IFPRU 11.7 Notifications

This section applies to:

1. (1)

   an IFPRU 730k firm that is not subject to supervision on a consolidated basis;

2. (2)

   a firm that is an RRD group member;

3. (3)

   a qualifying parent undertaking that is an RRD group member; and

4. (4)

   a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm.

A firm or qualifying parent undertaking must notify the FCA immediately if its management body considers that any of the following have occurred:

1. (1)

   the assets of the firm or qualifying parent undertaking have become less than its liabilities; or

2. (2)

   the firm or qualifying parent undertaking is unable to pay its debts or other liabilities as they fall due; or

3. (3)

   there are objective reasons to support a determination that (1) or (2) will occur in the near future; or

4. (4)

   extraordinary public financial support is needed for the firm or qualifying parent undertaking, except if it takes any of forms allowed by section 7(5E) of the Banking Act 2009.

A firm must also notify the FCA immediately if its management body considers that:

1. (1)

   the firm is failing to satisfy any of the threshold conditions, including due to the firm having incurred, or being likely to incur, losses that will deplete all, or a significant amount of, its own funds; or

2. (2)

   there are objective elements to support a determination that the firm will fail to satisfy any of the threshold conditions in the near future.

[Note: article 81(1) of RRD]

A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.