Related provisions for BIPRU 8.5.10

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CASS 11.11.1RRP
A CASS debt management firm must keep such records and accounts as are necessary to enable it, at any time and without delay, to distinguish client money held for one client from client money held for any other client, and from its own money.
CASS 11.11.2GRP
In accordance with CASS 11.11.1 R, a CASS debt management firm must maintain internal records and accounts of the client money it holds (for example, a cash book). These internal records are separate to any external records it has obtained from approved banks with whom it has deposited client money (for example, bank statements).
CASS 11.11.3RRP
A CASS debt management firm must maintain its records and accounts in a way that ensures their accuracy and, in particular, their correspondence to the client money held for individual clients.
CASS 11.11.6GRP
So that a CASS debt management firm may check that it has sufficient money segregated in its client bank accounts to meet its obligations to clients for whom it is undertaking debt management activity, it is required periodically to carry out reconciliations of its internal records and accounts to check that the total amount of client money that it should have segregated in client bank accounts is equal to the total amount of client money it actually has segregated in client bank
CASS 11.11.7GRP
For a CASS small debt management firm to demonstrate it has maintained its records and accounts in a way envisaged by CASS 11.11.3 R, it should carry out checks of its internal records and accounts that are reasonable and proportionate to its business. CASS 11.11.8 R provides a rule that a CASS small debt management firm is obliged to follow to meet this obligation.
CASS 11.11.8RRP
A CASS small debt management firm must undertake periodic checks of its internal accounts and records to ensure that the amount of money it holds in its client bank accounts is equal to the amount of client money that should be segregated under CASS 11.9.
CASS 11.11.9RRP
In carrying out the checks required by CASS 11.11.8 R a CASS small debt management firm must use the values contained in its internal records and ledgers (for example, its cash book or other internal accounting records), rather than the values contained in the records it has obtained from approved banks with whom it has deposited client money (for example, bank statements).
CASS 11.11.10GRP
The checks that a CASS small debt management firm is required to undertake under CASS 11.11.8 R include checking that its internal records and accounts accurately record the balances of client money held in respect of individual clients, and that the aggregate of those individual client money balances are equal to the total client money segregated in its client bank accounts. In undertaking the comparison between the internal records of balances of client money and the client
CASS 11.11.11GRP
In seeking to comply with its obligation to carry out checks on its internal records and accounts, a CASS small debt management firm may choose to follow the steps specifically required of CASS large debt management firms in undertaking a CASS large debt management firm internal client money reconciliation and CASS large debt management firm external client money reconciliation. A CASS small debt management firm which follows that procedure is likely to be regarded by the FCA
CASS 11.11.12RRP
Where the check of its internal records and accounts that a CASS small debt management firm is required to undertake under CASS 11.11.8 R reveals a difference between the amount of money it holds in its client bank accounts and the amount of client money that should be held and segregated under CASS 11.9, a CASS small debt management firm must:(1) ensure that any shortfall in the amount held in its client bank accounts as compared to the amount that should be held there is made
CASS 11.11.15RRP
In carrying out a CASS large debt management firm internal client money reconciliation, a CASS large debt management firm must use the values contained in its internal records and ledgers (for example, its cash book or other internal accounting records), rather than the values contained in the records it has obtained from approved banks with whom it has deposited client money (for example, bank statements).
CASS 11.11.20GRP
The following guidance applies where a CASS debt management firm receives client money in the form of cash, a cheque or other payable order:(1) In carrying out the calculation of the client money requirement, a CASS debt management firm may initially include the amount of client money received as cash, cheques or payment orders that has not yet been deposited in a client bank account in line with CASS 11.9.5 R. If it does so, the firm should ensure, before finalising the calculation,
CASS 11.11.24GRP
The purpose of the reconciliation process required by CASS 11.11.25 R is to ensure the accuracy of a firm's internal accounts and records against those of any third parties by whom client money is held.
CASS 11.11.25RRP
A CASS large debt management firm should perform a CASS large debt management firm external client money reconciliation:(1) as regularly as is necessary; and(2) no less frequently than the CASS large debt management firm internal client money reconciliations; and(3) as soon as reasonably practicable after the date to which the reconciliation relates;to ensure the accuracy of its internal accounts and records against those of approved banks with whom client money is deposited.
CASS 11.11.26RRP
A CASS large debt management firm external client money reconciliation requires a CASS large debt management firm to conduct a reconciliation between its internal accounts and records and those of any approved banks by whom client money is held.
CASS 11.11.30RRP
A CASS debt management firm must inform the FCA in writing without delay if:(1) its internal records and accounts of client money are materially out of date or materially inaccurate so that the firm is no longer able to comply with the requirements in CASS 11.11.1 R to CASS 11.11.4 R; or(2) it becomes aware that, at any time in the preceding 12 months, the amount of client money segregated in its client bank accounts materially differed from the total aggregate amount of client
COLL 4.5.2GRP
In order to provide the unitholders with regular and relevant information about the progress of the authorised fund, the authorised fund manager must:(1) prepare a 15long report half-yearly and annually; and15(2) [deleted]15(3) make the long report available to unitholders on request.
COLL 4.5.2AGRP
(1) 17A full-scope UK AIFM that is the authorised fund manager of a non-UCITS retail scheme should comply with both: (a) FUND 3.3 (Annual report of an AIF); and(b) this chapter, regarding the preparation and publication of annual reports. (2) The authorised fund manager need not state the same information twice to satisfy both sets of requirements.(3) The authorised fund manager, when preparing the half-yearly long report, needs to comply only with this chapter.
COLL 4.5.3RRP
(1) The authorised fund manager must for each annual accounting period and half-yearly accounting period, prepare a 15long report for a scheme.(2) [deleted]15(3) Where the first annual accounting period of a scheme is less than 12 months, a half-yearly report need not be prepared.(4) [deleted]1
COLL 4.5.4GRP
(1) The OEIC Regulations contain requirements for the preparation of annual and half-yearly reports and make the directors of an ICVC responsible for the preparation of annual and half-yearly reports on the ICVC. (2) Regulations 66 (Reports: preparation), 67 (Reports: accounts) and 68 (Reports: voluntary revision) of the OEIC Regulations also contain a number of other requirements relating to reports and accounts of an ICVC.
