Related provisions for SUP 16.11.7

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SUP 18.2.19GRP
The suitability of a person to act as an independent expert depends on the nature of the scheme and the firms concerned. On the basis of the preliminary information supplied by the scheme promoters (and any other knowledge it has of the circumstances and the firms), the appropriate regulator8 will consider what skills are needed to make a proper report on the scheme and what criteria should therefore be applied to the choice of independent expert. The appropriate regulator8 will
SUP 18.2.31AGRP
8When the appropriate regulator has approved the form of a scheme report, the scheme promoter may expect to receive written confirmation to that effect from that regulator.
SUP 18.2.33GRP
The scheme report should comply with the applicable rules on expert evidence and contain the following information:(1) who appointed the independent expert and who is bearing the costs of that appointment;(2) confirmation that the independent expert has been approved or nominated by the appropriate regulator8;8(3) a statement of the8independent expert's professional qualifications and (where appropriate) descriptions of the experience that fits him for the role;(4) whether the
SUP 18.2.34GRP
The purpose of the scheme report is to inform the court and the independent expert, therefore, 8has a duty to the court. However reliance will also be placed on it by policyholders, by reinsurers,8 by others affected by the scheme and by the regulators8. The amount of detail that it is appropriate to include will depend on the complexity of the scheme, the materiality of the details themselves and the circumstances.88
SUP 18.2.38GRP
For any mutual company involved in the scheme, the report should:(1) describe the effect of the scheme on the proprietary rights of members of the company, including the significance of any loss or dilution of the rights of those members to secure or prevent further changes which could affect their entitlements as policyholders;(2) state whether, and to what extent, members will receive compensation under the scheme for any diminution of proprietary rights; and(3) comment on the
SUP 18.2.41GRP
A transfer may provide for benefits to be reduced for some or all of the policies being transferred. This might happen if the transferor is in financial difficulties. If there is such a proposal, the independent expert should report on what reductions he considers ought to be made, unless either:(1) the information required is not available and will not become available in time for his report, for instance it might depend on future events; or(2) otherwise, he is unable to report
SUP 18.2.48GRP
It would normally be appropriate to include with the notice referred to in SUP 18.2.42 G a statement setting out the terms of the scheme and containing a summary of the scheme report. Ideally every recipient should understand in broad terms from the summary how the scheme is likely to affect him. This objective will be most nearly achieved if the summary is clear and concise while containing sufficient detail for the purpose. A lengthy summary or one that was hard to understand
SUP 18.2.57GRP
Regulations require that copies of the application to the court, the scheme report and the statement for policyholders referred to in SUP 18.2.48 G are also given to the appropriate regulator.88
SUP 18.2.57AGRP
8The provision of reports from one or other (or both) regulators to assist the court is common practice. In most cases, a first report will be provided to the court in advance of the directions hearing and a second report will be provided to the court in advance of the final hearing. Where additional information needs to be given to the court by either regulator, this will be provided using the most appropriate format for the circumstances in each case, and may include the provision
SUP 18.2.57DGRP
8In relation to the matters at SUP 18.2.57A G to SUP 18.2.57C G above and to facilitate the provision to the court of a first report in advance of a directions hearing, near final versions of relevant documents will need to be made available to each of the regulators as soon as practicable. Scheme promoters should be aware that where such documents are produced less than six weeks before the date set for the hearing the regulators will be less likely to be in a position to complete
SUP 18.2.57EGRP
8Relevant documents in SUP 18.2.57D G above will usually include:(1) the scheme report;(2) if the business to be transferred includes long-term insurance business, copies of reports on the transfer by the actuarial function holder and (if the insurance business includes with-profits business) the with-profits actuary of both firms;(3) draft notices under article 3 of the Financial Services and Markets Act 2000 (Control of Business Transfers)(Requirements on Applicants) Regulations
SUP 18.2.57HGRP
