Notifications to the FCA or PRA

Part

SUP Supervision manual

Chapter

Notifications to the FCA or PRA

Printed on: 06/11/2024

Rulebook at: 01/02/2014

SUP 15

Notifications to the FCA or PRA

SUP 15.1

Application

01/12/2004

Who?

SUP 15.1.1

This chapter applies to every firm except that:

(1) only SUP 15.10 applies to an ICVC or a UCITS qualifier; and

(2) SUP 15.3.22 D to SUP 15.3.25 D apply only to the Society.

01/04/2013

SUP 15.1.2

The application of this chapter to an incoming EEA firm or an incoming Treaty firm is set out in SUP 15 Annex 1.

01/04/2013

SUP 15.1.3

In some cases, the application of provisions set out in SUP 15 Annex 1 depends on whether responsibility is reserved to a Home State regulator.

01/01/2014

What?

SUP 15.1.4

This chapter:

(1) applies with respect to the carrying on of both regulated activities and unregulated activities; and

(2) takes into account any activity of other members of a group of which the firm is a member.

01/04/2013

Where?

SUP 15.1.5

Firms are reminded that, unless expressly stated otherwise, where a rule or guidance includes a reference to a firm this includes all UK and overseas branches and representative offices of that firm, whether or not those branches or offices carry on any regulated activities.

01/04/2013

SUP 15.2

Purpose

01/12/2004

SUP 15.2.1

A firm is required to provide the appropriate regulator with a wide range of information to enable the appropriate regulator to meet its responsibilities for monitoring the firm's compliance with requirements imposed by or under the Act. Some of this information is provided through regular reports, including those set out in SUP 16 (Reporting requirements) and SUP 17 (Transaction reporting). In addition, other chapters in the Handbook set out specific notification and reporting requirements. Principle 11 includes a requirement for a firm to disclose to the appropriate regulator appropriately anything relating to the firm of which the appropriate regulator would reasonably expect notice.

01/04/2013

SUP 15.2.2

This chapter sets out:

(1) guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;
(2) rules on events and changes in condition that a firm must notify; these are the types of event that the appropriate regulator must be informed about, usually as soon as possible, if it is to be able to carry out its monitoring function effectively and react in good time to developments that may require a regulatory response;
(3) rules on the core information that a firm must provide to the appropriate regulator, for example its name and address and the names of its other regulators, so that the appropriate regulator is able to maintain a relationship with the firm and with those regulators;
(4) rules requiring a firm to ensure that information provided to the appropriate regulator is accurate and complete; section 398 of the Act makes it an offence knowingly or recklessly to provide the appropriate regulator with information which is false or misleading in a material particular, in purported compliance with any requirement imposed by or under the Act; the purpose of the rules in SUP 15.6 is to ensure that firms take due care to ensure the accuracy of information and to require them to ensure that information is not only accurate but also complete; and
(5) material (in SUP 15.10 (Notification of suspicious transactions (market abuse))) to implement the provisions of the Market Abuse Directive for the reporting of transactions about which there is reasonable suspicion of market abuse.

01/04/2013

SUP 15.2.3

Rules and guidance have also been included to set out how firms should make a notification and to determine when it may be appropriate to discuss matters with their usual supervisory contact at the appropriate regulator by telephone (SUP 15.7).

01/04/2013

SUP 15.2.4

Schedule 2 contains a consolidated summary of all the notification rules applicable to firms set out in the Handbook.

01/04/2013

SUP 15.2.5

Where a PRA-authorised person is required to notify (a) the appropriate regulator by a PRA Handbook provision and (b) the FCA by the equivalent provision in the FCA Handbook, the PRA-authorised person is expected to comply with both provisions.

01/04/2013

SUP 15.3

General notification requirements

01/12/2004

Matters having a serious regulatory impact

SUP 15.3.1

A firm must notify the appropriate regulator immediately it becomes aware, or has information which reasonably suggests, that any of the following has occurred, may have occurred or may occur in the foreseeable future:

(1) the firm failing to satisfy one or more of the threshold conditions; or

(2) any matter which could have a significant adverse impact on the firm's reputation; or

(3) any matter which could affect the firm's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the firm; or

(4) any matter in respect of the firm which could result in serious financial consequences to the UK financial system or to other firms.

