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  1. Point in time
    2005-06-30

SIFA 12.2 Notifications

SIFA 12.2.1G

Your firm must make notifications in certain circumstances. The main circumstances are listed below.

Matters having a serious regulatory impact:

SIFA 12.2.2G

Your firm must let us know immediately when it becomes aware, or has information that reasonably suggests, that any of the following has occurred, may have occurred or may occur in the foreseeable future:

  1. (1)

    If your firm fails to satisfy one or more of the threshold conditions (there is more information on these in section 5.1.4 of this Overview).

  2. (2)

    Any matter that could have a significant adverse impact on your firm's reputation.

  3. (3)

    Any matter that could affect your firm's ability to continue to provide adequate services to customers and which could result in serious detriment to a customer of the firm.

  4. (4)

    Any matter in respect of your firm that could result in serious financial consequences to the financial system or to other firms.

Communications with us in line with Principle 11:

SIFA 12.2.3G

Compliance with Principle 11 includes but is not limited to giving us notice of:

SIFA 12.2.4G

1. Any proposed restructuring, reorganisation or business expansion, which could have a significant impact on your firm's risk profile or resources, including but not limited to:

Starting to provide a new product or service (you may need to apply for a variation of Part IV permission).

Ceasing to undertake a regulated or ancillary activity, or significantly reducing the scope of such activities. (You may need to apply for a variation of Part IV permission).

Entering into, or significantly changing, a material outsourcing arrangement.

Any change in your firm's prudential category.

2. Any significant failure of your firm's systems or controls (including those reported to your firm by your auditor - if applicable).

3. Any action that your firm proposes to take which would result in a material change in its capital adequacy or solvency including, but not limited to:

Any action that would result in a material change in your firm's financial resources or financial resources requirement.

A material change resulting from the payment of a special or unusual dividend or the repayment of share capital or a subordinated loan.

4. Significant breaches of rules or other requirements under the Act.

Core information where advance notice of changes required

SIFA 12.2.5G

There are certain pieces of core information where we need you to give us reasonable advance notice if there is going to be a change:

SIFA 12.2.6G

Notification

Supervision sourcebook (SUP) reference

A change in your firm's name.

SUP 15.5.1 R

A change in address (to the principal place of business).

SUP 15.5.4 R

A change to the legal status of your firm. (You may be required to send us a new application for Part IV permission).

SUP 15.5.5 R

A change to supervision by an overseas regulator.

SUP 15.5.7 R

General notification requirements:

SIFA 12.2.7G

There are also the following general notification requirements.

SIFA 12.2.8G

Notification

Handbook reference

Breaches of rules and other requirements in or under the Act.

SUP 15.3.11 R

Civil, criminal or disciplinary proceedings against a firm.

SUP 15.3.15

Fraud, errors and other irregularities.

SUP 15.3.17 R

Insolvency, bankruptcy and winding up.

SUP 15.3.21 R

Change of accounting reference date.

Change of controller.

SUP 11.3

Approved persons: employees who start performing controlled functions (CFs), those who change or add CFs or those who cease performing CFs.(There are standard forms to use called 'Approved Persons regime forms').

Change of auditor.

SUP 3.3

Financial issues, such as professional indemnity insurance cover being refused or cancelled.

Interim Prudential sourcebook (IPRU INV) Chapter 13: 13.1.9 R

When should you notify us?

SIFA 12.2.9G

If a notification rule requires you to send a notification within a specified period, you must send it in time for us to receive it before the end of the period. If the end of the period falls on a weekend or bank holiday, you must make sure it is received no later that the first business day after the end of the period (SUP 16.3.13 ). If a notification rule does not require notification within a specified period, then your firm should act reasonably in deciding when to notify us.

How do you notify us?

SIFA 12.2.10G

You must send a notification in writing stating your firm's FSA Reference Number (unless stated otherwise in the notification rule).

SIFA 12.2.11G

You should have regard to the urgency and significance of the matter. You may need to contact your normal supervisory contact by telephone (or other prompt means of notification) before writing to us.

SIFA 12.2.12G

As stated above, you should normally give or send a notification for the attention of your firm's usual supervisory contact, unless otherwise stated (SUP 15.7.4 R). Normally this will be the IFD Contact Centre.

Where are the relevant Handbook sections?

SIFA 12.2.13G

The following Handbook sections are relevant:

  1. (1)

    Notification requirements: SUP Chapter 15.

  2. (2)

    The methods of delivery: SUP 15.7.5 R.

  3. (3)

    Notifications required for particular products or services: SUP 15.8.

Other considerations

SIFA 12.2.14G

You must take reasonable steps to ensure that all information that your firm sends to us is accurate, truthful, complete and not misleading.

SIFA 12.2.15G

The following sections are also relevant:

•'Authorisation' - Chapter 5 of this Overview;

•'Complaints reporting to the FSA' - Chapter 11.2 of this Overview;

•'Reporting requirements' - Chapter 12.1 of this Overview;

• Threshold Conditions sourcebook (COND); and

•PRIN 2.1 in the Handbook