Our close links requirements form part of our work to ensure that firms are not used for financial crime and that the stability of the financial system is preserved.
A 'close link’ is 2 or more ‘natural or legal persons’ linked by participation or control. Our rules give the full definition in Threshold Conditions (COND) 2.3.
Reporting close links
You must tell us as soon as possible (and not more than a month after the event) if your firm has stopped being closely linked with someone (SUP 11.9). Complete the close links notification form [XLS, 1.13MB] and send it to [email protected].
You must send us a report each year and within 4 months of your firm's accounting reference date (SUP 16.5). For reporting periods:
- before 31 December 2013 – complete the close links notification form (XLS, 1.13MB) and send it to [email protected]
- on or after 31 December 2013 – complete REP001 Close Links Report and submit using Gabriel
You can choose to report on a monthly basis and within 15 business days of the end of each calendar month. For monthly reports you do not need to send us an event-driven notification or annual report.
For reporting periods:
- before 1 March 2014 – complete the close links notification form (XLS, 1.13MB) and send it to [email protected]
- on or after 1 March 2014 – complete form REP001a Close Links Notification and submitting using Gabriel
You must submit an organisation chart/organogram with every notification or report (unless you are a monthly reporter, where we only need an organisation chart every 3 months if there have been changes).
If you are reporting on behalf of a group, please list out the firms that you are submitting the report for. You should download the 'List of Group Firms' sheet in the close links notification form (XLS, 1.13MB) or Question 2 of REP001 or REP001a.
REP001 is an annual report, set out in SUP 16.5 of the Handbook, which provides a list of all your close links. This helps us ensure that you are continuing to satisfy the effective supervision threshold condition (COND) 2.3 while ensuring appropriate protection of consumers.