Related provisions for DTR 6.2.9

SUP 15.5.1R01/04/2019

A firm must give the FCA4 reasonable advance notice of a change in:1010(1) the firm's name (which is the registered name if the firm is a body corporate); (2) any business name under which the firm carries on a regulated activity (other than a regulated claims management activity)8 or ancillary activity either from an establishment in the United Kingdom or with or for clients in the United Kingdom; and8(3) any business name under which the firm carries on a regulated claims management

SUP 15.5.4R07/03/2016

A firm must give the FCA4 reasonable advance notice of a change in any of the following addresses, and give details of the new address and the date of the change:1010(1) the firm's principal place of business in the United Kingdom; (2) in the case of an overseas firm, its registered office (or head office) address.

SUP 15.5.5R07/03/2016

A firm must give the FCA4 reasonable advance notice of a change in any of the following telephone numbers, and give details of the new telephone number and the date of the change:131010(1) the number of the firm's principal place of business in the United Kingdom;(2) in the case of an overseas firm, the number of its head office.3

SUP 15.8.6R01/04/2013

If a UK UCITS management company intends to delegate to a third party any one or more of its functions for the more efficient conduct of its business, it must first inform the FCA20 in an appropriate manner.141420[Note: article 13(1)(a) of the UCITS Directive]14

DTR 8.4.2G31/01/2014

The purpose of DTR 8.4.1 R is to ensure that a primary information provider can disseminate regulated information to as wide a public as possible, as close to simultaneously as possible, in the United Kingdom and other EEA States. In considering whether a primary information provider has satisfied the requirements in DTR 8.4.1 R, the FCA will consider the number and nature of arrangements that the primary information provider has with media operators.

REC 4.2.1G03/01/2018

The FCA3 expects to have an open, cooperative and constructive relationship with UK recognised bodies to enable it to have a broad picture of the UK recognised body's activities and its ability to meet the recognised body requirements.2 This broad picture is intended to complement the information which the FCA3 will obtain under section 293 of the Act (Notification requirements) or under notification rules made under that section (see REC 3). The FCA3 will usually arrange meetings

REC 4.2.3G01/04/2013

The FCA3 expects a UK recognised body to take its own steps to assure itself that it will continue to satisfy the1 recognised body requirements2 when considering any changes to its business or operations. 3

REC 4.2.4G01/04/2013

However, the FCA3 also expects that UK recognised bodies will keep it informed of all significant developments and of progress with their 2plans and operational initiatives, and will provide it with appropriate assurance that the recognised body requirements21 will continue to be satisfied. 322

IFPRU 4.6.19G01/01/2014

The FCA expects a firm to consider the following issues when seeking to apply a variable scalar approach for UK mortgages:(1) in respect of Principle 2 (IFPRU 4.6.5 G), the commonly used Council for Mortgage Lenders database was based on arrears data and not defaults during a period, and the use of these data without further analysis and adjustment can undermine the accuracy of any calculations; and(2) in respect of Principle 3 (IFPRU 4.6.5 G), the historical data time period

REC 2.5A.3G01/04/2013

The guidance in this section concerns the effect of PIDA in the context of the relationship between UK recognised bodies and the FCA.2 It is not comprehensive guidance on PIDA itself.2

REC 2.5A.6G01/04/2013

(1) UK recognised bodies are encouraged to consider adopting appropriate internal procedures which will encourage their workers with concerns to blow the whistle internally about matters which are relevant to the functions of the FCA.22(2) In considering appropriate internal procedures, UK recognised bodiesmay find the guidance provided to firms in SYSC 18.2.2 G (2) and SYSC 18.2.2 G (3)1 helpful.1

REC 2.5A.7G01/04/2013

In determining whether a UK recognised body is a fit and proper person, the FCA2 may have regard to any relevant factor including, but not limited to, how the UK recognised body and key individuals have complied with any relevant law (see REC 2.4.3 G (9)).2

SUP 13A.4.1AG01/04/2013

4An EEA UCITS management company may not exercise an EEA right to provide collective portfolio management services for a UCITS scheme from a branch in the United Kingdom until approved by the FCA11 to do so (see SUP 13A.3.1C G).11

SUP 13A.4.4AG01/04/2013

(1) 11Where the PRA receives a consent notice, it will give a copy to the FCA without delay, and where the FCA receives a consent notice it will give a copy to the PRA, where relevant, without delay.(2) In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notification by the FCA which relates to:(a) a PRA-regulated activity;(b) a PRA-authorised person; or(c) a person whose immediate group includes a PRA-authorised person.