01/04/2013

SUP 15.3.2

The circumstances which may give rise to any of the events in SUP 15.3.1 R are wide-ranging and the probability of any matter resulting in such an outcome, and the severity of the outcome, may be difficult to determine. However, the appropriate regulator expects firms to consider properly all potential consequences of events.

01/04/2013

SUP 15.3.3

In determining whether the appropriate regulator should be notified of an event that may occur in the foreseeable future, a firm should consider both the probability of the event happening and the severity of the outcome should it happen.

01/04/2013

SUP 15.3.5

A firm making a notification in accordance with SUP 15.3.1 R should consider the guidance in SUP 15.7.2 G and notify the appropriate regulator by telephone if appropriate.

01/04/2013

SUP 15.3.6

An insurer or friendly society making a notification under SUP 15.3.1 R (1) relating to satisfaction of the threshold condition set out in paragraph 4D of Schedule 6 to the Act should be aware of the requirements in SUP App 2 (Scheme of operations).

01/04/2013

Communication with the appropriate regulator in accordance with Principle 11

SUP 15.3.7

Principle 11 requires a firm to deal with its regulators in an open and cooperative way and to disclose to the appropriate regulator appropriately anything relating to the firm of which the appropriate regulator would reasonably expect notice. Principle 11 applies to unregulated activities as well as regulated activities and takes into account the activities of other members of a group.

01/04/2013

SUP 15.3.8

Compliance with Principle 11 includes, but is not limited to, giving the appropriate regulator notice of:

(1) any proposed restructuring, reorganisation or business expansion which could have a significant impact on the firm's risk profile or resources, including, but not limited to:

(a) setting up a new undertaking within a firm's group, or a new branch (whether in the United Kingdom or overseas); or

(b) commencing the provision of cross border services into a new territory; or

(d) ceasing to undertake a regulated activity or ancillary activity, or significantly reducing the scope of such activities; or

(e) entering into, or significantly changing, a material outsourcing arrangement (a bank , a building societyand a dormant account fund operatorshould also see SYSC 3.2.4 G and SYSC 8 , and an insurer should also see SYSC 13.9 for further details); or

(f) a substantial change or a series of changes in the governing body of an overseas firm (other than an incoming firm); or

(g) any change to the firm's prudential category or sub-category, as used in the Interim Prudential sourcebooks and SUP and on which guidance is given in SUP App 1; or

(h) any proposed change which limits the liability of any of the members or partners of a firm such as a general partner becoming a limited partner or re-registration as a limited liability company of a company incorporated with unlimited liability;or

(i) in relation to a dormant account fund operator, notify the appropriate regulator when the operator intends to rely on a third party for the performance of operational functions which are critical or important for the performance of relevant services and activities in connection with operating a dormant account fund on a continuous and satisfactory basis;

(2) any significant failure in the firm's systems or controls, including those reported to the firm by the firm's auditor;

(3) any action which a firm proposes to take which would result in a material change in its capital adequacy or solvency, including, but not limited to:

(a) any action which would result in a material change in the firm's financial resources or financial resources requirement; or

(b) a material change resulting from the payment of a special or unusual dividend or the repayment of share capital or a subordinated loan; or

(c) for firms which are subject to the rules on consolidated financial supervision, any proposal under which another group company may be considering such an action; or

(d) significant trading or non-trading losses (whether recognised or unrecognised).

01/04/2013

SUP 15.3.9

The period of notice given to the appropriate regulator will depend on the event, although the appropriate regulator expects a firm to discuss relevant matters with it at an early stage, before making any internal or external commitments.

01/04/2013

SUP 15.3.10

A notification under Principle 11 may be given orally or in writing (as set out in SUP 15.7.1 R and SUP 15.7.2 G), although the appropriate regulator may request written confirmation of a matter. However, it is the responsibility of a firm to ensure that matters are properly and clearly communicated to the appropriate regulator. A firm should provide a written notification if a matter either is complex or may be such as to make it necessary for the appropriate regulator to take action. A firm should also have regard to Principle 11 and the guidance in SUP 15.7.2 G in respect of providing important information promptly.

