Related provisions for SUP 15.5.3

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SUP 13.12.1GRP
(1) Given the complexity of issues raised by passporting, UK firms are advised to consult legislation and also to obtain legal advice at earliest opportunity. Firms are encouraged to contact their usual supervisory contact at the FSA to discuss their proposals. However, a UK firm which is seeking guidance on procedural or notification issues relating to passporting should contact the Passport Notifications Unit.(2) An applicant for Part IV permission which is submitting a notice
SUP 13.12.2GRP
To contact the Passport Notifications Unit, from which a standard form of notice of intention can be obtained:(1) telephone on 020 7066 1000; fax on 020 7066 xxxx; or(2) write to: The Passport Notifications Unit, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS; or(3) Email: passport.notifications@fsa.gov.uk
SUP 13.4.2GRP
A UK firm cannot start providing cross border services into another EEA State under an EEA right unless it satisfies the conditions in paragraphs 20(1) of Part III of Schedule 3 to the Act and, if it derives its EEA right from the Insurance Directives, paragraph 20(4B) of Part III of Schedule 3 to the Act. It is an offence for a UK firm which is not an authorised person to breach this prohibition (paragraph 21 of Part III of Schedule 3 to the Act).The conditions are that:(1) the
SUP 13.4.4GRP
If a UK firm has given the FSA a notice of intention in the required form, then:(1) if the UK firm'sEEA right derives from the Investment Services Directive, the Banking Consolidation Directive or the UCITS Directive, paragraph 20(3) of Part III of Schedule 3 to the Act requires the FSA to send a copy of the notice of intention to the Host State Regulator within one month of receipt; or(2) (a) if the UK firm'sEEA right derives from theInsurance Directives, paragraph 20(3A) of
SUP 13.8.1RRP
(1) A notice of a change to a branch underSUP 13.6.5 G (1), SUP 13.6.7 G (1) and SUP 13.6.10 G (1) and a notice of a change to cross border services under SUP 13.7.3 G (1) or SUP 13.7.5 G (1) must be:(a) given to a member of, or addressed for the attention of, the Passport Notifications Unit; and(b) delivered to the FSA by one of the methods in (2).(2) The notice of intention may be delivered by:(a) post to the address in (3); or(b) leaving the application at the address in (3)
SUP 13.8.2GRP
UK firms passporting under the Banking Consolidation Directive or the Insurance Directives may be required to submit the changes to the requisite details or relevant details in the language of the Host State as well as in English. See SUP 13.5.6 G.
REC 3.6.1RRP
Where a UK recognised body is to circulate any notice or other document proposing any amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution) to:(1) its shareholders (or any group or class of them); or(2) its members (or any group or class of them); or(3) any other group or class of persons which has the power to make that amendment or whose consent or approval is required before it may be made;that UK recognised
REC 3.6.4RRP
Where a UK recognised body makes an amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution), that UK recognised body must immediately give the FSA notice of that event, and give written particulars of that amendment and of the date on which it is to become or became effective.
REC 3.6.6RRP
Where any change is made to an agreement which relates to the constitution or governance of a UK recognised body:(1) between that UK recognised body and another person; or(2) between the owners of that UK recognised body; or(3) between the owners of that UK recognised body and another person; or(4) between other persons; that UK recognised body must give the FSA notice of that event as soon as it is aware of it, and give written particulars of that change and of the date on which
LR 5.2.5RRP
Subject to the provisions of LR 5.2.6 R and LR 5.2.7 R, an issuer that wishes the FSA to cancel the listing of any of its equity securities with a primary listing must:(1) send a circular to the holders of the securities. The circular must:(a) comply with the requirements of LR 13.3.1 R and LR 13.3.2 R (contents of all circulars);(b) be submitted to the FSA for approval prior to publication; and(c) include the anticipated date of cancellation (which must be not less than 20 business
LR 5.2.7RRP
LR 5.2.5 R (2) will alsonot apply where an issuer of equity securities with a primary listing notifies a RIS;(1) that the financial position of the issuer or its group is so precarious that, but for the proposal referred to in LR 5.2.7 R (2), there is no reasonable prospect that the issuer will avoid going into formal insolvency proceedings;(2) that there is a proposal for a transaction, arrangement or other form of reconstruction of the issuer or its group which is necessary
LR 5.2.8RRP
An issuer that wishes the FSA to cancel the listing of listed securities (other than equity securities with a primary listing) must notify a RIS, giving at least 20 business days notice of the intended cancellation but is not required to obtain the approval of the holders of those securities contemplated in LR 5.2.5 R (2).
LR 5.2.9RRP
Issuers with debt securities falling under LR 5.2.8 R must also notify, in accordance with the terms and conditions of the issue of those securities, holders of those securities or a representative of the holders, such as a trustee, of intended cancellation of those securities, but the prior approval of the holders of those securities in a general meeting need not be obtained.
