GENE 8.2.3 Controller notice seeking approval to change control — QFC entities

(1) An authorised firm must give a controller notice in the approved form to the Regulatory Authority before a person becomes a controller of the firm or increases or decreases control over the firm. The controller notice serves as an application for the approval required under rule 8.2.2.
(2) If the firm does not know of the matter or does not have sufficient information to give the controller notice, the notice must be given by the person proposing to first become a controller or increase or decrease control.
(3) If the firm has reasonable grounds to suspect that any of the matters mentioned in subrule (1) exists, the firm must make appropriate inquiries to satisfy itself about the matter and decide whether it should give a controller notice.

Note Under FSR, article 36 (3), an authorised firm that does not have sufficient information to enable it to give the controller notice must notify the person proposing to acquire or change control about the person's obligation to give the controller notice to the authority.
(4) A controller notice must be given:
(a) at least 30 days before the person first becomes a controller or increases or decreases control; or
(b) if it is not practicable to give the notice in accordance with paragraph (a) — immediately after the firm or person required to give the notice becomes aware of the matter.
(5) A controller notice may be withdrawn at any time before the authority decides on the application for approval.
(6) If, at any time before the authority makes its decision, the firm or person making the proposal becomes aware of a change that is reasonably likely to be material to the Regulatory Authority's decision, the firm or person must notify the authority about the change without delay.
Editorial changes (as from 1st January 2016).