BIPRU 11.4 Technical criteria on disclosure: General criteria

A firm must regard information as material in disclosures if its omission or misstatement could change or influence the assessment or decision of a user relying on that information for the purpose of making economic decisions.

[Note: BCD Annex XII Part 1 point 1]

1. (1)

   A firm must regard information as proprietary information if sharing that information with the public would undermine its competitive position.

2. (2)

   Proprietary information may include information on products or systems which, if shared with competitors, would render a firm's investments therein less valuable.

   [Note: BCD Annex XII Part 1 point 2]

A firm must regard information as confidential if there are obligations to customers or other counterparty relationships binding the firm to confidentiality.

[Note: BCD Annex XII Part 1 point 3]

1. (1)

   A firm must assess the need to publish some or all disclosures more frequently than annually in the light of the relevant characteristics of its business such as:

   1. (a)

      scale of operations;

   2. (b)

      range of activities;

   3. (c)

      presence in different countries;

   4. (d)

      involvement in different financial sectors;

   5. (e)

      participation in international financial markets; and

   6. (f)

      participation in payment, settlement and clearing systems.

2. (2)

   In making its assessment under (1) a firm must pay particular attention to the possible need for more frequent disclosure of:

   1. (a)

      items of information laid down in BIPRU 11.5.3 R (2) and BIPRU 11.5.3 R (5), and BIPRU 11.5.4 R (2) - BIPRU 11.5.4 R (5);

   2. (b)

      information on risk exposure and other items prone to rapid change.

   [Note: BCD Annex XII Part 1 point 4]

A firm which is a significant subsidiary of:

1. (1)

   an EEA parent institution; or

2. (2)

   an EEA parent financial holding company;1 or2

3. (3)

   an EEA parent mixed financial holding company;2

must disclose the information specified in BIPRU 11.5.3 R to BIPRU 11.5.4 R on an individual or sub-consolidated basis.

[Note: BCD Annex XII Part 1 point 5]