8In relation to the matters at SUP 18.2.57A G to SUP 18.2.57C G and to facilitate the provision to the court of a second or final report in advance of the final hearing, near-final versions of relevant documents will need to be made available to each of the regulators as soon as practicable. Scheme promoters should be aware that where such documents are produced less than six weeks before the date set for that hearing, the regulators will be less likely to be in a position to
SUP 18.2.58AGRP
8Relevant documents in SUP 18.2.57H G will usually include:(1) any witness statements or other evidence which the parties to the proposed transfer intend to submit to the court for the final hearing;(2) the notice or notices published and sent in accordance with the order of the court at SUP 18.2.57G G;(3) proof of publication of the notice or notices at (2);(4) any final and/or additional reports of the independent expert;(5) any objections or other representations received from
SUP 18.2.59AGRP
8Provided that any necessary consents have been obtained in respect of confidential information, where either regulator has made a report it will give a copy of its report to the court and will give a copy of its report as filed with the court to each of the parties to the proposed transfer as soon as practicable after such filing.
SUP 18.2.59BGRP
8Provided that any necessary consents have been obtained in respect of confidential information, the parties to the proposed transfer should give a copy of any report at SUP 18.2.59A G to the independent expert.
DTR 4.3A.4RRP
An issuer must prepare a report annually on payments made to governments for each financial year.[Note: article 6 of the TD]
DTR 4.3A.5RRP
The report on payments to governments must be made public at the latest six months after the end of each financial year.[Note: article 6 of the TD]
DTR 4.3A.6RRP
An issuer must ensure that the report on payments to governments remains publicly available for at least ten years.[Note: article 6 of the TD]
DTR 4.3A.7RRP
(1) The report on payments to governments must be prepared in accordance with Chapter 10 of the Accounting Directive.(2) Payments to governments must be reported at consolidated level.[Note: article 6 of the TD]
DTR 4.3A.8GRP
The FCA considers a report on payments to governments which is prepared in accordance with the Reports on Payments to Governments Regulations 2014 (SI 2014/3209) to be in compliance with DTR 4.3A.7 R (1).
SUP 5.4.3GRP
The appropriate regulator2 will give written notification to the person in SUP 5.2.1 G or SUP 5.2.2 G2 of the purpose of the report or collection or updating of information,2 its scope, the timetable for completion and any other relevant matters. The appropriate regulator2 will state the matters which the report is to contain, or the information which is to be collected or updated,2 as well as any requirements as to the report's format. For example, a report on controls may
SUP 5.4.7GRP
A skilled person must appear to the appropriate regulator2 to have the skills necessary to make a report on the matter concerned or collect or update the relevant information.2 A skilled person may be an accountant, lawyer, compliance consultant,2actuary or person with relevant business, technical or technological skills.2
SUP 5.4.8GRP
When considering whether to nominate, approve or appoint a skilled person to make a report or collect or update information, the appropriate regulator will have regard to the circumstances of the case, including whether the proposed skilled person appears to have:22(1) the skills necessary to make a report on the matter concerned or collect or update the relevant information;2(2) the ability to complete the report or collect or update the information within the time expected by
SUP 5.4.9GRP
In appropriate circumstances, it may be cost effective for the appropriate regulator2 to nominate or approve the appointment of, or appoint itself,2 a skilled person who has previously acted for, or advised, the person in SUP 5.2.1 G or SUP 5.2.2 G.2 For example, the appropriate regulator2 may nominate or approve the appointment of, or appoint,2 the auditor of a person in SUP 5.2.1 G or SUP 5.2.2 G2 to prepare a report or collect or update the information2 taking into account,
SUP 5.4.10GRP
Where the skilled person is appointed by the person in SUP 5.2.1 G or SUP 5.2.2 G, the appropriate regulator2 will normally require the skilled person to be appointed to report to the appropriate regulator2 through that person. In the normal course of events the appropriate regulator2 expects that the person in SUP 5.2.1 G or SUP 5.2.2 G2 will be given the opportunity to provide written comments on the report or the collection of the relevant information prior to its submission
SUP 5.4.11GRP
The appropriate regulator2 may enter into a dialogue with the skilled person, and is ready to discuss matters relevant to the report or the collection or updating of the relevant information2 with him, during the preparation of the report or the collection or updating of the relevant information.2 Such discussions may2 involve or be through the person in SUP 5.2.1 G or SUP 5.2.2 G.222
