REC Sch 2 Notification requirements

REC Sch 2.1G30/04/2021

The following table summarises the notification requirements applicable to all recognised bodies. The notification rules are set out in detail in REC 3 (Notification rules for UK recognised bodies)5 and REC 6.7 and, to avoid unnecessary repetition, are not set out in detail here. 6The notification rules for RAPs differ in some respects from the notification rules for UK RIEs (for example, due to requirements contained in the UK auctioning regulations).7

For completeness, summary details of the main notification requirements in the Act itself and the Companies Act5 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 FCA 4 under its powers nor that the following summary supersedes or alters the meaning of these provisions.

Guidance on the statutory notification requirements for ROIEs 4 is given in REC 6.6.

REC Sch 2.2G30/04/2021

Reference to legislation or Handbook3 3	Matter to be notified	Contents of notification	Trigger event	Time allowed
UK RIEs 4 3 3 4
The Acts 5 293(5) 2 2 3	Changes to rules and guidance	Details of change	Change to rule or guidance	Without delay3
5 2	5	5	5	5
Companies Act 1989 s157	Proposed changes to default rules	Details of proposed change	Proposal to change default rules	14 days in advance of change
The Act s293(6)(a)	Changes to arrangements for clearing facilitation services in respect of4 on-exchange transactions 4	Details of change	Change to arrangements	Without delay
The Act 5 s293(6)(b)5	Changes to criteria determining to whom it will provide clearing facilitation services 4 4	Details of change	Change to criteria	Without delay
5The Act s300B(1)	Proposal to make regulatory provision	Details of proposal	Proposal to make regulatory provision	Without delay
RAPs 7 6 3
Regulation 7(4) and 7(6) of the UK auctioning regulations 7 6 3	Either a methodology or a modification to that methodology as specified by the UK auctioning regulations 7 6	See REC 3.277 6	Event concerned7 6	Without delay7 6
7Regulation 10(2) of the UK auctioning regulations	Adjustment to the auction calendar where the modification manner is not already provided for in the UK auctioning regulations	See REC 3.27	Event concerned	Without delay
7Regulation 11 of the UK auctioning regulations	Cancellation of an auction in the circumstances set out in regulation 11 of the UK auctioning regulations	See REC 3.15	Event concerned	Without delay
7Regulation 23(3) of the UK auctioning regulations	Submission of exit strategy	See REC 3.14A	Date of appointment as a RAP	Within 3 months from the date of appointment
7Regulation 40 of the UK auctioning regulations	Restriction on maximum bid size or other remedial measures	See REC 3.22.2	Proposal to take action	Immediately
Notification rules for UK recognised bodies (see REC 3 (Notification rules for UK recognised bodies))5
REC 3.4	Members of the management body 5 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 members of the management body 5	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 operation6 or (for RAPs) the timing, frequency or duration of its bidding windows 3	See REC 3.141 1	See REC 3.141 1	Immediately
1REC 3.14A	Operation of a trading venue 5 or (for RAPs) their exit strategy7	Details of proposal to operate a new trading venue 5 or close an existing trading venue 5 or (for RAPs) their exit strategy7	Communication of proposal to members or shareholders or (for RAPs) date of appointment7	Immediately or (for RAPs) within 3 months from the date of appointment7
REC 3.15	Suspension of services and inability to operate facilities 6 or (for RAPs) the cancellation of an auction7 3	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 6 or (for RAPs) the RAP recognition requirement in regulation 20 of the RAP regulations 7 can still be met 3	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 on open position or instruction to close out6 3	Details of decision to restrict member's open position or instruction to close out position6 3	Decision to take action6 3	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
7REC 3.27	For RAPs: Auction clearing price methodology and manner to modify auction calendar	See REC 3.27	Event concerned	Immediately
ROIEs 4 4
The Act s295	Report to FCA 4 4	Statement as to whether events have occurred which would affect the FCA's 4 assessment of whether the recognition requirements are met 4 4	Not applicable	Once a year
Notification rules for ROIEs 4 (see REC 6.7) 4
REC 6.7.3 R	Events which might affect the FCA's 4 assessment of whether the recognition requirements are met 4	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

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REC Sch 2 Notification requirements