COLL 4.5.7RRP
(1) An annual long report on an authorised fund, other than a scheme which is an umbrella, must contain:(a) the 3accounts for the annual accounting period which must be prepared in accordance with the requirements of the IMA SORP;(b) the report of the authorised fund manager in accordance with COLL 4.5.9 R (Authorised fund manager's report);(c) comparative information12 in accordance with COLL 4.5.10 R (Comparative information12);1212(d) the report of the depositary in accordance
COLL 4.5.7AGRP
(1) 13The FCA recognises that the annual long report, including the remuneration related disclosures in COLL 4.5.7R(7), may be required to be made available to unitholders before the completion of the authorised fund manager’s first annual performance period in which it has to comply with the UCITS Remuneration Code.(2) Under (1), the FCA expects the authorised fund manager to make best efforts to comply with COLL 4.5.7R(7) to the extent possible.(3) The authorised fund manager,
COLL 4.5.8RRP
(1) A half-yearly long report on an authorised fund, other than for a scheme which is an umbrella, must contain:(a) the 3accounts for the half-yearly accounting period which must be prepared in accordance with the requirements of the IMA SORP; and(b) the report of the authorised fund manager in accordance with COLL 4.5.9 R (Authorised fund manager's report).(2) A half-yearly long report on a scheme which is an umbrella must be prepared for the umbrella as a whole and2 must contain:(a)
COLL 4.5.8AGRP
2The authorised fund manager may, but need not, prepare annual and half-yearly long reports for any individual sub-fund of an umbrella in accordance with COLL 4.5.7R (4) and COLL 4.5.8R (3) and make them available on request to any unitholder investing in the relevant sub-fund. However, if the authorised fund manager does so, this does not relieve it of its duty:(1) to prepare annual and half-yearly long reports on the umbrella as a whole (COLL 4.5.7R (2) and COLL 4.5.8R (2));
COLL 4.5.8AAGRP
(1) 16The Securities Financing Transactions Regulation sets out the additional information which:(a) an authorised fund manager of a UCITS scheme must include in the scheme’s annual and half-yearly reports; and(b) an authorised fund manager who is a full-scope UK AIFM of a non-UCITS retail scheme must include in the scheme’s annual report.(2) COLL 4.5.8ABEU and COLL 4.5.8ACEU copy out the relevant provisions of that regulation.(3) An authorised fund manager of a UCITS scheme or
COLL 4.5.8ABEURP
16Transparency of collective investment undertakings in periodical reports1.UCITS management companies, UCITS investment companies, and AIFMs shall inform investors on the use they make of SFTs and total return swaps in the following manner:(a)for UCITS management companies or UCITS investment companies in the half-yearly and annual reports referred to in Article 68 of Directive 2009/65/EC;(b)for AIFMs in the annual report referred to in Article 22 of Directive 2011/61/EU.2.The
COLL 4.5.8ACEURP
16Information to be provided in the UCITS half-yearly and annual reports and the AIF’s annual reportGlobal data:-The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;-The amount of assets engaged in each type of SFTs and total return swaps expressed as an absolute amount (in the collective investment undertaking’s currency) and as a proportion of the collective investment undertaking’s assets under
COLL 4.5.8ADGRP
16The annual and half-yearly long reports of a UCITS scheme may be required to contain additional matters not referred to in COLL 4.5.7 R and COLL 4.5.8 R, such as those required by the ESMA Guidelines on ETFs and other UCITS issues, which can be found athttps://www.esma.europa.eu/sites/default/files/library/2015/11/2012-832en_guidelines_on_etfs_and_other_ucits_issues.pdf
COLL 4.5.8BRRP
3The annual reports in COLL 4.5.7R (1) and (2), and the half-yearly reports in COLL 4.5.8R (1) and (2), must:(1) in the case of an ICVC, if there is:(a) more than one director, be approved by the board of directors and signed on their behalf by the ACD and at least one other director; or(b) no director other than the ACD, be signed by the ACD;(2) in the case of an AUT or ACS9, if the authorised fund manager has:(a) more than one director, be signed by at least two directors of
COLL 4.5.9RRP
The matters set out in (1) to (13)2 must be included in any authorised fund manager's report, except where otherwise indicated:2(1) the names and addresses of :(a) the authorised fund manager;(b) the depositary;(c) the registrar;(d) any investment adviser;(e) the auditor; and(f) for a scheme which invests in immovables, the standing independent valuer;(2) (for an ICVC), the names of any directors other than the ACD;(3) a statement of the authorised status of the scheme;(4) (for
COLL 4.5.10RRP
The comparative information12 required by COLL 4.5.7 R12 (Contents of the annual long report) and COLL 8.3.5A R (Contents of the annual report) must be shown for the last three annual accounting periods (or all of the authorised fund'sannual accounting periods, if fewer than three) and must set out:1212(1) [deleted]1212(1A) for a unit of each class in issue, a comparative table as at the end of the period to which the report relates, prepared in accordance with the requirements
COLL 4.5.11RRP
(1) The depositary must make an annual report to unitholders which must be included in the annual report.(2) The annual report must contain:(a) a description, which may be in summary form, of the duties of the depositary under COLL 6.6.4 (General duties of the depositary) and in respect of the safekeeping of the scheme property; and(b) a statement whether, in any material respect:(i) the issue, sale, redemption and cancellation, and calculation of the price of the units and the
COLL 4.5.12RRP
The authorised fund manager must ensure that the report of the auditor to the unitholders includes the following statements:33(1) whether, in the auditor's opinion, the accounts have been properly prepared in accordance with the IMA SORP, the rules in this sourcebook, and the instrument constituting the fund;1010(2) whether, in the auditor's opinion, the accounts give a true and fair view of the net revenue3and the net capital 3gains or losses on3the scheme property of the authorised
COLL 4.5.14RRP
(1) The authorised fund manager must, within four months after the end of each annual accounting period and two months after the end of each half-yearly accounting period respectively, make available and publish the long reports2 prepared in accordance with COLL 4.5.7R (1) to (3)2 (Contents of the annual long report) and COLL 4.5.8R (1) to (2)2 (Contents of the half-yearly long report).22(2) The reports referred to in (1) must:(a) be supplied free of charge to any person on request2;2(b)
COLL 4.5.15RRP
(1) 4The authorised fund manager of a UCITS scheme which is a feeder UCITS must:(a) where requested by an investor, provide copies of the annual and half-yearly long reports of its master UCITS free of charge; and(b) file copies of the annual and half-yearly long reports of its master UCITS with the FCA .(2) Except where an investor requests paper copies or the use of electronic communications is not appropriate, the annual and half-yearly long reports of its master UCITS may
COLL 4.5.16RRP
(1) 7The authorised fund manager of a feeder NURS must, where requested by an investor or the FCA , provide to such person copies of the annual and half-yearly long reports (or nearest equivalent documents for a qualifying master scheme that is a recognised scheme) of its qualifying master scheme free of charge.(2) Except where an investor requests paper copies or the use of electronic communications is not appropriate, the annual and half-yearly long reports (or nearest equivalent
CASS 6.6.1GRP
This section sets out the requirements a firm must meet when keeping records and accounts of the safe custody assets it holds for clients.
CASS 6.6.2RRP
A firm must keep such records and accounts as necessary to enable it at any time and without delay to distinguish safe custody assets held for one client from safe custody assets held for any other client, and from the firm's own applicable assets.[Note: article 2(1)(a) of the MiFID Delegated Directive6]
CASS 6.6.3RRP
A firm must maintain its records and accounts in a way that ensures their accuracy, and in particular their correspondence to the safe custody assets held for clients and that they may be used as an audit trail6.[Note: article 2(1)(b) of the MiFID Delegated Directive6]
CASS 6.6.5GRP
(1) The requirements in CASS 6.6.2 R to CASS 6.6.4 R are for a firm to keep internal records and accounts of clients'safe custody assets. Therefore any records falling under those requirements should be maintained by the firm, and should be separate to any records the firm may have obtained from any third parties, such as those with whom it may have deposited, or through whom it may have registered legal title to, clients'safe custody assets.6(2) The FCA expects that compliance
CASS 6.6.10GRP
(1) An internal custody record check is one of the steps a firm takes to satisfy its obligations under:(a) Principle 10 (Clients' assets);(b) CASS 6.2.2 R (Requirement to have adequate organisational arrangements);(c) CASS 6.6.2 R to CASS 6.6.4 R (Records and accounts); and(d) where relevant, SYSC 4.1.1 R (General requirements) and SYSC 6.1.1 R (Compliance).(2) An internal custody record check is a check as to whether the firm's records and accounts of the safe custody assets
CASS 6.6.14RRP
A firm must only use its internal records (for example its depot and client-specific ledgers for safe custody assets or other internal accounting records) in order to perform an internal custody record check.
CASS 6.6.19RRP
The internal system evaluation method requires a firm to:(1) establish a process that evaluates: (a) the completeness and accuracy of the firm's internal records and accounts of safe custody assets held by the firm for clients, in particular whether sufficient information is being completely and accurately recorded by the firm to enable it to:(i) comply with CASS 6.6.4 R; and(ii) readily determine the total of all the safe custody assets that the firm holds for its clients; and(b)
CASS 6.6.20GRP
The evaluation process under CASS 6.6.19R (1) should verify that the firm's systems and controls correctly identify and resolve at least the following types or causes of discrepancies:(1) items in the firm's records and accounts that might be erroneously overstating or understating the safe custody assets held by a firm (for example, 'test' entries and 'balancing' entries);(2) negative balances;(3) processing errors;(4) journal entry errors (eg, omissions and unauthorised system
CASS 6.6.21GRP
(1) A physical asset reconciliation is a separate process to the internal custody record check. Firms that hold physical safe custody assets for clients are required to perform both processes. (2) The purpose of a physical asset reconciliation is to check that a firm's internal records and accounts of the physical safe custody assets kept by the firm for clients are accurate and complete, and to ensure any discrepancies are investigated and resolved.
