Article 36 - Obligation to notify the Regulatory Authority
(1) Where a
Person proposes to:
(A) acquire control over an
Authorised Firm; or
(B) to increase, decrease or change his existing level or type of control or to cease to have control over an
Controller Notice must be submitted to the Regulatory Authority in accordance with the following provisions.
(2) Subject to Article 36(3), the
Controller Notice must be submitted by the Authorised Firm in question not less than 30 days in advance of the proposed acquisition of or change in control or, where this is not reasonably practicable, immediately upon becoming aware of the proposed or actual acquisition of or change in control.
(3) Where the
Authorised Firm is:
(A) not aware of the acquisition of or change in control; or
(B) is not able to obtain sufficient information to submit the
Controller Notice must instead be submitted by the Person who is proposing to acquire or change, or has acquired or changed, control. In the case of (B) above, the Authorised Firm shall promptly upon becoming aware of the acquisition or change or proposed acquisition or change, notify the Regulatory Authority of all relevant information in its possession about the acquisition or change or proposed acquisition or change and notify the Person in question of his obligations under this Part.
Authorised Firm must have in place systems and controls aimed at ensuring that it is advised of and monitors any acquisition of or change in control to which this Part applies.
Controller Notice shall be given to the Regulatory Authority and shall include such information and be accompanied by such documents, and be signed or executed by such Persons and in such manner as the Regulatory Authority may reasonably require.
Regulatory Authority may require the Authorised Firm or Person submitting a Controller Notice to provide such additional information or documents as it reasonably considers necessary in order to enable it to determine what action it should take in response to the Controller Notice.
Regulatory Authority shall not be obliged to confirm receipt of the Controller Notice.
(8) Article 108 of these
Regulations (Notices and other Information) shall apply in respect of each Controller Notice.
|Amended by QFC Reg 2010-2 (as from 9th December 2010)|