| The following table summarises the notification requirements applicable to all recognised bodies. The notification rules are set out in detail in REC 3 (Notification rules for UK recognised bodies) and REC 6.7 and, to avoid unnecessary repetition, are not set out in detail here. The notification rules for RAPs differ in some respects from the notification rules for UK RIEs (for example, due to requirements contained in the UK auctioning regulations). |
| For completeness, summary details of the main notification requirements in the Act itself and the Companies Act 1989 are also included in the table. The summary of these statutory provisions here should not be taken to imply that these are obligations imposed by the FCA under its powers nor that the following summary supersedes or alters the meaning of these provisions. |
| Guidance on the statutory notification requirements for ROIEs is given in REC 6.6. |
REC Sch 2 Notification requirements
You are viewing REC Sch 2 Notification requirements as of . REC Sch 2 Notification requirements was last updated on 30/04/2021.
REC Sch 2 Notification requirements
30/04/2021G
30/04/2021G
| Reference to legislation or Handbook | Matter to be notified | Contents of notification | Trigger event | Time allowed |
|---|---|---|---|---|
| UK RIEs | ||||
| The Acts 293(5) | Changes to rules and guidance | Details of change | Change to rule or guidance | Without delay |
| Companies Act 1989 s157 | Proposed changes to default rules | Details of proposed change | Proposal to change default rules | 14 days in advance of change |
| The Act s293(6)(a) | Changes to arrangements for clearing facilitation services in respect of on-exchange transactions | Details of change | Change to arrangements | Without delay |
| The Act s293(6)(b) | Changes to criteria determining to whom it will provide clearing facilitation services | Details of change | Change to criteria | Without delay |
| The Act s300B(1) | Proposal to make regulatory provision | Details of proposal | Proposal to make regulatory provision | Without delay |
| RAPs | ||||
| Regulation 7(4) and 7(6) of the UK auctioning regulations | Either a methodology or a modification to that methodology as specified by the UK auctioning regulations | See REC 3.27 | Event concerned | Without delay |
| Regulation 10(2) of the UK auctioning regulations | Adjustment to the auction calendar where the modification manner is not already provided for in the UK auctioning regulations | See REC 3.27 | Event concerned | Without delay |
| Regulation 11 of the UK auctioning regulations | Cancellation of an auction in the circumstances set out in regulation 11 of the UK auctioning regulations | See REC 3.15 | Event concerned | Without delay |
| Regulation 23(3) of the UK auctioning regulations | Submission of exit strategy | See REC 3.14A | Date of appointment as a RAP | Within 3 months from the date of appointment |
| Regulation 40 of the UK auctioning regulations | Restriction on maximum bid size or other remedial measures | See REC 3.22.2 | Proposal to take action | Immediately |
| Notification rules for UK recognised bodies (see REC 3 (Notification rules for UK recognised bodies)) | ||||
| REC 3.4 | Members of the management body and internal organisation | Details of change | See REC 3.4 | See REC 3.4 |
| REC 3.5 | Disciplinary action and events relating to members of the management body | Details of disciplinary action or event | Disciplinary action or awareness of event | Immediately |
| REC 3.6 | Constitution and governance | Details of proposals to amend constitution, amendments to constitution and agreements relating to constitution | Communication of proposal to amend constitution, making amendment to constitution or awareness of agreement relating to constitution | Immediately |
| REC 3.7 | Auditors | Details of removal or appointment of auditors | Removal or appointment of auditors | Immediately |
| REC 3.8 | Financial and other information | See REC 3.8 | See REC 3.8 | See REC 3.8 |
| REC 3.9 | Fees and incentive schemes | Summary of proposals to change fees and charges and changes to fees and charges | Communication to members | Immediately |
| REC 3.10 | Complaints | Copy of adverse report and details of recommendations from complaints investigator | Availability of report or recommendations | Immediately |
| REC 3.11 | Insolvency events | Notice of insolvency event | Insolvency event | Immediately |