CASS 6.6.24RRP
When performing a physical asset reconciliation a firm must:(1) count all the physical safe custody assets held by the firm for clients as at the date to which the physical asset reconciliation relates; and(2) compare the count in (1) against what the firm's internal records and accounts state as being in the firm's possession as at the same date.
CASS 6.6.27RRP
If a firm completes a physical asset reconciliation in a single stage, such that the firm:(1) performs a single count under CASS 6.6.24R (1) which encompasses all the physical safe custody assets held by the firm for clients as at the date to which the physical asset reconciliation relates; and (2) compares that count against the firm's internal records and accounts in accordance with CASS 6.6.24R (2);then the firm will have used the total count method for that physical asset
CASS 6.6.28RRP
If a firm completes a physical asset reconciliation in two or more stages, such that the firm: (1) performs two or more counts under CASS 6.6.24R (1) (each on a separate occasion and relating to a different stock line or group of stock lines forming part of the firm's overall holdings of physical safe custody assets) which, once all of the counts are complete, encompass all the physical safe custody assets held by the firm for clients; and (2) compares each of those counts against
CASS 6.6.33GRP
The purpose of an external custody reconciliation is to ensure the completeness and accuracy of a firm's internal records and accounts of safe custody assets held by the firm for clients against those of relevant third parties.
CASS 6.6.34RRP
A firm must conduct, on a regular basis, reconciliations between its internal records and accounts of safe custody assets held by the firm for clients and those of any third parties by whom those safe custody assets are held.[Note: article 2(1)(c) of the MiFID Delegated Directive6]
CASS 6.6.35RRP
In CASS 6.6.34 R, the third parties whose records and accounts a firm is required to reconcile its own internal records and accounts with must include:(1) the third parties with which the firm has deposited clients'safe custody assets;3(2) where the firm has not deposited a client'ssafe custody asset with a third party:3(a) the third parties responsible for the registration of legal title to that safe custody asset; or33(b) a person acting as an operator for the purposes of any
CASS 6.6.43GRP
A firmacting as trustee or depositary of an AIF that is an authorised AIF should perform the reconciliation under article 89(1)(c) (Safekeeping duties with regard to assets held in custody) of the AIFMD level 2 regulation: (1) as regularly as is necessary having regard to the frequency, number and value of transactions which the firm undertakes in respect of safe custody assets, but with no more than one month between each reconciliation; and(2) as soon as reasonably practicable
CASS 6.6.46ARRP
(1) 7This rule applies to a firm following its failure. (2) A firm must perform an internal custody record check and a physical asset reconciliation that relates to the time of its failure as soon as reasonably practicable after its failure.(3) (a) A firm must perform an external custody reconciliation that relates to the time of its failure as soon as reasonably practicable after its failure.(b) If any records and accounts of the relevant third parties under CASS 6.6.35R relating
CASS 6.6.53GRP
Items recorded in a firm's records and accounts that are no longer recorded by relevant third parties (such as 'liquidated stocks') also fall within the scope of discrepancies in this section.
CASS 6.6.54RRP
(1) This rule applies where a firm identifies a discrepancy as a result of, or that reveals, a shortfall, which the firm has not yet resolved.(2) Subject to paragraphs (3) and (4)7, until the discrepancy is resolved a firm must do one of the following:(a) appropriate a sufficient number of its own applicable assets to cover the value of the shortfall and hold them for the relevant clients under the custody rules in such a way that the applicable assets, or the proceeds of their
CASS 6.6.57RRP
A firm must inform the FCA in writing without delay if:(1) its internal records and accounts of the safe custody assets held by the firm for clients are materially out of date, or materially inaccurate or invalid, so that the firm is no longer able to comply with the requirements in CASS 6.6.2 R to CASS 6.6.4 R; or(2) 5it is a firmacting as trustee or depositary of an AIF and has not complied with, or is materially unable to comply with, the requirements in CASS 6.6.2 R or in
LR 13.5.1RRP
Financial information, as set out in this section, must be included by a listed company in a class 1 circular if:(1) the listed company is seeking to acquire an interest in a target which will result in a consolidation of the target's assets and liabilities with those of the listed company; or(2) the listed company is seeking to dispose of an interest in a target which will result in the assets and liabilities which are the subject of the disposal2 no longer being consolidated;
LR 13.5.3BRRP
2When a listed company is acquiring or disposing of an interest in a target that was or will be accounted for using the equity method in the listed company's annual consolidated accounts, the class 1 circular should include:(1) for an acquisition,(a) a narrative explanation of the proposed accounting treatment of the target in the issuer's next audited consolidated accounts; (b) a financial information table for the target; (c) a statement that the target financial information
LR 13.5.4RRP
(1) A listed company must present all financial information that is disclosed in a class 1 circular in a form that is consistent with the accounting policies adopted in its own latest annual consolidated accounts.(2) The requirement set out in (1) does not apply when financial information is presented in accordance with:22(a) DTR 4.2.6 R, in relation only to financial information for the listed company presented for periods after the end of its last published annual accounts;
LR 13.5.7GRP
In complying with LR 13.5.6 R a listed company should:(1) state whether the financial information was extracted from accounts, internal financial accounting records, internal management accounting records, an external or other source;(2) state whether financial information that was extracted from audited accounts was extracted without material adjustment; and(3) indicate which aspects of the financial information relate to:(a) historical financial information;(b) forecast or estimated
LR 13.5.8RRP
If financial information has not been extracted directly from audited accounts, the class 1 circular must:(1) set out the basis and assumptions on which the financial information has been prepared; and(2) include a statement that the financial information is unaudited or not reported on by an accountant.
LR 13.5.13RRP
A financial information table for a class 1 acquisition2 must cover one of the following reporting periods:(1) a period of three years up to the end of the latest financial period for which the target or its parent has prepared audited accounts; or2(2) a lesser period than the period set out in (1) if the target's business has been in existence for less than three years.22
LR 13.5.17ARRP
2If the target has made an acquisition or a series of acquisitions that were made during, or subsequent to, the reporting periods set out in LR 13.5.13 R the listed company must include additional financial information tables so that the financial information presented by the listed company represents at least 75% of the enlarged target for the period from the commencement of the relevant three year reporting period set out in LR 13.5.13R (1) up to the date of the acquisition
LR 13.5.18RRP
A listed company must ensure that a financial information table includes, for each of the periods covered by the table:(1) a balance sheet and its explanatory notes;(2) an income statement and its explanatory notes;(3) a cash flow statement and its explanatory notes;(4) a statement showing either all changes in equity or changes in equity other than those arising from capital transactions with owners and distributions to owners;(5) the accounting policies; and(6) any additional
LR 13.5.27AGRP
2The FCA will make its assessment of whether the accounting and other standards applicable to an investment exchange or multilateral trading facility as a result of securities being admitted to trading are appropriate for the purpose of LR 13.5.27R (1)(b) having regard to at least the following matters in relation to the legal and regulatory framework applying to the target by virtue of its admission to that market:(1) the quality of auditing standards compared with International
LR 13.5.30BRRP
(1) 2In the case of a class 1 disposal, a financial information table must include for the target:(a) the last annual consolidated balance sheet; (b) the consolidated income statements for the last three years drawn up to at least the level of profit or loss for the period; and(c) the consolidated balance sheet and consolidated income statement (drawn up to at least the level of profit or loss for the period) at the issuer's interim balance sheet date if the issuer has published
LR 13.5.30DGRP
2The FCA may modify LR 13.5.30BR (1)(b) and (c) where it is not possible for the listed company to provide a meaningful allocation of its costs in the target's audited consolidated income statements. The class 1 circular should contain a statement to this effect where this modification has been granted. The FCA would not normally expect to grant such modifications except in respect of non-operating costs such as finance costs and tax.
