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Status: You are viewing the version of the handbook as on 2005-06-30.

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.

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

Guidance on the statutory notification requirements for overseas recognised bodies is given in REC 6.6.

REC Sch 2.2G

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

UK recognised bodies

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

UK recognised investment exchanges

The Act s293(6)(a)

Changes to arrangements for clearing on-exchange transactions

Details of change

Change to arrangements

Without delay

The Acts 293(6)(b)

Changes to criteria determining to whom it will provide clearing services

Details of change

Change to criteria

Without delay

UK recognised clearing houses

The Act s293(7)(a)

Changes to RIEs for whom clearing services provided

Details of change

Change to RIE

Without delay

The Act s293(7)(b)

Changes to criteria determining to whom (other than RIEs) it will provide clearing services

Details of change

Change to criteria

Without delay

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

Key individuals and internal organisation

Details of change

Change in key individual or standing committee

Immediately

Disciplinary action and events relating to key individuals

Details of disciplinary action or event

Disciplinary action or awareness of event

Immediately

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

Auditors

Details of removal or appointment of auditors

Removal or appointment of auditors

Immediately

Financial and other information

See

See

See

Fees and incentive schemes

Summary of proposals to change fees and charges and changes to fees and charges

Communication to members

Immediately

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

Legal proceedings

Details of legal proceedings commenced against UK recognised body

Institution of proceedings

Immediately

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

Products, services and normal hours of operation

Proposals to change products, services or normal hours of operation

Communication of proposal to members or shareholders

Immediately

Suspension of services and inability to operate facilities

Details of suspension of services, inability to operate facilities and extension of hours of operation in an emergency

Event concerned

Immediately

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

Inability to discharge regulatory functions

Details of inability to discharge a regulatory functions

Event concerned

Immediately

Membership

Information regarding new types of member and reasons for considering recognition requirements can still be met

Admission of new type of non-authorised person or person from new non-UK jurisdiction to membership

Immediately

Investigations

Notice of appointment of person to investigate use of facilities or provision of services

Awareness of appointment

Immediately

Disciplinary action

Details of person against whom disciplinary action taken

Taking disciplinary action

Immediately

Criminal offences and civil prohibitions

Evidence tending to suggest contraventions of the general prohibition, certain criminal offences or market abuse

Having evidence concerned

Immediately

Restriction or instruction to close out, open positions

Details of decision to restrict member's open position or instruction to close out position

Decision to take action

Immediately

Default

Notice of decision to put member into default

Communicating decision to member concerned or any other member

Immediately

Overseas recognised bodies

The Act s295

Report to FSA

Statement as to whether events have occurred which would affect the FSA's assessment of whether the recognition requirements are met or which might have an effect on competition

Not applicable

Once a year

Notification rules for overseas recognised bodies (see REC 6.7)

Events which might affect the FSA's assessment of whether the recognition requirements are met

Particulars of event

Not applicable

Include in report under s295

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

Changes of address

Details of new addresses

Decision to change address

14 days in advance of change of address

and

Revocation or modification of home territory licence etc

Details of revocation or modification

Awareness of revocation or modification

Immediately