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  2. Point in time
    2006-07-07

SIFA 12.2 Notifications

SIFA 12.2.1G

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

A. Matters having a serious regulatory impact:

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.

If your firm fails to satisfy one or more of the threshold conditions (see paragraph 6.3.1 of the Guide).

2.

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

3.

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

4.

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

B. Communications with us in line with Principle 11:

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

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 FSMA.

C. 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:

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

D. General notification requirements:

Notification

Supervision sourcebook (SUP) reference

Breaches of rules and other requirements in or under FSMA.

SUP 15.3.11 R

Civil, criminal or disciplinary proceedings against a firm.

SUP 15.3.15 R

Fraud, errors and other irregularities.

SUP 15.3.17 R

Insolvency, bankruptcy and winding up.

SUP 15.3.21 R

E. Other notification requirements:

Notification

Handbook reference

Change of accounting reference date.

SUP 16.3.17 R

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').

SUP 10.11 - SUP 10.13

Change of auditor.

SUP 3.3

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

IPRU(INV) 13.1.9 R

When should you notify us?

SIFA 12.2.2G

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 than the first business day after the end of the period. 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 12.2.3G

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

SIFA 12.2.4G

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 12.2.5G

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 Firms Contact Centre.

SIFA 12.2.6G

Through Firms Online you can access the forms to send us information quickly and reliably. There are electronic forms available for standing data, appointed representatives and other notifications.

Where are the relevant Handbook sections?

SIFA 12.2.7G

The following Handbook sections are relevant:

  • notification requirements: SUP 15;
  • the methods of delivery: SUP 15.7.5 R; and
  • notifications required for particular products or services: SUP 15.8.

Other considerations

SIFA 12.2.8G

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

SIFA 12.2.9G

Firms registered for Firms Online are able to see and update their standing data electronically. Standing data includes such information as address, contact details, regulated activities, auditors and accounting reference date. From 1 July 2005 firms will be required to check the data that we hold about them once a year and to let us know via Firms Online if any changes are required within 30 business days of the firm's accounting reference date.

SIFA 12.2.10G

If we do not have accurate information about your firm, we may not be able to calculate your fees accurately - for example, if we have inaccurate information on your regulated activities or number of approved persons.

The following sections are also relevant:

•

'Authorisation' - Chapter 6

•

'Complaints reporting to the FSA' - Chapter 11.2

•

'Reporting requirements' - Chapter 12.1

•

Threshold Conditions sourcebook (COND)

•

PRIN 2.1 in the Handbook

If you do mortgage or general insurance business you should also refer to MIGI 11.