LR 13.5.32RRP
If a listed company includes a profit forecast or a profit estimate in a class 1 circular it must:(1) comply with the requirements for a profit forecast or profit estimate set out in Annex 1 of the PD Regulation except that a listed company does not need to include a report on the forecast or estimate from an accountant in the class 1 circular; and(2) include a statement confirming that the profit forecast or profit estimate has been properly compiled on the basis of assumptions
LR 13.5.33RRP
If, prior to the class 1 transaction, a profit forecast or profit estimate was published that:(1) relates to any of the listed company, a significant part of the listed company group, the target or a significant part of the target; and22(2) relates to financial information including the period of the forecast which has yet to be published at the date of the class 1 circular;22the listed company must either:22(3) include that profit forecast or profit estimate in the class 1 circular
LR 13.5.33AGRP
2For the purposes of LR 13.5.33 R, the fact that the profit forecast or profit estimate was prepared for a reason other than the class 1 circular does not itself indicate invalidity.
SUP 16.7A.2GRP
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.
SUP 16.7A.3RRP
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)RAGFirm type1UK bankDormant account fund operatorNon-EEA bank2.2The Society3IFPRU investment firmsBIPRU firmsExempt CAD firms subject to IPRU (INV) Chapter 13All other firms subject to the following chapters in IPRU(INV):(1)Chapter 3(2)Chapter 5(3)Chapter 94IFPRU investment firmsBIPRU firmsExempt CAD firms subject
SUP 16.7A.4RRP
(1) An adviser4 (as referred to in IPRU(INV) 3-60(4)R), is only required to submit the annual report and accounts if:(a) it is a partnership or body corporate; and(b) the annual report and accounts were audited as a result of a statutory provision other than under the Act.(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.
SUP 16.7A.5RRP
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) submit the annual report and accounts of the mixed activity holding company to the FCA annually; and(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)RAGFirm type1UK bank3IFPRU investment firmBIPRU firm4IFPRU investment
SUP 16.7A.6RRP
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.
SUP 16.7A.7RRP
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.
SUP 16.7A.8RRP
Firms must submit their annual report and accounts in accordance with SUP 16.7A.3 R within the following deadlines:(1) for a non-EEA bank, within 7 months of the accounting reference date;(2) for the Society or a service company, within 6 months of the accounting reference date; and(3) for all other firms, within 80 business days2 of the accounting reference date.2
SUP 16.7A.9RRP
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.
DTR 4.1.3RRP
An issuer must make public its annual financial report at the latest four months after the end of each financial year.[Note: article 4(1) of the TD]
DTR 4.1.4RRP
An issuer must ensure that its annual financial report remains publicly available for at least ten3 years.[Note: article 4(1) of the TD]
DTR 4.1.5RRP
The annual financial report must include:(1) the audited financial statements;(2) a management report; and(3) responsibility statements.[Note: article 4(2) of the TD]
DTR 4.1.6RRP
(1) If an issuer is required to prepare consolidated accounts according to the Seventh Council Directive 83/349/EEC, the audited financial statements must comprise:(a) consolidated accounts prepared in accordance with IFRS, and(b) accounts of the parent company prepared in accordance with the national law of the EEA State in which the parent company is incorporated. [Note: article 4(3) of the TD](2) If an issuer is not required to prepare consolidated accounts, the audited financial
DTR 4.1.7RRP
(1) If an issuer is required to prepare consolidated accounts, the financial statements must be audited in accordance with Article 37 of the Seventh Council Directive 83/349/EEC.(2) If an issuer is not required to prepare consolidated accounts the financial statements must be audited in accordance with Articles 51 and 51a of the Fourth Council Directive 78/660/EEC.(3) The audit report, signed by the person or persons responsible for auditing the financial statements must be disclosed
DTR 4.1.8RRP
The management report must contain:(1) a fair review of the issuer's business; and(2) a description of the principal risks and uncertainties facing the issuer.4[Note: article 4(5) of the TD]
DTR 4.1.9RRP
The review required by DTR 4.1.8 R must:(1) be a balanced and comprehensive analysis of:(a) the development and performance of the issuer's business during the financial year; and(b) the position of the issuer's business at the end of that year,consistent with the size and complexity of the business;(2) include, to the extent necessary for an understanding of the development, performance or position of the issuer's business:(a) analysis using financial key performance indicators;
DTR 4.1.11RRP
The management report required by DTR 4.1.8 R must also give an indication of:(1) any important events that have occurred since the end of the financial year unless those events are:4(a) 4reflected in the issuer’s profit and loss account or balance sheet; or(b) 4disclosed in the notes to the issuer’s audited financial statements;(2) the issuer's likely future development;(3) activities in the field of research and development;(4) the information concerning acquisitions of own
DTR 4.1.12RRP
(1) Responsibility statements must be made by the persons responsible within the issuer.(2) The name and function of any person who makes a responsibility statement must be clearly indicated in the responsibility statement.(3) For each person making a responsibility statement, the statement must set out that to the best of his or her knowledge:(a) the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the
DTR 4.2.2RRP
(1) An issuer must make public a half-yearly financial report covering the first six months of the financial year.(2) The half-yearly financial report must be made public as soon as possible, but no later than three1 months, after the end of the period to which the report relates.(3) An issuer must ensure that the half-yearly financial report remains available to the public for at least ten1 years.[Note: article 5(1) of the TD]
DTR 4.2.3RRP
The half-yearly financial report must include:(1) a condensed set of financial statements;(2) an interim management report; and(3) responsibility statements.[Note: article 5(2) of the TD]
DTR 4.2.4RRP
(1) If an issuer is required to prepare consolidated accounts, the condensed set of financial statements must be prepared in accordance with IAS 34.[Note: article 5(3) of the TD](2) If an issuer is not required to prepare consolidated accounts, the condensed set of financial statements must contain, as a minimum the following:(a) a condensed balance sheet;(b) a condensed profit and loss account; and(c) explanatory notes on these accounts.[Note: article 5(3) of the TD]
DTR 4.2.5RRP
(1) This rule applies to an issuer that is not required to prepare consolidated accounts.(2) In preparing the condensed balance sheet and the condensed profit and loss account an issuer must follow the same principles for recognising and measuring as when preparing annual financial reports.[Note: article 5(3) of the TD](3) The balance sheet and the profit and loss account must show each of the headings and subtotals included in the most recent annual financial statements of the
DTR 4.2.6RRP
The accounting policies and presentation applied to half-yearly figures must be consistent with those applied in the latest published annual accounts except where:(1) the accounting policies and presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies and presentation should be followed and the changes and the reasons for the changes should be disclosed in the half-yearly report; or(2) the FCA otherwise agrees.
DTR 4.2.7RRP
The interim management report must include at least:(1) an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of financial statements, and(2) a description of the principal risks and uncertainties for the remaining six months of the financial year.[Note: article 5(4) of the TD]
DTR 4.2.8RRP
(1) In addition to the requirement set out in DTR 4.2.7 R, an issuer of shares must disclose in the interim management report the following information, as a minimum:(a) related parties transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period; and(b) any changes in the related parties transactions described in the last annual report that
DTR 4.2.9RRP
(1) If the half-yearly financial report has been audited or reviewed by auditors pursuant to the Financial Reporting Council 2guidance on Review of Interim Financial Information, the audit report or review report must be reproduced in full.(2) If the half-yearly financial report has not been audited or reviewed by auditors pursuant to the Financial Reporting Council 2guidance on Review of Interim Financial Information, an issuer must make a statement to this effect in its report.[Note:
DTR 4.2.10RRP
(1) Responsibility statements must be made by the persons responsible within the issuer. [Note: article 5(2)(c) of the TD](2) The name and function of any person who makes a responsibility statement must be clearly indicated in the responsibility statement.[Note: article 5(2)(c) of the TD](3) For each person making a responsibility statement, the statement must confirm that to the best of his or her knowledge:(a) the condensed set of financial statements, which has been prepared
CASS 7.15.1GRP
(1) This section sets out the requirements a firm must meet when keeping records and accounts of the client money it holds.(2) Where a firm establishes one or more sub-pools, the provisions of CASS 7.15 (Records, accounts and reconciliations) shall be read as applying separately to the firm'sgeneral pool and each sub-pool in line with CASS 7.19.3 R and CASS 7.19.4 R.