SUP 5.4.12GRP
The appropriate regulator2 will normally specify a time limit within which it expects the skilled person to deliver the report or collect or update the relevant information. Where the skilled person is appointed by the person in SUP 5.2.1 G or SUP 5.2.2 G, the2skilled person should, in complying with its contractual duty under SUP 5.5.1 R, take reasonable steps to achieve delivery by that time. If the skilled person becomes aware that the report may not be delivered, or collection
DTR 7.2.1RRP
An issuer to which this section applies must include a corporate governance statement in its directors’ report. That statement must be included as a specific section of the directors’ report and must contain at least the information set out in DTR 7.2.2 R to DTR 7.2.7 R and, where applicable, DTR 7.2.10 R.
DTR 7.2.3RRP
(1) An issuer which is complying with DTR 7.2.2 R (1) or DTR 7.2.2 R (2) must:(a) state in its directors’ report where the relevant corporate governance code is publicly available; and(b) where 4it departs from that corporate governance code, explain which parts of the corporate governance code it departs from and the reasons for doing so.(2) Where DTR 7.2.2 R (3) applies, the issuer must make details of 4its corporate governance practices publicly available and state in its directors’
DTR 7.2.9RRP
An issuer may elect that, instead of including its corporate governance statement in its directors’ report, the information required by DTR 7.2.1 R to DTR 7.2.7 R may be set out in4: (1) 4a separate report published together with and in the same manner as its annual report4; or(2) a4 document publicly available on the issuer's website to which reference is made in the directors’ report4. 44Under (1) or (2), the corporate governance statement must contain the information required
DTR 7.2.10RRP
Subject to DTR 7.2.11 R, an issuer which is required to prepare a group directors’ report within the meaning of section 415(2) of the Companies Act 2006 must include in that report a description of the main features of the group’s internal control and risk management systems in relation to the financial reporting process for the undertakings included in the consolidation, taken as a whole4. In the event that the issuer presents its own annual report and its consolidated annual
DTR 7.2.11RRP
(1) 4An issuer that elects to include its corporate governance statement in a separate report as permitted by DTR 7.2.9R(1) must provide the information required by DTR 7.2.10R in that report.(2) 4An issuer that elects to include its corporate governance statement in a document publicly available on the issuer's website to which reference is made in the directors’ report as permitted by DTR 7.2.9R(2) must provide the information required by DTR 7.2.10R in that document.
REC 6.6.1GRP
An ROIE1 is required to notify the FCA1 of certain events and give information to it on a regular basis and when certain specified events occur. Section 295 of the Act (Notification: overseas investment exchanges and overseas clearing houses) requires each ROIE1 to provide the FCA1 with a report (at least once a year) which contains:111(1) a statement as to whether any events have occurred which are likely to affect the FCA's assessment of whether it is satisfied that the ROIE
REC 6.6.3GRP
The period covered by a report submitted under section 295(1) of the Act starts on the day after the period covered by its last report or, if there is no such report, after the making of the recognition order recognising theROIE1 as such, and ends on the date specified in the report or, if no date is specified, on the date of the report. 1
REC 6.6.4GRP
If an ROIE1 changes the period covered by its report, it should ensure that the first day of the period covered by a report is the day immediately following the last day of the period covered by the previous report.1
REC 6.6.5GRP
The period covered by a report submitted under section 295(1) of the Act would most conveniently be one year.
REC 6.6.6GRP
Copies of the report should be sent to the FCA1 within two months after the end of the period to which it relates.1
LR 13.4.1RRP
A class 1 circular must also include the following information:(1) the information given in the notification (see LR 10.4.1R);(2) the information required by LR 13 Annex 1;(3) the information required by LR 13.5 (if applicable); and(4) a declaration by the issuer and2 its directors in the following form (with appropriate modifications):"The [issuer] and the2 directors of [the issuer2], whose names appear on page [ ], accept responsibility for the information contained in this
LR 13.4.2RRP
If a class 1 circular contains a modified report3, as described in LR 13.5.25 R, the class 1 circular must set out:3(1) whether the modification or emphasis-of-matter paragraph3 is significant to shareholders;(2) if the modification or emphasis-of-matter paragraph3 is significant to shareholders, the reason for its significance; and(3) a statement from the directors explaining why they are able to recommend the proposal set out in the class 1 circular notwithstanding the modified
