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IFPRU 11.7 Notifications

Application

IFPRU 11.7.1R

This section applies to:

  1. (1)

    an IFPRU 730k firm that is not subject to supervision on a consolidated basis;

  2. (2)

    a firm that is an RRD group member;

  3. (3)

    a qualifying parent undertaking that is an RRD group member; and

  4. (4)

    a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm.

Resolution notifications

IFPRU 11.7.2R

A firm or qualifying parent undertaking must notify the FCA immediately if its management body considers that any of the following have occurred:

  1. (1)

    the assets of the firm or qualifying parent undertaking have become less than its liabilities; or

  2. (2)

    the firm or qualifying parent undertaking is unable to pay its debts or other liabilities as they fall due; or

  3. (3)

    there are objective reasons to support a determination that (1) or (2) will occur in the near future; or

  4. (4)

    extraordinary public financial support is needed for the firm or qualifying parent undertaking, except if it takes any of forms allowed by section 7(5E) of the Banking Act 2009.

IFPRU 11.7.3R

A firm must also notify the FCA immediately if its management body considers that:

  1. (1)

    the firm is failing to satisfy any of the threshold conditions, including due to the firm having incurred, or being likely to incur, losses that will deplete all, or a significant amount of, its own funds; or

  2. (2)

    there are objective elements to support a determination that the firm will fail to satisfy any of the threshold conditions in the near future.

[Note: article 81(1) of RRD]

IFPRU 11.7.4R

A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.