CASS 7.15.2RRP
A firm must keep such records and accounts as are necessary to enable it, at any time and without delay, to distinguish client money held for one client from client money held for any other client, and from its own money.[Note: article 2(1)(a) of the MiFID Delegated Directive2]
CASS 7.15.3RRP
A firm must maintain its records and accounts in a way that ensures their accuracy, and in particular their correspondence to the client money held for clients and that they may be used as an audit trail2.[Note: article 2(1)(b) of the MiFID Delegated Directive2]
CASS 7.15.4GRP
(1) The requirements in CASS 7.15.2R to CASS 7.15.3R are for a firm to keep internal records and accounts of client money. Therefore, any records falling under those requirements should be maintained by the firm and should be separate to any records the firm may have obtained from any third parties, such as those with or through whom it may have deposited, or otherwise allowed to hold, client money. 2(2) Where a firm complies with CASS 7.15 as a whole (to the extent applicable
CASS 7.15.12RRP
An internal client money reconciliation requires a firm to carry out a reconciliation of its internal records and accounts of the amount of client money that the firm holds for each client with its internal records and accounts of the client money the firm should hold in client bank accounts or has placed in client transaction accounts.
CASS 7.15.13RRP
In carrying out an internal client money reconciliation, a firm must use the values contained in its internal records and ledgers (for example, its cash book or other internal accounting records) rather than the values contained in the records it has obtained from banks and other third parties with whom it has placed client money (for example, bank statements).
CASS 7.15.14GRP
An internal client money reconciliation should:(1) be one of the steps a firm takes to arrange adequate protection for clients' assets when the firm is responsible for them (see Principle 10 (Clients' assets), as it relates to client money);(2) be one of the steps a firm takes to satisfy its obligations under CASS 7.12.2 R and CASS 7.15.3 R and, where relevant, SYSC 4.1.1R (1) and SYSC 6.1.1 R, to ensure the accuracy of the firm's records and accounts;(3) for the normal approach
CASS 7.15.15AGRP
(1) 3The reference point for the internal client money reconciliation under CASS 7.15.15R(4)(a) should be the precise point in time at which the primary pooling event occurred.(2) When a firm decides whether it is necessary at any particular point in time to perform an internal client money reconciliation under CASS 7.15.15R(4)(b), it should have particular regard to the need to maintain its books and accounts in order to ensure that:(a) each notional pool of client money formed
CASS 7.15.20RRP
A firm must conduct, on a regular basis, reconciliations between its internal records and accounts and those of any third parties which hold client money.[Note: article 2(1)(c) of the MiFID Delegated Directive2]
CASS 7.15.21GRP
The purpose of an external client money reconciliation is to ensure the accuracy of a firm's internal records and accounts against those of any third parties by whom client money is held.
CASS 7.15.32RRP
While a firm is unable to immediately resolve a discrepancy identified by an external client money reconciliation, and one record or set of records examined by the firm during its external client money reconciliation indicates that there is a need to have a greater amount of client money or, if appropriate, approved collateral than is the case, the firm must assume, until the matter is finally resolved, that that record or set of records is accurate and, subject to CASS 7.15.32AR,3
CASS 7.15.33RRP
A firm must inform the FCA in writing without delay if: (1) its internal records and accounts of client money are materially out of date, inaccurate or invalid so that the firm is no longer able to comply with the requirements in CASS 7.15.2 R, CASS 7.15.3 R or CASS 7.15.5 R (1);(2) it will be unable to, or materially fails to, pay any shortfall into a client bank account or withdraw any excess from a client bank account so that the firm is unable to comply with CASS 7.15.29 R
SUP 16.12.9RRP
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below.11The applicable reporting frequencies for submission of data items and periods referred to in SUP 16.12.4 R are set out in the table below and are calculated from a firm'saccounting reference date, unless indicated otherwise.The applicable due dates for submission referred to in SUP 16.12.4 R are set out in the table below. The due dates are the last day of the periods
SUP 16.12.10RRP
(1) 2SUP 16.12.11 R to SUP 16.12.13 R do not apply to:(a) a lead regulated firm (except in relation to data items 47 to 55 (inclusive));13(b) an OPS firm;(c) a local authority;3(d) a service company.3(2) A PRA lead regulated firm and an OPS firm must submit a copy of its annual report and audited accounts within 80 business days from its accounting reference date.5555(3) A PRA service company must submit a copy of its annual audited financial statements within 6 months from its
SUP 16.12.11RRP
The applicable data items referred to in SUP 16.12.4 R are set out according to firm type in the table below:Description of data item45Firms' prudential category and applicable data items(note 1)IFPRU investment firms and BIPRU firmsFirmsother thanBIPRU firms or IFPRU investment firmsIFPRUBIPRUIPRU(INV)Chapter 3IPRU(INV)Chapter 5IPRU(INV)Chapter 9IPRU(INV)Chapter 1338Solvency statementNo standard format (note 11)No standard format (note 20)No standard format (note 11)38Balance
SUP 16.12.12RRP
The applicable reporting frequencies for data items referred to in SUP 16.12.4 R2 are set out in the table below according to firm type. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.45Data ItemIFPRU 730K firmIFPRU 125K firm and collective portfolio management investment firmIFPRU 50K firmBIPRU firmUK consolidation group or defined liquidity groupFirm other than BIPRU firms or IFPRU investment firmsCOREP/FINREPRefer to
SUP 16.12.15RRP
The applicable data items referred to in SUP 16.12.4 R are set out76 according to firm type76 in the table below: 48Description of data itemFirms' prudential category and applicable data items (note 1)IFPRU investment firms and BIPRU firmsFirms other than BIPRU firms or IFPRU investment firmsIFPRUBIPRUIPRU(INV) Chapter 3IPRU(INV) Chapter 5IPRU(INV) Chapter 9IPRU(INV) Chapter 11 (collective portfolio management firms only)IPRU(INV) Chapter 1248IPRU(INV) Chapter 1338Solvency statementNo
SUP 16.12.18AARRP
(1) SUP 16.12.18B R and SUP 16.12.18C R do58 not apply to:58(a) a lead regulated firm;(b) an OPS firm;(c) a local authority.(2) A lead regulated firm and an OPS firm must submit a copy of its annual report and audited accounts within 80 business days from its accounting reference date.
SUP 16.12.18BRRP
The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.46Description of data itemData item (note 1)FrequencySubmission deadlineBalance SheetSections A.1 and A.2 MLARQuarterly20
SUP 16.12.19ARRP
2The applicable data items80 referred to in SUP 16.12.4 R are set out according to type of firm8 in the table below:888Description of data item11Firms’76 prudential category and applicable data items76 (note 1)IPRU(INV) Chapter 3IPRU(INV) Chapter 5IPRU(INV) Chapter 9IPRU(INV)Chapter 1343Solvency statement (note 6)5No standard format543Balance sheetFSA02911FSA02911FSA029FSA029 or Section A RMAR (note 7)114311Income statementFSA03011FSA03011FSA030FSA030 or Section B RMAR (note
SUP 16.12.22ARRP
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:45Description ofData itemFirms' prudential category and applicable data item (note 1)IFPRUBIPRU firmExempt CAD firmssubject toIPRU(INV)Chapter 13Firms(other thanexempt CAD firms) subject toIPRU(INV)Chapter 13Firmsthat are also in one or more ofRAGs1 to 6 and not subject toIPRU(INV)Chapter 13Solvency statementNo standard format (note 11)Balance SheetFSA001/FINREP (Notes
SUP 16.12.24ARRP
45The applicable due dates for submission referred to in SUP 16.12.4 R are set out in the table below. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period set out in SUP 16.12.23A R, unless indicated otherwise.Data ItemDailyWeeklyMonthlyQuarterlyHalf yearlyAnnualCOREP/FINREPRefer to EU CRR and applicable technical standardsSolvency statement3 monthsFSA00120 business days30 business days (note 1); 45 business
SUP 16.12.25ARRP
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:45Description of data itemFirms' prudential category and applicable data item(note 1)IFPRU investment firms and BIPRU firmsFirmsother thanBIPRU firms or IFPRU investment firmsIFPRUBIPRUIPRU(INV)Chapter 3IPRU(INV)Chapter 5IPRU(INV)Chapter 9IPRU(INV)Chapter 1338Solvency statement (note 11)No standard format38Balance sheetFSA001/FINREP (Notes 2 and 30)FSA001 (Note 2)FSA029FSA029FSA029Section
SUP 16.12.27RRP
The applicable due dates for submission referred to in SUP 16.12.4 R are set out in the table below. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period set out in SUP 16.12.26 R, unless indicated otherwise13.Data item18DailyWeeklyMonthly18Quarterly18Half yearly18Annual1845COREP/FINREPRefer to EU CRR and applicable technical standardsAnnual reconciliation80 business daysSolvency statement3 monthsFSA00120 business
SUP 16.12.28RRP
(1) 2SUP 16.12.28A R does not apply to:(a) a lead regulated firm;(b) an OPS firm;(c) a local authority;11(d) a third party processor in respect of any home finance activity.11(2) A lead regulated firm and an OPS firm must submit a copy of its annual report and audited accounts within 80 business days from its accounting reference date.
