Ready for N2 – a practical checklist

With midnight on 30 November fast approaching, the time is ripe for compliance staff to review their firm’s N2 preparations. In this article, DLA provides a benchmark guide against which to measure project scope and progress.

1.

Part IV Permission

From N2, regulated firms will require individual Part IV permissions to carry out each regulated activity. Carrying out regulated activities outside the scope of Part IV permissions will constitute a serious rule breach. Firms taking advantage of the grandfathering arrangements will have received, or should shortly receive, notices from the FSA identifying those regulated activities which the FSA believes the regulated firm will carry on post N2 (“Scope of Permission notices”). If concerned about delays in respect of the notice, contact your existing regulator.