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SUP 10A.14 Changes to an FCA-approved person's details

Moving within a firm

SUP 10A.14.1GRP

An FCA-approved person's job may change from time to time as a result, for instance, of a change in personal job responsibilities or a firm's regulated activities. Where the changes will involve the person performing one or more FCA controlled functions different from those for which approval has already been granted, then an application must be made to the FCA for approval for the person to perform those FCA controlled functions. The firm must take reasonable care to ensure that an individual does not begin performing an FCA controlled function until the FCA has granted FCA-approved person status to that individual in respect of that FCA controlled function. 5

SUP 10A.14.2GRP

If an FCA-approved person or a PRA-approved person is ceasing to perform FCA controlled functions or a5 PRA controlled function, as well as applying for approval in respect of FCA controlled functions within the same firm or group, the firm should5 generally use Form E5. Further details can be found in SUP 10A.14.4D5.

SUP 10A.14.3GRP

If a person is to perform an FCA controlled function for a firm for which they5 already perform an5 FCA controlled function as an approved person but they are5 not at the same time ceasing to perform an FCA controlled function or PRA controlled function for the firm or a firm in the same group5, a firm should use Form A. See SUP 10A.13.3D and SUP 10A.13.3AD for further5 details.

SUP 10A.14.4DRP
  1. (1)

    A firm must use Form E where an approved person is both ceasing to perform one or more controlled functions and needs to be approved in relation to one or more FCA controlled functions within the same firm or group.

  2. (2)

    A firm must not use Form E if: 2

    1. (a)

      the approved person has never before been approved to perform for any firm:2

      1. (i)

        an FCA controlled function that is2 a significant-influence function; or2

      2. (ii)

        an FCA-designated senior management function; or2

      3. (iii)

        a PRA controlled function;2

    2. (b)

      the approved person2 has not been subject to a current approved person approval from the FCA or PRA to perform:2

      1. (i)

        an FCA controlled function that is2 a significant-influence function; or

      2. (ii)

        an FCA-designated senior management function; or2

      3. (iii)

        a PRA controlled function;2

      in relation to any firm for more than six months; or2

    3. (c)

      any of the following apply (where applicable):2

      1. (i)

        a notification referred to in SUP 10C.10.9D(4)(b) or (c) (notification obligations under the Act applying to SMCR firms5) has been made or should be made; or2

      2. (ii)

        any of the circumstances in SUP 10A.14.10R (Qualified Form C) apply;2

      in relation to any:2

      1. (iii)

        controlled functions which that person is ceasing to perform (as referred to in (1)); or2

      2. (iv)

        5controlled function that they are continuing to perform for that firm or a firm in the same group.2

  3. (3)

    A firm must not use Form E if a notification has been made or should be made under:2

    1. (a)

      SUP 10A.14.17R (Changes in fitness to be notified under Form D);2

    2. (b)

      SUP 10C.14.18R (the corresponding requirement for SMCR firms5); or2

    3. (c)

      3the corresponding PRA requirements to (a).3

      22

    (whichever is applicable)2 in relation to any controlled functions that that person is ceasing to perform (as referred to in (1)) or any controlled function that he is continuing to perform in relation to that firm or a firm in the same group.

SUP 10A.14.4AG
  1. (1)

    4The MiFID authorisation and management body change notification ITS5 requires that MiFID investment firms (except credit institutions) submit the Annex III information on the ESMA template available at https://www.fca.org.uk/publication/forms/mifid-changes-management-body-form.docx (‘Annex III template’) where there is a change to a member of the management body or a person who effectively directs the business.

  2. (2)

    MiFID investment firms (except credit institutions) need to submit this Annex III template within ten business days of the change in the online notification and application system (also known as Connect).

