Related provisions for SUP 16.18.10

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SUP 16.23.2RRP
Unless a firm is listed in the table below, this section does not apply to it where both of the following conditions are satisfied:(1) the firm has reported total revenue of less than £5 million as at its last accounting reference date; and(2) the firm only has permission to carry on one or more of the following activities:(a) advising on investments;(b) dealing in investments as agent;(c) dealing in investments as principal;(d) arranging (bringing about deals) in investments;(e)
SUP 16.23.3GRP
(1) The purpose of this section is to ensure that the FCA receives regular and comprehensive information about the firm’s systems and controls in preventing financial crime.(2) The purpose of collecting the data in the Annual Financial Crime Report is to assist the FCA in assessing the nature of financial crime risks within the financial services industry.
SUP 16.23.4RRP
(1) A firm must submit the Annual Financial Crime Report to the FCA annually in respect of its financial year ending on its latest accounting reference date.(2) A firm is only required to submit data that relates to the parts of its business subject to the Money Laundering Regulations.
SUP 16.23.5GRP
(1) If a group includes more than one firm, a single Annual Financial Crime Report may be submitted, and so satisfy the requirements of all firms in the group.(2) Such a report should contain the information required from all the relevant firms, meet all relevant due dates, indicate all the firms on whose behalf it is submitted and give their firm reference numbers (FRNs). The obligation to report under SUP 16.23.4R remains with the individual firm.
SUP 16.23.6RRP
A firm must submit the Annual Financial Crime Report in the form specified in SUP 16 Annex 42AR using the appropriate online systems accessible from the FCA’s website.
SUP 16.23.7RRP
A firm must submit the Annual Financial Crime Report within 60 business days of the firm’saccounting reference date.
SUP 16.12.1GRP
1The effect of SUP 16.1.1 R is that this section applies to every firm carrying on business set out in column (1) of SUP 16.12.4 R except:(1) an incoming EEA firm2 with permission for cross border services only;(1A) an incoming EEA firm in relation to its carrying on of bidding in emissions auctions;32(2) an oil market participant that is not subject to the requirements of IPRU(INV) Chapter 32;(3) an authorised professional firm (other than one that must comply with IPRU(INV)
SUP 16.12.2GRP
(1) Principle 4 requires firms to maintain adequate financial resources. The Interim Prudential sourcebooks, BIPRU,37GENPRU and IFPRU37 set out the FCA's65 detailed capital adequacy requirements. By submitting regular data, firms enable the FCA65 to monitor their compliance with Principle 4 and their prudential requirements.8237828282828237(2) The data items submitted help the FCA65 analyse firms' financial and other conditions and performance and to understand their business.
SUP 16.12.3RRP
(1) Any firm permitted to 5carry5 on any of the activities within each of the RAGs set out in column (1) of the table in SUP 16.12.4 R must:(a) (i) unless (ii) or (iii) 11applies, submit to the FCA65 the duly completed data items or other items applicable to the firm as set out in the provision referred to in column (2) of that table;8282(ii) unless (iii) applies, where 11 a firm is required to submit completed data items for 11more than one RAG, that11firm must only submit the
SUP 16.12.3-AGRP
(1) 45Investment firms subject to the EU CRR should refer to any relevant technical standards to determine their specific reporting obligations, as those obligations may extend beyond those specified in this chapter.(2) Where a firm submits a data item pursuant any applicable provision of the EU CRR any data item with the same name and purpose does not have to be submitted again regardless of RAG.45
SUP 16.12.4RRP
Table of applicable rules containing data items4, frequency and submission periods(1)(2)(3)(4)RAGnumberRegulated ActivitiesProvisions containing:applicabledata itemsreporting frequency/ perioddue date323227121237RAG 1 • accepting deposits • meeting of repayment claims76 managing dormant account funds (including the investment of such funds)76RAG 1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook.76RAG 2.1• effecting contracts of insurance•
SUP 16.12.4BGRP
13Reporting at group level for liquidity purposes by firms falling within BIPRU 12 (Liquidity) is by reference to defined liquidity groups. Guidance about the different types of defined liquidity groups and related material is set out in SUP 16 Annex 26 (Guidance on designated liquidity groups in SUP 16.12).
