Related provisions for SUP 15.4.4

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

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:33(1) telephone on 020 7066 1000; fax on 020 7066 97983; or3(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 11.3.2AGRP
The Treasury have made the following exemptions:(1) controllers and potential controllers of non-directive friendly societiesare exempt from the obligation to notify a change in control (The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2001 (SI 2001/2638));(2) controllers and potential controllers of building societies are exempt from the obligation to notify a change in control unless the change involves the acquisition of a holding of a specified percentage
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
REC 3.8.6RRP
A UK recognised body must give the FSA:(1) a statement of its anticipated income, expenditure and cashflow for each financial year; and(2) an estimated balance sheet showing its position as it is anticipated at the end of each financial year;before the beginning of that financial year.
REC 3.8.7RRP
Where the accounting reference date of a UK recognised body is changed, that body must immediately give notice of that event to the FSA and inform it of the new accounting reference date.
SUP 2.1.4GRP
The FSA receives the information in SUP 2.1.3 G through a variety of means, including notifications by firms (see SUP 15) and regular reporting by firms (see SUP 16). This chapter is concerned with the methods of information gathering that the FSA may use on its own initiative in the discharge of its functions under the Act. This chapter does not deal with the information gathering powers that the FSA has under the Unfair Terms Regulations. These are dealt with in UNFCOG2.12
SUP 2.1.6GRP
The FSA prefers to discharge its functions by working in an open and cooperative relationship with firms. The FSA will look to obtain information in the context of that relationship unless it appears that obtaining information in that way will not achieve the necessary results, in which case it will use its statutory powers. The FSA has exercised its rule-making powers to make Principle 11 which requires that a firm must deal with its regulators in an open and cooperative way,
SUP 16.3.17RRP
(1) A firm must notify the FSA if it changes its accounting reference date.(2) When a firm extends its accounting period, it must make the notification in (1) before the previous accounting reference date.(3) When a firm shortens its accounting period, it must make the notification in (1) before the new accounting reference date.4
SUP 16.3.19GRP
If more than one firm in a group intends to change its accounting reference date at the same time, a single notification may be given to the FSA, as described in SUP 15.7.8 G.
REC 2.5.1UKRP

Schedule to the Recognition Requirements Regulations, paragraph 3

2(1)

The [UK RIE] must ensure that the systems and controls used in the performance of its [relevant functions] are adequate, and appropriate for the scale and nature of its business.

(2)

Sub-paragraph (1) applies in particular to systems and controls concerning -

(a)

the transmission of information;

(b)

the assessment, mitigation and management of risks to the performance of the [UK RIE'srelevant functions];

(c)

the effecting and monitoring of transactions on the [UK RIE];

(ca)

the technical operation of the [UK RIE], including contingency arrangements for disruption to its facilities;

(d)

the operation of the arrangements mentioned in paragraph 4(2)(d); and

(e)

(where relevant) the safeguarding and administration of assets belonging to users of the [UK RIE's] facilities.
SUP 6.3.15DRP
(1) If a firm wishes to apply for a variation of Part IV permission, it must complete and submit to the FSA the form in SUP 6 Annex 5 (Variation of permission application form).7(2) A firm's application for variation of Part IV permission must be given or addressed, and delivered in the way set out in SUP 15.7.4 R to SUP 15.7.6 G (Form and method of notification).(3) Until the application has been determined, a firm which submits an application for variation of Part IV permission
SUP 11.4.2ARRP
1A UK insurance intermediary must notify the FSA of any of the following events concerning the firm:(1) a person acquiring control;(2) in relation to an existing controller:(a) the percentage of shares held in the firm decreasing from 20% or more to less than 20%; or(b) the percentage of shares held in a parent undertaking of the firm decreasing from 20% or more to less than 20%; or(c) the percentage of voting power which it is entitled to exercise, or control the exercise of,
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.
REC 4.2C.1GRP
1Chapter 1A of Part XVIII of the Act places an obligation on controllers and proposed controllers of UK RIEs to notify the FSAof acquisitions of or increases in control. Furthermore, those persons are required to obtain the FSA's approval before becoming a controller or increasing the level of control held (in certain circumstances).
REC 4.2C.3GRP
If a proposed controller or controller has complied with the obligation to notify, the procedure the FSA will follow if it approves or does not approve of that person becoming a controller or increasing the level of control held is set out in section 301C of the Act.
DISP 1.11.5RRP
(1) A notification claiming exemption under DISP 1.1.12 R from the complaints reporting rules and the rules relating to the funding of the Financial Ombudsman Service must be given to the FSA by the Society on behalf of any member eligible for an exemption. (2) The Society must notify the FSA if the conditions relating to such an exemption no longer apply to a member who is exempt.
DISP 1.11.19GRP
The Society should give the FSA adequate notice of all proposed changes to the byelaws relating to the schemes referred to in DISP 1.11.13 R.
SUP 18.4.23GRP
Under the Friendly Societies Act 1992:(1) when the members of a transferor society have approved the transfer of its engagements by passing a special resolution and the transferee has approved the transfer (by passing a resolution where the transferee is a friendly society); or(2) when two or more societies have approved a proposed amalgamation by passing a special resolution;it, or they jointly, must then obtain confirmation by the FSA of the transfer. Notice of the application
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 8.5.1RRP
A listed company or applicant must ensure that1 the FSA is informed 1promptly of the name and contact details of asponsor appointed in accordance with the listing rules (either by the listed company or applicant or by the sponsor itself)1.1
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 5.2.14GRP

