REC Sch 2 Notification requirements

REC Sch 2.1G22/12/2011

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. The notification rules for RAPs differ in some respects from the notification rules for UK RIEs (for example, due to requirements contained in the auction regulation).3

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 2.2G22/12/2011

Reference to legislation or Handbook3 3	Matter to be notified	Contents of notification	Trigger event	Time allowed
UK recognised bodies 3 3
The 3 Act 3 293(5) 2 2	Changes to rules and guidance	Details of change	Change to rule or guidance	Without delay3
UK RIEs and UK RCHs 3
2The Act s300B(1)	Proposal to make regulatory provision	Details of proposal	Proposal to make regulatory provision	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 RIEs 3 3
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 RCHs 3 3
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 delay3
3 RAPs
3The Act s293(6)(a)	Changes to arrangements for clearing transactions effected on the auction platform	Details of change	Change to arrangements	Without delay
3The auction regulation article 7(7)	Either a methodology or a modification to that methodology as specified by the auction regulation	See REC 3.15	Event concerned	Without delay
Notification rules for UK recognised bodies (see Notification rules for UK recognised bodies)
REC 3.4	Key individuals and internal organisation	Details of change	See REC 3.41 1	See REC 3.41 1
REC 3.5	Disciplinary action and events relating to key individuals	Details of disciplinary action or event	Disciplinary action or awareness of event	Immediately
REC 3.6	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
REC 3.7	Auditors	Details of removal or appointment of auditors	Removal or appointment of auditors	Immediately
REC 3.8	Financial and other information	See REC 3.8	See REC 3.8	See REC 3.8
REC 3.9	Fees and incentive schemes	Summary of proposals to change fees and charges and changes to fees and charges	Communication to members	Immediately
REC 3.10	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
REC 3.12	Legal proceedings	Details of legal proceedings commenced against UK recognised body	Institution of proceedings	Immediately
REC 3.13	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
REC 3.14	Products, services and normal hours of operation or (for RAPs) the timing, frequency or duration of its bidding windows3	See REC 3.141 1	See REC 3.141 1	Immediately
1REC 3.14A	Operation of a regulated market or MTF	Details of proposal to operate a new regulated market or MTF or close an existing regulated market or MTF	Communication of proposal to members or shareholders	Immediately
REC 3.15	Suspension of services and inability to operate facilities or (for RAPs) the cancellation of an auction3	See REC 3.153 3	Event concerned	Immediately
REC 3.16	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
REC 3.17	Inability to discharge regulatory functions	Details of inability to discharge a regulatory functions	Event concerned	Immediately
REC 3.18	Membership	Information regarding new types of member and reasons for considering the3 recognition requirements or (for RAPs) the RAP recognition requirement in regulation 203can still be met	Admission of new type of non-authorised person or person from new non-UK jurisdiction to membership	Immediately
REC 3.19	Investigations	Notice of appointment of person to investigate use of facilities or provision of services	Awareness of appointment	Immediately
REC 3.20	Disciplinary action	Details of person against whom disciplinary action taken	Taking disciplinary action	Immediately
REC 3.21	Criminal offences and civil prohibitions	Evidence tending to suggest contraventions of the general prohibition, certain criminal offences or market abuse	Having evidence concerned	Immediately
REC 3.22	Restriction or instruction to close out, open positions or (for RAPs) restriction on maximum bid size or other remedial measures3	Details of decision to restrict member's open position or instruction to close out position or (for RAPs) details of the event and remedial measures proposed3	Decision to take action or (for RAPs) proposal to take action3	Immediately
REC 3.23	Default	Notice of decision to put member into default	Communicating decision to member concerned or any other member	Immediately
1REC 3.24	Transfers of ownership	Details of transfer of ownership	When the UK RIE becomes aware of the transfer of ownership	Immediately
1REC 3.25	Significant breaches of rules and disorderly trading conditions	Significant breaches of rules and disorderly trading conditions	Significant breaches of rules and disorderly trading conditions	Immediately
2REC 3.26	Proposal to make regulatory provision	Details of proposal	Proposal to make regulatory provision	Without delay
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)
REC 6.7.3 R	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
REC 6.7.4 R	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
REC 6.7.7 R	Changes of address	Details of new addresses	Decision to change address	14 days in advance of change of address
REC 6.7.8 R and REC 6.7.9 R	Revocation or modification of home territory licence etc	Details of revocation or modification	Awareness of revocation or modification	Immediately

Content Options:

View Options:

More Resources:

REC Sch 2 Notification requirements