LR 13.4.4RRP
If a class 1 transaction relates to:(1) the acquisition or disposal of property; or(2) the acquisition of a property company that is not listed;the class 1 circular must include a property valuation report.
LR 13.4.5RRP
If a listed company makes significant reference to the value of a property in a class 1 circular, the class 1 circular must include a property valuation report.
LR 13.4.6RRP
If a class 1 transaction relates to an acquisition or disposal of mineral resources or rights to mineral resources5 the class 1 circular must include:(1) a mineral expert's report; and(2) a glossary of the technical terms used in the mineral expert's report.
COBS 20.4.7RRP
A firm must produce an annual report to its with-profits policyholders, which must:(1) state whether, throughout the financial year to which the report relates, the firm believes it has complied with its obligations relating to its PPFM and setting out its reasons for that belief;(2) address all significant relevant issues, including the way in which the firm has:(a) exercised, or failed to exercise, any discretion that it has in the conduct of its with-profits business; and(b)
COBS 20.4.8GRP
The following documents should be annexed to the annual report in this section:(1) the report to with-profits policyholders made by a with-profits actuary in respect of each financial year (see SUP 4.3.16AR(4)); and(2) any statement or report provided by the person or committee who provides the independent judgement under the firm's governance arrangements for its with-profits business.
COBS 20.4.9GRP
In preparing the annual report to with-profits policyholders, a firm should take advice from a with-profits actuary.
COBS 20.4.10GRP
A firm should make the annual report available to with-profits policyholders within six months of the end of the financial year to which it relates. A firm should notify its with-profits policyholders in any annual statements how copies of the report can be obtained.
REC 6.7.3RRP
Where an ROIE1 includes in its report made under section 295(1) of the Act (Notification: overseas investment exchanges and overseas clearing houses) a statement in compliance with section 295(2)(a) of the Act that an event has occurred in the period covered by that report which is likely to affect the FCA's1 assessment of whether it is satisfied as to the requirements set out in section 292(3) (Overseas investment exchanges and overseas clearing houses), it must include particulars
REC 6.7.4RRP
An ROIE1 must include in its report submitted in compliance with section 295(1) of the Act:1(1) particulars of any changes to: (a) its memorandum and articles of association or any similar or analogous documents; (b) its regulatory provisions; (c) its chairman or president, or chief executive (or equivalent);(2) particulars of any disciplinary action (or any similar or analogous action) taken against it by any supervisory authority in its home territory, whether or not that action
REC 6.7.5RRP
An ROIE1 must include in the first report submitted under section 295(1) of the Act after the recognition order in relation to that ROIE1 is made: 11(1) particulars of any events of the kind described in section 295(2) of the Act which occurred; (2) particulars of any change specified in REC 6.7.4 R (1) or disciplinary action specified in REC 6.7.4 R (2) which occurred; and(3) any annual report and accounts which covered a period ending; after the application for recognition
REC 6.7.6GRP
Guidance on the period covered by an ROIE's1 report submitted in compliance with section 295(1) of the Act is given in REC 6.6.3 G11.1
LR 9.6.1RRP
A listed company must forward to the FCA for publication through the document viewing facility, two copies of all circulars, notices, reports or other documents to which the listingrules apply at the same time as they are issued.
LR 9.6.21RRP
A listed company must prepare and publish a second interim report in accordance with DTR 4.23 if the effect of the change in the accounting reference date is to extend the accounting period to more than 14 months.3
LR 9.6.22GRP
The second interim report must be prepared and published in respect of either:(1) the period up to the old accounting reference date; or(2) the period up to a date not more than six months prior to the new accounting reference date.
RCB 3.2.3GRP
The FCA expects the issuer to be able to justify any reliance it places on advice or reports which are not reasonably contemporaneous with the confirmation.
RCB 3.2.4BDRP
1The issuer must provide a copy of the asset pool monitor's report to the FCA when it sends the confirmation required by this section to the FCA.
RCB 3.2.12GRP
1In addition to requiring the asset pool monitor to prepare an annual report, Regulation 17A of the RCB Regulations requires that the asset pool monitor must inspect the compliance of the issuer or owner (as the case may be) with the requirements in Regulations 16, 17 or 24 of the RCB Regulations once every 12 months.