| REC 3.12 | Legal proceedings | Details of legal proceedings commenced against UK recognised body | Institution of proceedings | Immediately |
| REC 3.13 | Delegation of relevant functions | Details of offers or agreements to delegate relevant functions and offers or agreements to undertake relevant functions on behalf of another recognised body | Making offer or agreement to delegate | Immediately |
| REC 3.14 | Products, services and normal hours of operation or (for RAPs) the timing, frequency or duration of its bidding windows | See REC 3.14 | See REC 3.14 | Immediately |
| REC 3.14A | Operation of a trading venue or (for RAPs) their exit strategy | Details of proposal to operate a new trading venue or close an existing trading venue or (for RAPs) their exit strategy | Communication of proposal to members or shareholders or (for RAPs) date of appointment | Immediately or (for RAPs) within 3 months from the date of appointment |
| REC 3.15 | Suspension of services and inability to operate facilities or (for RAPs) the cancellation of an auction | See REC 3.15 | Event concerned | Immediately |
| REC 3.16 | Information technology systems | Details of business continuity plans and details of failure of reserve information technology system | Changes to business continuity plans and failure of reserve information technology system | Immediately |
| REC 3.17 | Inability to discharge regulatory functions | Details of inability to discharge a regulatory functions | Event concerned | Immediately |
| REC 3.18 | Membership | Information regarding new types of member and reasons for considering the recognition requirements or (for RAPs) the RAP recognition requirement in regulation 20 of the RAP regulations can still be met | Admission of new type of non-authorised person or person from new non-UK jurisdiction to membership | Immediately |
| REC 3.19 | Investigations | Notice of appointment of person to investigate use of facilities or provision of services | Awareness of appointment | Immediately |
| REC 3.20 | Disciplinary action | Details of person against whom disciplinary action taken | Taking disciplinary action | Immediately |
| REC 3.21 | Criminal offences and civil prohibitions | Evidence tending to suggest contraventions of the general prohibition, certain criminal offences or market abuse | Having evidence concerned | Immediately |
| REC 3.22 | Restriction on open position or instruction to close out | Details of decision to restrict member's open position or instruction to close out position | Decision to take action | Immediately |
| REC 3.23 | Default | Notice of decision to put member into default | Communicating decision to member concerned or any other member | Immediately |
| REC 3.24 | Transfers of ownership | Details of transfer of ownership | When the UK RIE becomes aware of the transfer of ownership | Immediately |
| REC 3.25 | Significant breaches of rules and disorderly trading conditions | Significant breaches of rules and disorderly trading conditions | Significant breaches of rules and disorderly trading conditions | Immediately |
| REC 3.26 | Proposal to make regulatory provision | Details of proposal | Proposal to make regulatory provision | Without delay |
| REC 3.27 | For RAPs: Auction clearing price methodology and manner to modify auction calendar | See REC 3.27 | Event concerned | Immediately |
| ROIEs | ||||
| The Act s295 | Report to FCA | Statement as to whether events have occurred which would affect the FCA's assessment of whether the recognition requirements are met | Not applicable | Once a year |
| Notification rules for ROIEs (see REC 6.7) | ||||
| REC 6.7.3 R | Events which might affect the FCA's assessment of whether the recognition requirements are met | Particulars of event | Not applicable | Include in report under s295 |
| REC 6.7.4 R | Inclusion of certain matters in report | See REC 6.7.4 R | Not applicable | Include in report under s295 |
| REC 6.7.5 R | First report | See REC 6.7.5 R | Not applicable | Include in report under s295 |
| REC 6.7.7 R | Changes of address | Details of new addresses | Decision to change address | 14 days in advance of change of address |
| REC 6.7.8 R and REC 6.7.9 R | Revocation or modification of home territory licence etc | Details of revocation or modification | Awareness of revocation or modification | Immediately |