Transitional Provisions and Schedules

Part

PROF Professional Firms

Chapter

Transitional Provisions and Schedules

Printed on: 03/07/2024

Rulebook at: 06/04/2008

Transitional Provisions and Schedules

PROF TP 1

Transitional provisions

PROF TP 1.1

(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

PROF 4.1.2 R

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

PROF

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

There are no record keeping requirements in PROF.

01/12/2004

PROF Sch 2

Notification requirements

01/12/2004

PROF Sch 2.1

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

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

The following powers and related provisions in the Act have been exercised by the FSA to make the rules in PROF:

Section 138 (General rule-making power)

Section 156 (General supplementary powers)

Section 332(1) (Rules in relation to persons to whom the general prohibition does not apply)

01/12/2004

PROF Sch 4.2

The following powers in the Act have been exercised by the FSA to give the guidance in PROF:

Section 157(1) (Guidance)

01/12/2004

PROF Sch 5

Rights of action for damages

01/12/2004

PROF Sch 5.1

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

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

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

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

01/12/2004

PROF Sch 6

Rules that can be waived

01/12/2004

PROF Sch 6.1

No rules in PROF can be waived by the FSA under section 148 of the Act (Modification or waiver of rules), except for PROF 5.2.1 R and PROF 5.2.2 R (Conditions for non-mainstream regulated activity).

01/12/2004