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  3. Point in time
    2020-11-27

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.