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MIFIDPRU 9.1 Application

MIFIDPRU 9.1.1 R

1This chapter applies to:

  1. (1)

    a MIFIDPRU investment firm;

  2. (2)

    a UK parent entity that is required under MIFIDPRU 2.5.7R to comply with MIFIDPRU 9 on the basis of its consolidated situation; and

  3. (3)

    a GCT parent undertaking that is required to submit reports on its compliance with the group capital test in accordance with MIFIDPRU 2.6.10R.

MIFIDPRU 9.1.2 R
  1. (1)

    The provisions of SUP 16.3 (General provisions on reporting) listed in (2) apply to reports submitted under this chapter as if the reports had been submitted under SUP 16.

  2. (2)

    The provisions are:

    1. (a)

      SUP 16.3.6R to SUP 16.3.10G (How to submit reports);

    2. (b)

      SUP 16.3.11R to SUP 16.3.12G (Complete reporting); and

    3. (c)

      SUP 16.3.14R to SUP 16.3.16G (Failure to submit reports).

MIFIDPRU 9.1.3 G

Under SUP 16.3.14R (as applied to reports under this chapter by MIFIDPRU 9.1.2R), a £250 administrative fee applies where a firm does not submit a complete report by the date on which that report is due under the applicable requirements and submission procedures. SUP 16.3.14AG explains that the FCA may also take disciplinary action in appropriate cases.

MIFIDPRU 9.2 Periodic reporting requirements

MIFIDPRU 9.2.1 R

A non-SNI MIFIDPRU investment firm must:

  1. (1)

    submit the data items specified in column (A) of the table in MIFIDPRU 9.2.2R to the FCA with the frequency specified in column (C) of that table;

  2. (2)

    complete the data items in (1) with data that show the position on the relevant reporting reference date in column (D) of the table in MIFIDPRU 9.2.2R; and

  3. (3)

    submit the data items in (1) before the submission deadline in column (E) of the table in MIFIDPRU 9.2.2R.

MIFIDPRU 9.2.2 R

The following table belongs to MIFIDPRU 9.2.1R:

(A)

Data item

(B)

Data item description

(C)

Reporting frequency

(D)

Reporting reference dates

(E)

Submission deadline

MIF001

Capital

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF002

Liquidity

Quarterly

Last business day in:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF003

Metrics monitoring

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF004

Non-K-CON concentration risk reporting

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF005

K-CON concentration risk reporting

Quarterly

(1) The firm’saccounting reference date;

(2) The firm’saccounting reference date plus 3 months;

(3) The firm’saccounting reference date plus 6 months;

(4) The firm’saccounting reference date plus 9 months;

20 business days after the reporting reference date

MIF007

(note 1)

ICARA assessment questionnaire

Annually

(note 2)

The reference date according to which the firm reviews the adequacy of its ICARA process under MIFIDPRU 7.8.2R

The date notified to the FCA by the firm under MIFIDPRU 7.8.4R (or such other date as directed by the FCA)

Note 1

Where a firm is included in a group ICARA process in accordance with MIFIDPRU 7.9.5R, the firm must still submit data item MIF007 on an individual basis, containing information about the firm that has been derived from that group ICARA process. Data item MIF007 does not apply on a consolidated basis.

Note 2

Under MIFIDPRU 7.8.2R, in certain circumstances, a firm may carry out a review of its ICARA process more frequently than the minimum required annual frequency. If so, the firm must submit data item MIF007 separately after each review.
MIFIDPRU 9.2.3 R

An SNI MIFIDPRU investment firm must:

  1. (1)

    submit the data items specified in column (A) of the table in MIFIDPRU 9.2.4R to the FCA with the frequency specified in column (C) of that table;

  2. (2)

    complete the data items in (1) with data that show the position on the relevant reporting reference date specified in column (D) of the table in MIFIDPRU 9.2.4R; and

  3. (3)

    submit the data items in (1) before the submission deadline in column (E) of the table in MIFIDPRU 9.2.4R.

MIFIDPRU 9.2.4 R

The following table belongs to MIFIDPRU 9.2.3R:

(A)

Data item

(B)

Data item description

(C)

Reporting frequency

(D)

Reporting reference dates

(E)

Submission deadline

MIF001

Capital

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF002

(Note 1)

Liquidity

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF003

Metrics monitoring

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date

MIF007

(note 2)

ICARA assessment questionnaire

Annually

(note 3)

The reference date according to which the firm reviews the adequacy of its ICARA process under MIFIDPRU 7.8.2R

The date notified to the FCA by the firm under MIFIDPRU 7.8.4R (or such other date as directed by the FCA)

Note 1

If, exceptionally, the FCA has exempted an SNI MIFIDPRU investment firm from the liquidity requirements in MIFIDPRU 6, the firm is not required to submit MIF002.

Note 2

Where a firm is included in a group ICARA process in accordance with MIFIDPRU 7.9.5R, the firm must still submit data item MIF007 on an individual basis, containing information about the firm that has been derived from that group ICARA process. Data item MIF007 does not apply on a consolidated basis.