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 DTR 3.1.2 R) 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 occurred between the end of the
LR 9.8.8RRP
The report to the shareholders by the Board required by LR 9.8.6R (7) must contain details of the unexpired term of any director’s service contract of a director proposed for election or re-election at the forthcoming annual general meeting, and, if any director proposed for election or re-election does not have a directors' service contract, a statement to that effect.1212
LR 9.8.13RRP
Any strategic report with supplementary information provided to shareholders12 by a listed company as permitted under section 426 of 12the Companies Act 20066, must disclose:123346(1) earnings per share; and(2) the information required for a strategic report 12 set out in or under6 the Companies Act 20066 and the supplementary material required under section 426A of the Companies Act 200612.123346
SUP 5.3.6GRP
The appropriate regulator6 will have regard to legal and procedural considerations including:6(1) statutory powers: whether one of the other available statutory powers is more appropriate for the purpose than the power in section 166 (Reports by skilled persons) or section 166A (Appointment of skilled person to collect and update information) of the Act;66(2) subsequent proceedings: whether it is desirable to obtain an authoritative and independent report for use in any subsequent
SUP 5.3.10GRP
The appropriate regulator6 will have regard to appropriate regulator6-related considerations including:66(1) appropriate regulator6expertise: whether the appropriate regulator6has the necessary expertise; and66(2) appropriate regulator6resources: whether the resources required to produce a report or to make enquiries or to appoint a skilled person itself6 are available within the appropriate regulator6, or whether the exercise will be the best use of the appropriate regulator's6
SYSC 4.3.2RRP
A common platform firm1(with the exception of a sole trader who does not employ any person who is required to be approved under section 59 of the Act (Approval for particular arrangements))2 and a management company,4 must ensure that:21(1) its senior personnel receive on a frequent basis, and at least annually, written reports on the matters covered by SYSC 6.1.2 R to SYSC 6.1.5 R, SYSC 6.2.1 R and SYSC 7.1.2 R, SYSC 7.1.3 R and SYSC 7.1.5 R to SYSC 7.1.7 R, indicating in particular
SYSC 4.3.2AGRP
2Other firms should take account of the written reports rule (SYSC 4.3.2 R) as if it were guidance (and as if "should" appeared in that rule instead of "must") as explained in SYSC 1 Annex 1.3.3 G3.
SYSC 13.9.6GRP
In implementing a relationship management framework, and drafting the service level agreement with the service provider, a firm should have regard to:(1) the identification of qualitative and quantitative performance targets to assess the adequacy of service provision, to both the firm and its clients, where appropriate;(2) the evaluation of performance through service delivery reports and periodic self certification or independent review by internal or external auditors; and(3)
SYSC 13.9.7GRP
In some circumstances, a firm may find it beneficial to use externally validated reports commissioned by the service provider, to seek comfort as to the adequacy and effectiveness of its systems and controls. The use of such reports does not absolve the firm of responsibility to maintain other oversight. In addition, the firm should not normally have to forfeit its right to access, for itself or its agents, to the service provider's premises.
SUP 5.5.2GRP
In complying with the contractual duty in SUP 5.5.1 R (1) the appropriate regulator4 expects that a skilled person appointed by a firm4 under section 166 (Reports by skilled persons) or section 166A (Appointment of skilled person to collect and update information) of the Act4 will cooperate with the appropriate regulator4 by, amongst other things, providing information or documentation about the planning and progress of the report and its findings and conclusions, if requested
SUP 5.5.9RRP
A firm must provide all reasonable assistance to any skilled person appointed to provide a report under section 166 (Reports by skilled persons) or to collect or update information under section 166A (Appointment of skilled person to collect and update information) of the Act.44
SUP 6.4.13GRP
The relevant regulator22 may also require a resolution from the firm's governing body, for example to support the application for cancellation of permission, expressed to be irrevocable, and to give the signatory the authority to sign the formal report to the relevant regulator.222222
SUP 6.4.15GRP
The relevant regulator22 may require additional information, including professional advice, to supplement or support the report in SUP 6.4.9 G where it considers this appropriate. Examples of reports that may be requested by the relevant regulator22 include, but are not limited to those detailed in SUP 6.4.16 G.2222
SUP 6.4.16GRP

