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GEN 1.3 Emergency

GEN 1.3.1GRP


GEN 1.3.2RRP
  1. (1)

    If any emergency arises which:

    1. (a)


    2. (b)


    3. (c)



  2. (2)

    Paragraph (1) applies only for so long as:

    1. (a)

      the consequences of the emergency continue; and

    2. (b)


  3. (3)

    The person must notify the appropriate regulator8 as soon as practicable of the emergency and of the steps it is taking and proposes to take to deal with the consequences of the emergency.

  4. (4)

    A notification under (3) must be given to or addressed and delivered in accordance with SUP 15.7 (Form and method of notification) (whether or not the person is a firm). If the person is not a firm, the notification must be given to or addressed for the attention of:Contact Centre, The Financial Conduct8 Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (tel: 0300 500 05974).1

GEN 1.3.3GRP

A firm should continue to keep the appropriate regulator8 informed of the steps it is taking under GEN 1.3.2 R (3), in order to comply with its obligations under Principle 11 (Relations with regulators).

GEN 1.3.4G


GEN 1.3.5GRP

GEN 1.3.2 R operates on the appropriate regulator's8 rules. It does not affect the appropriate regulator's8 powers to take action against a firm in an emergency, based on contravention of other requirements and standards under the regulatory system. For example, the appropriate regulator8 may exercise its own-initiative power in appropriate cases to vary a firm's Part 4A permission8 based on a failure or potential failure to satisfy the threshold conditions (see SUP 7 (Individual8 requirements) and EG 8 (Variation and cancellation of permission and imposition of requirements on the FCA's7 own initiative and intervention against incoming firms)2).