  3. (3)

    SUP 10A.14.4BD explains how this requirement fits in with the requirement5 to submit a Form A or Form E.5

  4. (4)

    [deleted]5

SUP 10A.14.4AAG
  1. (1)

    5The MiFID authorisation and management body change notification ITS requires that a person applying to be a MiFID investment firm (except a credit institution) notify the appropriate regulator of information about members of its management body by filling in the template set out in Annex II of the MiFID authorisation and management body change notification ITS.

  2. (2)

    This applies whether:

    1. (a)

      the person is applying for authorisation; or

    2. (b)

      the person is a firm applying for a variation of its permission that would turn it into a MiFID investment firm.

  3. (3)

    The requirement in SUP 10A.14.4BD to fill in the MiFID Article 4 SMR Information Form along with a Form A or Form E does not apply.

SUP 10A.14.4BD

4Where:5

  1. (1)

    there is a change to a member of the management body or person who directs the business5 of a MiFID investment firm (except a credit institution) that the firm must notify to the appropriate regulator under Annex III of the MiFID authorisation and management body change notification ITS; and5

  2. (2)

    that change also requires the firm to apply for approval for that member or person to perform an FCA controlled function;5

the firm must submit to the FCA the completed form found in SUP 10A Annex 10D (MiFID Article 4 APER Information Form) at the same time as submitting the Form A or Form E about a the candidate.5

5

SUP 10A.14.4CG

45MiFID investment firms (except credit institutions) who submit:

  1. (1)

    Form A and/or E; and5

  2. (2)

    the MiFID Article 4 APER Information Form5

about a candidate may complete the Annex III template outlined in SUP 10A.14.4AG(1)5 by cross-referring to any5 information required by the template that has been included5 in the relevant Form A or Form E . The template should5 be annexed to the relevant Form A or5 Form E.

SUP 10A.14.5G

SUP 10A.16.1 D explains how applications should be submitted.

Moving between firms

SUP 10A.14.6GRP

If it is proposed that an FCA-approved person will no longer be performing an FCA controlled function under an arrangement entered into by one firm or one of its contractors, but will be performing the same or a different FCA controlled function under an arrangement entered into by a new firm or one of its contractors (whether or not the new firm is in the same group as the old firm), the new firm will be required to make a fresh application for the performance of the FCA controlled function by that person.

SUP 10A.14.7GRP

[deleted]5

Ceasing to perform an FCA controlled function

SUP 10A.14.8RRP
  1. (1)

    A firm must submit to the FCA a completed Form C (SUP 10C Annex 5R)5 no later than ten4 business days after an FCA-approved person ceases to perform an FCA controlled function.2

  2. (2)

    If:2

    1. (a)

      the firm is also making an application for approval for that approved person to perform a controlled function within the same firm or group; and2

    2. (b)

      ceasing to perform the FCA controlled function in (1) has triggered a requirement to make that application for approval:2

      1. (i)

        to the FCA using Form E (rather than a Form A) under SUP 10A or SUP 10C; or2

      2. (ii)

        to the PRA using the PRA’s Form E in accordance with the corresponding PRA requirements;2

      it must make the notification under (1) using that Form E.2

SUP 10A.14.9G

SUP 10A.16.2 R explains how notifications should be submitted.

SUP 10A.14.9AG
  1. (1)

    5The MiFID authorisation and management body change notification ITS requires that a MiFID investment firm (except a credit institution) submit the information in Annex III of the MiFID authorisation and management body change notification ITS on the ESMA template where there is a change to a member of the management body or a person who effectively directs the business.

  2. (2)

    This means that a MiFID investment firm required to notify the FCA under (1) may also need to submit the Annex III information along with the Form C or Form E.

  3. (3)

    See SUP 10A.14.4AG to SUP 10A.14.4CG for more about these notification requirements in a case in which the firm is applying for approval under section 59 of the Act (Approval for particular arrangements).

SUP 10A.14.10RRP
  1. (1)

    A firm must notify the FCA as soon as practicable after it becomes aware, or has information which reasonably suggests, that it will submit a qualified Form C in respect of an FCA-approved person.

