REC Sch 2 Notification requirements

REC Sch 2.1G01/12/2004

The following table summarises the notification requirements applicable to all recognised bodies. The notification rules are set out in detail in Notification rules for UK recognised bodies and REC 6.7 and, to avoid unnecessary repetition, are not set out in detail here.

For completeness, summary details of the main notification requirements in the Act itself and the Companies Act 1989 are also included in the table. The summary of these statutory provisions here should not be taken to imply that these are obligations imposed by the FSA under its powers nor that the following summary supersedes or alters the meaning of these provisions.

Guidance on the statutory notification requirements for overseas recognised bodies is given in REC 6.6.

REC Sch 2.2G01/12/2004

Handbook reference	Matter to be notified	Contents of notification	Trigger event	Time allowed
UK recognised bodies
The Acts 293(5)	Changes to rules and guidance	Details of change	Change to rule or guidance	Without delay
Companies Act 1989 s157	Proposed changes to default rules	Details of proposed change	Proposal to change default rules	14 days in advance of change
UK recognised investment exchanges
The Act s293(6)(a)	Changes to arrangements for clearing on-exchange transactions	Details of change	Change to arrangements	Without delay
The Act s 293(6)(b)	Changes to criteria determining to whom it will provide clearing services	Details of change	Change to criteria	Without delay
UK recognised clearing houses
The Act s293(7)(a)	Changes to RIEs for whom clearing services provided	Details of change	Change to RIE	Without delay
The Act s293(7)(b)	Changes to criteria determining to whom (other than RIEs) it will provide clearing services	Details of change	Change to criteria	Without delay
Notification rules for UK recognised bodies (see Notification rules for UK recognised bodies)
	Key individuals and internal organisation	Details of change	Change in key individual or standing committee	Immediately
	Disciplinary action and events relating to key individuals	Details of disciplinary action or event	Disciplinary action or awareness of event	Immediately
	Constitution and governance	Details of proposals to amend constitution, amendments to constitution and agreements relating to constitution	Communication of proposal to amend constitution, making amendment to constitution or awareness of agreement relating to constitution	Immediately
	Auditors	Details of removal or appointment of auditors	Removal or appointment of auditors	Immediately
	Financial and other information	See	See	See
	Fees and incentive schemes	Summary of proposals to change fees and charges and changes to fees and charges	Communication to members	Immediately
	Complaints	Copy of adverse report and details of recommendations from complaints investigator	Availability of report or recommendations	Immediately
REC 3.11	Insolvency events	Notice of insolvency event	Insolvency event	Immediately
	Legal proceedings	Details of legal proceedings commenced against UK recognised body	Institution of proceedings	Immediately
	Delegation of relevant functions	Details of offers or agreements to delegate relevant functions and offers or agreements to undertake relevant functions on behalf of another recognised body	Making offer or agreement to delegate	Immediately
	Products, services and normal hours of operation	Proposals to change products, services or normal hours of operation	Communication of proposal to members or shareholders	Immediately
	Suspension of services and inability to operate facilities	Details of suspension of services, inability to operate facilities and extension of hours of operation in an emergency	Event concerned	Immediately
	Information technology systems	Details of business continuity plans and details of failure of reserve information technology system	Changes to business continuity plans and failure of reserve information technology system	Immediately
	Inability to discharge regulatory functions	Details of inability to discharge a regulatory functions	Event concerned	Immediately
	Membership	Information regarding new types of member and reasons for considering recognition requirements can still be met	Admission of new type of non-authorised person or person from new non-UK jurisdiction to membership	Immediately
	Investigations	Notice of appointment of person to investigate use of facilities or provision of services	Awareness of appointment	Immediately
	Disciplinary action	Details of person against whom disciplinary action taken	Taking disciplinary action	Immediately
	Criminal offences and civil prohibitions	Evidence tending to suggest contraventions of the general prohibition, certain criminal offences or market abuse	Having evidence concerned	Immediately
	Restriction or instruction to close out, open positions	Details of decision to restrict member's open position or instruction to close out position	Decision to take action	Immediately
	Default	Notice of decision to put member into default	Communicating decision to member concerned or any other member	Immediately
Overseas recognised bodies
The Act s295	Report to FSA	Statement as to whether events have occurred which would affect the FSA's assessment of whether the recognition requirements are met or which might have an effect on competition	Not applicable	Once a year
Notification rules for overseas recognised bodies (see REC 6.7)
	Events which might affect the FSA's assessment of whether the recognition requirements are met	Particulars of event	Not applicable	Include in report under s295
	Inclusion of certain matters in report	See REC 6.7.4 R	Not applicable	Include in report under s295
REC 6.7.5 R	First report	See REC 6.7.5 R	Not applicable	Include in report under s295
	Changes of address	Details of new addresses	Decision to change address	14 days in advance of change of address
and	Revocation or modification of home territory licence etc	Details of revocation or modification	Awareness of revocation or modification	Immediately

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REC Sch 2 Notification requirements