Types of reports. See SUP 6.4.15 G

Category of firm

Type of report

a bank or building society

• an audited balance sheet which confirms that, in the auditor's opinion, the firm has no remaining deposit liabilities to customers;

• a report from auditors or reporting accountants;

a securities and futures firm

• a report from auditors or reporting accountants

an insurer

• an audited closing balance sheet which demonstrates that the firm has no insurance liabilities to policyholders;

• a report from the auditors or reporting accountants; and

• in some cases, an actuarial opinion as to the likelihood of any remaining liabilities to policyholders.

REC 6.8.1GRP
The FCA1 has similar powers to supervise ROIEs1 to those it has to supervise UK RIEs1. It may (in addition to any other powers it might exercise):111(1) give directions to an ROIE1 under section 296 of the Act (Authority's power to give directions) if it has failed, or is likely to fail, to satisfy the recognition requirements or if it has failed to comply with any other obligation imposed by or under the Act; or1(2) revoke a recognition order under section 297 of the Act (Revoking
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 8.3.5CRRP
The report of the authorised fund manager must include:(1) a review of the investment activities during the period to which the report relates;(1A) a portfolio statement prepared in accordance with the requirements of the IMA SORP;14(1B) in the case of an umbrella which has more than one sub-fund, particulars in the form of a table showing, as at the end of the period to which the report relates:14(a) for each sub-fund, the number of units in that sub-fund that were held by a
SUP 16.12.30BRRP
47An authorised professional firm that is a CASS debt management firm and is not within SUP 16.12.1G (3A) must complete the appropriate reports specified in SUP 16.12.4 R and SUP 16.12.29C R.
SUP 16.12.31RRP

2Table of data items from an authorised professional firm

Report

Return (note 1)

Frequency (Note 4)24

Due date

Adequate information relating to the following activities:

RMAR (Note 3)

Half yearly (quarterly for sections A to E for larger firms, subject to Note 3 exemptions) (note 2)

For half yearly report: 30 business days after period end For quarterly report: 30 business days after quarter end

(1) insurance mediation activity;

(2) mortgage mediation activity;

(3) retail investment activity;

(4) advising on, or arranging deals in, packaged products, or managing investments for private customers where these activities are the authorised professional firm's "main business" as determined by IPRU(INV) 2.1.2 R (3)

Adequate information relating to mortgage lending and mortgage administration.

MLAR

Quarterly

20 business days after quarter end

Note 1

When giving the report required, a firm must use the return indicated. The RMAR and MLAR are located at SUP 16 Annex 18A and SUP 16 Annex 19A respectively. Guidance on the completion of the data items are located at SUP 16 Annex 18B and SUP 16 Annex 19B respectively.

Note 2

For the purposes of RMAR reporting, a larger firm is a firm whose annual regulated business revenue in its previous financial year was greater than £5m. Annual regulated business revenue for these purposes is a firm's total revenue relating to insurance mediation activity, mortgage mediation activity and retail investment activity.

Note 3

A firm which submits an MLAR is not required to submit sections A and B of the RMAR.

Note 4

Reporting dates are calculated from a firm'saccounting reference date.

COBS 20.2.26RRP
A proprietary firm must not charge to a with-profits fund any amounts paid or payable to a skilled person in connection with a report under section 166 of the Act (Reports by skilled persons) if the report indicates that the firm has, or may have, materially failed to satisfy its obligations under the regulatory system1.1
COBS 20.2.48GRP
A reattribution expert's report should comply with the applicable rules on expert evidence. The scope and content of the report should be substantially similar to that of the report required of an independent expert under SUP 18.2 (Insurance business transfers), as if (where appropriate) a reference to:(1) the 'scheme report' was a reference to the 'reattribution expert's report';(2) the 'independent expert' was a reference to the 'reattribution expert'; and(3) the 'scheme' was