Part 4A Permission
Many firms find Regulatory Applications to be a somewhat challenging experience!
This is not surprising, given the amount of paperwork that can be required, unfamiliar terminology and the fact that the firm may only make infrequent applications in its lifetime.
This experience is not made any easier knowing that a simple error or omission in the application might delay the application process.
Understandably, many firms look to third party professional firms to help them through this process.
How can Complyport help?
Complyport’s team has a wealth of experience helping firms with FCA applications to gain FCA authorisation for the first time and in helping authorised firms submit applications to FCA to allow them to undertake additional regulated activities, (e.g. advisory firms wishing to expand their business to provide a discretionary investment management service), known as a ‘Variation of Permission’.
On authorisations alone, Complyport has helped over 600 firms become authorised by the FCA and its predecessor, the FSA.
Complyport offers a flexible approach to suit an individual firms’ needs when helping firms with their regulatory applications.
We can provide a fully project managed service where Complyport, with the firm’s assistance and input where needed, will take the lead in completing the entire application pack.
Complyport also offers a review service where we will provide feedback on the application documents completed by the the firm itself.
Whatever the level of service chosen by the client Complyport can assist by helping firms:
- Understand the application process and the additional regulatory responsibilities that this places on the firm and it’s approved persons including senior managers.
- Apply for the appropriate regulatory permissions and the right capabilities post authorisation with enough flexibility to satisfy future development of the business.
- Anticipate any questions from a regulatory perspective so that the firm is able to address them beforehand.
- Construct an authorisation application pack including assistance with the drafting of coherent regulatory business plans and financial projections to support the application;
- Communicating with third party advisors (audit, legal etc) and the FCA Case Officer. We will act as the FCA’s point of contact and advise upon the applicant’s appropriate course of action at each stage of the process and will provide detailed answers to any issues and points raised by the FCA’s Case Officer
- Implement place appropriate systems and controls required by the application
- Understand the Threshold Conditions that they must meet at both the authorisation stage afterwards on an ongoing basis.
- Guidance on how European Regulations and Directives such as MIFID, UCITS, AIFMD, EMIR might impact upon the business.
- Implement appropriate systems and controls and related compliance documentation to support the application.
- Respond to any questions or requests for further information from the regulator during the application process.
- Assistance with applications via the FCA’s Online Notifications and Applications System (“ONA”)
- Advice and assistance with Approved Persons applications for thos individuals carrying out Controlled Functions;
- Helping firms that wish to undertake overseas regulatory activities decide on the most appropriate way in which this can be accomplished depending on the business model and resources of the firm.
- Guiding firms that wish to act as principal to appointed Representatives and Tied Agents through the regulatory notification process and providing providing practical assistance to them.