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 16.12.9AGRP
13A member’s76adviser that is also an IFPRU investment firm45will76 fall under one of the higher number RAGs that apply to IFPRU investment firms. That means76 it will have to report76data items in addition to those76 that it has to supply under RAG 2.2.45
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 16.12.13RRP
The applicable due dates for submission referred to in 11SUP 16.12.4 R112 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 16.12.12 R, unless indicated otherwise.1313Data itemDailyWeeklyMonthly18Quarterly18Half yearly18Annual1845COREP/FINREPRefer to EU CRR and applicable technical standards88Solvency statement3 monthsFSA00120 business days30 business days (note
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 16.12.15AGRP
13The column45 in the table in SUP 16.12.15 R that deals45 with IFPRU firms45 cover some liquidity items that only have to be reported by an ILAS BIPRU firm(please see notes 25 and 30).4545454545
SUP 16.12.16RRP
The applicable reporting frequencies for data items referred to in SUP 16.12.15 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 itemFirms' prudential categoryIFPRU 730K firmIFPRU 125K firm and collective portfolio management investment firmIFPRU 50K firmBIPRU firmUK consolidation group or defined liquidity groupFirmother than BIPRU firms or IFPRU investment
SUP 16.12.17RRP
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 16.12.16 R, unless indicated otherwise.1313Data item18DailyWeeklyMonthly18Quarterly 18Half yearly18Annual1845COREP/FINREPRefer to EU CRR and applicable technical standardsSolvency statement3 monthsFSA00120 business days30 business days (note 2);
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 16.12.18CRRP
58Additional applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below for a firm carrying on home finance administration or home finance providing activities in relation to second charge regulated mortgage contracts. 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
SUP 16.12.20RRP
2The applicable reporting frequencies for submission of data items 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.Solvency statementAnnually69FSA019AnnuallyFSA029Quarterly8FSA030Quarterly8FSA031QuarterlyFSA032QuarterlyFSA033Quarterly8FSA034Quarterly8FSA035Quarterly843FSA039Half yearly1152FIN071Quarterly69FIN072Quarterly5Section A RMARHalf yearly (note 2)Quarterly
SUP 16.12.21RRP
2The 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 16.12.20 R.Data itemQuarterly18Half yearly18Annual18Solvency statement3 months69FSA0192 monthsFSA02920 business days 11FSA03020 business days 11FSA03120 business days FSA03220 business days FSA03320 business days 11FSA03420 business days 11FSA03520
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 16.12.22BGRP
13The column45 in the table in SUP 16.12.22A R that deals45 with IFPRU firms45 cover some liquidity items that only have to be reported by an ILAS BIPRU firm. (see notes 18 and 24).4545454545
SUP 16.12.23ARRP
The applicable reporting frequencies for data items referred to in SUP 16.12.22A R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.4545Data itemFrequencyUnconsolidated BIPRU investment firm and IFPRU investment firmSolo consolidated BIPRU investment firm andIFPRU investment firmUK Consolidation Group or defined liquidity groupAnnual regulated business revenue up to and including £5 millionAnnual
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 16.12.25BGRP
13The column45 in the table in SUP 16.12.25A R that deals45 with IFPRU firms45 cover some liquidity items that only have to be reported by an ILAS BIPRU firm (see notes 23 and 28).4545454545
SUP 16.12.26RRP
The applicable reporting frequencies for data items referred to in SUP 16.12.25A R are set out according to the type of firm2 in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.45Data itemFirms' prudential categoryIFPRU 730K firmIFPRU 125K firmIFPRU 50K firmBIPRU firmUK consolidation group or defined liquidity groupFirms other than BIPRU firms or IFPRU investment firmsCOREP/FINREPRefer to EU CRR and applicable
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 16.12.28ARRP
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 16.12.30RRP
(1) 2An authorised professional firm, other than one that must comply with IPRU(INV) 3, 5 or 13 in accordance with IPRU(INV) 2.1.4R,3 or one that is a CASS debt management firm or one that carries on only credit-related regulated activity as a non-mainstream regulated activity,47 must submit an annual questionnaire, contained in SUP 16 Annex 9R, unless:11(a) its only regulated activities are one or more of:(i) insurance mediation;(ii) mortgage mediation;(iii) retail investment;(iv)
SUP 16.12.30ARRP
3An authorised professional firm that must comply with IPRU(INV) 3, 5, 10 or 13 in accordance with IPRU(INV) 2.1.4R must submit the relevant reports in SUP 16.12.4 R to SUP 16.12.29 G, according to the regulated activity groups that its business falls into.
SUP 16.12.31RRP
2Table of data items from an authorised professional firmReportReturn (note 1)Frequency (Note 4)24Due dateAdequate 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)
SUP 16.12.33RRP
Financial reports from a member of a financial conglomerate (see SUP 16.12.32 R)Content of ReportForm (Note 1)FrequencyDue DateCalculation of supplementary capital adequacy requirements in accordance with one of the three42 technical calculation methods42Note 2Note 5Yearly42Note 5Identification of significant risk concentration levelsNote 3Yearly4 months after year endIdentification of significant intra-group transactionsNote 4Yearly4 months after year endReport on compliance
SUP 16.3.2GRP
This chapter has been split into the following 14sections, covering:53514(1) annual controllers reports (SUP 16.4);(2) annual close links reports (SUP 16.5);(3) compliance reports (SUP 16.6); (4) [deleted]2424(4A) annual report and accounts (SUP 16.7A);26(5) persistency reports (SUP 16.8);53(6) annual appointed representatives reports (SUP 16.9);553(7) Verification of firm details34 (SUP 16.10);5814(8) product sales data reporting (SUP 16.11);51419(9) integrated regulatory reporting
SUP 16.3.3GRP
The annual controllers, annual close links, persistency and annual appointed representatives reports sections are the same for all categories of firm to which they apply.3
SUP 16.3.5GRP
Further requirements about the reports, such as form and content, are set out in the sections for each category of firm, where this is appropriate. In many cases, however, it is more appropriate to provide this information by means of a separate annex; in these cases the relevant section refers to the annex.
