPORTING STANDARD DERIVATIVES AND OTHER DISCLOSURES ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD SEPTEMBER 1998 FRS 13 13 DERIVATIVES AND OTHER FINANCIAL REPORTING STANDARD FINANCIAL INSTRUMENTS: DISCLOSURES ACCOUNTING STANDARDS BOARD Financial Reporting Standard 13 Derivatives

More information

Code of Practice - Disposal of Bank Assets

Code of Practice - Disposal of Bank Assets Code of Practice - Disposal of Bank Assets The Code of Practice was first approved by the Minister of Finance on the 5 th July 2010, with this updated version approved by the Minister for Finance on the

More information

Share Trading Policy. Spotless Group Holdings Limited ACN 154 229 562

Share Trading Policy. Spotless Group Holdings Limited ACN 154 229 562 Share Trading Policy Spotless Group Holdings Limited ACN 154 229 562 Adopted by the Company board on 26 March 2014 Contents Page 1 Introduction 1 2 Persons to whom this Policy applies 1 3 Purpose 1 4 Restrictions

More information

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

Our responsibility is to express an opinion on these standalone financial statements based on our audit. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JET AIRWAYS TRAINING ACADEMY PRIVATE LIMITED Report on the Standalone Financial Statements We have audited the accompanying financial statements of JET AIRWAYS

More information

Companies (Consolidated Accounts) 1999-28

Companies (Consolidated Accounts) 1999-28 Companies (Consolidated Accounts) 1999-28 COMPANIES (CONSOLIDATED ACCOUNTS) ACT by Act. 2014-19 as from 1.11.2014 Principal Act Act. No. 1999-28 Commencement 1.4.2000 Assent 28.10.1999 Amending enactments

More information

CIMA CODE OF ETHICS For professional accountants Annex 1 (Sections 290 and 291)

CIMA CODE OF ETHICS For professional accountants Annex 1 (Sections 290 and 291) CIMA CODE OF ETHICS For professional accountants Annex 1 (Sections 290 and 291) October 2010 CIMA PREFACE Annex 1 comprises section 290 and 291 of the CIMA Code of Ethics which address the independence

More information

-------------------------------------------------

------------------------------------------------- Unofficial Translation With courtesy of the Foreign Banks' Association This translation is for the convenience of those unfamiliar with the Thai language Please refer to the Thai text for the official

More information

Securities Trading Policy

Securities Trading Policy Securities Trading Policy Owner Policy Authorised by Changes to be approved by Direct questions on Policy to Company Secretariat Board Board Company Secretary Policy to be reviewed no later than Version

More information

January 2015. Review of the Code of Conduct for Business Lending to Small and Medium Enterprises. Consultation Paper CP91

January 2015. Review of the Code of Conduct for Business Lending to Small and Medium Enterprises. Consultation Paper CP91 January 2015 Review of the Code of Conduct for Business Lending to Small and Medium Enterprises Consultation Paper CP91 1 2 1. Introduction The Code of Conduct for Business Lending to Small and Medium

More information

SHARE TRADING POLICY Asciano Limited

SHARE TRADING POLICY Asciano Limited SHARE TRADING POLICY Asciano Limited ABN 26 123 652 862 UPDATES 4 June 2007 Adopted by the Board 22 July 2008 Reviewed and minor amendments made 22 September 2009 Reviewed and minor amendments made 25

More information

Joint or Separate Representation of borrowers and lenders?

Joint or Separate Representation of borrowers and lenders? Joint or Separate Representation of borrowers and lenders? Submission by the Council of Mortgage Lenders to the Law Society of Northern Ireland consultation Introduction 1. The Council of Mortgage Lenders

More information

Credit licensing: Responsible lending conduct

Credit licensing: Responsible lending conduct REGULATORY GUIDE 209 Credit licensing: Responsible lending conduct November 2014 About this guide This is a guide for credit licensees, credit applicants and unlicensed carried over instrument lenders

More information

IRELAND EMPLOYEE BENEFITS SHARE INCENTIVE SCHEMES MAY 2013

IRELAND EMPLOYEE BENEFITS SHARE INCENTIVE SCHEMES MAY 2013 IRELAND EMPLOYEE BENEFITS SHARE INCENTIVE SCHEMES MAY 2013 CONTENTS Page No 1 Introduction...3 1.1 Share incentive schemes...3 1.2 Types of share incentive schemes...3 1.3 How we can help...4 2 Share /

