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Status: You are viewing the version of the handbook as on 2016-12-01.

SUP 16.6 Compliance reports

Application

SUP 16.6.1GRP

The effect of SUP 16.1.1 R is that this section applies to every firm within a category listed in the left hand column of the table in SUP 16.6.2 G.

SUP 16.6.2GRP

Applicable provisions of this section (see SUP 16.6.1 G)

Category of firm

Applicable provisions

Bank

4

SUP 16.6.4 R - SUP 16.6.5 R

Trustee of an AUT

Depositary of an ICVC

Depositary of an ACS5

SUP 16.6.6 R - SUP 16.6.9 G

7

Purpose

SUP 16.6.3G

[deleted]13

13
SUP 16.6.3AGRP

13The FCA performs part of its supervision work by reviewing and analysing information about firms' records of compliance with the requirements and standards under the regulatory system. The type of report the FCA requires will vary, depending on the type of business a firm undertakes. This information helps the FCA to determine whether a firm is complying with the requirements applicable to its business, and what procedures it is operating to ensure its compliance.

Banks

SUP 16.6.4RRP

A bank must submit compliance reports in the form specified in SUP 16 Annex 41R using the appropriate online systems available from the FCA’s website9.

481313
SUP 16.6.5RRP

Compliance reports from a bank (see SUP 16.6.4 R)4

Report

Frequency

Due date

List of all overseas regulators for each legal entity in the firm's group

Annually

6 months after the firm's accounting reference date13

13

Organogram showing the authorised entities in the firm's group

Annually

6 months after the firm's accounting reference date13

13

Trustees of authorised unit trust schemes, and7 depositaries of ICVCs and authorised contractual schemes76

SUP 16.6.6RRP

A firm within a category listed in the left-hand column of SUP 16.6.7 R must submit compliance reports in accordance with SUP 16.6.7 R.

SUP 16.6.7RRP

Compliance reports from trustees of AUTs, and7 depositaries of ICVCs and ACSs7 (see SUP 16.6.6R)6

Report

Frequency

Due date

Report from a trustee of an AUT on manager's failures as set out in SUP 16.6.8 R (1)

Quarterly

1 month after quarter end (Note)6

6Report from a depositary of an ACS on failures by the authorised contractual scheme manager as set out in SUP 16.6.8 R (2A)

Quarterly

1 month after quarter end (Note)

Report from a depositary of an ICVC on failures by the authorised corporate director as set out inSUP 16.6.8 R (2)

Quarterly

1 month after quarter end (Note)

7

7

Note = The quarter ends are 31 March, 30 June, 30 September, 31 December.1

SUP 16.6.8RRP
  1. (1)

    The report from a trustee of an AUT to the FCA13 must state, in relation to the manager of each AUT for which it is a trustee, the number of times during the quarter in which facts came to the firm's knowledge from which it appeared, or might have appeared, that the manager had failed (materially or otherwise) to:

    13
    1. (a)

      give correct instructions to the trustee to create or cancel units in the AUT when the manager should have done so, and the error:

      1. (i)

        resulted in the creation of too few units or in the cancellation of too many units; and

      2. (ii)

        was not corrected in accordance with the FCA's13 guidance as set out inCOLL 6.2.12 G;3

        1333
    2. (b)

      price units in the AUT in accordance with COLL 6.3 3 where the pricing error was:

      33
      1. (i)

        greater than 0.5% of the price of a unit; or

      2. (ii)

        less than 0.5% of the price of a unit, and the trustee did not consider the manager's controls to be adequate;

    unless the failure was an isolated incident.

  2. (2)

    The report from a depositary of an ICVC to the FCA13 must state, in relation to the authorised corporate director of each ICVC for which the firm is a depositary, the number of times during the quarter in which facts came to the firm's knowledge from which it appeared,3 or might have appeared,3 that the authorised corporate director had failed (materially or otherwise) to:

    13
    1. (a)

      arrange for the issue3 or cancellation of shares in the ICVC when the authorised corporate director should have done so, and the error:

      3
      1. (i)

        resulted in the creation of too few shares or in the cancellation of too many shares; and

      2. (ii)

        was not corrected in accordance with the FCA's13 guidance as set out in COLL 6.2.12 G;3

        133
    2. (b)

      price shares in the ICVC in accordance with the provisions of COLL 6.3 3, where the pricing error was:

      3
      1. (i)

        greater than 0.5% of the price of a share; or

      2. (ii)

        less than 0.5% of the price of a share, and the depositary did not consider the authorised corporate director's controls to be adequate;

    unless the failure was an isolated incident.

  3. (2A)

    6The report from a depositary of an ACS to the FCA must state, in relation to the authorised contractual scheme manager of each ACS for which the firm is a depositary, the number of times during the quarter in which facts came to the firm's knowledge from which it appeared, or might have appeared, that the authorised contractual scheme manager had failed (materially or otherwise) to:

    1. (a)

      arrange for the issue or cancellation of units in the ACS when the authorised contractual scheme manager should have done so, and the error:6

      1. (i)

        resulted in the creation of too few units or in the cancellation of too many units; and6

      2. (ii)

        was not corrected in accordance with the FCA's guidance as set out in COLL 6.2.12G;6

    2. (b)

      price units in the ACS in accordance with the provisions of COLL 6.3, where the pricing error was:6

      1. (i)

        greater than 0.5% of the price of a unit; or6

      2. (ii)

        less than 0.5% of the price of a unit, and the depositary did not consider the authorised contractual scheme manager's controls to be adequate;6

    unless the failure was an isolated incident.6

  4. (3)

    [deleted]7

    13132
SUP 16.6.9G

SUP 16 Annex 12 provides guidance on the completion of the report from a trustee of an AUT on a manager's failures as set out in SUP 16.6.8 R(1), and the report from a depositary of an ICVC or ACS6 on failures by the authorised corporate director or authorised contractual scheme manager6 as set out in SUP 16.6.8 R(2) and SUP 16.6.8 R(2A)6. This guidance includes suggested formats for the submission of the reports.