01/04/2013

Breaches of rules and other requirements in or under the Act

SUP 15.3.11

(1) A firm must notify the appropriate regulator of:

(a) a significant breach of a rule (which includes a Principle) or Statement of Principle; or
(b) a breach of any requirement imposed by the Act or by regulations or an order made under the Act by the Treasury (except if the breach is an offence, in which case (c) applies);
(c) the bringing of a prosecution for, or a conviction of, any offence under the Act;
(d) a breach of a directly applicable provision in the MiFID Regulation; or
(dA) a breach of a directly applicable provision in the EU CRR or any directly applicable regulations made under CRD or the EU CRR; or
(e) a breach of any requirement in regulation 4C(3) (or any successor provision) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007; or
(ea) a breach of a directly applicable provision in the auction regulation; or
(f) it exceeding (or becoming aware that it will exceed) the limit in BIPRU 10.5.6 R; or
(g) a breach of the AIFMD UK regulation; or
(h) a breach of any directly applicable EU regulation made under AIFMD;

by (or as regards (c) against) the firm or any of its directors, officers, employees, approved persons, or appointed representatives or, where applicable, tied agents.
(2) A firm must make the notification in (1) immediately it becomes aware, or has information which reasonably suggests, that any of the matters in (1) has occurred, may have occurred or may occur in the foreseeable future.

01/01/2014

SUP 15.3.11A

SUP 15.3.11 R (1)(e) relates to the standard requirement in the permission of those firms which fall outside MiFID because of the Treasury's implementation of Article 3 of MiFID. Guidance on how the Treasury has exercised the Article 3 exemption for the United Kingdom is given in Q48 and the following questions and answers in PERG 13.5 (Exemptions from MiFID).

01/04/2013

SUP 15.3.12

In SUP 15.3.11 R(1)(a), significance should be determined having regard to potential financial losses to customers or to the firm, frequency of the breach, implications for the firm's systems and controls and if there were delays in identifying or rectifying the breach.

01/04/2013

SUP 15.3.13

In assessing whether an event that may occur in the foreseeable future should be notified to the appropriate regulator, a firm should consider the guidance in SUP 15.3.3 G.

01/04/2013

SUP 15.3.14

A notification under SUP 15.3.11 R should include:

(1) information about any circumstances relevant to the breach or offence;

(2) identification of the rule or requirement or offence; and

(3) information about any steps which a firm or other person has taken or intends to take to rectify or remedy the breach or prevent any future potential occurrence.

01/04/2013

Civil, criminal or disciplinary proceedings against a firm

SUP 15.3.15

A firm must notify the appropriate regulator immediately if:

(1) civil proceedings are brought against the firm and the amount of the claim is significant in relation to the firm's financial resources or its reputation; or

(2) any action is brought against the firm under section 71 of the Act (Actions for damages) or section 150 (Actions for damages); or

(3) disciplinary measures or sanctions have been imposed on the firm by any statutory or regulatory authority, professional organisation or trade body (other than the appropriate regulator) or the firm becomes aware that one of those bodies has started an investigation into its affairs; or

(4) the firm is prosecuted for, or convicted of, any offence involving fraud or dishonesty, or any penalties are imposed on it for tax evasion; or

(5) it is an OPS firm, which is a trustee, and is removed as trustee by a court order.

01/04/2013

SUP 15.3.16

A notification under SUP 15.3.15 R should include details of the matter and an estimate of the likely financial consequences, if any.

01/04/2013

Fraud, errors and other irregularities

SUP 15.3.17

A firm must notify the appropriate regulator immediately if one of the following events arises and the event is significant:

(1) it becomes aware that an employee may have committed a fraud against one of its customers; or

(2) it becomes aware that a person, whether or not employed by it, may have committed a fraud against it; or

(3) it considers that any person, whether or not employed by it, is acting with intent to commit a fraud against it; or

(4) it identifies irregularities in its accounting or other records, whether or not there is evidence of fraud; or

(5) it suspects that one of its employees may be guilty of serious misconduct concerning his honesty or integrity and which is connected with the firm's regulated activities or ancillary activities.