SUP 16.3.6RRP
A periodic report required to be submitted under this chapter, or under any other rule, must be submitted in writing in accordance with SUP 16.3.7 R to SUP 16.3.10 G, unless: (1) a contrary intention appears; or (2) the report is required under the listing rules. 2
SUP 16.3.7RRP
A report or data item13 must:13(1) give the firm reference number (or all the firm reference numbers in those cases where a report is submitted on behalf of a number of firms,as set out in SUP 16.3.25 G)13; and4040(2) if submitted in paper form, be submitted with the cover sheet contained in SUP 16 Annex 13 R4040 fully completed13.21
SUP 16.3.8RRP
A written report must be delivered to the FCA28 by one of the methods listed in SUP 16.3.9 R.224040
SUP 16.3.9RRP
Method of submission of reports (see SUP 16.3.8 R)Method of delivery1.Post or hand deliver33 to the published address of the FCA40 for submission of reports. If hand delivering mark the report for the attention of ‘Central Reporting’ and obtain a dated receipt.33402.[deleted]332240403.Electronic mail to the published e-mail address 33of the FCA's40 Central Reporting team.222240224.22Online submission via the appropriate systems accessible from the22FCA28 website40408228
SUP 16.3.10GRP
(1) The 33published address of the FCA40 for postal submission of reports is:40Central Reporting22The Financial Conduct40 Authority40PO BOX 35747London E14 5WP (2) The 33published address of the FCA40 for hand delivery of reports is: 40(a) Central Reporting22The Financial Conduct40Authority 4025 The North ColonnadeCanary WharfLondon E14 5HSif the firm's usual supervisory contact at the FCA28 is based in London, or:4040(b) Central Reporting33The Financial Conduct40Authority40Quayside
SUP 16.3.11RRP
A firm must submit reports required under this chapter to the FCA28 containing all the information required.4040
SUP 16.3.12GRP
SUP 15.6 refers to and contains requirements regarding the steps that firms must take to ensure that information provided to the FCA28 is accurate and complete. Those requirements apply to reports required to be submitted under this chapter.4040
SUP 16.3.13RRP
(1) A firm must submit a report required by this chapter in the frequency, and so as to be received by the FCA28 no later than the due date, specified for that report.4040(2) If the due date for submission of a report required by this chapter falls on a day which is not a business day, the report must be submitted so as to be received by the FCA28 no later than the first business day after the due date. 4040(3) If the due date for submission of a report required by this chapter
SUP 16.3.14AGRP
9Failure to submit a report in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 may also lead to the imposition of a financial penalty and other disciplinary sanctions. A firm may be subject to reporting requirements under relevant legislation other than the Act, not referred to in this chapter. An example of this is reporting to the FCA28 by building societies under those parts of the Building Societies Act 1986 which
SUP 16.3.15GRP
The FCA28 may from time to time send reminders to firms when reports are overdue. Firms should not, however, assume that the FCA28 has received a report merely because they have not received a reminder.1404040
SUP 16.3.16GRP
The firm is responsible for ensuring delivery of the required report at the by the due date. If a report is received by the FCA28 after the due date and the firm believes its delivery arrangements were adequate, it may be required to provide proof of those arrangements. Examples of such proof would be:404040(1) "proof of posting" receipts from a UK post office or overseas equivalent which demonstrates that the report was posted early enough to allow delivery by the due date in
SUP 16.3.18GRP
SUP 16.2.1 G emphasises the importance to the FCA28 of timely and accurate information. The extension of a firm's accounting period to more than 15 months may hinder the timely provision of relevant and important information to the FCA28 . This is because many due dates for reporting to the FCA28 are linked to firms'accounting reference dates. Indeed, for some categories of firm, the only reports required by the FCA28 have due dates for submission which are linked to the firm's
SUP 16.3.22GRP
The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) contain provisions relating to the service of documents on the FCA28 . They do not apply to reports required under SUP 16, because of the specific rules in this section.4040
SUP 16.3.23GRP
When the FCA28 receives a report which contains confidential information and whose submission is required under this chapter, it is obliged under Part 2340of the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential. (See SUP 2.2.4 G for the FCA and SUP 2.2.4A G for the PRA40) 404040
SUP 16.3.24GRP
SUP 2.3.12A G and SUP 2.3.12B G state that the FCA28appropriate regulator40 may pass to other regulators information which it has in its possession. Such information includes information contained in reports submitted under this chapter. The FCA's28 disclosure of information to other regulators is subject to SUP 2.2.4 G or SUP 2.2.4A G40 (Confidentiality of information).404040
SUP 16.3.25GRP
If this chapter requires the submission of a report or data item13 covering a group, a single report or data item13 may be submitted, and so satisfy the requirements of all firms in the group. Such a report or data item13 should contain the information required from all of them, meet all relevant due dates and indicate all the firms on whose behalf it is submitted; if necessary a separate covering sheet should list the firms on whose behalf a report or data item13 is submitted.
SUP 16.3.26GRP
Examples of reports covering a group are:(1) the compliance reports required from banks under SUP 16.6.4 R;(2) annual controllers reports required under SUP 16.4.5 R4040;(3) annual close links reports required under SUP 16.5.4 R(4) consolidated financial reports required from banks under SUP 16.12.5 R2424;(5) consolidated reporting statements required from securities and futures firms under 24SUP 16.12.11 R24;17(6) reporting in relation to defined liquidity groups under SUP 1
SUP 16.11.1RRP
This section2 applies:935510(1) in relation to sales data reports, to a firm:1010(a) which is a home finance provider; or(b) which has permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or(c) which is, in respect of sales to a retail client or a consumer:(i) an insurer; or(ii) the manager of an authorised AIF or a UCITS scheme; or(iii) the operator of an investment trust savings scheme, or a
SUP 16.11.2GRP
(1) The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, consumer credit lending8 and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data, and to report individual performance data on regulated mortgage contracts,7 to the FCA15. In the case of firms in the sale and rent back market, there is a requirement to record, but not to submit, sales7data.6 These requirements apply6 whether
SUP 16.11.3RRP
(1) A firm must submit a report (a 'data report') containing the information required by:77(a) SUP 16.11.5 R (a 'sales data report') within 20 business days of the end of the reporting period; and7(b) for regulated mortgage contracts, SUP 16.11.5A R (a 'performance data report'), within 30 business days of the end of the reporting period;7unless 11(3A) or (4) applies.7(2) The reporting periods are;77(a) 7for sales data reports, the four calendar quarters of each year beginning
SUP 16.11.4GRP
(1) A firm may submit a sales 7data report more frequently than required by SUP 16.11.3 R7if it wishes.7(2) If it is easier and more practical for a firm to submit additional data relating to products other than those specified in SUP 16.11.5 R, it may submit that additional data to the FCA15 in a data report.15
SUP 16.11.5ARRP
7A performance data report must contain performance data in respect of regulated mortgage contracts other than legacy CCA mortgage contracts12.
