GENE 4.1.3 Notice of certain significant events
(1) If an authorised firm becomes aware, or has reasonable grounds to believe, that a matter to which this rule applies has or may have happened, or may be about to happen, the firm must tell the Regulatory Authority about the matter immediately, but within 1 business day.
Examples — meaning of "within 1 business day"1 If, on a business day, the authorised firm becomes aware that a matter to which this rule applies has or may have happened, the firm must tell the authority about it immediately, but on that day.2 If, on a day that is not a business day, the authorised firm has reasonable grounds to believe that a matter to which this rule applies may be about to happen, the firm must tell the authority about it immediately, but by no later than the next business day.
(2) This rule applies to the following matters:
(a) the authorised firm's failure to satisfy fitness and propriety;
(b) any matter which could have a significant adverse effect on the authorised firm's reputation;
(c) any matter in relation to the authorised firm which could result in serious adverse financial consequences to the financial system or to other firms;
(d) a significant breach of a
rule by the authorised firm or any of its employees;
(e) a significant breach of any requirement imposed by any applicable regulation or other law by the authorised firm or any of its employees;
(f) any proposed restructuring, merger, acquisition, reorganisation or business expansion which could have a significant impact on the authorised firm's risk profile or resources;
material changes in the firm's controllers
(g) any material deficiency, material weakness or material failure in the firm's internal control functions (within the meaning given by CTRL);
(h) any action that would result in a material change in the capital adequacy or solvency of the authorised firm;
(i) a contravention of any
rules by the firm because of an emergency outside the firm's control;
(j) the implementation or planned implementation of major new or revised information technology systems or new technology affecting the firm's business, risk profile or resources.
|Editorial changes (as from 1st January 2016).|