How to close an insider project and notify the NCA?
To view the closing process for Advisors (sub insider lists), please click here
When the decision has been made to close an insider project, click the status drop down button and select the "close project" menu item.
You will be presented with two closing options:
Close project and notify the competent authority - To be used when information has been made public and you must notify the competent authority.
Close project without notifying the competent authority - To be used when no information has been released to the market and no inform should be sent to the competent authority.
This guide will use the "Notify the competent authority" option which will open a guide with multiple steps.
Step 1 Delayed disclosure: Review the project and delayed disclosure details.
Step 2. Press release: Select the relevant press release using the press release integration to populate the fields automatically or add the information manually.
Step 3. NCA Notification: Review the competent authority notification that will collect the necessary information required for the notification to the competent authority.
Step 4. Notification to insiders: Manage the message that will be sent in relation to the closing of the project. Update recipients and customize to include any project specific information to insiders. By default only insiders with notifications turned on will be selected as recipients.
Step 5. Notification to insiders with unfulfilled obligations: This step can be excluded if all insiders have fulfilled their obligations. Manage the message that will be sent to insiders that has not yet fulfilled all their obligations (confirming and have a full set of personal details) in relation to the project. Update recipients and customize as needed. By default only insiders with notifications turned on will be selected as recipients.
Step 6 (step 5 if previous step excluded). Review: Review the competent authority and insider messages and when done press the "Close project & send notification to [competent authority]" button and information will automatically be sent to the competent authority (the article 17 mail) if your competent authority supports direct notifications, otherwise further instructions will be sent to you. At the same time the messages will be sent to the insiders and the project will be closed and moved to the archive.
To verify that the competent authority has received the notification (when direct reporting is supported), you can view their email confirmation by following using these instructions: How to view project emails.
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