SUP 16.11.8RRP
A sales7 data report must relate both to transactions undertaken by the firm and to transactions undertaken by an intermediary which has dealt directly with the customer on the firm's behalf.27
SUP 16.11.8AGRP
2Where the manager of an authorised AIF or a UCITS scheme9 receives business from a firm which operates a nominee account, the sales 7data report in respect of those transactions submitted by the manager9 should treat those transactions as transactions undertaken by the manager9 with the firm.999
SUP 16.11.9RRP
A firm must provide a 7data report to the FCA15 electronically in a standard format provided by the FCA15.71515
SUP 16.11.10GRP
A data report will have been provided to the FCA15 in accordance with SUP 16.11.9 R only if all mandatory data reporting fields (as set out in SUP 16 Annex 21R) have been completed correctly and the report has been accepted by the relevant FCA15 reporting system.1515
SUP 16.11.11RRP
(1) A firm may appoint another person to provide a 7data report on the firm's behalf if the firm has informed the FCA15 of that appointment in writing.715(2) Where (1) applies, the firm must ensure that the data report complies with the requirements of SUP 16.11 and identifies the originator of the transaction.
SUP 16.18.2GRP
Type of AIFMRulesDirectionsGuidanceAIFMD level 2 regulationfull-scope UK AIFMFUND 3.4 (Reporting obligation to the FCA) and SUP 16.18.5 RArticle 110 (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU)small authorised UK AIFMSUP 16.18.6 RArticle 110 (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU)small registered UK AIFMSUP 16.18.7 DArticle 110 (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU)above-threshold non-EEA
SUP 16.18.3GRP
This section specifies the end dates for reporting periods for AIFMs and the reporting period for small AIFMs for the types of AIFM to whom this section applies. Although article 110 of the AIFMD level 2 regulations (Reporting to competent authorities) (as replicated in SUP 16.18.4 EU) applies certain reporting requirements directly to AIFMs, it does not specify the end dates for reporting periods for an AIFM and, for small AIFMs, it does not specify the reporting period. Therefore,
SUP 16.18.4EURP
Reporting to competent authorities1.In order to comply with the requirements of the second subparagraph of Article 24(1) and of point (d) of Article 3(3) of Directive 2011/61/EU, an AIFM shall provide the following information when reporting to competent authorities:(a)the main instruments in which it is trading, including a break-down of financial instruments and other assets, including the AIF's investment strategies and their geographical and sectoral investment focus;(b)the
SUP 16.18.5RRP
The reporting period of a full-scope UK AIFM must end on the following dates:(1) for AIFMs that are required to report annually, on 31 December each calendar year;(2) for AIFMs that are required to report half-yearly, on 30 June and 31 December in each calendar year; and(3) for AIFMs that are required to report quarterly, on 31 March, 30 June, 30 September and 31 December in each calendar year.
SUP 16.18.6RRP
A small authorised UK AIFM must report annually and its reporting period must end on 31 December in each calendar year.
SUP 16.18.7DRP
2A small registered UK AIFM must report annually and its reporting period must end on 31 December in each calendar year.
SUP 16.18.9DRP
2A small non-EEA AIFMmarketing in the UK must report annually and its reporting period must end on 31 December in each calendar year.
SUP 16.18.11GRP
3ESMA's guidelines on reporting obligations under articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (http://www.esma.europa.eu/system/files/2013-1339_final_report_on_esma_guidelines_on_aifmd_reporting_for_publication_revised.pdf) provide further details in relation to the requirements in this section.
SUP 16.13.2GRP
The purpose of this section is to: 3(1) give directions to authorised payment institutions, small payment institutions and registered account information service providers under regulation 109(1) (Reporting requirements) of the Payment Services Regulations in relation to:366(a) the information in respect of their provision of payment services and their compliance with requirements imposed by or under Parts 2 to 7 of the Payment Services Regulations that they must provide to the
SUP 16.13.2-AGRP
3The purpose for which this section requires information to be provided to the FCA under regulation 109 of the Payment Services Regulations is to assist the FCA in the discharge of its functions under regulation 106 (Functions of the FCA), regulation 108 (Monitoring and enforcement) and regulation 109(6) (Reporting requirements) of the Payment Services Regulations.
SUP 16.13.2AGRP
2The purpose of this section is also to set out the rules applicable to payment service providers3 in relation to complete and timely reporting and failure to submit reports.
SUP 16.13.3DRP
(1) An authorised payment institution, a small payment institution , an EEA authorised payment institution or a registered account information service provider3 must submit to the FCA6 the duly completed return applicable to it as set out in column (2) of the table in SUP 16.13.4D.226(2) An authorised payment institution, a small payment institution or a registered account information service provider3 must submit the return referred to in (1):(a) in the format specified as applicable
SUP 16.13.3BRRP
2SUP 16.3.14 R (Failure to submit reports) also applies to payment service providers that are required to submit reports or assessments in accordance with this section and the Payment Services Regulations3 as if a reference to firm in this rule were a reference to the relevant category of payment service provider3.
SUP 16.13.3CGRP
3Authorised payment institutions, small payment institutions and registered account information service providers are reminded that they should give the FCA reasonable advance notice of changes to their accounting reference date (among other things) under regulation 37 of the Payment Services Regulations. The accounting reference date is important because many frequencies and due dates for reporting to the FCA are linked to the accounting reference date.
