Related provisions for SUP 16.5.1

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SUP 11.9.1ARRP
6(1) A firm must notify the FCA that it has become or ceased to be closely linked with any person. The notification must be made by completing the Close Links Notification Form (see SUP 11.9.3B G) and must include the information set out in SUP 16.5.4 R (4).(2) If a group includes more than one firm, a single close links notification may be made by completing the Close Links Notification Form and so satisfy the notification requirement for all firms in the group. Nevertheless,
SUP 11.9.2GRP
Guidance on what constitutes a close link is provided in COND 2.3.
SUP 11.9.2AGRP
2A firm may elect not to include the following close links in the notification submitted under SUP 11.9.1 R, SUP 11.9.5 R or SUP 16.5:(1) shares held in its capacity as custodian provided it can only exercise any voting rights attached to such shares under instructions given in writing or by electronic means; (2) shares held in its capacity as collateral taker under a collateral transaction which involves the outright transfer of securities provided it does not declare any intention
SUP 11.9.3BGRP
6The Close Links Notification Form approved by the FCA for notifications under SUP 11.9.1A R, SUP 11.9.5A R and SUP 16.5.4 R (1), may be found at the FCA website.
SUP 11.9.4ARRP
6The firm must make a notification to the FCA under SUP 11.9.1A R:(1) as soon as reasonably practicable and no later than one month after it becomes aware that it has become or ceased to be closely linked with any person; or(2) where a firm has elected to report on a monthly basis, within fifteen business days of the end of each month by completing the Close Links Notification Form, including the information set out in SUP 16.5.4 R(4)4 for that month and must submit the group
SUP 11.9.5ARRP
6(1) A firm elects to report changes in close links on a monthly basis by sending a written notice of election to the firm's usual supervisory contact at the FCA.(2) An election to report changes in close links on a monthly basis will stand until such time as the firm gives its usual supervisory contact at the FCA at least one month's written notice of its intention to cease reporting changes in close links on a monthly basis.
SUP 11.9.6AGRP
6The FCA considers that monthly reporting of changes in close links will ordinarily only be appropriate for firms forming part of large groups.
SUP 16.5.2GRP
A firm is required to notify the appropriate regulator of changes to its close links (see SUP 11.9). The effective supervision threshold conditions provide that, if a firm has close links with another person, the matters which are relevant in determining whether a firm satisfies the condition of being capable of being effective supervised include:1111(1) the nature of the relationship between the firm and that person;1111(2) whether those links or that relationship are likely
SUP 16.5.3GRP
The purposes of the rules and guidance in this section are:(1) to ensure that, in addition to such notifications, the appropriate regulator11 receives regular and comprehensive information about the identities of all persons with whom a firm has close links, which is relevant to a firm's continuing to satisfy the effective supervision threshold conditions11 and to the protection of consumers; and1111(2) to implement certain requirements relating to the provision of information
SUP 16.5.4RRP
(1) A firm must submit a report to the appropriate regulator11 annually by completing the Close Links Notification Form (see 11SUP 11.9.3B G for the FCA and SUP 11.9.3C G for the PRA11) and must include5 the information in (3) or (4) (as applicable) and (5)5.11[deleted](2) A firm must submit the report in (1) to the appropriate regulator11within four months of the firm's11accounting reference date.1111(3) If a firm is not aware: (a) that it has any close links; or (b) of any
SUP 16.5.6GRP
If a group includes more than one firm, a single annual close links report may be submitted and so satisfy the requirements of all firms in the group. Such a report should contain the information required from all of them, meet all relevant due dates, indicate all the firms on whose behalf it is submitted and give their firm reference numbers. Nevertheless, the requirement to provide a report, and the responsibility for the report, remain with each firm in the group.111
SUP 16.5.8RRP
If a firm is an unincorporated friendly society, then it is only required to submit a report under SUP 16.5.4 R if it is aware that it has close links.
SUP 11.2.5GRP
Similarly, the appropriate regulator6 needs to monitor a firm's continuing satisfaction of the6threshold conditions6 set out in paragraphs 3B, 4F and 5F of Schedule 6 to the Act (as applicable) (in relation to threshold conditions for which the FCA is responsible,6 see COND 2.32), which requires that a firm's close links are not likely to prevent the appropriate regulator's6 effective supervision of that firm. Accordingly the appropriate regulator6 needs to be notified of any
SUP 11.2.6GRP
Every firm, other than a firm listed in SUP 11.1.1 R (1) to SUP 11.1.1 R (6)2or a firm excluded from the operation of SUP 16.4 or SUP 16.5 by SUP 16.1.3 R, is required to submit an annual report on its controllers and close links as set out in SUP 16.4 and SUP 16.5.
SUP 11.2.7GRP
The requirements in SUP 11 implement certain provisions relating to changes in control and close links required under the Single Market Directives.2
SUP 16.13.3ADRP
2SUP 16.3.11 R (Complete reporting) and SUP 16.3.13 R (Timely reporting) also apply to authorised payment institutions and small payment institutions as if a reference to firm in these rules were a reference to authorised payments institutions and small payment institutions.
SUP 16.3.2GRP
This chapter has been split into the following 14sections, covering:53514(1) annual controllers reports (SUP 16.4);(2) annual close links reports (SUP 16.5);(3) compliance reports (SUP 16.6); (4) [deleted]2424(5) persistency reports (SUP 16.8);53(6) annual appointed representatives reports (SUP 16.9);553(7) Verification of standing data (SUP 16.10);5814(8) product sales data reporting (SUP 16.11);51419(9) integrated regulatory reporting (SUP 16.12);20(10) reporting under the Payment
SUP 16.3.3GRP
The annual controllers, annual close links , persistency and annual appointed representatives reports sections are the same for all categories of firm to which they apply.3
SUP 16.3.26GRP
Examples of reports covering a group are:(1) the compliance reports required from banks under SUP 16.6.4 R;(2) annual controllers reports required under SUP 16.4.5 R4848;(3) annual close links reports required under SUP 16.5.4 R(4) consolidated financial reports required from banks under SUP 16.12.5 R2424;(5) consolidated reporting statements required from securities and futures firms under 24SUP 16.12.11 R24;17(6) reporting in relation to defined liquidity groups under SUP 1
SUP 12.4.2RRP
Before a firm appoints a person as an appointed representative (other than an introducer appointed representative) and on a continuing basis, it must establish on reasonable grounds that:11(1) the appointment does not prevent the firm from satisfying and continuing to satisfy the threshold conditions;(2) the person:(a) is solvent;(b) is otherwise 1suitable to act for the firm in that capacity;and1(c) has no close links which would be likely to prevent the effective supervision
SUP 12.4.5GRP
In determining, under SUP 12.4.2 R (2)(c), whether an appointed representative or prospective appointed representative has any close links which would be likely to prevent the firm's effective supervision, a firm should consider the guidance to threshold condition 2C or 3B as applicable23 in COND 2.3.23
SUP 16.4.3GRP
Requirements for notifications of a change in control can be found in SUP 11 (Controllers and close links).