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SUP 16.7A Annual report and accounts

Application

SUP 16.7A.1R

1This section applies to every firm in the regulatory activity group (RAG) set out in column (1), which is a type of firm in column (2), of the tables in SUP 16.7A.3 R and SUP 16.7A.5 R, except:

  1. (1)

    an incoming EEA firm with permission for cross border services only;

  2. (2)

    an incoming EEA firm in relation to its carrying on of bidding in emissions auctions;

  3. (3)

    an oil market participant that is not subject to the requirements of IPRU(INV) Chapter 3;

  4. (4)

    an authorised professional firm other than:

    1. (a)

      a firm that must comply with IPRU(INV) 3, 5 or 13 in accordance with IPRU(INV) 2.1.4R; or

    2. (b)

      a CASS debt management firm;

  5. (5)

    an authorised professional firm if the only regulated activity it carries on is credit-related regulated activity as a non-mainstream regulated activity;

  6. (6)

    a financial conglomerate; and

  7. (7)

    a local authority.

Purpose

SUP 16.7A.2G

The purpose of this section is to require firms to submit their annual report and accounts, and the annual report and accounts of their mixed activity holding companies, to the FCA online through the appropriate systems accessible from the FCA's website. This information is used in the monitoring of firms both individually and collectively.

Requirement to submit annual report and accounts

SUP 16.7A.3R

A firm in the RAG in column (1) and which is a type of firm in column (2) must submit its annual report and accounts to the FCA annually on a single entity basis.

(1)

(2)

RAG

Firm type

1

UK bank

Dormant account fund operator

Non-EEA bank

2.2

The Society

3

IFPRU investment firms

BIPRU firms

Exempt CAD firms subject to IPRU (INV) Chapter 13

All other firms subject to the following chapters in IPRU(INV):

(1)

Chapter 3

(2)

Chapter 5

(3)

Chapter 9

4

IFPRU investment firms

BIPRU firms

Exempt CAD firms subject to IPRU (INV) Chapter 13

Collective portfolio management firm

All other firms subject to the following chapters in IPRU(INV):

(1)

Chapter 3

(2)

Chapter 5

(3)

Chapter 9

(5)

Chapter 12

5

All firms

6

All firms other than firms subject to IPRU (INV) Chapter 13 that are not exempt CAD firms3

7

IFPRU investment firms

BIPRU firms

Exempt CAD firms subject to IPRU (INV) Chapter 13

8

All firms other than firms subject to IPRU (INV) Chapter 13 that are not exempt CAD firms3

Exceptions from the requirement to submit an annual report and accounts

SUP 16.7A.4R
  1. (1)

    An adviser, local or traded options market maker (as referred to in IPRU(INV) 3-60(4)R), is only required to submit the annual report and accounts if:

    1. (a)

      it is a partnership or body corporate; and

    2. (b)

      the annual report and accounts were audited as a result of a statutory provision other than under the Act.

  2. (2)

    A service company is only required to submit the annual report and accounts if the reports and accounts were audited as a result of a statutory provision other than under the Act.

Requirement to submit annual report and accounts for mixed activity holding companies

SUP 16.7A.5R

A firm in the RAG group in column (1), which is a type of firm in column (2) and whose ultimate parent is a mixed activity holding company must:

  1. (1)

    submit the annual report and accounts of the mixed activity holding company to the FCA annually; and

  2. (2)

    notify the FCA that it is covered by this reporting requirement by email using the email address specified in SUP 16.3.10 G (3), by its accounting reference date.

    (1)

    (2)

    RAG

    Firm type

    1

    UK bank

    3

    IFPRU investment firm

    BIPRU firm

    4

    IFPRU investment firm

    BIPRU firm

    7

    IFPRU investment firm

    BIPRU firm

SUP 16.7A.6R

Where a number of firms in the same group share the same mixed activity holding company parent, only one firm in the group is required to provide the report.

Method for submitting annual accounts and reports

SUP 16.7A.7R

Firms must submit the annual report and accounts to the FCA online through the appropriate systems accessible from the FCA's website, using the form specified in SUP 16 Annex 1A.

Time period for firms submitting their annual report and accounts

SUP 16.7A.8R

Firms must submit their annual report and accounts in accordance with SUP 16.7A.3 R within the following deadlines:

  1. (1)

    for a non-EEA bank, within 7 months of the accounting reference date;

  2. (2)

    for the Society or a service company, within 6 months of the accounting reference date; and

  3. (3)

    for all other firms, within 80 business days2 of the accounting reference date.

    2

Time period for firms submitting annual report and accounts for mixed activity holding companies

SUP 16.7A.9R

Firms must submit the annual report and accounts of a mixed activity holding company in accordance with SUP 16.7A.5 R within 7 months of their accounting reference date.