SUP 16.3 General provisions on reporting
Application
The effect of SUP 16.1.1 R is that this section applies to every firm except:
- (1)
an ICVC;
- (2)
an incoming EEA firm or incoming Treaty firm, which is not:
- (a)
a firm of a type listed in SUP 16.1.3 R as a firm to which section SUP 16.6 or SUP 16.1214 applies;
1424 - (b)
an insurer with permission to effect or carry out life policies;
- (a)
- (3)
Structure of the chapter
This chapter has been split into the following 14sections, covering:
53514- (1)
annual controllers reports (SUP 16.4);
- (2)
annual close links reports (SUP 16.5);
- (3)
compliance reports (SUP 16.6);
- (4)
[deleted]24
24 - (4A)
- (5)
persistency reports (SUP 16.8);
53 - (6)
annual appointed representatives reports (SUP 16.9);5
53 - (7)
Verification of standing data (SUP 16.10);58
14 - (8)
product sales data reporting (SUP 16.11);
51419 - (9)
integrated regulatory reporting (SUP 16.12);
20 - (10)
reporting under the Payment Services Regulations (SUP 16.13)49;20
19 - (11)
client money and asset return (SUP 16.14);2021
25 - (12)
reporting under the Electronic Money Regulations (SUP 16.15)49.23
- (13)
- (14)
49remuneration reporting (SUP 16.17); and25
25 - (15)
Further requirements about the reports, such as form and content, are set out in the sections for each category of firm, where this is appropriate. In many cases, however, it is more appropriate to provide this information by means of a separate annex; in these cases the relevant section refers to the annex.
How to submit reports
A periodic report required to be submitted under this chapter, or under any other rule, must be submitted in writing in accordance with SUP 16.3.7 R to SUP 16.3.10 G, unless:
- (1)
a contrary intention appears; or
- (2)
the report is required under the listing rules. 2
- (1)
give the firm reference number (or all the firm reference numbers in those cases where a report is submitted on behalf of a number of firms,as set out in SUP 16.3.25 G)13; and
4949 - (2)
if submitted in paper form, be submitted with the cover sheet contained in SUP 16 Annex 13 R4949 fully completed13.21
A written report must be delivered to the appropriate regulator49 by one of the methods listed in SUP 16.3.9 R.
2249Method of submission of reports (see SUP 16.3.8 R)
Method of delivery |
|
1. |
Post to the published address of the FCA49 for postal submission of reports 49 |
2. |
Leaving the report marked for the attention of "Central Reporting"22 at the published address of the FCA49 for hand delivery of reports and obtaining a dated receipt 49 |
3. |
Electronic mail or fax to the published e-mail address or fax number of the FCA's49 Central Reporting team.22 2249 |
4.22 |
Online submission via the appropriate systems accessible from the22 appropriate regulator's49 website 49822 |
8
- (1)
The current published address of the FCA49 for postal submission of reports is:
49Central Reporting22
The Financial Conduct49 Authority
49PO BOX 35747
London E14 5WP
- (2)
The current published address of the FCA49 for hand delivery of reports is:
49- (a)
Central Reporting22
The Financial Conduct49Authority
4925 The North Colonnade
Canary Wharf
London E14 5HS
if the firm's usual supervisory contact at the appropriate regulator49 is based in London, or:
49 - (b)
The Financial Conduct49Authority
49Quayside House
127 Fountainbridge
Edinburgh EH3 8DJ
if the firm's usual supervisory contact at the FCA49 is based in Edinburgh.2
49
- (a)
- (3)
22The current published email address and fax number for the FCA's49 Central Reporting team is regulatory.reports@fca.org.uk49 and 020 7066 3905. The Central Reporting team does not handle general correspondence between firms and the appropriate regulator49. Accordingly, firms should not make submissions to the Central Reporting team's email address or fax number other than as directed in SUP 16.3.8 R.
4949
Complete reporting
A firm must submit reports required under this chapter to the appropriate regulator49 containing all the information required.
49Timely reporting
- (1)
A firm must submit a report required by this chapter in the frequency, and so as to be received by the appropriate regulator49 no later than the due date, specified for that report.
49 - (2)
If the due date for submission of a report required by this chapter falls on a day which is not a business day, the report must be submitted so as to be received by the appropriate regulator49 no later than the first business day after the due date.
49 - (3)
If the due date for submission of a report required by this chapter is a set period of time after the quarter end, the quarter ends will be the following dates, unless another rule or the reporting form states otherwise:
- (a)
- (b)
3 months after the firm's accounting reference date;
- (c)
6 months after the firm's accounting reference date; and
- (d)
9 months after the firm's accounting reference date.