SUP 16.5.2GRP
A firm is required to notify the FSA of changes to its close links (see SUP 11.9). Threshold condition 3 (Close links) provides that, if a firm has close links with another person, the FSA must be satisfied that:(1) those close links are not likely to prevent the FSA's effective supervision of the firm; and(2) where it appears to the FSA that the person is subject to the laws, regulations or administrative provisions of a territory which is not an EEA State, neither the foreign
SUP 16.5.3GRP
The purposes of the rules and guidance in this section are:(1) to ensure that, in addition to such notifications, the FSA receives regular and comprehensive information about the identities of all persons with whom a firm has close links, which is relevant to a firm's continuing to satisfy the threshold condition 3 (Close links) (see SUP 2.3) and to the protection of consumers; and(2) to implement certain requirements relating to the provision of information on close links which
BIPRU 7.10.37RRP
In aggregating VaR measures across risk or product categories, a firm must not use the square root of the sum of the squares approach unless the assumption of zero correlation between these categories is empirically justified. If correlations between risk categories are not empirically justified, the VaR measures for each category must simply be added in order to determine its aggregate VaR measure. But to the extent that a firm'sVaR model permission provides for a different way
BIPRU 7.10.95GRP
Clean profit and loss backtesting should be used for regulatory backtesting and used to calculate plus factors. Hypothetical profit and loss backtesting is used for model validation and for reporting to the FSA.
BIPRU 7.10.104RRP
If a backtesting exception occurs, the firm must notify its usual supervisory contact at the FSA orally by close of business two business days after the business day for which the backtesting exception occurred. Within five business days following the end of each Month, the firm must submit to the FSA a written account of the previous Month'sbacktesting exceptions (if any). This explanation must include the causes of the backtesting exceptions, an analysis of whether the backtesting
BIPRU 7.10.128GRP
A VaR model permission will contain requirements for what the firm should report to the FSA and the procedures for reporting. The precise requirements will vary from VaR model permission to VaR model permission. BIPRU 7.10.129R-BIPRU 7.10.130R set out what the FSA regards as the standard requirements.
BIPRU 7.10.148RRP
If a firm ceases to meet the conditions or requirements in its VaR model permission or BIPRU 7.10 it must notify the FSA at once.
CASS 5.5.34RRP
A firm may allow another person, such as another broker to hold or control client money, but only if:(1) the firm transfers the client money for the purpose of a transaction for a client through or with that person; and(2) in the case of a retail customer, that customer has been notified (whether through a client agreement, terms of business, or otherwise in writing) that the client money may be transferred to another person.
CASS 5.5.35GRP
In relation to the notification required by CASS 5.5.34 R (2), there is no need for a firm to make a separate disclosure in relation to each transfer made.
CASS 5.5.61RRP
On the failure of a third party with which client money is held, a firm must notify the FSA:(1) as soon as it becomes aware, of the failure of any bank, other broker or settlement agent or other entity with which it has placed, or to which it has passed, client money; and(2) as soon as reasonably practical, whether it intends to make good any shortfall that has arisen or may arise and of the amounts involved.
CASS 5.5.76RRP
A firm must notify the FSA immediately if it is unable to, or does not, perform the calculation required by CASS 5.5.63 R (1)2.
CASS 5.5.77RRP
A firm must notify the FSA immediately it becomes aware that it may not be able to make good any shortfall identified by CASS 5.5.63 R (1)2 by the close of business on the day the calculation is performed and if applicable when the reconciliation is completed2.
LR 8.5.1RRP
A listed company or applicant must inform the FSA promptly of the name and contact details of asponsor appointed in accordance with the listing rules.
LR 8.5.2RRP
(1) A listed company or applicant must notify the FSA in writing immediately of the resignation or dismissal of any sponsor that it had appointed.(2) In the case of a dismissal, the reasons for the dismissal must be included in the notification.(3) The notification must be copied to the sponsor.
REC 3.7.1RRP
Where the auditors of a UK recognised body cease to act as such, that UK recognised body must immediately give the FSA notice of that event, and the following information:(1) whether the appointment of those auditors expired or was terminated;(2) the date on which they ceased to act; and(3) if it terminated, or decided not to renew, their appointment, its reasons for taking that action or decision.
REC 3.7.2RRP
Where a UK recognised body appoints new auditors, that body must immediately give the FSA notice of that event, and the following information:(1) the name and business address of those new auditors; and(2) the date of their appointment as auditors.
LR 19.5.7RRP
An issuer must notify a RIS of all notices to holders of listedsecuritised derivatives no later than the date of despatch or publication.
LR 19.5.9RRP
An issuer must notify a RIS of any adjustment or modification it makes to the securitised derivative as a result of any change in or to the underlying instrument including details of the underlying event that necessitated the adjustment or modification.
LR 1.3.3RRP
An issuer must take reasonable care to ensure that any information it notifies to a RIS or makes available through the FSA is not misleading, false or deceptive and does not omit anything likely to affect the import of the information.
LR 1.3.4RRP
If an issuer is required to notify information to a RIS at a time when a RIS is not open for business it must distribute the information as soon as possible to:(1) not less than two national newspapers in the United Kingdom;(2) two newswire services operating in the United Kingdom; and(3) a RIS for release as soon as it opens.
