SUP 16.10 12Verification of firm details13
Application
The effect of SUP 16.1.1 R is that this section applies to every firm except:
- (1)
an ICVC; or
- (2)
a UCITS qualifier; or
- (2A)
an AIFM qualifier; or6
- (3)
[deleted]12
4 - (4)
a dormant asset fund operator18.
4
Purpose
Firm details are13 used by the FCA10 :
2020- (1)
to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;
- (2)
in order to communicate with a firm;
- (3)
as the basis for some sections of the Financial Services Register;20 and
20 - (4)
in order to carry out thematic analysis across sectors and groups of firms.
1114220
14Requirement to check the accuracy of firm details and to report changes to the FCA
- (1)
Within 6016 business days of its accounting reference date, a firm must check the accuracy of its firm details13 through the relevant section of the FCA10 website.
2020 - (2)
[paragraph suspended by FSA 2004/79]5
- (3)
If any firm details are13 incorrect, the firm must submit5 the corrected firm details13 to the FCA10 using:19
520- (a)
the appropriate form set out in SUP 15 Ann 3 and in accordance with SUP 16.10.4AR; or19
- (b)
19where the relevant details relate to an appointed representative of the firm:
- (i)
the form in SUP 12 Ann 3 (Appointed representative appointment) if the appointed representative is not included on the Financial Services Register;
- (ii)
the form in SUP 12 Ann 4 (Appointed representative or tied agent – change details) if the details about an appointed representative on the Financial Services Register are incorrect; or
- (iii)
the form in SUP 12 Ann 5 (Appointed representative termination) if a relationship with an appointed representative has been terminated but this is not reflected on the Financial Services Register,
in accordance with the applicable rules in SUP 12.7 (Notification and reporting requirements) or SUP 12.8 (Termination of a relationship with an appointed representative or FCA registered tied agent).
- (i)
set out in SUP 15 Ann 3 and in accordance with SUP 16.10.4A R.5
5 - (a)
[deleted]15
- (1)
A firm must submit any corrected firm details under SUP 16.10.4R(3) using the appropriate online systems accessible through the FCA’s website.16
88
138202020779 - (2)
[deleted]16
81312202020 - (3)
Where a firm is obliged to submit corrected firm details13 online under (1), if the FCA's20 information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit its corrected firm details13 to firm.details@fca.org.uk16.
202020132013
Frequency and timing of reports: confirming that firm details remain accurate
- (1)
16This rule applies where, in complying with SUP 16.10.4R(1), a firm does not need to submit corrected firm details under SUP 16.10.4R(3).
- (2)
Within 60 business days of its accounting reference date, a firm must submit a report to the FCA confirming that the firm details which it has checked under SUP 16.10.4R(1) remain accurate, using the appropriate online systems accessible through the FCA’s website.
5If the FCA's20 information technology systems fail and online submission is unavailable for 24 hours or more, the FCA20 will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 16.3.9 R20 should be used.
2020205Where SUP 16.10.4AR (3) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.
The firm details are made available to the firm when the firm logs into the appropriate section of the FCA’s website. The firm should check the firm details and send any corrections to the FCA.15 The FCA’s preferred method of receiving corrections to firm details is by the online forms available at the FCA’s website.
1310202013102020102020131020202A firm may check, and submit corrections to, its firm details13 more frequently than annually.