- (4)
If the due date for submission of a report required by this chapter is a set period of time after the end of a half-year, a quarter, or a month, the dates will be determined by (a) or (b) below except where otherwise indicated:5
- (a)
- (b)
monthly, 3 monthly or 6 months after the firm's accounting reference date, as the case may be.5
Failure to submit reports
- (1)
If a firm does not submit a complete report by the date on which it is due in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 and any prescribed submission procedures, the firm must pay an administrative fee of £250.15
- (2)
The administrative fee in (1) does not apply in respect of quarterly reports required to be submitted by credit unions whose liability to pay a periodic fee under FEES 4.2.1 R in respect of the A.1 activity group in FEES 4 Annex 1A and FEES 4 Annex 1B R4949, for the financial year prior to the due date for submission of the report, was limited to the payment of the minimum fee11.15
9Failure to submit a report in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 may also lead to the imposition of a financial penalty and other disciplinary sanctions. A firm may be subject to reporting requirements under relevant legislation other than the Act, not referred to in this chapter. An example of this is reporting to the appropriate regulator49 by building societies under those parts of the Building Societies Act 1986 which have not been repealed (see SUP 16.1.4 G).12 If it appears to the appropriate regulator49 that, in the exceptional circumstances of a particular case, the payment of any fee would be inequitable, the appropriate regulator49 may reduce or remit all or part of the fee in question which would otherwise be payable (see 10FEES 2.3).10
1649494949The appropriate regulator may from time to time send reminders to firms when reports are overdue. Firms should not, however, assume that the appropriate regulator49 has received a report merely because they have not received a reminder.1
4949The firm is responsible for ensuring delivery of the required report at the by the due date. If a report is received by the appropriate regulator49after the due date and the firm believes its delivery arrangements were adequate, it may be required to provide proof of those arrangements. Examples of such proof would be:
4949- (1)
"proof of posting" receipts from a UK post office or overseas equivalent which demonstrates that the report was posted early enough to allow delivery by the due date in accordance with the delivery service standards prescribed by the relevant postal authority; or
- (2)
recorded postal delivery receipts showing delivery on the required day; or
- (3)
records of a courier service provider showing delivery on the required day.
Change of accounting reference date
- (1)
A firm must notify the appropriate regulator49if it changes its accounting reference date.
49 - (2)
When a firm extends its accounting period, it must make the notification in (1) before the previous accounting reference date.
- (3)
When a firm shortens its accounting period, it must make the notification in (1) before the new accounting reference date.4
- (4)
SUP 16.10.4A R to SUP 16.10.4C G (Requirement to check the accuracy of standing data and to report changes to the appropriate regulator49) apply to any notification made under (1).18
4949
SUP 16.2.1 G emphasises the importance to the appropriate regulator49 of timely and accurate information. The extension of a firm's accounting period to more than 15 months may hinder the timely provision of relevant and important information to the appropriate regulator49. This is because many due dates for reporting to the appropriate regulator49 are linked to firms' accounting reference dates. Indeed, for some categories of firm, the only reports required by the appropriate regulator49 have due dates for submission which are linked to the firm's accounting reference date.If the extension of a firm's accounting period appears likely to impair the effectiveness of the appropriate regulator's49 supervisory work, the appropriate regulator49 may take action to ensure that it continues to receive the information it requires on a timely basis. This may include the use of any of the tools of supervision set out in SUP 1.4.5 G.
494949494949If more than one firm in a group intends to change its accounting reference date at the same time, a single notification may be given to the appropriate regulator49, as described in SUP 15.7.8 G.
49Underwriting agents: submission to the Society of Lloyd's
Service of Notices Regulations
The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) contain provisions relating to the service of documents on the appropriate regulator49. They do not apply to reports required under SUP 16, because of the specific rules in this section.
49Confidentiality and sharing of information
When the appropriate regulator49 receives a report which contains confidential information and whose submission is required under this chapter, it is obliged under Part 2349of the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential. (See SUP 2.2.4 G for the FCA and SUP 2.2.4A G for the PRA49)
4949SUP 2.3.12A G and SUP 2.3.12B G state that the appropriate regulator49 may pass to other regulators information which it has in its possession. Such information includes information contained in reports submitted under this chapter. The appropriate regulator's49 disclosure of information to other regulators is subject to SUP 2.2.4 G or SUP 2.2.4A G49 (Confidentiality of information).
4949Reports from groups
If this chapter requires the submission of a report or data item13 covering a group, a single report or data item13 may be submitted, and so satisfy the requirements of all firms in the group. Such a report or data item13 should contain the information required from all of them, meet all relevant due dates and indicate all the firms on whose behalf it is submitted; if necessary a separate covering sheet should list the firms on whose behalf a report or data item13 is submitted. Nevertheless, the requirement to provide a report or data item13, and the responsibility for the report or data item13, remains6 with each firm in the group. However, reporting requirements that apply to a firm, by reason of the firm being a member of a financial conglomerate, are imposed on only one member of the financial conglomerate (see, for example, SUP 16.12.32 R14).6
14Examples of reports covering a group are:
- (1)
the compliance reports required from banks under SUP 16.6.4 R;
- (2)
annual controllers reports required under SUP 16.4.5 R4949;
- (3)
annual close links reports required under SUP 16.5.4 R
- (4)
consolidated financial reports required from banks under SUP 16.12.5 R2424;
- (5)
consolidated reporting statements required from securities and futures firms under 24SUP 16.12.11 R24;17
- (6)
reporting in relation to defined liquidity groups under SUP 16.12.17