MAR 9.4 Supervisory regime

1. (1)

   The FCA expects to have an open, cooperative and constructive relationship with data reporting services providers to enable it to understand and evaluate data reporting services providers’ activities and their ability to meet the requirements in the DRS Regulations. As part of that relationship the FCA expects a data reporting services provider to provide it with information about any proposed restructuring, reorganisation or business expansion which could have a significant impact on the data reporting services provider’s risk profile or resources.

2. (2)

   The FCA will, when necessary, arrange meetings between the FCA and key individuals of the data reporting services provider for this purpose.

3. (3)

   The FCA expects the data reporting services provider to take its own steps to assure itself that it will continue to satisfy the data reporting services provider organisational requirements when considering any changes to its business operations.

The FCA will use a variety of tools to monitor whether a data reporting services provider complies with its regulatory requirements. These tools include (but are not limited to):

1. (1)

   desk-based reviews;

2. (2)

   liaison with other regulators;

3. (3)

   meetings with management and other representatives of a data reporting services provider;

4. (4)

   on-site visits;

5. (5)

   use of auditors;

6. (6)

   use of a skilled person;

7. (7)

   reviews and analysis of periodic returns and notifications;

8. (8)

   transaction monitoring;

9. (9)

   making recommendations for preventative or remedial action;

10. (10)

    giving individual guidance;

11. (11)

    restrictions on permission to carry on a data reporting service; and

12. (12)

    imposing individual requirements.