  2. (2)

    Form C is qualified if the information it contains:

    1. (a)

      relates to the fact that the firm has dismissed, or suspended, the FCA-approved person from its employment; or

    2. (b)

      relates to the resignation by the FCA-approved person while under investigation by the firm, the FCA or any other regulatory body; or

    3. (c)

      otherwise reasonably suggests that it may affect the FCA's assessment of the FCA-approved person's fitness and propriety.

SUP 10A.14.11GRP

Notification under SUP 10A.14.10 R may be made by telephone, email or fax and should be made, where possible, within one business day of the firm becoming aware of the information. If the firm does not submit Form C, it should inform the FCA in due course of the reason. This could be done using Form D, if appropriate.

SUP 10A.14.12GRP

A firm is responsible for notifying the FCA if any FCA-approved person has ceased to perform an FCA controlled function under an arrangement entered into by its appointed representative or former appointed representative.

SUP 10A.14.13GRP

A firm can submit Form C or Form E and the MiFID Article 4 APER Information Form4 to the FCA in advance of the cessation date. When a person ceases the arrangement under which they perform4 an FCA controlled function, they4 will automatically cease to be an FCA-approved person in relation to that FCA controlled function. A person can only be an FCA-approved person in relation to a specific FCA controlled function. Therefore, a person is not an FCA-approved person during any period between ceasing to perform one FCA controlled function (when they are4 performing no other FCA controlled function) and being approved in respect of another FCA controlled function.

SUP 10A.14.14GRP

Sending forms promptly will help to ensure that any fresh application can be processed within the standard response times.

Changes to an approved person's personal details

SUP 10A.14.15RRP

If an FCA-approved person's title, name or national insurance number changes, the firm for which the person performs an FCA controlled function must notify the FCA on Form D (SUP 10C Annex 6R)5 of that change within seven business days of the firm becoming aware of the matter.

SUP 10A.14.16GRP

The duty to notify in SUP 10A.14.15 R does not apply to changes to an FCA-approved person's private address.

SUP 10A.14.17RRP

If a firm becomes aware of information which would reasonably be material to the assessment of an FCA-approved person's, or a FCA candidate's, fitness and propriety (see FIT), it must inform the FCA on Form D, or (if it is more practical to do so and with the prior agreement of the FCA) by e-mail or fax, as soon as practicable.

SUP 10A.14.18GRP

SUP 10A.16.2 R applies to the submission of Form D.

SUP 10A.14.19GRP

Failing to disclose relevant information to the FCA may be a criminal offence under section 398 of the Act.

SUP 10A.14.20RRP

The duty to notify in SUP 10A.14.17 R extends to any circumstances that would normally be declared when giving the information required for section 5 of Form A or matters considered in FIT 2.

SUP 10A.14.21GRP
  1. (1)

    If, in relation to a firm which has completed the relevant Form A (SUP 10A Annex 4D), any of the details relating to arrangements and FCA controlled functions are to change, the firm must notify the FCA on Form D (SUP 10C Annex 6R5).

  2. (2)

    The notification under (1) must be made as soon as reasonably practicable after the firm becomes aware of the proposed change.

  3. (3)

    This also applies in relation to an FCA controlled function for which an application was made using Form E.

  4. (4)

    This rule also applies to a firm in respect of an approved person, to whom the grandfathering arrangements relating to the coming into force of the Act applied as if the firm had completed the relevant Form A for that person.

SUP 10A.14.22GRP

SUP 10A.16.2 R also applies to the submission of Form D under SUP 10A.14.21 G.

SUP 10A.14.23GRP

An example of where a firm should use Form D is when an individual who is appointed by one appointed representative becomes employed by another appointed representative but continues to perform the customer function for the firm. The firm should notify the FCA by completing Section 1.07 of Form D.

SUP 10A.14.24R

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SUP 10A.14.25G

[deleted]2

SUP 10A.14.26R

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