01/04/2013

SUP 15.3.18

In determining whether a matter is significant, a firm should have regard to:

(1) the size of any monetary loss or potential monetary loss to itself or its customers (either in terms of a single incident or group of similar or related incidents);

(2) the risk of reputational loss to the firm; and

(3) whether the incident or a pattern of incidents reflects weaknesses in the firm's internal controls.

01/04/2013

SUP 15.3.19

The notifications under SUP 15.3.17 R are required as the appropriate regulator needs to be aware of the types of fraudulent and irregular activity which are being attempted or undertaken, and to act, if necessary, to prevent effects on consumers or other firms. A notification under SUP 15.7.3 G should provide all relevant and significant details of the incident or suspected incident of which the firm is aware.

01/04/2013

SUP 15.3.20

In addition, the firm may have suffered significant financial losses as a result of the incident, or may suffer reputational loss, and the appropriate regulator will wish to consider this and whether the incident suggests weaknesses in the firm's internal controls.

01/04/2013

Insolvency, bankruptcy and winding up

SUP 15.3.21

A firm must notify the appropriate regulator immediately of any of the following events:

(1) the calling of a meeting to consider a resolution for winding up the firm; or

(2) an application to dissolve the firm or to strike it off the Register of Companies; or

(3) the presentation of a petition for the winding up of the firm; or

(4) the making of, or any proposals for the making of, a composition or arrangement with any one or more of its creditors; or

(5) an application for the appointment of an administrator or trustee in bankruptcy to the firm; or

(6) the appointment of a receiver to the firm (whether an administrative receiver or a receiver appointed over particular property); or

(7) an application for an interim order against the firm under section 252 of the Insolvency Act 1986 (or, in Northern Ireland, section 227 of the Insolvency (Northern Ireland) Order 1989); or

(8) if the firm is a sole trader:

(a) an application for a sequestration order on the firm; or

(b) the presentation of a petition for bankruptcy; or

(9) anything equivalent to (1) to (8) above occurring in respect of the firm in a jurisdiction outside the United Kingdom.

01/04/2013

Lloyd's of London

SUP 15.3.22

SUP 15.3.23 D to SUP 15.3.25 D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the appropriate regulator to:

(1) comply with its general duty under section 314 of the Act (Regulators' general duty);

(2) determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;

(3) enforce the provisions of the Act, or requirements made under the Act, by enabling the appropriate regulator to consider, where appropriate, whether it should use its powers, for example, to:

(a) vary or cancel the permission of an underwriting agent, under section 55J of the Act (Variation or cancellation on initiative of regulator);

(b) withdraw approval from an approved person acting for or on behalf of an underwriting agent, under section 63 of the Act (Withdrawal of approval) (see EG 9 );

(c) prohibit an individual acting for or on behalf of an underwriting agent from involvement in regulated activities, under section 56 of the Act (Prohibition orders) (see EG 9 );

(d) require an underwriting agent to make restitution, under section 384 of the Act (Power of FCA or PRA to require restitution) (see EG 11 );

(e) discipline an underwriting agent, or an approved person acting for it or on its behalf, for a breach of a requirement made under the Act, including the Principles, Statements of Principle and rules (see DEPP 6 and EG 7);

(f) apply to court for an injunction, restitution order or insolvency order (see EG 10, EG 11 and EG 13); and

(g) prosecute any criminal offence that the appropriate regulator has power to prosecute under the Act (see EG 12 ).

01/04/2013

SUP 15.3.23

The Society must immediately inform the appropriate regulator in writing if it becomes aware that any matter likely to be of material concern to the appropriate regulator may have arisen in relation to:

(1) the regulated activities for which the Society has permission; or

(2) underwriting agents; or

(3) approved persons or individuals acting for or on behalf of underwriting agents.

01/04/2013

SUP 15.3.24

The Society must inform the appropriate regulator if it commences investigations or disciplinary proceedings relating to apparent breaches:

(1) of the Act or requirements made under the Act, including the threshold conditions or the Principles or other rules, by an underwriting agent; or

(2) of the Statements of Principle by an individual or other person who carries out controlled functions for or on behalf of an underwriting agent.

