REC Sch 2 Notification requirements

REC Sch 2.1G

The following table summarises the notification requirements applicable to all recognised bodies. The notification rules are set out in detail in 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 auction regulation).3

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 FCA4 under its powers nor that the following summary supersedes or alters the meaning of these provisions.

4

Guidance on the statutory notification requirements for ROIEs4 is given in REC 6.6.

4
REC Sch 2.2G

Reference to legislation or Handbook3

3

Matter to be notified

Contents of notification

Trigger event

Time allowed

UK RIEs4

334

The 3Act3 293(5)

22

Changes to rules and guidance

Details of change

Change to rule or guidance

Without delay3

2The Act s300B(1)

Proposal to make regulatory provision

Details of proposal

Proposal to make regulatory provision

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 of4 on-exchange transactions

4

Details of change

Change to arrangements

Without delay

The Acts 293(6)(b)

Changes to criteria determining to whom it will provide clearing facilitation services4

4

Details of change

Change to criteria

Without delay

3RAPs

3The auction regulation article 7(7)

Either a methodology or a modification to that methodology as specified by the auction regulation

See REC 3.15

Event concerned

Without delay

Notification rules for UK recognised bodies (see Notification rules for UK recognised bodies)

REC 3.4

Key individuals and internal organisation

Details of change

See REC 3.41

1

See REC 3.41

1

REC 3.5

Disciplinary action and events relating to key individuals

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 windows3

See REC 3.141

1

See REC 3.141

1

Immediately

1REC 3.14A

Operation of a regulated market or MTF

Details of proposal to operate a new regulated market or MTF or close an existing regulated market or MTF

Communication of proposal to members or shareholders

Immediately

REC 3.15

Suspension of services and inability to operate facilities or (for RAPs) the cancellation of an auction3

See REC 3.153

3

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 the3 recognition requirements or (for RAPs) the RAP recognition requirement in regulation 203can 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 or instruction to close out, open positions or (for RAPs) restriction on maximum bid size or other remedial measures3

Details of decision to restrict member's open position or instruction to close out position or (for RAPs) details of the event and remedial measures proposed3

Decision to take action or (for RAPs) proposal to take action3

Immediately

REC 3.23

Default

Notice of decision to put member into default

Communicating decision to member concerned or any other member

Immediately

1REC 3.24

Transfers of ownership

Details of transfer of ownership

When the UK RIE becomes aware of the transfer of ownership

Immediately

1REC 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

2REC 3.26

Proposal to make regulatory provision

Details of proposal

Proposal to make regulatory provision

Without delay

ROIEs4

4

The Act s295

Report to FCA4

4

Statement as to whether events have occurred which would affect the FCA's4 assessment of whether the recognition requirements are met

44

Not applicable

Once a year

Notification rules for ROIEs4 (see REC 6.7)

4

REC 6.7.3 R

Events which might affect the FCA's4 assessment of whether the recognition requirements are met

4

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