SUP 10C.11.19G10/12/2018

Table: Examples5 of how the requirements for submitting statements of responsibilities work

1Example	Comments
(1) A firm applies for approval for A to perform the executive director function 5 and the money laundering reporting function 5.	There should be a single statement of responsibilities document that covers the two functions. The combined document should be included with the application for approval.
(2) Firm X applies for approval for A to perform the executive director function 5. Firm Y applies for approval for A to perform the money laundering reporting function. Both firms are SMCR firms 5.	There should be separate statements of responsibilities for each firm. This is the case even if Firm X and Firm Y are in the same group.
(3) A firm applies for approval for A to perform an FCA-designated senior management function and a PRA-designated senior management function. The arrangements in SUP 10C.9 for FCA functions to be absorbed into PRA ones do not apply and so there are separate applications to the FCA and PRA.	The single statement of responsibilities document should cover both the FCA and the PRA functions.
(4) A has approval to perform the executive director function 5. Later, A is to be appointed to perform the money laundering reporting function 5 for the same firm. This will also result in substantial changes to A’s duties as an executive director.	The firm should not use Form J to notify the changes to A’s duties as an executive director. The firm should submit a revised single statement of responsibilities document along with the application to perform the money laundering reporting function 5. The single statement of responsibilities document should cover both functions. The part relating to A’s duties as an executive director should be updated.
(5) A has approval to perform the executive director function 5. Later, A is to be appointed to perform the PRA's chief risk officer designated senior management function for the same firm. This will also result in substantial changes to A’s duties as an executive director.	The firm should not use Form J to notify the changes to A’s duties as an executive director. The firm should submit a revised single statement of responsibilities document along with the application to perform the PRA function. The firm should not submit the revised single statement of responsibilities document separately to the FCA. Instead, it should include it as part of the application to the PRA. The single statement of responsibilities document should cover both the FCA and the PRA functions. The part relating to A’s duties as an executive director should be updated.
(6) A has approval to perform the money laundering reporting function 5. The approval to perform the money laundering reporting function 5 is subject to a condition. The firm is applying to vary that condition.	The firm should include a revised statement of responsibilities with the application. The firm should not use Form J. It should submit a revised statement of responsibilities along with the application to vary the approval.
(7) A has approval to perform the executive director function 5 and the money laundering reporting function 5 for the same firm. The approval to perform the money laundering reporting function 5 is subject to a condition. The firm is applying to vary that condition. As part of the same arrangements, there are to be substantial changes to A’s job as an executive director.	The firm should not use Form J to notify the changes to A’s duties as an executive director. The firm should submit a revised single statement of responsibilities document along with the application to vary the approval for the money laundering reporting function 5. The single statement of responsibilities document should be updated and should cover both functions.
(8) A has approval to perform the executive director function 5 and the PRA's chief risk officer designated senior management function for the same firm. The arrangements in SUP 10C.9 for FCA functions to be absorbed into PRA ones do not apply and so there are separate FCA and PRA approvals. The approval to perform the PRA's chief risk officer designated senior management function is subject to a condition. The firm is applying to vary that condition. As part of the same arrangements, there are to be substantial changes to A’s job as an executive director.	The firm should not use Form J to notify the changes to A’s duties as an executive director. The firm should submit a revised single statement of responsibilities document along with the application to vary the PRA function. The firm should not submit the revised document separately to the FCA. Instead it should include it as part of the application to the PRA. The single statement of responsibilities document should cover both the FCA and the PRA functions and should be updated.
