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SUP 16.10 1Verification of standing data2

Application

SUP 16.10.1G

The effect of SUP 16.1.1 R is that this section applies to every firm except:

  1. (1)

    an ICVC; or

  2. (2)

    a UCITS qualifier; or

  3. (2A)

    an AIFM qualifier; or6

  4. (3)

    [deleted]12

    4
  5. (4)

    a dormant account fund operator.4

Purpose

SUP 16.10.2G

Standing data is used by the FCA10 :

1313
  1. (1)

    to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;

  2. (2)

    in order to communicate with a firm;

  3. (3)

    as the basis for some sections of the Financial Services Register;13 and

    13
  4. (4)

    in order to carry out thematic analysis across sectors and groups of firms.

SUP 16.10.3G

In view of the importance attached to standing data, and the consequences which may result if it is wrong, this section provides the framework for a firm to check and correct it.

Requirement to check the accuracy of standing data and to report changes to the FCA11213

SUP 16.10.4R
  1. (1)

    Within 30 business days of its accounting reference date, a firm must check the accuracy of its standing data through the relevant section of the FCA10 website.

    1313
  2. (2)

    [paragraph suspended by FSA 2004/79]5

  3. (3)

    If any standing data is incorrect, the firm must submit5 the corrected standing data to the FCA10 using the appropriate form set out in SUP 15 Ann 3 and in accordance with SUP 16.10.4A R.5

    5135
SUP 16.10.4AR
  1. (1)

    A firm other than: 8

    8
    1. (a)

      a credit union; or8

    2. (b)

      an FCA-authorised person with permission to carry on only credit-related regulated activity;8

    must submit any corrected standing data under SUP 16.10.4R (3) using the appropriate online systems available from the FCA’s website.9

    813131377
  2. (2)

    A credit union or a firm with permission to carry on only credit-related regulated activity 8must submit any corrected standing data under SUP 16.10.4R (3):12

    131313
    1. (a)

      to static.data@fca.org.uk or via post or hand delivery to the FCA marked for the attention of the 'Static Data team'; or12

    2. (b)

      by using the appropriate online systems available from the FCA’s website.12

  3. (3)

    Where a firm is obliged to submit corrected standing data online under (1), if the FCA's13 information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit its corrected standing data to static.data@fca.org.uk or via post or hand delivery to the FCA marked for the attention of the 'Static Data team'13.

    131313
SUP 16.10.4BG

5If the FCA's13 information technology systems fail and online submission is unavailable for 24 hours or more, the FCA13 will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 16.3.9 R13 should be used.

131313
SUP 16.10.4CG

5Where SUP 16.10.4AR (3) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.

SUP 16.10.5G

The standing data is made available to the firm when the firm logs into the appropriate section of the FCA's10 website. The firm should check the standing data and send any corrections to the FCA10 . The FCA's10 preferred method of receiving corrections to standing data is by the online forms available at the FCA's10 website.2

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SUP 16.10.6G

A firm may check, and submit corrections to, its standing data more frequently than annually.

SUP 16.10.7G

[deleted]5

5