SUP 16.13.4DRP
The table below sets out the format, reporting frequency and due date for submission in relation to regulatory returns that apply to authorised payment institutions,3small payment institutions, EEA authorised payment institutions and registered account information service providers3.(1)(2)(3)(4)(5)Type of payment service provider3ReturnFormatReporting FrequencyDue dateauthorised payment institution3Authorised Payment Institution Capital Adequacy ReturnFSA056 (Note 1)Annual (Note
SUP 16.13.5GRP
3Regulation 109(4) of the Payment Services Regulations requires payment service providers to provide to the FCA statistical data on fraud relating to different means of payment.
SUP 16.13.8GRP
3The return set out in SUP 16 Annex 27ED must be provided to the FCA at least once per year. The first return should cover the period beginning on 13 January 2018 and ending on 31 December 2018 and should be submitted by 31 January 2019. Subsequent returns should cover consecutive reporting periods of one year beginning on 1 January and ending on 31 December each year and should be submitted within 1 month of the end of the reporting period.
SUP 16.15.2GRP
The purpose of this section is to give directions to the electronic money issuers referred to in SUP 16.1.1B D under regulation 49 (Reporting requirements) of the Electronic Money Regulations in relation to:(1) the information in respect of their issuance of electronic money and provision of payment services and their compliance with requirements imposed by or under Parts 2 to 5 of the Electronic Money Regulations that they must provide to the FCA4; and 4(2) the time at which
SUP 16.15.3GRP
The purpose of this section is also to set out the rules applicable to these types of electronic money issuers in relation to complete and timely reporting and, where relevant, the failure to submit reports.
SUP 16.15.4DRP
An electronic money issuer that is not a credit institution must submit to the FCA:44(1) the duly completed return applicable to it as set out in column (2) of the table in SUP 16.15.8 D; and(2) the return referred to in (1):(a) in the format specified as applicable in column (3) of the table in SUP 16.15.8 D; (b) at the frequency and in respect of the periods specified in column (4) of that table;(c) by the due date specified in column (5) of that table; and (d) by electronic
SUP 16.15.5DRP
SUP 16.4.5 R (Annual Controllers Report) and SUP 16.5.4 R (Annual Close Links Reports) apply to an authorised electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution.
SUP 16.15.5ADRP
2SUP 16.23.4R to SUP 16.23.7R (Annual Financial Crime Report) apply to an electronic money institution that has reported total revenue of £5 million or more as at its last accounting reference date as if a reference to firm in these rules and guidance were a reference to an electronic money institution and the reference to group is read accordingly.
SUP 16.15.6DRP
SUP 16.3.11 R (Complete reporting) and SUP 16.3.13 R (Timely reporting) apply to an authorised electronic money institution and a small electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution and a small electronic money institution.
SUP 16.15.7RRP
SUP 16.3.14 R (Failure to submit reports) also applies to an authorised electronic money institution and a small electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution and a small electronic money institution.
SUP 16.15.8DRP
The table below sets out the format, reporting frequency and due date for submission in relation to regulatory returns that apply to electronic money issuers that are not credit institutions.(1)Type of electronic money issuer(2)Return(3)Format(4)Reporting Frequency(5)Due date (Note 4)Authorised electronic money institution (Note 1)EMI and SEMI Questionnaire 3FIN0603Annual 3 (Note 3)30 business days33333Small electronic money institutions (Note 2)EMI and SEMI Questionnaire 3FIN0603Annual3
SUP 16.21.1DRP
This section applies to a CBTL firm that enters into or promises to enter into a CBTL credit agreement as lender, or a CBTL firm in which the rights and obligations of the lender under a CBTL credit agreement are vested.
SUP 16.21.2GRP
The purpose of this section is to direct CBTL firms in relation to:the information that they must provide to the FCA on their CBTL business and their compliance with requirements imposed by Schedule 2 to the MCD Order; andthe time at which, and the manner and form in which, they must provide that information.[Note: article 18(1)(c) of the MCD Order]
SUP 16.21.3GRP
The purpose of this section is also to make provision for CBTL firms in relation to the failure to submit reports.
SUP 16.21.4DRP
(1) A CBTL firm must submit a duly completed consumer buy-to-let return to the FCA.(2) The return referred to in (1) must be submitted:(a) in the format set out in SUP 16 Annex 39AD; guidance notes for the completion of the return are set out in SUP 16 Annex 39BG;(b) online through the appropriate systems accessible from the FCA’s website; and(c) within 30 business days following the end of the reporting period.(3) The reporting period is the four calendar quarters beginning on
SUP 16.21.5DRP
SUP 16.3.11R (Complete reporting) and SUP 16.3.13R (Timely reporting) apply as directions to a CBTL firm in relation to CBTL business as if a reference to firm in these provisions were a reference to a CBTL firm.
SUP 16.21.7DRP
(1) A CBTL firm may appoint another person to provide a report on the CBTL firm’s behalf if the CBTL firm has informed the FCA of that appointment in writing.(2) Where (1) applies, the CBTL firm must ensure that the report complies with the requirements of SUP 16.21.
SUP 16.8.3BRRP
9Firms required to submit reports as set out in SUP 16.8.3 R (1) and SUP 16.8.3 R (2) must do so online through the appropriate systems accessible from the FCA's website.
SUP 16.8.5GRP
Example of calculation of persistency rate for life policies that commenced during 1996 (see SUP 16.8.3 R)1Y (year of reporting)Number of life policies which commenced during 1996Number of 1996 policies that cease to be in force during Y-1Deaths and retirements (not included in CC and CF)CF CC 1998100014321000 - 143 - 2 = 8551000 - 2 = 998199910002511000 - 143 - 25 - 2 - 1 = 8291000 - 2 - 1 = 997Report submitted in 1998 Persistency rate for life policies that commenced during
SUP 16.8.10RRP
1Life policies falling within SUP 16.8.8 R, which were sold subject to the conduct of business rules of a previous regulator, need to be reported only if they were required to be reported on by the rules of the previous regulator of the firm submitting the report.
