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REC 6.7 Notification rules for overseas recognised bodies

Application

REC 6.7.1 R

The notification rules in this chapter, which are made under sections 293 (Notification requirements) and 295 of the Act (Notification: overseas investment exchanges and overseas clearing houses), apply to all ROIEs1.

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Purpose

REC 6.7.2 G

The notification rules in this chapter are made by the FCA1 in order to ensure that it is provided with notice of events and information which it reasonably requires for the exercise of its functions under the Act.

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Reports under section 295

REC 6.7.3 R

Where an ROIE1 includes in its report made under section 295(1) of the Act (Notification: overseas investment exchanges and overseas clearing houses) a statement in compliance with section 295(2)(a) of the Act that an event has occurred in the period covered by that report which is likely to affect the FCA's1 assessment of whether it is satisfied as to the requirements set out in section 292(3) (Overseas investment exchanges and overseas clearing houses), it must include particulars of that event.

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REC 6.7.4 R

An ROIE1 must include in its report submitted in compliance with section 295(1) of the Act:

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  1. (1)

    particulars of any changes to:

    1. (a)

      its memorandum and articles of association or any similar or analogous documents;

    2. (b)

      its regulatory provisions;

    3. (c)

      its chairman or president, or chief executive (or equivalent);

  2. (2)

    particulars of any disciplinary action (or any similar or analogous action) taken against it by any supervisory authority in its home territory, whether or not that action has been made public in that territory;

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  3. (3)

    a copy of its annual report and accounts; and2

  4. (4)

    a statement as to whether any events have occurred which are likely to have any material effect on competition;2

where those events occurred, or the period covered by that annual report and accounts ended, in the period covered by that report.

First report

REC 6.7.5 R

An ROIE1 must include in the first report submitted under section 295(1) of the Act after the recognition order in relation to that ROIE1 is made:

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  1. (1)

    particulars of any events of the kind described in section 295(2) of the Act which occurred;

  2. (2)

    particulars of any change specified in REC 6.7.4 R (1) or disciplinary action specified in REC 6.7.4 R (2) which occurred; and

  3. (3)

    any annual report and accounts which covered a period ending;

after the application for recognition was submitted to the FCA1 but which were not included in the application or in any supplementary information submitted to the FCA1 before the recognition order was made.

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REC 6.7.6 G

Guidance on the period covered by an ROIE's1 report submitted in compliance with section 295(1) of the Act is given in REC 6.6.3 G11.

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Changes of address

REC 6.7.7 R

Where an ROIE1 proposes to change:

  1. (1)

    its address in the United Kingdom for the service of notices or other documents required or authorised to be served on it under the Act; or

  2. (2)

    the address of its head office;

it must give notice to the FCA1 and inform it of the new address at least 14 days before the change is effected.

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Revocation or modification of home territory licence, permission or authorisation

REC 6.7.8 R

Where an ROIE1 has notice that any licence, permission or authorisation which it requires to conduct any regulated activity in its home territory has been or is about to be:

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  1. (1)

    revoked; or

  2. (2)

    modified in any way which would materially restrict the ROIE1 in performing any regulated activity in its home territory or in the United Kingdom;

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it must immediately notify the FCA1 of that fact and must give the FCA1 the information specified for the purposes of this rule in REC 6.7.9 R, as soon as that information is known to it.

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REC 6.7.9 R

The following information is specified for the purposes of REC 6.7.8 R:

  1. (1)

    particulars of the licence, permission or authorisation which has been or is to be revoked or modified, including particulars of the ROIEs1regulated activities to which it relates;

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  2. (2)

    an explanation of how the revocation or modification restricts or will restrict the ROIE1 in carrying on any regulated activity in its home territory or in the United Kingdom;

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  3. (3)

    the date on which the revocation or modification took, or will take, effect and, if it is a temporary measure, any date on which, or any conditions that must be met before which, it will cease to have effect; and

  4. (4)

    any reasons given for the revocation or modification.

Language of notice

REC 6.7.10 R

Any notice to be given or information to be supplied under these notification rules must be supplied in English, and any document to be provided must be accompanied, if not in English, by an accurate English translation.

REC 6.7.11 G

An English glossary of technical or statistical terms may be sufficient to accompany tables of statistical or financial information.

Form and method of notification

REC 6.7.12 R

The rules relating to the form and method of notification in REC 3.2 also apply to ROIEs1.

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Waivers

REC 6.7.13 G

ROIEs 1may apply to the FCA1 for a waiver of any of the notification rules. The procedure is the same as that for applications from UK recognised bodies. Guidance on the procedure is given in REC 3.3.

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