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  2. Point in time
    2013-04-03

SUP 15.9 1Notifications by members of financial conglomerates

SUP 15.9.1RRP

A firm that is a regulated entity must notify the appropriate regulator5 immediately it becomes aware that any consolidation group of which it is a member:

5
  1. (1)

    is a financial conglomerate; or

  2. (2)

    has ceased to be a financial conglomerate.

SUP 15.9.2RRP
  1. (1)

    A firm that is a regulated entity must establish whether or not any consolidation group of which it is a member:

    1. (a)

      is a financial conglomerate; or

    2. (b)

      has ceased to be a financial conglomerate;

    if:

    1. (c)

      the firm believes; or

    2. (d)

      a reasonable firm that is complying with the requirements of the regulatory system would believe;

    that it is likely that (a) or (b) is true.

  2. (2)

    A firm does not need to determine whether (1)(a) is the case if the consolidation group is already being regulated as a financial conglomerate.

  3. (3)

    A firm does not need to determine whether (1)(b) is the case if notification has already been given as contemplated by SUP 15.9.4 R.

SUP 15.9.3GRP

A firm should consider the requirements in SUP 15.9.2 R on a continuing basis, and in particular, when the group prepares its financial statements and on the occurrence of an event affecting the consolidated group. Such events include, but are not limited to, an acquisition, merger or sale.

SUP 15.9.4RRP

A firm does not have to give notice to the appropriate regulator5 under SUP 15.9.1 R if it or another member of the consolidation group has already given notice of the relevant fact to:

5
  1. (1)

    the appropriate regulator;5 or

    5
  2. (2)

    (if another competent authority is co-ordinator of the financial conglomerate ) that competent authority; or

  3. (3)

    (in the case of a financial conglomerate that does not yet have a co-ordinator ) the competent authority who would be co-ordinator under Article 10(2) of the Financial Groups Directive (Competent authority responsible for exercising supplementary supervision (the co-ordinator)).