(9) A has approval to perform the executive director function 5 and the money laundering reporting function 5 for the same firm. Sometime later, A is to give up the money laundering reporting function 5 and take up the PRA's chief risk officer designated senior management function. This will involve major changes to A’s role as executive director.	The answer to example (5) applies. The application to the PRA to perform the PRA function should be accompanied by a single document that: (1) contains the statement of responsibilities for the new function; (2) contains the revised statement of responsibilities for the executive director function 5; and (3) reflects the fact that A is no longer performing the money laundering reporting function 5.
(10) A firm has approval for A to perform the executive director function 5 and the money laundering reporting function 5. A then ceases to perform the money laundering reporting function 5 but continues to perform the executive director function.5	The firm must submit: (a) Form C for the money laundering reporting function 5; (b) Form J; and (c) a single updated statement of responsibilities document that covers the executive director function and reflects the fact that A is no longer performing the money laundering reporting function 5.
(11) A has approval to perform the executive director function 5 and the PRA's chief risk officer designated senior management function for the same firm. Later, A gives up his role as chief risk officer.	The firm must submit: (a) Form C for the PRA function; (b) Form J; and (c) a single updated statement of responsibilities document that covers the executive director function 5. The firm should not submit the revised single statement of responsibilities document separately to the FCA. Instead, it should include it as part of the notification to the PRA.
(12) A has approval to perform the executive director function 5. Later, A is to be appointed to perform the money laundering reporting function 5 for the same firm. The application is rejected.	The single statement of responsibilities document submitted as part of the application will no longer be correct as it reflects the proposed new approval. If the only changes to the single document in the version sent with the application are ones5 clearly and exclusively tied to the new function, the firm will not need to amend the document as the changes will automatically fall away. In any other case (for instance if the application is approved conditionally), it is likely that the firm will need to update it using Form J. In any case, the FCA may contact the firm to agree a revised single statement of responsibilities document.
(13) A has approval to perform the money laundering reporting function 5. Later, A is to be appointed as an executive director5 for the same firm. This will not result in any significant5 changes to A’s duties in the money laundering reporting function 5. However, there have been some insignificant changes to A’s role in the money laundering reporting function 5 since the firm submitted the most recent single statement of responsibilities document. The changes are not connected to A’s appointment as executive director5.	The answer for example (4) applies. The single statement of responsibilities document should be updated to cover the changes to A’s duties in the money laundering role as well as covering A’s appointment to perform the executive director function. It does not matter that the changes to A’s money laundering role5 are not significant.
(14) A has approval to perform the executive director function 5. Later, A’s business unit grows in size and so the firm needs to apply for A to be approved to perform the PRA's Head of Key Business Area designated senior management function. However, A’s responsibilities do not change.	The firm should submit a revised single statement of responsibilities document along with the application to perform the PRA function. The firm should submit a single statement of responsibilities document that covers both the FCA and the PRA functions. It should not submit the revised single statement of responsibilities document separately to the FCA. Instead, it should include it as part of the application to the PRA.
2(15) Firm X has a branch in the United Kingdom. Firm Y is a UK authorised subsidiary 3 of firm X. Firm X is an overseas SMCR firm that is not an EEA SMCR firm 5 and firm3 Y is a UK SMCR firm 5. Both firms apply for approval for the same individual (P) to perform the executive director function 5. 3	There should be separate statement of responsibilities for P for each firm.
Note:5 The single statement of responsibilities document means the single document described in SUP 10C.11.13D.5

1Example

Comments

(1) A firm applies for approval for A to perform the executive director function 5 and the money laundering reporting function 5.

There should be a single statement of responsibilities document that covers the two functions.

The combined document should be included with the application for approval.

(2) Firm X applies for approval for A to perform the executive director function 5. Firm Y applies for approval for A to perform the money laundering reporting function. Both firms are SMCR firms 5.

There should be separate statements of responsibilities for each firm.

This is the case even if Firm X and Firm Y are in the same group.