SUP 16.12.28ARRP
2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.Description of data item11Data item11 (note 1)FrequencySubmission deadlineAnnual regulated business revenue up to and including
SUP 16.12.29CRRP
47The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.Description of data itemData item (note 1)FrequencySubmission deadlineAnnual revenue from credit-related regulated activities
SUP 16.23.7RRP
A firm must submit the Annual Financial Crime Report within 60 business days of the firm’saccounting reference date.
DTR 4.4.1RRP
The rules on annual financial reports (DTR 4.1) and 3 half-yearly financial reports (DTR 4.2) do not apply to:53333(1) a state;5(2) a regional or local authority of a state5;(3) a public international body of which at least one EEA State is a member;5(4) the European Central Bank;5(5) the European Financial Stability Facility (EFSF) established by the EFSF Framework Agreement and any other mechanism established with the objective of preserving the financial stability of European
DTR 4.4.2RRP
The rules on annual financial reports in DTR 4.1 (including DTR 4.1.7R (4)1 and3 half-yearly financial reports (DTR 4.2) do not apply to an issuer that issues exclusively debt securitiesadmitted to trading the denomination per unit of which is at least 100,000 euros2 (or an equivalent amount).[Note: article 8(1)(b) of the TD and article 45(1) of the Audit Directive]11332
DTR 4.4.3RRP
The rules on half-yearly financial reports (DTR 4.2) do not apply to a credit institution whose shares are not admitted to trading and which has, in a continuous or repeated manner, only issued debt securities provided that:(1) the total nominal amount of all such debt securities remains below 100,000,000 Euros; and(2) the credit institution has not published a prospectus in accordance with the prospectus directive.[Note: article 8(2) of the TD]
DTR 4.4.4RRP
The rules on half-yearly financial reports do not apply to an issuer already existing on 31 December 2003 which exclusively issue debt securities unconditionally and irrevocably guaranteed by the issuer'sHome Member State or by a regional or local authority of that state, on a regulated market.[Note: article 8(3) of the TD]
DTR 4.4.5RRP
The rules on half-yearly financial reports (DTR 4.2) do not apply to an issuer of transferable securities convertible into shares.3
DTR 4.4.7RRP
The rules on half-yearly financial reports (DTR 4.2) do not apply to an issuer of depository receipts.3
DTR 4.4.8RRP
4An issuer whose registered office is in a non-EEA State5is exempted from the rules on:(1) annual financial reports in DTR 4.1 (other than DTR 4.1.7R (4) which continues to apply); (2) half-yearly financial reports (DTR 4.2); and(3) reports on payments to governments (DTR 4.3A);5if the law of the non-EEA State in question lays down equivalent requirements or the issuer complies with requirements of the law of a non-EEA State that the FCA considers as equivalent.5[Note: article
SUP 16.8.3RRP
(1) An insurer with a permission to effect or carry out life policies must submit to the FCA10 a persistency report in respect of life policies by 30 April each year in accordance with this section.11111118(2) A firm with permission to establish, operate or wind up a stakeholder pension scheme must submit to the FCA11:11(a) a data report on stakeholder pensions by 30 April each year using the form specified in SUP 16 Annex 6R.1099(b) [deleted]99
SUP 16.8.4RRP
1In this section, and in SUP 16 Annex 6R:9(1) '12 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-2, '24 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-3, and so on;(2) 'CC' means the number of life policies or stakeholder pensions which: (a) were effected during the period to which the calculation relates; and(b)
SUP 16.8.8RRP
1A persistency report or data report must report on a life policy or stakeholder pension if:(1) it is not of a type listed in SUP 16.8.13 R or SUP 16.8.14 R;(2) it was effected by:(a) the firm submitting the report; or(b) an unauthorised member of the group of the firm submitting the report and in circumstances in which that firm was responsible for the promotion of that life policy or stakeholder pension; or(c) another firm, but is being carried out by the firm submitting the
SUP 16.8.13RRP
1A persistency or data report must not report on any of the following:(1) a life policy or stakeholder pension that was cancelled from inception whether or not this was as a result of service of a notice under the rules on cancellation (COBS 15)5;5(2) [deleted]77(3) a life policy (excluding income withdrawal) or stakeholder pension which has terminated as a result of death, critical illness, retirement, maturity or other completion of the contract term;(4) income withdrawals that
SUP 16.8.19ARRP
9A persistency report on life policies and stakeholder pensions must be in the format of SUP 16 Annex 6R.
SUP 16.8.21RRP
1The firm must, if a persistency report reports on:10(1) an endowment assurance with a term of five years or less:(a) [deleted]99(b) report on such a policy in the report in SUP 16 Annex 6R;99(2) a group personal pension policy, include the policy as a personal pension policy in the report in SUP 16 Annex 6R;99(3) a mortgage endowment, also include the policy as an endowment assurance in the report in SUP 16 Annex 6R;99(4) an income withdrawal, not include the policy under any
SUP 16.8.23RRP
1A firm must make and retain such records as will enable it to:(1) monitor regularly the persistency of life policies and stakeholder pensions effected through each of its representatives; and (2) make persistency reports or data reports to the FCA11 in accordance with SUP 16.8.3R10. 11
LR 9.8.4RRP
In addition to the requirements set out in DTR 4.1 a listed company1 must include in its annual financial report1, where applicable, the following:1(1) a statement of the amount of interest capitalised by the group during the period under review with an indication of the amount and treatment of any related tax relief;(2) any information required by LR 9.2.18 R (Publication of unaudited financial information);(3) [deleted]1313(4) details of any long-term incentive schemes as required
LR 9.8.4BGRP
13Where a listed company's annual financial report contains a statement of the type referred to in LR 9.8.4R (14)(b) or (d), the FCA may still take any action it considers necessary in relation to the underlying breach by the listed company of LR 9.2.2ADR(1)17 or LR 9.2.2G R.
LR 9.8.4CRRP
13The listed company's annual financial report must include the information required under LR 9.8.4 R in a single identifiable section, unless the annual financial report includes a cross reference table indicating where that information is set out.
LR 9.8.5GRP
A listed company need not include with the annual report and accounts details of waivers of dividends of less than 1% of the total value of any dividend provided that some payment has been made on each share of the relevant class during the relevant calendar year.