SUP 16.8.14ARRP
9In circumstances where a firm has no data to report in one or both of the life policies and stakeholder pensions sections of SUP 16 Annex 6R, a firm must submit a nil return using the relevant field(s) in the form.
SUP 16.8.15RRP
1If the term of an endowment assurance is less than five years, the life policy must only be included in a persistency report in respect of years up to and including the anniversary prior to maturity.
SUP 16.8.16RRP
1Subject to SUP 16.8.17 R and SUP 16.8.18 R, a life policy or stakeholder pension must be treated as in force at the end of Y-1 (that is, included in CF) if and only if:(1) in the case of a regular premium life policy: (a) in the case of an industrial assurance policy on which the premiums are paid at intervals of four weeks, the premium has been paid in respect of the four-week period in which the policy anniversary falls; or(b) in any other case, the premium has been paid in
SUP 16.8.17RRP
1A cluster life policy must be reported as a single life policy and must be treated as in force (that is included in CF) even if some of the constituent life policies have been terminated.
MAR 10.4.2GRP
1A UK regulated market which trades commodity derivatives or emission allowances must provide position reports in accordance with paragraph 7BB of the Schedule to the Recognition Requirements Regulations, as inserted by the MiFI Regulations. [Note: article 58(1) of MiFID]
MAR 10.4.3RRP
(1) 1This rule applies to a UK firm operating a multilateral trading facility or an OTF and a UK branch of a third country investment firm operating a multilateral trading facility or an OTF.(2) A firm must make public and provide to the FCA and ESMA a weekly report with the aggregate positions held by the different categories of persons for the different commodity derivatives or emission allowances traded on the trading venue, where those instruments meet the criteria of article
MAR 10.4.5DRP
(1) 1This direction applies to:(a) a UK firm operating a multilateral trading facility or an OTF; and (b) a UK branch of a third country investment firm operating a multilateral trading facility or an OTF.(2) A firm shall report to the FCA: (a) (where it meets the minimum threshold as specified in article 83 of the MiFID Org Regulation) the weekly report referred to in MAR 10.4.3R(2), by using the form set out in Annex I of MiFID ITS 4, and publish it on its website and provide
MAR 10.4.6GRP
1For the purposes of making the weekly report referred to under MAR 10.4.3R(2), the FCA will accept an email containing a link to the report, as published on the firm’s website. Emails should be sent to the FCA at COT_reports@fca.org.uk. This guidance does not affect the separate obligation for a firm to make the weekly report to ESMA.
MAR 10.4.7DRP
(1) 1This direction applies to a member, participant or a client of a trading venue. (2) A person in (1) must report to the relevant operator of a trading venue the details of their own positions held through contracts traded on that venue, at least on a daily basis, as well as those of their clients and the clients of those clients, until the end client is reached. (3) Paragraph (2) above does not apply to a member, participant or a client of a trading venue that is an EEA person. [Note:
MAR 10.4.8DRP
(1) 1This direction applies to:(a) a UK MiFID investment firm; and (b) a UK branch of a third country investment firm. (2) An investment firm in (1) trading in a commodity derivative or emission allowance outside a trading venue must, where the FCA is the competent authority of the trading venue where that commodity derivative or emission allowance is traded, provide the FCA with a report containing a complete breakdown of:(a) their positions taken in those commodity derivatives
MAR 10.4.9DRP
(1) 1This direction applies to: (a) a UK MiFID investment firm; and (b) a UK branch of a third country investment firm. (2) An investment firm in (1) trading in a commodity derivative or emission allowance outside a trading venue must, where an EEA competent authority other than the FCA is the competent authority of the trading venue where that commodity derivative or emission allowance is traded, or the central competent authority for the purposes of that commodity derivative,
MAR 10.4.11GRP
(1) 2This guidance applies to persons subject to MAR 10.4.8D(2) or MAR 10.4.10D(3).(2) A firm subject to MAR 10.4.8D(2) or MAR 10.4.10D(3) may use a third party technology provider to submit to the FCA the report referred to in MAR 10.4.8 D(2) provided that it does so in a manner consistent with MiFID. It will retain responsibility for the completeness, accuracy and timely submission of the report and should populate field 5 of MiFID ITS 4 Annex II with its own reporting entity
IPRU-INV 4.4.2DRP
The Society must give the FCA1 a report on each members’ agent's1 compliance with the financial resource requirements referred to in IPRU-INV 4.4.1D as at the end of each quarter (determined by reference to each underwriting agent's accounting reference date).
IPRU-INV 4.4.3DRP
The report referred to in IPRU-INV 4.4.2D must reach the FCA1 within two months of the end of the relevant quarter and must state: (1) whether the Society has any information indicating or tending to indicate that, during the quarter to which the report relates, the members’ agents1 failed to meet the financial resource requirements referred to in IPRU-INV 4.4.1D; (2) whether, at the end of the quarter to which the report relates, the members’ agents1 failed to meet the financial
IPRU-INV 4.4.4DRP
In addition to the reports required under IPRU-INV 4.4.2D, the Society must give the FCA1 an annual report on each members’ agents1 compliance or non-compliance with financial resource requirements as at the end of that members’ agent's1 financial year.