(3) A firm applies for approval for A to perform an FCA-designated senior management function and a PRA-designated senior management function.

The arrangements in SUP 10C.9 for FCA functions to be absorbed into PRA ones do not apply and so there are separate applications to the FCA and PRA.

The single statement of responsibilities document should cover both the FCA and the PRA functions.

(4) A has approval to perform the executive director function 5. Later, A is to be appointed to perform the money laundering reporting function 5 for the same firm. This will also result in substantial changes to A’s duties as an executive director.

The firm should not use Form J to notify the changes to A’s duties as an executive director.

The firm should submit a revised single statement of responsibilities document along with the application to perform the money laundering reporting function 5.

The single statement of responsibilities document should cover both functions. The part relating to A’s duties as an executive director should be updated.

(5) A has approval to perform the executive director function 5. Later, A is to be appointed to perform the PRA's chief risk officer designated senior management function for the same firm. This will also result in substantial changes to A’s duties as an executive director.

The firm should not use Form J to notify the changes to A’s duties as an executive director.

The firm should submit a revised single statement of responsibilities document along with the application to perform the PRA function.

The firm should not submit the revised single statement of responsibilities document separately to the FCA. Instead, it should include it as part of the application to the PRA.

The single statement of responsibilities document should cover both the FCA and the PRA functions. The part relating to A’s duties as an executive director should be updated.

(6) A has approval to perform the money laundering reporting function 5. The approval to perform the money laundering reporting function 5 is subject to a condition. The firm is applying to vary that condition.

The firm should include a revised statement of responsibilities with the application.

The firm should not use Form J. It should submit a revised statement of responsibilities along with the application to vary the approval.

(7) A has approval to perform the executive director function 5 and the money laundering reporting function 5 for the same firm. The approval to perform the money laundering reporting function 5 is subject to a condition. The firm is applying to vary that condition. As part of the same arrangements, there are to be substantial changes to A’s job as an executive director.

The firm should not use Form J to notify the changes to A’s duties as an executive director.

The firm should submit a revised single statement of responsibilities document along with the application to vary the approval for the money laundering reporting function 5.

The single statement of responsibilities document should be updated and should cover both functions.

(8) A has approval to perform the executive director function 5 and the PRA's chief risk officer designated senior management function for the same firm. The arrangements in SUP 10C.9 for FCA functions to be absorbed into PRA ones do not apply and so there are separate FCA and PRA approvals.

The approval to perform the PRA's chief risk officer designated senior management function is subject to a condition. The firm is applying to vary that condition. As part of the same arrangements, there are to be substantial changes to A’s job as an executive director.

The firm should not use Form J to notify the changes to A’s duties as an executive director.

The firm should submit a revised single statement of responsibilities document along with the application to vary the PRA function.

The firm should not submit the revised document separately to the FCA. Instead it should include it as part of the application to the PRA.

The single statement of responsibilities document should cover both the FCA and the PRA functions and should be updated.

(9) A has approval to perform the executive director function 5 and the money laundering reporting function 5 for the same firm.

Sometime later, A is to give up the money laundering reporting function 5 and take up the PRA's chief risk officer designated senior management function. This will involve major changes to A’s role as executive director.

The answer to example (5) applies.

The application to the PRA to perform the PRA function should be accompanied by a single document that:

(1) contains the statement of responsibilities for the new function;

(2) contains the revised statement of responsibilities for the executive director function 5; and

(3) reflects the fact that A is no longer performing the money laundering reporting function 5.

(10) A firm has approval for A to perform the executive director function 5 and the money laundering reporting function 5.

A then ceases to perform the money laundering reporting function 5 but continues to perform the executive director function.5

The firm must submit:

(a) Form C for the money laundering reporting function 5;

(b) Form J; and

(c) a single updated statement of responsibilities document that covers the executive director function and reflects the fact that A is no longer performing the money laundering reporting function 5.

(11) A has approval to perform the executive director function 5 and the PRA's chief risk officer designated senior management function for the same firm. Later, A gives up his role as chief risk officer.

