SUP 12.7 Notification requirements

1. (1)

   6This rule applies to a firm which intends to appoint:6

   636
   1. (a)

      an appointed representative to carry on insurance mediation activities; or134

      6611
   2. (b)

      a tied agent; or11

      66
   3. (c)

      an appointed representative to carry on MCD credit intermediation activity.11; or13

   4. (d)

      a MiFID optional exemption appointed representative; or13

   5. (e)

      a structured deposit appointed representative.13

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2. (2)

   This rule also applies to a firm which has appointed an appointed representative.63

3. (3)

   A firm in (1) must complete and submit the form in SUP 12 Annex 3 before the appointment.6

4. (4)

   A firm in (2) must complete and submit the form in SUP 12 Annex 3 within ten business days after the commencement of activities.6

1. (1)

   A firm other than:9

   9
   1. (a)

      a credit union; or9

   2. (b)

      a firm which intends to appoint , or has appointed, an appointed representative to carry on only credit-related regulated activity;9

   must submit the form in SUP 12 Annex 3 online 9at http://www.fca.org.uk using the FCA's ONA10system.

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2. (2)

   A credit union or a firm which intends to appoint , or has appointed, an appointed representative to carry on only credit-related regulated activity9must submit the form in SUP 12 Annex 3 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

3. (3)

   Where a firm is obliged to submit an application online under (1), if the FCA's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit the form in SUP 12 Annex 3 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

1. (1)

   If:4

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   1. (a)
      1. (i)

         the scope of appointment of an appointed representative is extended to cover insurance mediation activities for the first time; and42

      2. (ii)

         the appointed representative is not included on the Financial Services Register as carrying on insurance mediation activities in another capacity; or42

   2. (b)

      the scope of appointment of an appointed representative ceases to include insurance mediation activity;42

   the appointed representative's principal must give written notice to the FSAFCA of that change before the appointed representative begins to carry on insurance mediation activities under the contract (see SUP 12.4) or as soon as the scope of appointment of the appointed representative ceases to include insurance mediation activities.842

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2. (1A)

   If:7

   1. (a)
      1. (i)

         the scope of appointment changes such that the appointed representative acts as a tied agent, MiFID optional exemption appointed representative or structured deposit appointed representative13 for the first time; and7

      2. (ii)

         the appointed representative is not included on the Financial Services Register13; or7

   2. (b)

      the appointed representative ceases to act as a tied agent, MiFID optional exemption appointed representative or structured deposit appointed representative13;7

   the appointed representative's principal13 must give written notice to the FCA of that change before the appointed representative begins to act as a tied agent, MiFID optional exemption appointed representative or structured deposit appointed representative13 (see SUP 12.4) or as soon as the appointed representative ceases to act as a tied agent, MiFID optional exemption appointed representative or structured deposit appointed representative. 7

3. (1B)

   If:11

   1. (a)
      1. (i)

         the scope of appointment of an appointed representative is extended to cover MCD credit intermediation activity for the first time; and

      2. (ii)

         the appointed representative is not included on the Financial Services Register; or

   2. (b)

      the scope of appointment of an appointed representative ceases to include MCD credit intermediation activity;

   the appointed representative's principal must give written notice to the FCA of that change before the appointed representative begins to carry on MCD credit intermediation activity under the contract (see SUP 12.4), or as soon as the scope of appointment of the appointed representative ceases to include MCD credit intermediation activity.

[Note: article 31(4) of the MCD]

1. (2)

   Wherethere is a change in any of the information provided to the FCA under SUP 12.7.1R or SUP 12.7.7 R (1A)7, a firm must complete and submit to the FCA the form in SUP 12 Annex 4R8 (Appointed representative notification form) within ten business days of that change being made or, if later, as soon as the firm becomes aware of the change. The Appointed representative notification form must state that the information has changed.4

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2. (3)

   [deleted]8

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1. (1)

   As soon as a firm has reasonable grounds to believe that any of the conditions in SUP 12.4.2 R,SUP 12.4.6 R,11 SUP 12.4.8A R4, SUP 12.4.10A R or SUP 12.4.10B R11 (as applicable) are not satisfied, or are likely not to be satisfied, in relation to any of its appointed representatives, it must complete and submit to the FCA the form in SUP 12 Annex 4 R (Appointed representative notification form), in accordance with the instructions on the form.3

2. (2)

   In its notification under SUP 12.7.8 R (1), the firm must state either:

   1. (a)

      the steps it proposes to take to rectify the matter; or

   2. (b)

      the date of termination of its contract with the appointed representative (see SUP 12.8).

3. (3)

   [deleted]3

1. (1)

   8Subject to (2A), a 9 firm other than a credit union must submit the form as set out in SUP 12 Annex 4 R online at http://www.fca.org.uk using the FCA's online notification and application system12.

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2. (2)

   A credit union must submit the form in SUP 12 Annex 4 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

3. (2A)

   If the notification:9

   1. (a)

      relates to an appointed representative whose scope of appointment covers only credit-related regulated activity; or9

   2. (b)

      is of a change to the scope of appointment of an appointed representative to add or remove credit-related regulated activity;9

   the firm must submit the form in SUP 12 Annex 4 in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).9

4. (3)

   Where a firm is obliged to submit an application online under (1), if the FCA's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit the form in SUP 12 Annex 4 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

7If a UK MiFID investment firm appoints an EEA tied agent this section applies to that firm as though the EEA tied agent were an appointed representative.