01/04/2013

SUP 15.3.25

The Society must inform the appropriate regulator if it commences investigations or disciplinary proceedings which do not fall within the scope of SUP 15.3.24 D but which:

(1) involve an underwriting agent, or an approved person who carries out controlled functions for it or on its behalf; or

(2) may indicate that an individual acting for or on behalf of an underwriting agent may not be a fit and proper person to perform functions in relation to regulated activities.

01/04/2013

SUP 15.4

Notified persons

01/12/2004

SUP 15.4.1

(1) An overseas firm, which is not an incoming firm, must notify the appropriate regulator within 30 business days of any person taking up or ceasing to hold the following positions:

(a) the firm's worldwide chief executive (that is, the person who, alone or jointly with one or more others, is responsible under the immediate authority of the directors for the whole of its business) if the person is based outside the United Kingdom;

(b) the person within the overseas firm with a purely strategic responsibility for UK operations (see SUP 10.7.4 G);

(d) for an insurer: the authorised UK representative.

(2) The notification in (1) must be submitted in the form set out in Form F (SUP 15 Ann 2). However, if the person is an approved person, notification giving details of his name, the approved person's individual reference number and the position to which the notification relates, is sufficient.

01/04/2013

SUP 15.4.2

SUP 15.4.1 R is not made under the powers conferred on the appropriate regulator by Part V of the Act (Performance of Regulated Activities). A person notified to the appropriate regulator under SUP 15.4.1 R is not subject to the Statements of Principle or Code of Practice for Approved Persons, unless he is also an approved person.

01/04/2013

SUP 15.4.3

(1) A firm other than a credit union must submit the form in SUP 15 Ann 2 R online using the appropriate regulator's ONAsystem.

(2) A credit union must submit the form in SUP 15 Ann 2 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

(3) Where a firm is obliged to submit an application online under (1), if the appropriate regulator's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit the form in SUP 15 Ann 2 R, in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

01/04/2013

SUP 15.4.3A

(1) If the appropriate regulator's information technology systems fail and online submission is unavailable for 24 hours or more, the appropriate regulator will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 15.4.3R(3) and SUP 15.7.4R to SUP 15.7.9G (Form and method of notification) should be used.

(2) Where SUP 15.4.3R (3) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.

01/04/2013

SUP 15.4.4

If adverse information is revealed about a person notified to the appropriate regulator under SUP 15.4.1 R, the appropriate regulator may exercise its own-initiative power against the firm (see SUP 7 (Individual requirements)).

01/04/2013

SUP 15.5

Core information requirements

01/12/2004

Change in name

SUP 15.5.1

A firm must give the appropriate regulator reasonable advance notice of a change in:

(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 or ancillary activity either from an establishment in the United Kingdom or with or for clients in the United Kingdom.

01/04/2013

SUP 15.5.2

A notification under SUP 15.5.1 R should include the details of the proposed new name and the date on which the firm intends to implement the change of name.

01/04/2013

SUP 15.5.3

Firms are reminded that certain name changes (for example, to include 'Limited') may also require a notification under . SUP 5.5.1 R

01/04/2013

Change in address

SUP 15.5.4

A firm must give the appropriate regulator 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:

(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.

01/04/2013

Change in telephone numbers

SUP 15.5.5

A firm must give the appropriate regulator 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:

(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.

01/04/2013

SUP 15.5.6

SUP 15.5.4 R and SUP 15.5.5 R mean that a firm should notify the appropriate regulator of a change in telephone number even if the address of the office is not changing.

01/04/2013

Other regulators

SUP 15.5.7

A firm must notify the appropriate regulator immediately if it becomes subject to or ceases to be subject to the supervision of any overseas regulator (including a Home State regulator).

01/04/2013

SUP 15.5.8

The appropriate regulator's approach to the supervision of a firm is influenced by the regulatory regime and any legislative or foreign provisions to which that firm, including its branches, is subject.