More information

Eclipx Group Limited Securities Trading

Eclipx Group Limited Securities Trading Eclipx Group Limited Securities Trading Date approved: 26 March 2015 SECURITIES TRADING ECLIPX GROUP LIMITED (THE COMPANY) 1. Introduction and Purpose 1.1 Background This Securities Trading Policy (Policy)

More information

Lecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES

Lecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES Lecture 18 SOURCES OF FINANCE AND GOVERNMENT POLICIES Learning Objectives Sources of finance for small and medium-sized businesses. Types of financial assistance Finance is needed throughout a company

More information

Share Trading Policy. SkyFii Limited ACN 009 264 699 (Company)

Share Trading Policy. SkyFii Limited ACN 009 264 699 (Company) Share Trading Policy SkyFii Limited ACN 009 264 699 (Company) Table of contents 1 Purpose... 1 1.1 Scope... 1 1.2 Who does this policy apply to?... 1 1.3 Further advice... 1 2 Insider trading prohibitions

More information

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable

More information

ASSOCIATION OF INDEPENDENT LSCB CHAIRS LIMITED ARTICLES OF ASSOCIATION

ASSOCIATION OF INDEPENDENT LSCB CHAIRS LIMITED ARTICLES OF ASSOCIATION ASSOCIATION OF INDEPENDENT LSCB CHAIRS LIMITED ARTICLES OF ASSOCIATION CONTENTS CLAUSE 1. Interpretation... 1 2. Object... 3 3. Powers... 3 4. Not for distribution... 4 5. Winding up... 5 6. Guarantee...

More information

Securities Trading Policy

Securities Trading Policy Securities Trading Policy Chalice Gold Mines Limited ACN 116 648 956 (Company) 1 Purpose The purpose of this policy is to: assist those persons covered by the policy to comply with their obligations under

More information

CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014

CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS. Public Consultation July 2014 CONSUMER PROTECTION ON THE SALE OF LOAN BOOKS Public Consultation July 2014 Public Consultation Paper: Consumer Protection on the Sale of Loan Books Department of Finance July 2014 Department of Finance

More information

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE

ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INVESTMENT BANKING CONTENTS INTRODUCTION... 1 General Operation of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY...

More information

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES Contents Introduction Background The audit approach Ethical issues Planning considerations Communication

More information

European Union Green Paper on Mortgage Credit in the EU. Response from Prudential plc

European Union Green Paper on Mortgage Credit in the EU. Response from Prudential plc 1 General Comments European Union Green Paper on Mortgage Credit in the EU Response from Prudential plc 1.1 We welcome the opportunity to respond to the Commission s Green Paper on Mortgage Credit in the

More information

Status MCG Financial Services Ltd ( the Company ) is regulated by the Central Bank of Ireland.

Status MCG Financial Services Ltd ( the Company ) is regulated by the Central Bank of Ireland. Client name: MCG Financial Services Ltd About us Status MCG Financial Services Ltd ( the Company ) is regulated by the Central Bank of Ireland. Terms of Business Attached are the Company s Terms of Business

More information

Risk Warning Notice. Introduction

Risk Warning Notice. Introduction First Equity Limited Salisbury House London Wall London EC2M 5QQ Tel 020 7374 2212 Fax 020 7374 2336 www.firstequity.ltd.uk Risk Warning Notice Introduction You should not invest in any investment product

More information

Deed of Mortgage secured by Real Estate WESTERN AUSTRALIA

Deed of Mortgage secured by Real Estate WESTERN AUSTRALIA Deed of Mortgage secured by Real Estate WESTERN AUSTRALIA 1 Deed of Mortgage secured by Real Estate - WESTERN AUSTRALIA Contents Parties Definitions 1 Purpose of Agreement; 2 Covenant to repay; 3 The Mortgagor

More information

Securities Trading Policy

Securities Trading Policy Securities Trading Policy Level: Board Policy no: BRD-BP-003 Version no: 4.0 Effective: 30 July 2015 POLICY PURPOSE SCOPE The Company is committed to preventing the misuse (or perceived misuse) of Price