IPRU-INV 4.4.5DRP
The report in IPRU-INV 4.4.4D must reach the FCA1 within seven months of that members’ agent's1 accounting reference date and must: (1) confirm that: (a) the Society has received from that members’ agent1 in respect of the financial year to which the report relates, all relevant attachments to the Annual Financial Return that the members’ agent1 is required to make to the Society under the requirements identified in IPRU-INV 4.4.1D; (b) that members’ agent1 met the applicable
The Society must submit the reports in IPRU-INV 4.4.2D to IPRU-INV 4.4.5D in accordance with the rules in SUP 16.3 (General provision on reporting).
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 16.22.6DRP
The first reporting period is the period commencing on 18 September 2016 and ending on 28 February 2018.
SUP 16.22.7DRP
Subsequent reporting periods are consecutive periods of two years commencing on 1 March 2018 and on 1 March every other year thereafter.
SUP 16.22.8GRP
For example, the second reporting period commences on 1 March 2018 and ends on 29 February 2020 and the third reporting period commences on 1 March 2020 and ends on 28 February 2022.
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.
BIPRU 7.10.2GRP
BIPRU 7.10 provides details of when the appropriate regulator expects to allow a firm to use a VaR model (value at risk model) for the purpose of calculating part or all of its PRR. It introduces the concept of a VaR model, the methodology behind it and the link to the standard market risk PRR rules. It then goes on to detail the application and review process. The bulk of BIPRU 7.10 specifies the model standards and risk management standards that firms will be required to meet
BIPRU 7.10.17GRP
Where a firm operates any part of its VaR model outside the United Kingdom, the appropriate regulator may take into account the results of the home supervisor's review of that model. The appropriate regulator may wish to receive information directly from the home supervisor.
BIPRU 7.10.44RRP
(1) For CIUs the actual foreign currencypositions of the CIU must be taken into account.(2) A firm may rely on third party reporting of the foreign currencyposition of the CIU, where the correctness of this report is adequately ensured.(3) If a firm is not aware of the foreign currencypositions in a CIU, this position must be carved out and treated in BIPRU 7.5.18R (Derivation of notional positions in CIUs for the foreign currencyPRR).
BIPRU 7.10.55ZRRP
(1) 3For positions within its correlation trading portfolio in relation to which a firm may use the all price risk measure, a firm must regularly apply a set of specific, predetermined stress scenarios. These stress scenarios must examine the effects of stress to default rates, recovery rates, credit spreads, and correlations on the profit and loss of the correlation trading portfolio.(2) A firm must apply the stress scenarios in (1) at least weekly and report the results to the
BIPRU 7.10.60RRP
The VaR model must be fully integrated into the daily risk management process of the firm, and serve as the basis for reporting risk exposures to senior management of the firm.
BIPRU 7.10.128GRP
A VaR model permission will contain requirements for what the firm should report to the appropriate regulator and the procedures for reporting. The precise requirements will vary from VaR model permission to VaR model permission. BIPRU 7.10.129R-BIPRU 7.10.130R set out what the appropriate regulator regards as the standard requirements.
BIPRU 7.10.129RRP
A firm must, no later than the number of business days after the end of each quarter specified in the VaR model permission for this purpose, submit, in respect of that quarter, a report to the appropriate regulator about the operation of the VaR model, the systems and controls relating to it and any changes to the VaR model and those systems and controls. Each report must outline as a minimum the following information in respect of that quarter:(1) methodological changes and developments
SUP 16.19.3DRP
A firm must report its compliance in the form specified in SUP 16 Annex 1AR using the appropriate online systems accessible from the FCA's website.
SUP 16.19.4DRP
A firm which is subject to SUP 16.7A (Annual reports and accounts) must report its compliance at the same time that it submits its annual reports and accounts to the FCA.
SUP 16.19.5DRP
A firm which is not subject to SUP 16.7A (Annual reports and accounts) must report its compliance within four months after its accounting reference date.
CREDS 8.2.6RRP
(1) Every credit union (except a Northern Ireland credit union) 3must send to the FCA3 a copy of its audited accounts published in accordance with section 82 of the Co-operative and Community Benefit Societies Act 20143.1(2) The accounts must: (a) be made up for the period beginning with the date of the credit union's registration or with the date to which the credit union's last annual accounts were made up, whichever is the later, and ending on the credit union's most recent
CREDS 8.2.6ARRP
3The methods referred to in CREDS 8.2.6R(2)(b) are:(1) by e-mail to mutual.societies@fca.org.uk; or(2) by post to Mutuals Team, Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
CREDS 8.2.7RRP
Every credit union must make available, 3free of charge, to every member or person interested in the funds of the credit union who applies for it, a copy of the latest audited accounts of the credit union sent to the FCA3 under CREDS 8.2.6 R.
APER 4.4.4GRP
1Failing to report promptly in accordance with his firm's internal procedures (or if none exist direct to the regulator concerned), information which it would be reasonable to assume would be of material significance to the regulator concerned), whether in response to questions or otherwise, falls within APER 4.4.3 G. The regulator concerned is:(1) the FCA if it would be reasonable to assume that it would be of material significance to it;2(2) the PRA if it would be reasonable
APER 4.4.5GRP
There is no duty on an approved person to report such information directly to the regulator concerned2 unless he is one of the approved persons responsible within the firm for reporting matters to the regulator concerned.2However, if an approved person takes steps to influence the decision so as not to report to the regulator concerned or acts in a way that is intended to obstruct the reporting of the information to the regulator concerned, then the FCA1 will, in respect of that
APER 4.4.6GRP
1In determining whether or not an approved person's conduct under APER 4.4.4 G complies with Statement of Principle 4, the following are factors which, in the opinion of the FCA, are to be taken into account:2(1) the likely significance to the regulator concerned (as defined in APER 4.4.4 G1) of the information which it was reasonable for the individual to assume;21(2) whether the information related to the individual himself or to his firm;(3) whether any decision not to report
APER 4.4.7GRP
1Where the approved person is, or is one of the approved persons who is, responsible within the firm for reporting matters to the regulator concerned (as defined in APER 4.4.4G), failing promptly to inform the regulator concerned of information of which they are aware and which it would be reasonable to assume would be of material significance to the regulator concerned, whether in response to questions or otherwise, falls within APER 4.4.3G.
