if there is a significant deterioration in the financial position of a controller;
if a controller, who is authorised in another EEA State as a3 MiFID investment firm2, BCD credit institution or UCITS management company3 or under the Insurance Directives or the Insurance Mediation Directive, ceases to be so authorised (registered in the case of3 an IMD insurance intermediary).12
The level of a firm's awareness of its controller's circumstances will depend on its relationship with that controller. The FSA does not expect firms to implement systems or procedures so as to be certain of any changes in its controllers' circumstances. However, the FSA does expect firms to notify it of such matters if the firm becomes aware of them, and it expects firms to make enquiries of its controllers if it becomes aware that one of the events in SUP 11.8.1 R may occur or has occurred.