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SUP TP 14 Transitional provisions relating to financial promotion notifications and reports

1(1)

(2)

(3)

(4)

(5)

(6)

Material to which the transitional provision applies

Transitional provision

Transitional provision: dates in force

Handbook provision: coming into force

14.1

SUP 16.31.5R

R

(1) This transitional provision applies to a firm that applies for approver permission on or before 6 February 2024 and whose application has yet to be determined.

(2) The requirement to submit notifications to the FCA for the purposes of SUP 16.31.5R applies to a firm in (1).

From 7 February 2024

6 November 2023

14.2

SUP 16.31.5R

G

The effect of the transitional provision in 14.1 is that a firm that applies for approver permission on or before 6 February 2024 must begin complying with the notification requirements in SUP 16.31.5R from 7 February 2024. Ordinarily, a firm applying for approver permission would only begin submitting such notifications following the grant of its approver permission.

From 7 February 2024

6 November 2023

14.3

SUP 16.31.9R

R

(1) This transitional provision applies to a firm that applies for approver permission on or before 6 February 2024 and whose application has yet to be determined.

(2) The requirement to submit bi-annual reports to the FCA for the purposes of SUP 16.31.9R applies to a firm in (1).

(3) A firm in (1) must submit its first bi-annual report for the purpose of SUP 16.31.9R in respect of the reporting period beginning on 7 February 2024 and ending on the earlier of:

(a) the firm’s accounting reference date; or

(b) the date falling 6 months after the firm’s accounting reference date.

From 7 February 2024

6 November 2023

14.4

SUP 16.31.9R

G

The effect of the transitional provision in 14.3 is that a firm that applies for approver permission on or before 6 February 2024 must comply with the bi-annual reporting requirement while its application is being determined. The firm must submit its first bi-annual report to cover the period from 7 February 2024 to the date that would otherwise mark the end of a reporting period. Ordinarily, a firm applying for approver permission would be required to submit its first bi-annual report only following the grant of its approver permission.

From 7 February 2024

6 November 2023