The firm must submit:

(a) Form C for the PRA function;

(b) Form J; and

(c) a single updated statement of responsibilities document that covers the executive director function 5.

The firm should not submit the revised single statement of responsibilities document separately to the FCA. Instead, it should include it as part of the notification to the PRA.

(12) A has approval to perform the executive director function 5. Later, A is to be appointed to perform the money laundering reporting function 5 for the same firm.

The application is rejected.

The single statement of responsibilities document submitted as part of the application will no longer be correct as it reflects the proposed new approval.

If the only changes to the single document in the version sent with the application are ones5 clearly and exclusively tied to the new function, the firm will not need to amend the document as the changes will automatically fall away.

In any other case (for instance if the application is approved conditionally), it is likely that the firm will need to update it using Form J.

In any case, the FCA may contact the firm to agree a revised single statement of responsibilities document.

(13) A has approval to perform the money laundering reporting function 5. Later, A is to be appointed as an executive director5 for the same firm.

This will not result in any significant5 changes to A’s duties in the money laundering reporting function 5. However, there have been some insignificant changes to A’s role in the money laundering reporting function 5 since the firm submitted the most recent single statement of responsibilities document. The changes are not connected to A’s appointment as executive director5.

The answer for example (4) applies.

The single statement of responsibilities document should be updated to cover the changes to A’s duties in the money laundering role as well as covering A’s appointment to perform the executive director function. It does not matter that the changes to A’s money laundering role5 are not significant.

(14) A has approval to perform the executive director function 5. Later, A’s business unit grows in size and so the firm needs to apply for A to be approved to perform the PRA's Head of Key Business Area designated senior management function. However, A’s responsibilities do not change.

The firm should submit a revised single statement of responsibilities document along with the application to perform the PRA function.

The firm should submit a single statement of responsibilities document that covers both the FCA and the PRA functions.

It should not submit the revised single statement of responsibilities document separately to the FCA. Instead, it should include it as part of the application to the PRA.

2(15) Firm X has a branch in the United Kingdom. Firm Y is a UK authorised subsidiary 3 of firm X.

Firm X is an overseas SMCR firm that is not an EEA SMCR firm 5 and firm3 Y is a UK SMCR firm 5.

Both firms apply for approval for the same individual (P) to perform the executive director function 5.

3

There should be separate statement of responsibilities for P for each firm.

Note:5 The single statement of responsibilities document means the single document described in SUP 10C.11.13D.5

SYSC 4.2.4G03/01/2018

At least two independent minds should be applied to the formulation and implementation of the policies of a common platform firm, a management company3, a full-scope UK AIFM5 and the UK branch of a third country firm9. Where a firm1 nominates just two individuals to direct its business, the FCA9 will not regard them as both effectively directing the business where one of them makes some, albeit significant, decisions relating to only a few aspects of the business. Each should

SYSC 4.2.5G03/01/2018

Where there are more than two individuals directing the business of a common platform firm, a management company3, a full-scope UK AIFM5 or the UK branch of a third country firm9,1 the FCA9 does not regard it as necessary for all of these individuals to be involved in all decisions relating to the determination of strategy and general direction. However, at least two individuals should be involved in all such decisions. Both individuals' judgement should be engaged so that major

REC 3.13.1G01/04/2013

(1) The purpose of REC 3.13 is to enable the FCA2to monitor any significant instances where UK recognised bodies outsource their functions to other persons (as permitted 1under Regulation 6 of the Recognition Requirements Regulations or, in relation to an RAP, under regulation 13 of the RAP regulations1. See REC 2.2 and REC 2A.2).121(2) The FCA2does not need to be notified of every instance of outsourcing by a UK recognised body, but only where an activity or activities which

REC 3.13.2R01/04/2013

Where a UK recognised body makes an offer or agrees to delegate any of its relevant functions to another person, it must immediately give the FCA2notice of that event, and:2(1) inform the FCA2of the reasons for that delegation or proposed delegation;2(2) inform the FCA2of the reasons why it is satisfied that it will continue to meet the recognition requirements or (for an RAP) RAPrecognition requirements1 following that delegation;2(3) where it makes such an offer by issuing a

