Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

REC 3.23 Default

REC 3.23.1RRP

Where a UK RIE2 decides to put a member into default, it must immediately give notice of that event, and give the following information to the FCA2, at the same time as that decision is communicated to that member or to any other member (or group or class of them) of that body:

  1. (1)

    the name of the member and (where relevant) the class of membership;

  2. (2)

    the reasons for that decision; and

  3. (3)

    the names of any other exchange,1 clearing house or auction platform 1on which, to the best of that UK RIE's2 knowledge, that member clears business or transacts for, or in respect of, its clients.2