01/04/2013

Submitting notifications to the appropriate regulator

SUP 15.5.9

(1) A firm other than a credit union must submit any notice under SUP 15.5.1R, SUP 15.5.4R and SUP 15.5.5 R by submitting the form in SUP 15 Ann 3R online at the appropriate regulator's website.
(2) A credit union must submit any notice under SUP 15.5.1R, SUP 15.5.4R, SUP 15.5.5 R and SUP 15.5.7R by submitting the form in SUP 15 Ann 3R in the way set out in SUP 15.7.4R to SUP 15.7.9G (Form and method of notification).
(3) Where a firm is obliged to submit a notice online under (1), if the appropriate regulator's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit any notice under SUP 15.5.1R, SUP 15.5.4R and SUP 15.5.5 R in the form in SUP 15 Ann 3R and in the way set out in SUP 15.7.4R to SUP 15.7.9G (Form and method of notification).
(4) A firm must submit any notice required under SUP 15.5.7 R by submitting the form in SUP 15 Ann 4 in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

01/04/2013

SUP 15.5.10

(1) If the appropriate regulator's information technology systems fail and online submission is unavailable for 24 hours or more, the appropriate regulator will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 15.5.9R(3) and SUP 15.7.4R to SUP 15.7.9G (Form and method of notification) should be used.

(2) Where SUP 15.5.9R (2) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.

01/04/2013

SUP 15.6

Inaccurate, false or misleading information

01/12/2004

SUP 15.6.1

A firm must take reasonable steps to ensure that all information it gives to the appropriate regulator in accordance with a rule in any part of the Handbook (including Principle 11) is:

(1) factually accurate or, in the case of estimates and judgments, fairly and properly based after appropriate enquiries have been made by the firm; and

(2) complete, in that it should include anything of which the appropriate regulator would reasonably expect notice.

01/04/2013

SUP 15.6.2

SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:

(1) Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FCA and PRA on their own initiative);

(2) SUP 15 (Notifications to the appropriate regulator):

(3) SUP 16 (Reporting requirements);

(4) SUP 17 (Transaction reporting);

(5) any notification rule (see Schedule 2 which contains a consolidated summary of such rules);

(6) DISP 1.9 (Complaints record rule); and

(7) DISP 1.10 (Complaints reporting rule).

01/04/2013

SUP 15.6.3

If a firm is unable to obtain the information required in SUP 15.6.1 R(2), then it should inform the appropriate regulator that the scope of the information provided is, or may be, limited.

01/04/2013

SUP 15.6.4

If a firm becomes aware, or has information that reasonably suggests that it has or may have provided the appropriate regulator with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular, it must notify the appropriate regulator immediately. Subject to SUP 15.6.5 R, the notification must include:

(1) details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;

(2) an explanation why such information was or may have been provided; and

(3) the correct information.

01/04/2013

SUP 15.6.5

If the information in SUP 15.6.4 R (3) cannot be submitted with the notification (because it is not immediately available), it must instead be submitted as soon as possible afterwards.

01/04/2013

SUP 15.6.6

The appropriate regulator may request the firm to provide revised documentation containing the correct information, if appropriate.

01/04/2013

SUP 15.6.7

Firms are reminded that section 398 of the Act (Misleading the FCA or PRA: residual cases) makes it an offence for a firm knowingly or recklessly to provide the appropriate regulator with information which is false or misleading in a material particular in purported compliance with the appropriate regulator's rules or any other requirement imposed by or under the Act. An offence by a body corporate, partnership or unincorporated association may be attributed to an officer or certain other persons (section 400 of the Act (Offences by bodies corporate etc)).

01/04/2013

SUP 15.7

Form and method of notification

01/12/2004

Form of notification: oral or written

SUP 15.7.1

A notification required from a firm under any notification rule must be given in writing, and in English, and must be submitted on the form specified for that notification rule, or if no form is specified, on the form in SUP 15 Ann 4 R (Notification form), and must give the firm's Firm Reference Number unless:

(1) the notification rule states otherwise; or

(2) the notification is provided solely in compliance with Principle 11 (see SUP 15.3.7 G).

