Transitional Provisions and Schedules
REC TP 1
Transitional provisions
Introduction
REC TP 1.1
| 1 | This schedule sets out the transitional provisions in REC. |
| 2 | The Recognition Requirements Regulations also contain transitional provisions applying to recognised bodies. |
| 3 | GEN also contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement. These include transitional provisions relevant to record keeping and notification requirements |
REC TP 1.2
(overleaf)
| (1) | (2) Material to which the transitional provision applies | (3) | (4) Transitional provision | (5) Transitional provision: dates in force | (6) Handbook provision: coming into force |
| 1 | REC 3 and REC 6 | R | Expired | ||
| 2 | REC 3 | R | Expired | ||
| 3 | REC 3 | R | Expired | ||
| 4 | REC 6.6.3 | G | Expired | ||
| 5 | REC 6.7.5 | R | Expired |
- 01/04/2005
REC Sch 1
Record keeping requirements
- 01/12/2004
REC Sch 1.1
See Notes
| There are no record keeping requirements as such in REC. |
|
UK recognised bodies have obligations under the
Recognition Requirements Regulations
to ensure that satisfactory arrangements are made for recording transactions effected by, or cleared through, their facilities. See REC
2.9 for guidance (in the case of RAPs, see REC
2.9 as applied by REC 2A.3.2 G). RAPs also have separate record keeping obligations under the auction regulation. |
- 22/12/2011
REC Sch 2
Notification requirements
- 01/12/2004
REC Sch 2.1
See Notes
| The following table summarises the notification requirements applicable to all recognised bodies. The notification rules are set out in detail in Notification rules for UK recognised bodies and REC 6.7 and, to avoid unnecessary repetition, are not set out in detail here. The notification rules for RAPs differ in some respects from the notification rules for UK RIEs (for example, due to requirements contained in the auction regulation). |
| For completeness, summary details of the main notification requirements in the Act itself and the Companies Act 1989 are also included in the table. The summary of these statutory provisions here should not be taken to imply that these are obligations imposed by the FSA under its powers nor that the following summary supersedes or alters the meaning of these provisions. |
| Guidance on the statutory notification requirements for overseas recognised bodies is given in REC 6.6. |
- 22/12/2011
REC Sch 2.2
See Notes
| Reference to legislation or Handbook | Matter to be notified | Contents of notification | Trigger event | Time allowed |
| UK recognised bodies | ||||
| The Act 293(5) | Changes to rules and guidance | Details of change | Change to rule or guidance | Without delay |
| UK RIEs and UK RCHs | ||||
| The Act s300B(1) | Proposal to make regulatory provision | Details of proposal | Proposal to make regulatory provision | Without delay |
| Companies Act 1989 s157 | Proposed changes to default rules | Details of proposed change | Proposal to change default rules | 14 days in advance of change |
| UK RIEs | ||||
| The Act s293(6)(a) | Changes to arrangements for clearing on-exchange transactions | Details of change | Change to arrangements | Without delay |
| The Act s293(6)(b) | Changes to criteria determining to whom it will provide clearing services | Details of change | Change to criteria | Without delay |
| UK RCHs | ||||
| The Act s293(7)(a) | Changes to RIEs for whom clearing services provided | Details of change | Change to RIE | Without delay |
| The Act s293(7)(b) | Changes to criteria determining to whom (other than RIEs) it will provide clearing services | Details of change | Change to criteria | Without delay |
| RAPs | ||||
| The Act s293(6)(a) | Changes to arrangements for clearing transactions effected on the auction platform | Details of change | Change to arrangements | Without delay |
| The auction regulation article 7(7) | Either a methodology or a modification to that methodology as specified by the auction regulation | See REC 3.15 | Event concerned | Without delay |
| Notification rules for UK recognised bodies (see Notification rules for UK recognised bodies) | ||||
| REC 3.4 | Key individuals and internal organisation | Details of change | See REC 3.4 | See REC 3.4 |
| REC 3.5 | Disciplinary action and events relating to key individuals | Details of disciplinary action or event | Disciplinary action or awareness of event | Immediately |
| REC 3.6 | Constitution and governance | Details of proposals to amend constitution, amendments to constitution and agreements relating to constitution | Communication of proposal to amend constitution, making amendment to constitution or awareness of agreement relating to constitution | Immediately |
| REC 3.7 | Auditors | Details of removal or appointment of auditors | Removal or appointment of auditors | Immediately |
| REC 3.8 | Financial and other information | See REC 3.8 | See REC 3.8 | See REC 3.8 |
| REC 3.9 | Fees and incentive schemes | Summary of proposals to change fees and charges and changes to fees and charges | Communication to members | Immediately |
| REC 3.10 | Complaints | Copy of adverse report and details of recommendations from complaints investigator | Availability of report or recommendations | Immediately |
| REC 3.11 | Insolvency events | Notice of insolvency event | Insolvency event | Immediately |
| REC 3.12 | Legal proceedings | Details of legal proceedings commenced against UK recognised body | Institution of proceedings | Immediately |
| REC 3.13 | Delegation of relevant functions | Details of offers or agreements to delegate relevant functions and offers or agreements to undertake relevant functions on behalf of another recognised body | Making offer or agreement to delegate | Immediately |