More information

Securities Trading Policy

Securities Trading Policy Securities Trading Policy APN Outdoor Group Limited (ACN 155 848 589) Adopted by the Board on 17 October 2014 APN Outdoor Group Limited Securities Trading Policy 1 Purpose The Corporations Act 2001 (Cth)

More information

CODE FOR UNDERWRITING AGENTS: SYNDICATE EXPENSES. Explanatory Note. This code was issued in a regulatory bulletin 069/00 dated 12 September 2000

CODE FOR UNDERWRITING AGENTS: SYNDICATE EXPENSES. Explanatory Note. This code was issued in a regulatory bulletin 069/00 dated 12 September 2000 CODE FOR UNDERWRITING AGENTS: SYNDICATE EXPENSES This code was issued in a regulatory bulletin 069/00 dated 12 September 2000 Explanatory Note This code has been made under the Core Principles Byelaw in

More information

FUND MANAGER CODE OF CONDUCT

FUND MANAGER CODE OF CONDUCT FUND MANAGER CODE OF CONDUCT First Edition pursuant to the Securities and Futures Ordinance (Cap. 571) April 2003 Securities and Futures Commission Hong Kong TABLE OF CONTENTS Page INTRODUCTION 1 I. ORGANISATION

More information

KINGDOM OF SAUDI ARABIA GLOSSARY OF DEFINED TERMS USED IN THE REGULATIONS AND RULES OF THE CAPITAL MARKET AUTHORITY

KINGDOM OF SAUDI ARABIA GLOSSARY OF DEFINED TERMS USED IN THE REGULATIONS AND RULES OF THE CAPITAL MARKET AUTHORITY KINGDOM OF SAUDI ARABIA GLOSSARY OF DEFINED TERMS USED IN THE REGULATIONS AND RULES OF THE CAPITAL MARKET AUTHORITY English Translation of the Official Arabic Text Issued by the Board of the Capital Market

More information

CHARITY COMMISSION SCHEME

CHARITY COMMISSION SCHEME Sealed 11th June 2007 54(S) 07 General _ Charity The Charity Equity Fund CHARITY COMMISSION LCU (Ldn) 1,038,563 / 617,340 Scheme In the matter of the Charity called The Charity Equity Fund, regulated by

More information

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

Hotel Property Investments Limited Security Trading Policy

Hotel Property Investments Limited Security Trading Policy Hotel Property Investments Limited Security Trading Policy Arnold Bloch Leibler TABLE OF CONTENTS 1 Definitions... 3 2 Introduction... 4 3 Insider Trading... 5 4 Scope of this Policy... 5 5 Periods During

More information

Information guide: Accountants exemption reform

Information guide: Accountants exemption reform Information guide: Accountants exemption reform This information guide has been developed for members of CPA Australia and Chartered Accountants Australia and New Zealand (Chartered Accountants ANZ). 1.

More information

Self Managed Superannuation Fund Borrowing - Q s and A s

Self Managed Superannuation Fund Borrowing - Q s and A s Self Managed Superannuation Fund Borrowing - Q s and A s Self Managed Superannuation Fund (SMSF) Borrowing Q s and A s Borrowing through your SMSF is not as difficult a process as you may think. As a market

More information

CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS (NO 2) INSTRUMENT 2015

CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS (NO 2) INSTRUMENT 2015 CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS (NO 2) INSTRUMENT 2015 Powers exercised A. The Financial Conduct Authority makes this instrument in the

More information

SUBSIDIARY LEGISLATION 16.06 INTEREST RATE (EXEMPTION) REGULATIONS

SUBSIDIARY LEGISLATION 16.06 INTEREST RATE (EXEMPTION) REGULATIONS INTEREST RATE (EXEMPTION) [S.L.16.06 1 SUBSIDIARY LEGISLATION 16.06 INTEREST RATE (EXEMPTION) REGULATIONS 24th March, 2009 LEGAL NOTICE 142 of 2009, as amended by Legal Notice 107 of 2013. 1. The title

More information

STATUTORY INSTRUMENTS. S.I. No. 47 of 2015

STATUTORY INSTRUMENTS. S.I. No. 47 of 2015 STATUTORY INSTRUMENTS. S.I. No. 47 of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (HOUSING LOAN REQUIREMENTS) REGULATIONS 2015 2 [47] S.I. No. 47 of 2015 CENTRAL BANK (SUPERVISION