Information and supporting documentation (see REC 5.2.4 G).

(1)

Details of the applicant's constitution, structure and ownership, including its memorandum and articles of association (or similar or analogous documents ) and any agreements between the applicant, its owners or other persons relating to its constitution or governance (if not contained in the information listed in REC 5.2.3A G)1.

(2)

Details of all business to be conducted by the applicant, whether or not a regulated activity (if not contained in the information listed in REC 5.2.3A G)1.

(3)

Details of the facilities which the applicant plans to operate, including details of the trading platform, settlement arrangements, clearing services and custody services which it plans to supply.

(4)

Copies of the last three annual reports and accounts and, for the current financial year, quarterly management accounts.

(5)

Details of its business plan for the first three years of operation as a UK recognised body (if not contained in the information listed in REC 5.2.3A G)1.

(6)

A full organisation chart and a list of the posts to be held by key individuals (with details of the duties and responsibilities) and the names of the persons proposed for these appointments when these names are available (if not contained in the information listed in REC 5.2.3A G)1.

(7)

Details of its auditors, bankers, solicitors and any persons providing corporate finance advice or similar services (such as reporting accountants) to the applicant.

(8)

Details of any relevant functions to be outsourced or delegated, with copies of relevant agreements.

(9)

Details of information technology systems and of arrangements for their supply, management, maintenance and upgrading, and security.

(10)

Details of all plans to minimise disruption to operation of its facilities in the event of the failure of its information technology systems.

(11)

Details of internal systems for financial control, arrangements for risk management and insurance arrangements to cover operational and other risks.

(12)

Details of its arrangements for managing any counterparty risks, including details of margining systems, guarantee funds and insurance arrangements.

(13)

Details of internal arrangements to safeguard confidential or privileged information and for handling conflicts of interest.

(14)

Details of arrangements for complying with the notification rules and other requirements to supply information to the FSA.

(15)

Details of the arrangements to be made for monitoring and enforcing compliance with its rules and with its clearing, settlement and default arrangements.

(16)

A summary of the legal due diligence carried out in relation to ascertaining the enforceability of its rules (including default rules)and arrangements for margin against any of its members based outside the United Kingdom, and the results and conclusions reached.

(17)

Details of the procedures to be followed for declaring a member in default, and for taking action after that event to close out positions, protect the interests of other members and enforce its default rules.

(18)

Details of membership selection criteria, rules and procedures.

(19)

Details of arrangements for recording transactions effected by, or cleared through, its facilities.

(20)

Details of arrangements for detecting financial crime and market abuse , including arrangements for complying with money laundering law.

(21)

Details of criteria, rules and arrangements for selecting specified investments to be admitted to trading on (or cleared by) an RIE, or to be cleared by an RCH and, where relevant, details of how information regarding specified investments will be disseminated to users of its facilities.

(22)

Details of arrangements for cooperating with the FSA and other appropriate authorities, including draft memoranda of understanding or letters.

(23)

Details of the procedures and arrangements for making and amending rules, including arrangements for consulting on rule changes.

(24)

Details of disciplinary and appeal procedures, and of the arrangements for investigating complaints.
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 are admitted to trading on a regulated market must without delay, notify the following to the FSA:1(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 company
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) must1 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