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SUP 15.4 Notified persons

SUP 15.4.1R
  1. (1)

    An overseas firm, which is not an incoming firm, must notify the FCA4 within 30 business days of any person taking up or ceasing to hold the following positions:

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    1. (a)

      the firm's worldwide chief executive (that is, the person who, alone or jointly with one or more others, is responsible under the immediate authority of the directors for the whole of its business) if the person is based outside the United Kingdom;

    2. (b)

      the person within the overseas firm with a purely strategic responsibility for UK operations (see SUP 10.7.4 G);

    3. (c)

      for a bank: the two or more persons who effectively direct its business in accordance with SYSC 4.2.2 R ;3

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    4. (d)

      for an insurer: the authorised UK representative.

  2. (2)

    The notification in (1) must be submitted in the form set out in2 Form F (SUP 15 Ann 2). However, if the person is an approved person, notification giving details of his name, the approved person's individual reference number and the position to which the notification relates, is sufficient.

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SUP 15.4.2G

SUP 15.4.1 R is not made under the powers conferred on the FCA4 by Part V of the Act (Performance of Regulated Activities). A person notified to the FCA4 under SUP 15.4.1 R is not subject to the Statements of Principle or Code of Practice for Approved Persons, unless he is also an approved person.

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SUP 15.4.3G
  1. (1)

    A firm other than a credit union must submit the form in SUP 15 Ann 2 R online 7 using the FCA's4 online notification and application system6.

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  2. (2)

    A credit union must submit the form in SUP 15 Ann 2 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).2

  3. (3)

    Where a firm is obliged to submit an application online under (1), if the FCA's4 information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit the form in SUP 15 Ann 2 R, in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).2

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SUP 15.4.3AG
  1. (1)

    If the FCA's4 information technology systems fail and online submission is unavailable for 24 hours or more, the FCA4 will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 15.4.3R(3) and SUP 15.7.4R to SUP 15.7.9G (Form and method of notification) should be used.2

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  2. (2)

    Where SUP 15.4.3R (3) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.2

SUP 15.4.4G

If adverse information is revealed about a person notified to the FCA4 under SUP 15.4.1 R, the FCA4 may exercise its own-initiative power against the firm (see SUP 7 (Individual requirements)).

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