LR 9.8.6RRP
In the case of a listed company incorporated in the United Kingdom, the following additional items must be included in its annual financial report1:1(1) a statement setting out all the interests (in respect of which transactions are notifiable to the company under article 19 of the Market Abuse Regulation16) 4of each person who is4 a3director of the listed company as at the end of4 the period under review including:44334(a) all changes in the interests of each director that have
LR 9.8.7RRP
An overseas company with a premium listing7 must include 7in its annual report and accounts the information in LR 9.8.6R (5), LR 9.8.6R (6) and LR 9.8.8 R12.7777
LR 9.8.9GRP
The requirements of LR 9.8.6R (6) relating to corporate governance are additional to the information required by law to be included in the listed company's annual report and accounts.12
LR 9.8.10RRP
A listed company must ensure that the auditors review each of the following before the annual report is published:(1) LR 9.8.6R (3) (statements15 by the directors regarding15 going concern and longer-term viability15); and(2) the parts of the statement required by LR 9.8.6R (6) (corporate governance) that relate to the following provisions of the UK Corporate Governance Code:99(a) C.1.1;9(b) C.2.1 and C.2.315; and9(c) C.3.1 to C.3.8.14914
SUP 16.22.2GRP
The purpose of this section is to give directions to payment service providers under regulation 29 (Reporting requirements) of the Payment Accounts Regulations about:(1) the information concerning their compliance with the requirements imposed on them under Part 3 (Switching) and Part 4 (Access to payment accounts) of the Payment Accounts Regulations; and (2) the time at which and the form in which they must provide that information.
SUP 16.22.3DRP
A payment service provider that offers a payment account within the meaning of the Payment Accounts Regulations must submit a duly completed report (referred to in this section as a “payment accounts report”) to the FCA.
SUP 16.22.4RRP
A payment service provider to which SUP 16.22.3D applies and which is a credit institution is required to complete every row in the payment accounts report, including rows 4 and 5, in accordance with SUP 16.22.5D to SUP 16.22.10R, even if it has not been designated under regulation 21 of the Payment Accounts Regulations.
SUP 16.22.5DRP
The payment accounts report required by SUP 16.22.3D and SUP 16.22.4R must be submitted:(1) online using the appropriate system accessible from the FCA’s website; (2) in the format set out in SUP 16 Annex 41AD; notes for the completion of the report are set out in SUP 16 Annex 41BG; and(3) within two months of the end of the relevant reporting period.
SUP 16.22.9DRP
SUP 16.3.11R (Complete reporting) and SUP 16.3.13R (Timely reporting) apply to the submission of payment accounts reports under this section as if a reference to firm in those rules were a reference to payment service provider.
SUP 16.22.10RRP
SUP 16.3.14R (Failure to submit reports) applies to the submission of payment accounts reports under this section as if a reference to firm in that rule were a reference to payment service provider.
CREDS 2.2.24GRP
SYSC 9.1.1 R requires that a credit union takes reasonable care to make and retain adequate records of all matters governed by the Act or the CCA, 4 secondary legislation under the Act or the CCA, 4 or rules (including accounting records). These records should be capable of being reproduced in the English language and on paper.
CREDS 2.2.26GRP
The main reasons why a credit union should maintain adequate accounting and other records are:(1) to provide the governing body5 with adequate financial and other information to enable it to conduct its business in a prudent manner on a day-to-day basis;(2) to safeguard the assets of the credit union and the interests of members and persons too young to be members; (3) to assist officers of the credit union to fulfil their regulatory and statutory duties in relation to the preparation
CREDS 2.2.28ARRP
5The governing body must satisfy itself that the accounting and other records are maintained in a complete, integrated and orderly manner in order to disclose, with reasonable accuracy and promptness, the state of the business at any time.
CREDS 2.2.31GRP
Some important compliance issues include:(1) insurance against fraud and dishonesty;(2) arrangements for the prevention, detection and reporting of money laundering;(3) establishing and maintaining a satisfactory system of control;(4) keeping proper books of account;(5) computation and application of profits;(6) investment of surplus funds;(7) capital requirements; (8) liquidity requirements;(9) limits on shares and loans;(10) maintenance of membership records;(11) submission
CREDS 2.2.34ARRP
5The governing body must be satisfied that: (1) the information available is sufficiently comprehensive for the proper assessment of the potential risks for the credit union, and in order to determine its need for capital and liquidity; (2) the information available is sufficiently comprehensive to provide a clear statement of the performance and financial position of the credit union; (3) management information reports are prepared with sufficient frequency;(4) sufficient attention
CREDS 2.2.35GRP
In forming a view on whether the management information system is sufficiently comprehensive, the governing body5should consider whether, where relevant, the substance of reports provides a clear statement of loans, arrears and provisions. These matters should be compared against limits, ratios and other parameters set by the governing body, as well as regulatory requirements.5
CREDS 2.2.43GRP
The purposes of an internal audit are:(1) to ensure that the policies and procedures of the credit union are followed;(2) to provide the governing body5 with a continuous appraisal of the overall effectiveness of the control systems, including proposed changes;(3) to recommend improvements where desirable or necessary;(4) to determine whether the internal controls established by the governing body5 are being maintained properly and operated as laid down in the policy, and comply
CREDS 2.2.45GRP
The internal audit work programme should include items such as:(1) verification of cash (counting and reconciliation) without prior notification;(2) bank reconciliation (checking records against bank statements);(3) verification of passbooks or account statements;(4) checking for compliance with policies and procedures;(5) checking for compliance with relevant Acts, secondary legislation and rules;(6) checking minutes and reports of the governing body5 and other sub-committees
CREDS 2.2.46GRP
The key elements of a satisfactory system of internal audit include the following:(1) Terms of reference. These should be specified with precision and include, amongst other things, scope and objectives of the audit committee and the internal audit function (see CREDS 2.2.11G), access to records, powers to obtain information and explanations for officers, and reporting requirements. These should be approved by the governing body5. (2) Risk analysis. Key risks in each area of the
GENPRU 2.2.85RRP
(1) Negative amounts, including any interim net losses (but in the case of a BIPRU firm16, only material interim net losses), must be deducted from profit and loss account and other reserves.16(2) For these purposes material interim net losses mean unaudited interim losses arising from a firm'strading book and non-trading book business which exceed 10% of the sum of its capital resources calculated at stage A (Core tier one capital)8 in the capital resources table.8(3) If interim
GENPRU 2.2.91GRP
Profit and loss account and other reserves should be valued in accordance with the rules in GENPRU 1.3 (Valuation).
GENPRU 2.2.92GRP
A revaluation reserve is not included as part of a BIPRU firm's profit and loss account and other reserves. It is dealt with separately and forms part of a BIPRU firm'supper tier two capital.
GENPRU 2.2.99GRP
A BIPRU firm that is a partnership or a limited liability partnership should include profit and loss (taking into account interim losses or material interim net losses) in its core tier one capital.
GENPRU 2.2.101RRP
(1) A firm must include share premium account relating to the issue of a share forming part of its core tier one capital in its core tier one capital.(2) A firm must include share premium account relating to the issue of a share forming part of another tier of capital in that other tier.(3) A firm that is incorporated under the Companies Act 20066 may include its share premium account as core tier one capital notwithstanding (2) to the extent that the terms of issue of the share
GENPRU 2.2.103GRP
A firm may include interim profits before a formal decision has been taken only if these profits have been verified, in accordance with the relevant guidance issued by the Financial Reporting Council20, by persons responsible for the auditing of the accounts.
GENPRU 2.2.185RRP
(1) This rule applies to a BIPRU firm.(2) A BIPRU firm must, in relation to equities held in the available-for-sale financial assets category:(a) deduct any net losses at stage E of the calculation in the capital resources table (Deductions from tier one capital); and(b) include any net gains (after deduction of deferred tax) in revaluation reserves at stage G of the calculation in the capital resources table (Upper tier two capital).(3) A BIPRU firm must include any net gains,
GENPRU 2.2.187RRP
A BIPRU firm which adopts the standardised approach to credit risk may include general/collective provisions in its tier two capital resources only if:(1) they are freely available to the firm;(2) their existence is disclosed in internal accounting records; and(3) their amount is determined by the management of the firm, verified by independent auditors and notified to the FCA18.
GENPRU 2.2.198RRP
GENPRU 2.2.198 R to GENPRU 2.2.201 R apply to a tier one instrument, tier two instrument or tier three instrument of a firm that is treated as a liability under the accounting framework to which it is subject as referred to in GENPRU 1.3.4 R (General requirements: accounting principles to be applied) (a "debt instrument").