| REC 3.14 | Products, services and normal hours of operation or (for RAPs) the timing, frequency or duration of its bidding windows | See REC 3.14 | See REC 3.14 | Immediately |
| REC 3.14A | Operation of a regulated market or MTF | Details of proposal to operate a new regulated market or MTF or close an existing regulated market or MTF | Communication of proposal to members or shareholders | Immediately |
| REC 3.15 | Suspension of services and inability to operate facilities or (for RAPs) the cancellation of an auction | See REC 3.15 | Event concerned | Immediately |
| REC 3.16 | Information technology systems | Details of business continuity plans and details of failure of reserve information technology system | Changes to business continuity plans and failure of reserve information technology system | Immediately |
| REC 3.17 | Inability to discharge regulatory functions | Details of inability to discharge a regulatory functions | Event concerned | Immediately |
| REC 3.18 | Membership | Information regarding new types of member and reasons for considering the recognition requirements or (for RAPs) the RAP recognition requirement in regulation 20 can still be met | Admission of new type of non-authorised person or person from new non-UK jurisdiction to membership | Immediately |
| REC 3.19 | Investigations | Notice of appointment of person to investigate use of facilities or provision of services | Awareness of appointment | Immediately |
| REC 3.20 | Disciplinary action | Details of person against whom disciplinary action taken | Taking disciplinary action | Immediately |
| REC 3.21 | Criminal offences and civil prohibitions | Evidence tending to suggest contraventions of the general prohibition, certain criminal offences or market abuse | Having evidence concerned | Immediately |
| REC 3.22 | Restriction or instruction to close out, open positions or (for RAPs) restriction on maximum bid size or other remedial measures | Details of decision to restrict member's open position or instruction to close out position or (for RAPs) details of the event and remedial measures proposed | Decision to take action or (for RAPs) proposal to take action | Immediately |
| REC 3.23 | Default | Notice of decision to put member into default | Communicating decision to member concerned or any other member | Immediately |
| REC 3.24 | Transfers of ownership | Details of transfer of ownership | When the UK RIE becomes aware of the transfer of ownership | Immediately |
| REC 3.25 | Significant breaches of rules and disorderly trading conditions | Significant breaches of rules and disorderly trading conditions | Significant breaches of rules and disorderly trading conditions | Immediately |
| REC 3.26 | Proposal to make regulatory provision | Details of proposal | Proposal to make regulatory provision | Without delay |
| Overseas recognised bodies | ||||
| The Act s295 | Report to FSA | Statement as to whether events have occurred which would affect the FSA's assessment of whether the recognition requirements are met or which might have an effect on competition | Not applicable | Once a year |
| Notification rules for overseas recognised bodies (see REC 6.7) | ||||
| REC 6.7.3 R | Events which might affect the FSA's assessment of whether the recognition requirements are met | Particulars of event | Not applicable | Include in report under s295 |
| REC 6.7.4 R | Inclusion of certain matters in report | See REC 6.7.4 R | Not applicable | Include in report under s295 |
| REC 6.7.5 R | First report | See REC 6.7.5 R | Not applicable | Include in report under s295 |
| REC 6.7.7 R | Changes of address | Details of new addresses | Decision to change address | 14 days in advance of change of address |
| REC 6.7.8 R and REC 6.7.9 R | Revocation or modification of home territory licence etc | Details of revocation or modification | Awareness of revocation or modification | Immediately |
- 22/12/2011
REC Sch 3
Fees and other required payments
- 01/12/2004
REC Sch 3.1
See Notes
| The aim of the guidance in the following table is to give the reader a quick over-all view of the relevant requirements for paying fees. |
| It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
REC Sch 3.2
See Notes
| Type of fee | Trigger event | Date/Time for payment | Amount/rate | Handbook reference |
| Periodic fee | See REC 7 Annex 1 R Part 1 | See REC 7 Annex 1 R Part 1 | See REC 7 Annex 1 R, Parts 1 and 2 | REC 7.2 |
| Application fee | See REC 7 Annex 1 R, Part 2 | On or before making the relevant application | See REC 7 Annex 1 R, Parts 3 and 4 | REC 7.3 |
- 01/12/2004
REC Sch 4
Powers exercised
- 01/12/2004
REC Sch 4.1
See Notes
| The following powers and related provisions in the Act have been exercised by the FSA to make the rules in REC: | |
| Section 138 (General rule-making power) | |
| Section 156 (General supplementary powers) | |
| Section 178 (Obligation to notify the Authority: acquisitions of control) | |
| Section 191D (Obligation to notify the Authority: dispositions of control) | |
| Section 293 (Notification requirements) | |
| Section 295 (Notification: overseas investment exchanges and overseas clearing houses) | |
| Section 300B (Duty to notify proposal to make regulatory provision). | |
| Paragraph 17(1) (Fees) of Schedule 1 (The Financial Services Authority) | |
- 06/10/2009
REC Sch 4.2
See Notes
- 03/09/2001
REC Sch 5
Rights of action for damages
- 01/12/2004
REC Sch 5.1
See Notes
| There are no rights of action under section 150 of the Act in respect of any contravention by a recognised body of any rule made under the Act. |
- 01/12/2004
REC Sch 6
Rules that can be waived
- 01/12/2004
REC Sch 6.1
See Notes
- 01/12/2004