SYSC 18.3.1RRP
(1) A firm must establish, implement and maintain appropriate and effective arrangements for the disclosure of reportable concerns by whistleblowers.(2) The arrangements in (1) must at least:(a) be able effectively to handle disclosures of reportable concerns including: (i) where the whistleblower has requested confidentiality or has chosen not to reveal their identity; and(ii) allowing for disclosures to be made through a range of communication methods; (b) ensure the effective
SYSC 18.3.4GRP
A firm’s training and development in line with SYSC 18.3.1R(2)(g) should include:(1) for all UK-based employees:(a) a statement that the firm takes the making of reportable concerns seriously;(b) a reference to the ability to report reportable concerns to the firm and the methods for doing so;(c) examples of events that might prompt the making of a reportable concern;(d) examples of action that might be taken by the firm after receiving a reportable concern by a whistleblower,
SYSC 18.3.6RRP
This rule applies to a firm, an EEA relevant authorised person and a third-country relevant authorised person.2(1) A person subject to this rule (‘P’) 2must, in the manner described in (2), communicate to its UK-based employees that they may disclose reportable concerns to the PRA or the FCA and the methods for doing so. P 2must make clear that:(a) reporting to the PRA or to the FCA is not conditional on a report first being made using P’s 2internal arrangements; (b) it is possible
SYSC 18.3.6AGRP
For the purposes of SYSC 18.3.6R(1) the possibility for P’s employees to disclose reportable concerns to the PRA or to the FCA does not override any obligation of P or its employees to report breaches to P’s Home State regulator of matters reserved by an EU instrument to that regulator.
EG 3.11.2RP
1A firm’s report – produced internally or by an external third party – can clearly assist the firm, but may also be useful to the FCA where there is an issue of regulatory concern. Sharing the outcome of an investigation can potentially save time and resources for both parties, particularly where there is a possibility of the FCA taking enforcement action in relation to a firm’s perceived misconduct or failing. This does not mean that firms are under any obligation to share the
EG 3.11.6RP
1Some themes or issues are common to any discussion about the potential use or value of a report to the FCA. These include: (1) to what extent the FCA will be able to rely on the report in any subsequent enforcement proceedings; (2) to what extent the FCA will have access to the underlying evidence or information that was relied upon in producing the report; (3) where legal privilege or other professional confidentiality is claimed over any material gathered or generated in the
EG 3.11.8RP
1Nothing in paragraphs 3.11.1 to 3.11.7 extends or increases the scope of the existing duty to report facts or issues to the FCA in accordance with SUP 15 or Principle 11.
EG 3.11.11RP
1The FCA is not able to require the production of “protected items”, as defined in the Act, but it is not uncommon for there to be disagreement with firms about the scope of this protection. Arguments about whether certain documents attract privilege tend to be time- consuming and delay the progress of an investigation. If a firm decides to give a report to the FCA, then the FCA considers that the greatest mutual benefit is most likely to flow from disclosure of the report itself
SUP 4.3.14GRP
The PRA Rulebook requires9firms to which this section applies to cause an investigation to be made at least yearly by the actuary or actuaries appointed to perform the actuarial function, and to report on the result of that investigation. The firm is responsible for the methods and assumptions used to determine the liabilities attributable to its long-term insurance business. The obligation on friendly societies to obtain a report from the 'appropriate actuary' under section 87
SUP 4.3.16BGRP
1In advising or reporting on the exercise of discretion, an actuary performing the with-profits actuary function should cover the implications for the fair treatment of the relevant classes of the firm's with-profits policyholders. His opinion on any communication or report to them should also take into account their information needs and the extent to which the communication or report may be regarded as clear, fair and not misleading. Aspects of the business that should normally
SUP 4.3.16CGRP
1The reports3 in SUP 4.3.16AR (3) and SUP 4.3.16AR (4)3should be proportionate to the nature of the with-profits business. For smaller firms with fewer products, the extent of reporting would be proportionately less.
SUP 4.3.18GRP
A firm's duty to keep an actuary appointed to perform the with-profits actuary function1 informed includes providing relevant information, even where the actuary1 does not ask for it. The firm needs to appreciate that the actuary1 may be unaware of certain business developments and so unable to request relevant information. 111
SUP 15.14.19GRP
The EBA has issued Guidelines on incident reporting under the Payment Services Directive that specify the criteria a payment service provider should use to assess whether an operational or security incident is major and needs to be reported to the FCA. These Guidelines also specify the format for the notification and the procedures the payment service provider should follow.
SUP 15.14.20DRP
Payment service providers must comply with the EBA’s Guidelines on incident reporting under the Payment Services Directive as issued on 27 July 2017 where they are addressed to payment service providers.
SUP 15.14.21DRP
In particular, a notification required by regulation 99(1) of the Payment Services Regulations must be submitted by the payment service provider to the FCA:(1) within the timescales and at the frequencies specified in the EBA’s Guidelines on incident reporting under the Payment Services Directive;(2) in writing on the form specified in SUP 15 Annex 11D; and(3) by such electronic means as the FCA may specify.
SUP 15.14.22GRP
Payment service providers should note that article 16(3) of Regulation (EU) No 1093/2010 also requires them to make every effort to comply with the EBA’s Guidelines on incident reporting under the Payment Services Directive.