01/04/2013

SUP 15.7.2

A firm should have regard to the urgency and significance of a matter and, if appropriate, should also notify its usual supervisory contact at the appropriate regulator by telephone or by other prompt means of communication, before submitting a written notification. Oral notifications should be given directly to the firm's usual supervisory contact at the appropriate regulator. An oral notification left with another person or left on a voicemail or other automatic messaging service is unlikely to have been given appropriately.

01/04/2013

SUP 15.7.3

The appropriate regulator is entitled to rely on any information it receives from a firm and to consider any notification received as being made by a person authorised by the firm to do so. A firm should therefore consider whether it needs to put procedures in place to ensure that only appropriate employees make notifications to the appropriate regulator on its behalf.

01/04/2013

Method of notification

SUP 15.7.4

Unless stated in the notification rule, or on the relevant form (if specified), a written notification required from a firm under any notification rule must be:

(1) given to or addressed for the attention of the firm's usual supervisory contact at the appropriate regulator; and

(2) delivered to the appropriate regulator by one of the methods in SUP 15.7.5A R or SUP 15.7.5B R as applicable:

01/04/2013

SUP 15.7.5B

Methods of notification

Method of delivery

Post to the appropriate address in SUP 15.7.6B G

Leaving the notification at the appropriate address in SUP 15.7.6B G and obtaining a time-stamped receipt

Electronic mail to an address for the firm's usual supervisory contact at the PRA and obtaining an electronic confirmation of receipt

Hand delivery to the firm's usual supervisory contact at the PRA

Fax to a fax number for the firm's usual supervisory contact at the PRA and receiving a successful transmission report for all pages of the notification

Online submission via the PRA's website at www.bankofengland.co.uk/pra/.

01/04/2013

SUP 15.7.6B

The current published address of the PRA for postal submission or hand delivery of notifications is:

02/04/2013

SUP 15.7.7

If the firm or its group is subject to lead supervision arrangements by the appropriate regulator, the firm or group may give or address a notice under SUP 15.7.4 R(1) to the supervisory contact at the appropriate regulator, designated as lead supervisor, if the firm has chosen to make use of the lead supervisor as a central point of contact (see SUP 1.5).

01/04/2013

SUP 15.7.8

If a firm is a member of a group which includes more than one firm, any one undertaking in the group may notify the appropriate regulator on behalf of all firms in the group to which the notification applies. In this way, that undertaking may satisfy the obligation of all relevant firms in the group to notify the appropriate regulator. Nevertheless, the obligation to make the notification remains the responsibility of the individual firm itself. See also SUP 15.7.3 G.

01/04/2013

SUP 15.7.9

Firms wishing to communicate with the appropriate regulator by electronic mail or fax should obtain the appropriate address or number from the appropriate regulator.

01/04/2013

Timely notification

SUP 15.7.10

If a notification rule requires notification within a specified period:

(1) the firm must give the notification so as to be received by the appropriate regulator no later than the end of that period; and

(2) if the end of that period falls on a day which is not a business day, the notification must be given so as to be received by the appropriate regulator no later than the first business day after the end of that period.

01/04/2013

SUP 15.7.11

If a notification rule does not require notification within a specified period, the firm should act reasonably in deciding when to notify.

01/04/2013

Underwriting agents: notification to the Society of Lloyd's

SUP 15.7.14

The appropriate regulator has made arrangements with the Society of Lloyd's with respect to the monitoring of underwriting agents. Underwriting agents should check whether these arrangements provide for any notifications required under this chapter to be sent to the Society instead of to the appropriate regulator. [For further details see the appropriate regulator's website.]

01/04/2013

Consequences of breach of form and method rules

SUP 15.7.15

If a firm fails to comply with the rules in this section then the notification is invalid and there may be a breach of the rule that required the notification to be given.

01/04/2013

Service of Notices Regulations

SUP 15.7.16

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) contain provisions relating to the service of documents on the appropriate regulator. They do not apply to notifications required under notification rules because of the specific rules in this section.

01/04/2013

SUP 15.8

Notification in respect of particular products and services

01/12/2004

CTF providers

SUP 15.8.9

A BIPRU firm must report to the appropriate regulator immediately any case in which its counterparty in a repurchase agreement or reverse repurchase agreement or securities or commodities lending or borrowing transaction defaults on its obligations.

