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SUP 15.2 Purpose

SUP 15.2.1G

A firm is required to provide the FCA2 with a wide range of information to enable the FCA2 to meet its responsibilities for monitoring the firm's compliance with requirements imposed by or under the Act. Some of this information is provided through regular reports, including those set out in SUP 16 (Reporting requirements) and SUP 17 (Transaction reporting). In addition, other chapters in the Handbook set out specific notification and reporting requirements. Principle 11 includes a requirement for a firm to disclose to the FCA2 appropriately anything relating to the firm of which the FCA2 would reasonably expect notice.

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SUP 15.2.2G

This chapter sets out:

  1. (1)

    guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;

  2. (2)

    rules on events and changes in condition that a firm must notify; these are the types of event that the FCA2 must be informed about, usually as soon as possible, if it is to be able to carry out its monitoring function effectively and react in good time to developments that may require a regulatory response;

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  3. (3)

    rules on the core information that a firm must provide to the FCA2 for example its name and address and the names of its other regulators, so that the FCA2 is able to maintain a relationship with the firm and with those regulators;

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  4. (4)

    rules requiring a firm to ensure that information provided to the FCA2 is accurate and complete; section 398 of the Act makes it an offence knowingly or recklessly to provide the FCA2 with information which is false or misleading in a material particular, in purported compliance with any requirement imposed by or under the Act; the purpose of the rules in SUP 15.6 is to ensure that firms take due care to ensure the accuracy of information and to require them to ensure that information is not only accurate but also complete; and1

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  5. (5)

    material (in SUP 15.10 (Notification of suspicious transactions or orders5 (market abuse)) which makes reference to5 the provisions of the Market Abuse Regulation that detail requirements on5 the reporting of transactions or orders5 about which there is reasonable suspicion of market abuse.

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SUP 15.2.3G

Rules and guidance have also been included to set out how firms should make a notification and to determine when it may be appropriate to discuss matters with their usual supervisory contact at the FCA2 by telephone (SUP 15.7).

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SUP 15.2.4G

[deleted]6

SUP 15.2.5G

3SUP 15.11 (Notification of COCON breaches and disciplinary action) provides rules and guidance on notifications to the FCA by a relevant authorised person where the relevant authorised person4 takes disciplinary action in relation to any conduct rules staff and the reason for taking that action is a reason specified in rules made by the FCA. This is a requirement imposed4 under section4 64C of the Act.

SUP 15.2.6G

3SUP 15.12 (Ongoing alerts for retail adviser complaints) sets out rules and guidance on a firm’s obligation to notify the FCA of complaints against an employee acting as a retail investment adviser.