A reminder that changes in the way that applications and notifications are submitted to the FSA are proposed. The new reporting system – Online Notifications and Applications (‘ONA’) – will impact the following: Approved Persons; Appointed Representatives; Variations of permissions; Passports; Cancellations; Waivers; and Standing data.
To date, firms have had the choice of submitting the above either in paper-based format or electronically via the Regulatory Transactions option in Firms Online. The FSA propose to remove the above choices (and that includes switching off Firms Online) and move to the web based system.
Mandatory submission via ONA will come into being ‘this winter’. Previous timeframes have included ‘Autumn 2009’ (CP09/20) and ‘before the end of December 2009’ (website). Firms will need to register to use the system and the FSA will send firms details about this at the appropriate time.
In anticipation of this becoming live you may wish to look at Appendix 7 of CP09/20 – see below – which shows the changes that will be made to SUP, including the format of the new Standing Data form. Further information about ONA, and to follow its development, can be found through the second link to the FSA.
