England and Wales commercial and regulatory procedures
When must a MiFID firm notify a management body change?
Before the change, or within ten business days only under the specified exception. Notify the FCA using the required applicable form. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
- Period
- Before the change, or within ten business days only under the specified exception
- Trigger
- Management body change takes effect, with substantiated inability to notify beforehand if relied upon
- Rule
- FCA Handbook sup15, SUP 15.16.1R to 15.16.6R
FCA Handbook sup15, SUP 15.16.1R to 15.16.6R. The retained source governs notify the FCA using the required applicable form. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
Source guide · No automated date
Check the applicable procedure
SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review. The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election. The actual management body change takes effect, with substantiated inability to notify beforehand if relied upon and required completion must be established before using a final date.
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When must a MiFID firm notify a management body change?
Before the change, or within ten business days only under the specified exception. Notify the FCA using the required applicable form. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
Responsible actor. Firm within SUP 15.16.1R.
Management body change takes effect, with substantiated inability to notify beforehand if relied upon.
SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RHow does this provision count time?
- Notify the FCA using the required applicable form.
- The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election.
- SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election.
The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RWhich facts prevent one automatic date?
SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review. The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election. The actual management body change takes effect, with substantiated inability to notify beforehand if relied upon and required completion must be established before using a final date.
The firm within SUP 15.16.1R has established the applicable procedure and management body change takes effect, with substantiated inability to notify beforehand if relied upon. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review. Notify the FCA using the required applicable form. Before the change, or within ten business days only under the specified exception. No computed final date is supplied.
A proposed completion raises a nonbusiness-day or time-boundary question for notify the FCA using the required applicable form. The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election. Resolve this boundary under the identified provision and actual completion route. The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election.
A firm cannot notify beforehand for substantiated reasons. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review. SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review. No automatic final date follows from this scenario.
Which conditions and exceptions apply?
- Applicable procedure and actual event
- SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
- Counting and completion boundary
- The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election.
- SUP 15.16.3G describes article 5 of the applicable ITS. Optional-exemption firms are brought in by SUP 15.16.5R. Controlled-function exclusions and supplementary non-SMF forms require review.
- Firm within SUP 15.16.1R. Management body change takes effect, with substantiated inability to notify beforehand if relied upon. Notify the FCA using the required applicable form. The prior-notification duty is primary. Ten business days is a conditional fallback, not a free election.
What must the responsible actor complete?
Questions about this procedure
When must a MiFID firm notify a management body change?
Can every firm wait ten business days?
No. The ordinary requirement is before the change takes effect.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RWhat supports the later branch?
Substantiated reasons why prior notification was not possible.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RDoes this apply to every company director?
Establish the firm and management-body scope in SUP 15.16.1R.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RDo optional-exemption firms have a rule?
SUP 15.16.5R applies the specified requirements to them.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RCan a controlled-function notification alter the form requirement?
SUP 15.16.6R contains a specific exclusion.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6RAre calendar days interchangeable with business days?
No. The fallback expressly uses business days.
FCA Handbook sup15, SUP 15.16.1R to 15.16.6ROfficial sources and review
Provisions used (1)
| Provision | Purpose |
|---|---|
| FCA Handbook sup15, SUP 15.16.1R to 15.16.6R | Check the identified procedure, event, counting rule or qualification |