DTR 1A.3.2RRP
An issuer must take all reasonable care to ensure that any information it notifies to a RIS is not misleading, false or deceptive and does not omit anything likely to affect the import of the information.
DTR 1A.3.3RRP
If an issuer is required to notify information to a RIS at a time when a RIS is not open for business, it must distribute the information as soon as possible to:(1) not less than two national newspapers in the United Kingdom;(2) two newswire services operating in the United Kingdom; and(3) a RIS for release as soon as it opens.
SUP 14.4.1GRP
(1) Regulation 7 to 9 of the Financial Services and Markets Act 2000 (Services of Notices) Regulations 2001 (SI2001/1420) govern the manner in which notices may be submitted to the FSA under the EEA Passport Rights Regulations. In summary, they should be delivered or posted to the FSA's address (See (2) below) and will be treated as given when received by the FSA. They should not be sent by fax or electronic mail. (2) The address for notices is: The Passport Notifications Unit,
SUP 8.5.1RRP
A firm which has applied for or has been granted a waiver must notify the FSA immediately if it becomes aware of any matter which could affect the continuing relevance or appropriateness of the application or the waiver.
SUP 8.5.2GRP
Firms are also referred to SUP 15.6 (Inaccurate, false or misleading information). This requires, in SUP 15.6.4 R, a firm to notify the FSA if false, misleading, incomplete or inaccurate information has been provided. This would apply in relation to information provided in an application for a waiver.
SYSC 13.4.1GRP
Under Principle 11 and SUP 15.3.1 R, a firm must notify the FSA immediately of any operational risk matter of which the FSA 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.
SYSC 13.4.2GRP
Regarding operational risk, matters of which the FSA would expect notice under Principle 11 include:(1) any significant operational exposures that a firm has identified;(2) the firm's invocation of a business continuity plan; and(3) any other significant change to a firm's organisation, infrastructure or business operating environment.
REC 3.5.1RRP
Where any key individual of a UK recognised body:(1) is the subject of any disciplinary action because of concerns about his alleged misconduct; (2) resigns as a result of an investigation into his alleged misconduct; or(3) is dismissed for misconduct;that body must immediately give the FSA notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.
REC 3.5.3RRP
Where a UK recognised body becomes aware that any of the following events has occurred in relation to a key individual, it must immediately give the FSA notice of that event:(1) a petition for bankruptcy is presented (or similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom are commenced) against that key individual; or(2) a bankruptcy order (or a similar or analogous order under the law of a jurisdiction outside the United Kingdom) is made
SUP 11.6.1GRP
Firms are reminded that SUP 15.6.4 R requires them to notify the FSA if information notified under SUP 11.4.2 R, R or SUP 11.4.4 R was false, misleading, inaccurate, incomplete, or changes, in a material particular. This would include a firm becoming aware of information that it would have been required to provide under SUP 11.5.1 R if it had been aware of it.1
SUP 11.6.4RRP
A firm must notify the FSA:(1) when a change in control which was previously notified under SUP 11.4.2 R, SUP 11.4.2A Ror SUP 11.4.4 R has taken place; or 1(2) if the firm has grounds for reasonably believing that the event will not now take place.
DTR 5.4.4RRP
A parent undertaking which wishes to make use of the exemption in relation to issuers subject to this chapter whose shares which are admitted to trading on a regulated market must without delay, notify the following to the FSA:(1) a list of the names of those management companies, investment firms or other entities, indicating the competent authorities that supervise them, but with no reference to the issuers concerned; and(2) a statement that, in the case of each such management
DTR 5.4.5RRP
Where the parent undertaking intends to benefit from the exemptions only in relation to the financial instruments referred to in Article 13 of the TD, it shall (in relation to financial instruments giving an entitlement to acquire shares which are admitted to trading on a regulated market) notify to the FSA only the list referred to in paragraph (1) of DTR 5.4.4 R.[Note: article 10(3) of the TD implementing Directive]
DTR 5.4.11RRP
A parent undertaking of a third country undertaking must comply with the notification requirements in DTR 5.4.4 R (1) and DTR 5.4.5 R and in addition: (1) must make a statement that in respect of each management company or investment firm concerned, the parent undertaking complies with the conditions of independence set down in DTR 5.4.10 R; and (2) Must be able to demonstrate to the FSA on request that the requirements of DTR 5.4.6 R are respected.[Note: article 23 of the TD
LR 9.5.5RRP
A listed company must ensure that for a rights issue the following are notified to a RIS as soon as possible:(1) the issue price and principal terms of the issue; and(2) the results of the issue and, if any rights not taken up are sold, details of the sale, including the date and price per share.
LR 9.5.10RRP
(1) If a listed company makes an open offer, placing, vendor consideration placing, offer for subscription of equity shares or an issue out of treasury of a class already listed, the price must not be at a discount of more than 10% to the middle market price of those shares at the time of announcing the terms of the offer or at the time of agreeing the placing (as the case may be).(2) In paragraph (1), the middle market price of equity shares means the middle market quotation