REC 3.13.3R01/04/2013

A UK recognised body must immediately give the FCA2notice, where it makes an offer or agrees to undertake any relevant function of another UK recognised body.2

REC 2.16A.1UK03/01/2018

Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3

1(1)	[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must also operate a regulated market3.
(2)	[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must comply with those requirements of-
	(a)	Chapter I of Title II of [MiFID];3 and
	(b)	any directly applicable EU legislation made under Chapter I;3
	which are applicable to a market operator3 ... operating such a facility.
(3)	The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses).
(4)3	A [UK RIE] operating a multilateral trading facility or organised trading facility must provide the FCA with a detailed description of -
	(a)	the functioning of the multilateral trading facility or organised trading facility;
	(b)	any links to another trading venue owned by the same [UK RIE] or to a systematic internaliser owned by the same exchange; and
	(c)	a list of the facility’s members, participants and users.
[Note:MiFID ITS 19 prescribes the content and format of the description of the functioning of a MTF or OTF to be provided to the FCA]3
(5)3	Any multilateral trading facility or an organised trading facility operated by the [UK RIE] must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation.
Paragraph 9B – Specific requirements for multilateral trading facilities: execution of orders3
(1)3	A [UK RIE] must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it.
(2)3	A [UK RIE] must not on a multilateral trading facility operated by it -
	(a)	execute any client orders against its proprietary capital; or
	(b)	engage in matched principal trading.
Paragraph 9C – Specific requirements for multilateral trading facilities: access to a facility3
The rules of the [UK RIE] about access to, or membership of, a multilateral trading facility regulated market operated by it must permit the [UK RIE] to give access to or admit to membership to (as the case may be) only -3
	(a)	an investment firm authorised under Article 5 of the markets in financial instruments directive;
	(b)	a credit institution authorised in accordance with the capital requirements directive; or
	(c)	a person who –
		(i)	is of sufficient good repute;
		(ii)	has a sufficient level of trading ability, and competence and experience;
		(iii)	where applicable, has adequate organisational arrangements; and
		(iv)	has sufficient resources for the role it is to perform, taking account of the financial arrangements the [UK RIE] has established in order to guarantee the adequate settlement transactions.
Paragraph 9D – Specific requirements for multilateral trading facilities: disclosure3
(1)3	The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.
(2)3	The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.
(3)3	In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.
Paragraph 9E – SME growth markets3
(1)3	A [UK RIE] operating a multilateral trading facility which has registered that facility as an SME growth market in accordance with Article 33 of the markets in financial instruments directive (an “exchange-operated SME growth market”) must comply with rules made by the FCA for the purposes of this paragraph.
	[Note:REC 2.16A.1D]4
(2)3	An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected.
(3)3	Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with -
	(a)	any obligation relating to corporate governance, or
	(b)	the disclosure obligations.
(4)3	In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.
Paragraph 9F – Specific requirements for organised trading facilities: execution of orders3
(1)3	[A UK RIE] operating an organised trading facility must -
	(a)	execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4);
	(b)	not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the [UK RIE] unless in accordance with sub-paragraph (2);
	(c)	not operate a systematic internaliser within the same legal entity;
	(d)	ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and
	(e)	ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact.
(2)3	A [UK RIE] may only engage in -
	(a)	matched principal trading on an organised trading facility operated by it in respect of-
		(i)	bonds,
		(ii)	structured finance products,
		(iii)	emission allowances,
		(iv)	derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation,
		where the client has consented to that; or
	(b)	dealing on own account on an organised trading facility operated by it, otherwise than in accordance with sub-paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market.
(3)3	If the [UK RIE] engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading in article 4.1.38 of the markets in financial instruments directive.
(4)3	The discretion which the [UK RIE] must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both.
(5)3	The first discretion is whether to place or retract an order on the organised trading facility.
(6)3	The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the [UK RIE’s] obligations under Article 27 of the markets in financial instruments directive.
(7)3	Where the organised trading facility crosses client orders the [UK RIE] may decide if, when and how much of two or more orders it wants to match within the system.
(8)3	Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the [UK RIE] may facilitate negotiation between clients so as to bring together two or more comparable potentially trading interests in a transaction.
(9)3	The [UK RIE] must comply with rules made by the FCA as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility.
(10)3	Nothing in this paragraph prevents a [UK RIE] from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the [UK RIE]provided the investment firm does not have close links with the [UK RIE].
(11)3	In this paragraph - “close links” has the meaning given in Article 4.1.1 of the markets in financial instruments directive; “investment firm” has the meaning given in Article 4.1.1 of the markets in financial instruments directive; “non-equities” means bonds, structured finance products, emissions allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies.
Paragraph 9G – Specific requirements for organised trading facilities: disclosure3
(1)3	The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.
(2)3	The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of the organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.
(3)3	In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.
Paragraph 9H – Specific requirements for organised trading facilities: FCA request for information3
(1)3	A [UK RIE] must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of -
	(a)	why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser;
	(b)	how discretion will exercised in executing client orders, and in particular when an order to the organized trading facility may be retracted and when and how two or more client orders will be matched within the facility; and
	(c)	its use of matched principal trading.
(2)3	Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate.

