SYSC 13.4 Requirements to notify the appropriate regulator

Under Principle 11 and SUP 15.3.1 R, a firm must notify the FCA1 immediately of any operational risk matter of which the FCA1 would reasonably expect notice. SUP 15.3.8 G provides guidance on the occurrences that this requirement covers, which include a significant failure in systems and controls and a significant operational loss.

Regarding operational risk, matters of which the FCA1 would expect notice under Principle 11 include:

1. (1)

   any significant operational exposures that a firm has identified;

2. (2)

   the firm's invocation of a business continuity plan; and

3. (3)

   any other significant change to a firm's organisation, infrastructure or business operating environment.