Note 3

Under MIFIDPRU 7.8.2R, in certain circumstances, a firm may carry out a review of its ICARA process more frequently than the minimum required annual frequency. If so, the firm must submit data item MIF007 separately after each review.
MIFIDPRU 9.2.5 R

Where a firm is required to submit any of the data items MIF001 to MIF005 under MIFIDPRU 9.2.1R or MIFIDPRU 9.2.3R, it must submit the data items:

  1. (1)

    in the format specified in MIFIDPRU 9 Annex 1R; and

  2. (2)

    in accordance with the instructions in MIFIDPRU 9 Annex 2G.

MIFIDPRU 9.2.6 R

Where an investment firm group contains multiple MIFIDPRU investment firms, the firms may designate a single MIFIDPRU investment firm or the UK parent entity to submit all necessary data items under this section on their behalf.

MIFIDPRU 9.2.7 G

Where a MIFIDPRU investment firm (“A”) designates another MIFIDPRU investment firm or a UK parent entity (“B”) to submit data items under MIFIDPRU 9.2.6R, A remains responsible for the timely submission and accuracy of any data items submitted by B on A’s behalf.

MIFIDPRU 9.3 Reporting on a consolidated basis

MIFIDPRU 9.3.1 R
  1. (1)

    A UK parent entity that is required by MIFIDPRU 2.5.7R to comply with this chapter on a consolidated basis must:

    1. (a)

      submit data items in accordance with MIFIDPRU 9.2.1R on the basis of its consolidated situation if it is treated as a non-SNI MIFIDPRU investment firm under MIFIDPRU 2.5.21R; or

    2. (b)

      submit data items in accordance with MIFIDPRU 9.2.3R on the basis of its consolidated situation if it is treated as an SNI MIFIDPRU investment firm under MIFIDPRU 2.5.21R.

  2. (2)

    For the purposes of (1), MIFIDPRU 9.2 applies with the following modifications:

    1. (a)

      a reference to a “firm” is a reference to the hypothetical single MIFIDPRU investment firm created under the consolidated situation; and

    2. (b)

      the submission deadline for consolidated data items under column (E) of the tables in MIFIDPRU 9.2.2R and MIFIDPRU 9.2.4R is 30 business days after the reporting reference date.

MIFIDPRU 9.3.2 G

MIFIDPRU 2.5 sets out guidance on how to apply the requirements in MIFIDPRU on the basis of the consolidated situation of a UK parent entity. The guidance may assist a UK parent entity in completing the data items required under this section.

MIFIDPRU 9.4 Group capital test reporting

MIFIDPRU 9.4.1 R

A GCT parent undertaking that is required to report on the group capital test under MIFIDPRU 2.6.10R must:

  1. (1)

    submit the data item specified in column (A) of the table in MIFIDPRU 9.4.2R to the FCA with the frequency specified in column (C) of that table;

  2. (2)

    complete the data item in (1) with data that show the position on the relevant reporting reference date specified in column (D) of the table in MIFIDPRU 9.4.2R; and

  3. (3)

    submit the data item in (1) before the submission deadline in column (E) of the table in MIFIDPRU 9.4.2R.

MIFIDPRU 9.4.2 R

The following table belongs to MIFIDPRU 9.4.1R:

(A) Data item

(B) Data item description

(C) Reporting frequency

(D) Reporting reference dates

(E) Submission deadline

MIF006

Group capital test reporting

Quarterly

Last business day:

(1) March;

(2) June;

(3) September;

(4) December

20 business days after the reporting reference date
MIFIDPRU 9.4.3 R
  1. (1)

    This rule applies where:

    1. (a)

      a GCT parent undertaking is a responsible UK parent; and

    2. (b)

      MIFIDPRU 2.6.10R(2)(b)(i) applies in relation to a subsidiary of that responsible UK parent.

  2. (2)

    Where this rule applies, the responsible UK parent must submit an additional data item under MIFIDPRU 9.4.1R that shows the position of the subsidiary in (1)(b).

MIFIDPRU 9.4.4 R

Where a GCT parent undertaking is required to submit data item MIF006 under MIFIDPRU 9.4.1R or 9.4.3R, it must submit that data item:

  1. (1)

    in the format specified in MIFIDPRU 9 Annex 1R; and

  2. (2)

    in accordance with the instructions in MIFIDPRU 9 Annex 2G.

MIFIDPRU 9.4.5 G

Under MIFIDPRU 2.6.11R, a GCT parent undertaking may designate a single parent undertaking in the UK to submit data items to the FCA on behalf of all GCT parent undertakings within the same investment firm group. However, each GCT parent undertaking remains responsible for ensuring the timely submission and accuracy of any data items submitted on its behalf.

MIFIDPRU 9 Annex 2 Guidance notes on data items in MIFIDPRU 9 Annex 1R

MIFIDPRU 9 Annex 2G G

1This annex consists of guidance which can be found through the following link:

MIFIDPRU9_Annex2G_01012022.pdf2