REC 2.16A.1AG03/01/2018

3In determining whether there are satisfactory arrangements for securing the timely discharge of the rights and liabilities of the parties to transactions effected on its multilateral trading facility, the FCA may have regard to:(1) (in relation to transactions in derivatives which are to be cleared pursuant to article 4 of EMIR or otherwise agreed by the relevant transacting parties to be cleared) the UK recognised body’s ability to demonstrate that its multilateral trading facility

REC 2.16A.1CR03/01/2018

3In paragraphs 9H(1) and (2) of the Schedule to the Recognition Requirements Regulations where the UK RIE must provide information in respect of an organised trading facility operated by it, such information must be provided to the FCA in writing and delivered by any one of the methods set out in REC 3.2.3R.

REC 2.16A.1DR03/01/2018

4For the purposes of complying with the requirement set out in paragraph 9E of the Schedule to the Recognition Requirement Regulations (SME Growth Markets), the rules set out by the FCA in MAR 5.10 (Operation of an SME growth market) apply to a UK RIE operating a multilateral trading facility as an SME growth market, as though it was an investment firm. [Note: article 33 of MiFID]

REC 2.16A.2G03/01/2018

1In determining whether a UK RIE operating a multilateral trading facility (including an SME growth market) or organised trading facility)3 complies with this chapter3, the FCA will have regard to the compliance of the UK RIE with equivalent recognition requirements. A UK RIE operating such facilities should also have regard to the guidance set out in MAR 5 (Multilateral trading facilities (MTFs)) and MAR 5A (Organised trading facilities (OTFs))3. 22

REC 2.15.3G01/04/2013

In determining whether a UK recognised body has effective arrangements for monitoring and enforcing compliance with its rules (including3 its settlement arrangements), the FCA3 may have regard to:33(1) the UK recognised body's ability to:(a) monitor and oversee the use of its facilities;(b) assess its members' compliance with its rules (and settlement arrangements, where appropriate);(c) assess the significance of any non-compliance;(d) take appropriate disciplinary action against

REC 2.15.4G01/04/2013

In assessing whether the procedures made by a UK recognised body to investigate complaints about the users of its facilities are satisfactory, the FCA3 may have regard to: 3(1) whether these procedures include arrangements which enable the UK recognised body to:(a) acknowledge complaints promptly;(b) consider and investigate these complaints objectively, promptly and thoroughly; (c) provide a timely reply to the complainant; and(d) keep adequate records of complaints and investigations;(2)

