Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SYSC 13.4 Requirements to notify the appropriate regulator

SYSC 13.4.1GRP

Under Principle 11 and SUP 15.3.1 R, a firm must notify the FCA1 immediately of any operational risk matter of which the FCA1 would reasonably expect notice. SUP 15.3.8 G provides guidance on the occurrences that this requirement covers, which include a significant failure in systems and controls and a significant operational loss.

SYSC 13.4.2GRP

Regarding operational risk, matters of which the FCA1 would expect notice under Principle 11 include:

  1. (1)

    any significant operational exposures that a firm has identified;

  2. (2)

    the firm's invocation of a business continuity plan; and

  3. (3)

    any other significant change to a firm's organisation, infrastructure or business operating environment.