GENPRU 2.2.199RRP
A firm must recognise for the purpose of this section any effect that changes in exchange rates or interest rates have on a debt instrument (as defined in GENPRU 2.2.198 R) under the accounting framework to which the firm is subject as referred to in GENPRU 1.3.4 R (General requirements: accounting principles to be applied).
GENPRU 2.2.249RRP
Trading book valuation adjustments or reserves as referred to in GENPRU 1.3.29 R to 14GENPRU 1.3.35A G14 which exceed those made under the accounting framework to which a firm is subject must be treated in accordance with GENPRU 2.2.248 R if not required to be treated under GENPRU 2.2.86R (2).
COLL 8.3.2RRP
(1) An authorised fund manager must ensure that a prospectus of a qualified investor scheme is drawn up which contains the information, specified in COLL 8.3.4 R (Table: contents of qualified investor scheme prospectus), and the authorised fund manager must:(a) revise the prospectus immediately upon the occurrence of any materially significant change in the information required to be stated within it;(b) include the date of any revision in a prominent manner in the revised prospectus;22(c)
COLL 8.3.4RRP
This table belongs to COLL 8.3.2 R.1Document statusA statement that this document is the prospectus of the authorised fund valid as at a particular date which shall be the date of the document.2Description of the authorised fundInformation detailing:(1)the name of the authorised fund;16(1A)its FCA product reference number (PRN);(2)that the authorised fund is either an ICVC, ACS11 or an AUT;(3)that the scheme is a qualified investor scheme;(4)where relevant, that the unitholders
COLL 8.3.5RRP
(1) The authorised fund manager must prepare a report in respect of each annual accounting period and half-yearly accounting period.(2) [deleted]1(2A) Where the first annual accounting period of a scheme is less than 12 months, a half-yearly report need not be prepared.2(3) The authorised fund manager must within a reasonable time after the end of each relevant accounting period, publish the annual report and half-yearly report and provide a copy free of charge on request to any
COLL 8.3.5ARRP
(1) An annual report, other than for a scheme which is an umbrella, must contain:(a) the accounts for the annual accounting period prepared in accordance with the requirements of the IMA SORP;7(b) the report of the authorised fund manager in accordance with COLL 8.3.5C R (Authorised fund manager's report);(bA) comparative information in accordance with COLL 4.5.10R (1A) and (2A) (Comparative information);14(c) the report of the depositary in accordance with COLL 8.3.5D R (Report
COLL 8.3.5AAGRP
(1) 15The Securities Financing Transactions Regulation sets out the additional information which an authorised fund manager who is a full-scope UK AIFM of a qualified investor scheme must include in the scheme’s annual report.(2) COLL 4.5.8ABEU and COLL 4.5.8ACEU copy out the relevant provisions of that regulation.(3) An authorised fund manager of a qualified investor scheme that has not used securities financing transactions or total return swaps during the relevant annual accounting
COLL 8.3.5BRRP
(1) A half-yearly report on an authorised fund or sub-fund must contain:(a) the accounts for the half-yearly accounting period which must be prepared in accordance with the requirements of the IMA SORP; and7(b) the report of the authorised fund manager in accordance with COLL 8.3.5C R.(2) For a scheme which is an umbrella, the authorised fund manager may choose whether the half-yearly report is prepared for the umbrella as a whole, or for each individual sub-fund, or both.
COLL 8.3.5DRRP
(1) The depositary must make an annual report to unitholders which must be included in the annual report.(2) The depositary's report must contain:(a) a description, which may be in summary form, of the duties of the depositary under COLL 8.5.4 R (Duties of the depositary) and in respect of the safekeeping of the scheme property; and(b) a statement whether in any material respect:(i) the issue, sale, redemption and cancellation and calculation of the price of the units and the
COLL 8.3.5ERRP
The annual reports in COLL 8.3.5AR (1) and (2) and the half-yearly reports in COLL 8.3.5BR (1) must:(1) in the case of an ICVC, if there is:(a) more than one director, be approved by the board of directors and signed on their behalf by the ACD and at least one other director; or(b) no director other than the ACD, be signed by the ACD;(2) in the case of an AUT or ACS11, if the authorised fund manager has:(a) more than one director, be signed by at least two directors of the authorised
BIPRU 5.3.1RRP
A firm may recognise as eligible the on-balance sheet netting of mutual claims between the firm and its counterparty.[Note: BCD Annex VIII Part 1 point 3]
BIPRU 5.3.2RRP
Without prejudice to BIPRU 5.6.1 R, eligibility is limited to reciprocal cash balances between a firm and a counterparty. Only loans and deposits of the lending firm may be subject to a modification of risk weighted exposure amounts and, as relevant, expected loss amounts as a result of an on-balance sheet netting agreement.[Note: BCD Annex VIII Part 1 point 4]
BIPRU 5.3.3RRP
For on-balance sheet netting agreements - other than master netting agreements covering repurchase transactions, securities or commodities lending or borrowing transactions and/or other capital market-driven transactions - to be recognised for the purposes of BIPRU 5 the following conditions must be satisfied:(1) they must be legally effective and enforceable in all relevant jurisdictions, including in the event of the insolvency or bankruptcy of a counterparty;(2) the firm must
BIPRU 5.3.4RRP
Loans and deposits with a lending firm subject to on-balance sheet netting are to be treated as cash collateral.[Note: BCD Annex VIII Part 3 point 4]
REC 3.8.1RRP
A UK recognised body must give the FCA1:1(1) a copy of its annual report and accounts; and(2) a copy of the consolidated annual report and accounts: (a) of any group in which the UK recognised body is a subsidiary undertaking; or(b) (if the UK recognised body is not a subsidiary undertaking in any group) of any group of which the UK recognised body is a parent undertaking;no later than the time specified for the purpose of this rule in REC 3.8.2 R.
REC 3.8.4RRP
A UK recognised body must give the FCA1a copy of:1(1) its quarterly management accounts; or (2) its monthly management accounts;within one month of the end of the period to which they relate.
REC 3.8.5GRP
A UK recognised body is not required to provide quarterly and monthly management accounts in respect of the same period, but management accounts (whether quarterly or monthly) should be submitted for all periods. A UK recognised body may choose whichever method is the more suitable for it, but where it intends to change from providing monthly to quarterly management accounts (or from quarterly to monthly management accounts), it should inform the FCA1 of that fact.1
REC 3.8.6RRP
A UK recognised body must give the FCA1:1(1) a statement of its anticipated income, expenditure and cashflow for each financial year; and(2) an estimated balance sheet showing its position as it is anticipated at the end of each financial year;before the beginning of that financial year.
LR 6.2.1RRP
1An applicant must have published or filed historical financial information that:(1) covers at least three years; [Note: article 44 of the CARD] (2) represents at least 75% of the applicant's business for the period in (1);(3) unless LR 5.6.21R applies, has a latest balance sheet date that is not more than: (a) six months before the date of the prospectus or listing particulars for the relevant shares; and(b) nine months before the date the shares are admitted to listing; and(4)
LR 6.2.3RRP
1Where an applicant has made an acquisition or series of acquisitions such that its own consolidated financial information is insufficient to meet the 75% requirement in LR 6.2.1R(2), there must be historical financial information relating to the acquired entity or entities which has been published or filed and that:(1) covers the period from at least three years prior to the date under LR 6.2.1R(3) up to the earlier of:(a) the date in LR 6.2.1R(3); or(b) the date of acquisition
LR 6.2.4RRP
1The historical financial information in LR 6.2.1R and LR 6.2.3R must:(1) have been audited or reported on in accordance with the standards acceptable under item 20.1 of Annex I of the PD Regulation; and(2) not be subject to a modified report, unless the circumstances set out in LR 6.2.5G apply.
LR 6.2.5GRP
1The FCA may accept that LR 6.2.4R(2) has been satisfied where a modified report is present only as a result of:(1) the presence of an emphasis-of-matter paragraph which arises in any of the earlier periods required by LR 6.2.1R and the opinion on the final period is unmodified; or(2) the opinion on the historical financial information for the final period under LR 6.2.1R includes an emphasis-of-matter paragraph with regard to going concern and LR 6.7.1R (Working capital) is complied