REC 2.15.5G01/04/2013

In assessing whether the arrangements include procedures for the fair, independent and impartial resolution of appeals against decisions of a UK recognised body, the FCA3 may have regard to at least the following factors: 3(1) the appeal procedures of the UK recognised body, including the composition and roles of any appeal committees or tribunals, and their relationship to the governing body; (2) the arrangements made to ensure prompt hearings of appeals from decisions made by

REC 2.15.6G01/04/2013

In assessing whether a UK recognised body's arrangements include appropriate provision for ensuring the application of any financial penalties in ways described in the recognition requirement, the FCA3 may have regard to: 3(1) the UK recognised body's policy regarding the application of financial penalties; (2) the arrangements made for applying that policy in individual cases; but the FCA3 does not consider that it is necessary for UK recognised bodies to follow any specific

SUP 10A.17.2G01/04/2013

If the firm or its advisers have further questions, they should contact the FCA's Contact Centre (see SUP 10A.12.6 G).

FEES 4.3.11G01/03/2016

(1) The FCA17recognises that its responsibilities in respect of an incoming EEA firm, an incoming Treaty firm, an EEA authorised payment institution or an EEA authorised electronic money institution are reduced compared with a firm which is incorporated in the United Kingdom.17(2) Accordingly the periodic fees which would otherwise be applicable to incoming EEA firms, incoming Treaty firms, EEA authorised payment institutions and EEA authorised electronic money institutions are

SUP 15.13.4G21/03/2016

The circumstances in which a CBTL firm which does not have a Part 4A permission should notify the FCA include but are not limited to when:(1) it ceases to carry on CBTL business and does not propose to resume carrying on CBTL business in the immediate future; this does not include circumstances where the CBTL firm temporarily withdraws its products from the market or is preparing to launch fresh products; or(2) it changes its registered office or place of residence as the case

SUP 15.13.7G21/03/2016

The MCD Order requires notification to be given immediately. The FCA expects CBTL firms to act with all due urgency in notifying it of any relevant event, and it is unlikely that the FCA will regard delay in excess of 5 working days as complying with the CBTL firm's obligations.

EG 8.6.501/03/2016

3Where section 55Q(5) applies and the FCA is considering whether to vary a firm'sPart 4A permission or to impose requirements on a firm, it may take account of all the factors described in paragraphs 8.6.1 to 8.6.8 but may give particular weight to: (1) the matters set out in paragraphs (c) and (d) of section 55Q(5) (seriousness, importance to persons in the United Kingdom, and the public interest); and (2) any specific request made to it by the overseas regulator to impose requirements

EG 8.6.601/03/2016

3The FCA will give careful consideration to whether the relevant authority's concerns would provide grounds for the FCA to exercise its own-initiative powers to vary, impose requirements or cancel if they related to a UK firm. It is not necessary for the FCA to be satisfied that the overseas provisions being enforced mirror precisely those which apply to UK firms. However, the FCA will not assist in the enforcement of regulatory requirements

EG 8.6.701/03/2016

3Similarly, the FCA will not need to be satisfied that precisely the same assistance would be provided to the United Kingdom in precisely the same situation. However, it will wish to be confident that the relevant authorities in the jurisdiction concerned would have powers available to them to provide broadly similar assistance in aid of UK authorities, and would be willing properly to consider exercising those powers. The FCA may decide, under section 55Q(6), not to exercise

GEN 5.1.2G27/09/2019

The FSA logo is a registered UK service mark, with number 2150560. The FCA logo is a registered UK service mark, with number 321335510.12 The Key facts logo is a registered Community trade mark, with the number EU386668812. All12 are3 the property of the FCA12. They are 3also subject to copyright and may be used or reproduced with permission of the FCA12 only. If the FSA, FCA,12 or Key facts logos are 3reproduced or otherwise used by any person without such permission the FCA

GEN 5.1.10R01/04/2013

12A firm must not use the FCA logo (and must take all reasonable steps to ensure that its representatives do not use the FCA logo) in any communication with a client other than in accordance with any individual licence granted by the FCA to the firm or its representatives.

Related provisions for DTR 6.2.9

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Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3