More information

STELLENBOSCH MUNICIPALITY

STELLENBOSCH MUNICIPALITY STELLENBOSCH MUNICIPALITY APPENDIX 9 BORROWING POLICY 203/204 TABLE OF CONTENTS. PURPOSE... 3 2. OBJECTIVES... 3 3. DEFINITIONS... 3 4. SCOPE OF THE POLICY... 4 5. LEGISLATIVE FRAMEWORK AND DELEGATION

More information

THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA

THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA Project No 45 Mortgage Brokers REPORT SEPTEMBER 1974 The Law Reform Commission of Western Australia was established by the Law Reform Commission Act 1972.

More information

SHROPSHIRE CHAMBER LIMITED

SHROPSHIRE CHAMBER LIMITED Registered number: 1016036 SHROPSHIRE CHAMBER LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS COMPANY INFORMATION Directors I Davies P Guy N Howarth S D MacVicker D Peden H J Wakefield D Williams K

More information

AMP Limited Trading Policy

AMP Limited Trading Policy AMP Limited Trading Policy Approved by the AMP Limited Board on 28 March 2012 AMP Limited ABN 49 079 354 519 Contents 1. Trading Policy... 3 1.1 Guiding principles... 3 1.2 General trading restrictions

More information

Probiotec Limited. Security Trading Policy

Probiotec Limited. Security Trading Policy Probiotec Limited Security Trading Policy TABLE OF CONTENTS Page no. 1 Definitions... 1 2 Introduction... 2 3 Insider Trading... 3 4 Scope of this Policy... 3 5 Periods During Which Dealings Must Not Take

More information

Definitions. Article (2)

Definitions. Article (2) Definitions Article (2) The following words and phrases wherever mentioned in this Law shall have the meanings ascribed thereto hereunder unless the context indicates otherwise: The Commission The Board

More information

Helping businesses source finance

Helping businesses source finance SUPPORTING BUSINESS - SOURCING FINANCE Helping businesses source finance Helping businesses source finance These are challenging times for every business. The economic environment has changed and many

More information

Share Trading Policy. Ecosave Holdings Limited ACN 160 875 016. Revision 1: 4 July 2013. 94721781/v2

Share Trading Policy. Ecosave Holdings Limited ACN 160 875 016. Revision 1: 4 July 2013. 94721781/v2 Share Trading Policy Ecosave Holdings Limited ACN 160 875 016 Revision 1: 4 July 2013 94721781/v2 Table of Contents 1. Introduction...1 2. Definitions...1 3. Scope of transactions...2 4. Standards...2

More information

SMALL AND MEDIUM SIZED BUSINESS (CREDIT INFORMATION) INSTRUMENT 2016

SMALL AND MEDIUM SIZED BUSINESS (CREDIT INFORMATION) INSTRUMENT 2016 SMALL AND MEDIUM SIZED BUSINESS (CREDIT INFORMATION) INSTRUMENT 2016 Powers exercised by the Financial Ombudsman Service FCA 2016/17 A. The Financial Ombudsman Service Limited makes and amends the Voluntary

More information

Securities Trading Policy

Securities Trading Policy Securities Trading Policy Issued on 31 December 2010 1. Introduction Purpose The Board encourages Key Management Personnel (including Directors) employees to own securities in Ruralco Holdings Limited

More information

Investment Guide SIPP

Investment Guide SIPP 2013 SIPP Investment Guide The Barnett Waddingham SIPP is defined by its ability to deal with all manner of allowable investments and by the personal service offered by our staff to business introducers

More information

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives

More information

largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904

largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 CONTENTS What is equity release?... 3 How much money could I raise through an equity release?... 4 What

More information

Annex B Consumer Credit Rules from 6 April 2007

Annex B Consumer Credit Rules from 6 April 2007 Annex B Consumer Credit Rules from 6 April 2007 The rules will be available on the internet from 6 April 2007 in the Dispute Resolution: Complaints (DISP) module of the electronic FSA handbook. The extract

More information

Mortgage & Equity Release Guide

Mortgage & Equity Release Guide Edward Wilson Financial Services OVERVIEW Experience We have been advising clients since 1994, and have a wealth of experience for which there is no substitute. As an appointed representative of the Sesame

More information