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Status: You are viewing the version of the handbook as on 2009-03-31.

SUP 11.9 Changes in close links

Requirement to notify changes in close links1

SUP 11.9.1R

A firm must notify the FSA that it has become or ceased to be closely linked with any person. The notification must include the information set out in SUP 16.5.4 R(4).1

SUP 11.9.2GRP

Guidance on what constitutes a close link is provided in COND 2.3.

SUP 11.9.3G

The FSA may ask the firm for additional information following a notification under SUP 11.9.1 R in order to satisfy itself that the firm continues to satisfy the threshold conditions (see SUP 2: Information gathering by the FSA on its own initiative).

Timing of notification requirement1

SUP 11.9.4R

1The firm must make a notification to the FSA under SUP 11.9.1 R:

  1. (1)

    as soon as reasonably practicable and no later than one month after it becomes aware that it has become or ceased to be closely linked with any person; or

  2. (2)

    where a firm has elected to report on a monthly basis, within fifteen business days of the end of each month and:

    1. (a)

      including the information set out in SUP 16.5.4R(4) for that month; and2

    2. (b)

      if there is no person required to be included in the notification for a particular month, confirming this fact in the notification.2

Electing to notify changes in close links monthly1

SUP 11.9.5R

1

  1. (1)

    A firm elects to report changes in close links on a monthly basis by sending a written notice of election to the firm's usual supervisory contact at the FSA.

  2. (2)

    An election to report changes in close links on a monthly basis will stand until such time as the firm gives its usual supervisory contact at the FSA at least one month's written notice of its intention to cease reporting changes in close links on a monthly basis.

SUP 11.9.6G

1The FSA considers that monthly reporting of changes in close links will ordinarily only be appropriate for firms forming part of large groups.