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REC 3.16 Information technology systems

REC 3.16.1GRP

The purpose of REC 3.16 is to ensure that the FCA 1receives a copy of the UK recognised body's plans and arrangements for ensuring business continuity if there are major problems with its computer systems. The FCA 1does not need to be notified of minor revisions to, or updating of, the documents containing a UK recognised body's business continuity plan (for example, changes to contact names or telephone numbers).

[Note: MiFID RTS 7 requires that the operator of a trading venue assess whether the capacity of its trading systems remains adequate when the number of messages has exceeded the historical peak. After each assessment, the operator of the trading venue must inform its competent authority about any measures planned to expand capacity or add new capabilities, and the timeframe for such measures. MiFID RTS 7 also requires the operator to report to its competent authority any severe trading interruption not due to market volatility and any other material connectivity disruptions.]2

REC 3.16.2RRP

Where a UK recognised body changes any of its plans for action in the event of a failure of any of its information technology systems resulting in disruption to the operation of its facilities, it must immediately give the FCA 1notice of that event, and a copy of the new plan.

REC 3.16.3RRP

Where any reserve information technology system of a UK recognised body fails in such a way that, if the main information technology system of that body were also to fail, it would be unable to operate any of its facilities during its normal hours of operation, that body must immediately give the FCA 1notice of that event, and inform the FCA:1

  1. (1)

    what action that UK recognised body is taking to restore the operation of the reserve information technology system; and

  2. (2)

    when it is expected that the operation of that system will be restored.