01/04/2013

SUP 15.9

Notifications by members of financial conglomerates

01/01/2005

SUP 15.9.1

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

(1) is a financial conglomerate; or

(2) has ceased to be a financial conglomerate.

01/04/2013

SUP 15.9.2

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

(a) is a financial conglomerate; or

(b) has ceased to be a financial conglomerate;

if:

(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) 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) 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.

01/04/2013

SUP 15.9.3

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.

01/04/2013

SUP 15.9.4

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

(1) the appropriate regulator; or

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

(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)).

01/04/2013

SUP 15.9.5

(1) A firm must, at the level of the EEA financial conglomerate, regularly provide the appropriate regulator with details on the financial conglomerate's legal structure and governance and organisational structure, including all regulated entities, non-regulated subsidiaries and significant branches.

(2) A firm must disclose publicly, at the level of the EEA financial conglomerate, on an annual basis, either in full or by way of references to equivalent information, a description of the financial conglomerate's legal structure and governance and organisational structure.

(3) For the purposes of (1) and (2), where a firm is a member of an EEA financial conglomerate which is part of a wider UK regulated EEA financial conglomerate, reporting applies only at the level of the EEA parent mixed financial holding company or ultimate EEA mixed financial holding company.

10/06/2013

SUP 15 Annex 1

Application of SUP 15 to incoming EEA firms and incoming Treaty firms

01/12/2004

1 .

SUP 15 applies in full to an incoming EEA firm, or incoming Treaty firm , which has a top-up permission.

2 .

[deleted]

3 .

For any other incoming EEA firm or incoming Treaty firm, SUP 15 applies as set out in the following table.

Applicable sections

Application

SUP 15.1, SUP 15.2

Application, Purpose

Apply in full

SUP 15.3.1 R to SUP 15.3.6 G

Matters having a serious regulatory impact

Apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator

SUP 15.3.7 G to SUP 15.3.10 G

Communication with the appropriate regulator in accordance with Principle 11

Apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator

SUP 15.3.11 R to SUP 15.3.14 G

Breaches of rules and other requirements in or under the Act

Apply in full

SUP 15.3.15 R to SUP 15.3.16 G

Civil, criminal or disciplinary proceedings against a firm

Apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator

SUP 15.3.17 R to SUP 15.3.20 G

Fraud, errors and other irregularities

Apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator

SUP 15.3.2 G

Insolvency, bankruptcy and winding up

Apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator

SUP 15

Notified persons

Does not apply

SUP 15.5.1 R to SUP 15.5.3 G

Change in name

Apply in full

SUP 15.5.4 R

Change in address: principal place of business in the UK

Applies in full

SUP 15.5.4 R (2)

Change in address: registered office

Applies to an incoming Treaty firm . Does not apply to an incoming EEA firm, but see SUP 14 (Incoming EEA firms: changing authorisation and cancelling qualification for authorisation).

SUP 15.5.5 R to SUP 15.5.6 G

Change in telephone numbers

Applies in full

SUP 15.5.7 R and SUP 15.5.8 G

Other regulators

Apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator

SUP 15.6

Inaccurate, false or misleading information

Applies in full

SUP 15.7

Form and method of notification

Applies in full

SUP 15.8

Notifications in respect of particular products and services

Applies in full

SUP 15.10

Reporting suspicious transactions (market abuse)

Applies in relation to activities carried on from an establishment maintained by the firm or its appointed representative in the United Kingdom. [Note: Article 7 2004/72/EC]

01/01/2014

SUP 15 Ann 2

Form F: Changes in notified persons

04/10/2010

This annex consists only of one or more forms. Forms can be completed online now by visiting: the appropriate regulator's website.

The forms are also to be found through the following address:

Supervision forms - SUP 15 Annex 2

01/04/2013

SUP 15 Ann 3

Standing data form

01/12/2004

01/04/2013

SUP 15 Ann 4

Notification form

01/12/2004

This annex consists only of one or more forms. Forms are to be found through the following address:

Notifications Form - SUP 15 Annex 4

01/04/2013