What is a notifiable event and when should you notify?

The concept of notification is fundamental to the effectiveness of any regulator and it is sometimes overlooked or ignored by the authorised person in consequence of which they face investigation and enforcement action. Philip Ryley, solicitor and John Virgo, barrister provide an overview of the notification requirements contained in the Supervision Manual of the FSA Handbook.

The notification requirements of the FSA are set out in Chapter 15 of the Supervision Manual of the FSA Handbook. Bearing in mind the requirements are set out in but 18 pages of text, one would be excused for assuming that the requirements are relatively straightforward and do not pose a serious risk to authorised persons. However, it is extremely important for authorised persons to be able to identify what amounts to a notifiable event and in what circumstances appropriate notification is thus to be given to the FSA.