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SUP 16.3 General provisions on reporting

Application

SUP 16.3.1GRP

The effect of SUP 16.1.1 R is that this section applies to every firm except:

  1. (1)

    an ICVC;

  2. (2)

    an incoming EEA firm or incoming Treaty firm, which is not:

    1. (a)

      a firm of a type listed in SUP 16.1.3 R as a firm to which section SUP 16.6 or SUP 16.7 applies;

    2. (b)

      an insurer with permission to effect or carry out life policies;

  3. (3)

    a UCITS qualifier.

Structure of the chapter

SUP 16.3.2GRP

This chapter has been split into eight5sections, covering:

53
  1. (1)

    annual controllers reports (SUP 16.4);

  2. (2)

    annual close links reports (SUP 16.5);

  3. (3)

    compliance reports (SUP 16.6);

  4. (4)

    financial reports (SUP 16.7);

  5. (5)

    persistency reports (SUP 16.8);

    53
  6. (6)

    annual appointed representatives reports (SUP 16.9);5

    53
  7. (7)

    Verification of standing data (SUP 16.10); and58

  8. (8)

    product sales data reporting (SUP 16.11).5

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 16.3.4GRP

The compliance and financial reports sections are bothset out by category of firm, with detailed requirements set out in tables giving:

  1. (1)

    a brief description of each report;

  2. (2)

    the frequency with which the report is required; and

  3. (3)

    the due date for submission of the report.

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.

How to submit reports

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. (1)

    a contrary intention appears; or

  2. (2)

    the report is required under the listing rules. 2

SUP 16.3.7RRP

A written report must:

  1. (1)

    give the firm's FSA firm reference number ; and

  2. (2)

    if submitted in paper form, be submitted with the cover sheet contained in SUP 16 Annex 13.21

SUP 16.3.8RRP

A written report must be:

  1. (1)

    given to or addressed for the attention of the firm's usual supervisory contact at the FSA; and

  2. (2)

    delivered to the FSA by one of the methods listed in SUP 16.3.9 R.

SUP 16.3.9RRP

Method of submission of reports (see SUP 16.3.8 R)

78

Method of delivery

1.

Post to the published address of the FSA for postal submission of reports

2.

Leaving the report at the published address of the FSA for hand delivery of reports and obtaining a dated receipt

3.

Electronic mail to an address for the firm's usual supervisory contact at the FSA and obtaining an electronic confirmation of receipt

4.

Hand delivery to the firm's usual supervisory contact at the FSA and obtaining a dated receipt

5.

Fax to the number notified by the firm's usual supervisory contact at the FSA, and receiving a successful transmission report for all pages of the report.72

6.

Online submission via the FSA's website at www.fsa.gov.uk8
SUP 16.3.10GRP
  1. (1)

    The current published address of the FSA for postal submission of reports is:

    The Financial ServicesAuthority

    PO BOX 35747

    London E14 5WP

  2. (2)

    The current published address of the FSA for hand delivery of reports is:

    1. (a)

      The Financial ServicesAuthority

      25 The North Colonnade

      Canary Wharf

      London E14 5HS

      if the firm's usual supervisory contact at the FSA is based in London, or:

    2. (b)

      The Financial ServicesAuthority

      Quayside House

      127 Fountainbridge

      Edinburgh EH3 8DJ

      if the firm's usual supervisory contact at the FSA is based in Edinburgh.2

Complete reporting

SUP 16.3.11RRP

A firm must submit reports required under this chapter to the FSA containing all the information required.

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 FSA is accurate and complete. Those requirements apply to reports required to be submitted under this chapter.

Timely reporting

SUP 16.3.13RRP
  1. (1)

    A firm must submit a report required by this chapter in the frequency, and so as to be received by the FSA no later than the due date, specified for that report.

  2. (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 FSA no later than the first business day after the due date.

  3. (3)

    If the due date for submission of a report required by this chapter is a set period of time after the quarter end, the quarter ends will be the following dates, unless another rule or the reporting form states otherwise:

    1. (a)

      the firm's accounting reference date;

    2. (b)

      3 months after the firm's accounting reference date;

    3. (c)

      6 months after the firm's accounting reference date; and

    4. (d)

      9 months after the firm's accounting reference date.

  4. (4)

    If the due date for submission of a report required by this chapter is a set period of time after the end of a half-year, a quarter, or a month, the dates will be determined by (a) or (b) below except where otherwise indicated:5

    1. (a)

      the firm's accounting reference date;5

    2. (b)

      monthly, 3 monthly or 6 months after the firm's accounting reference date, as the case may be.5

Failure to submit reports

SUP 16.3.14RRP

If a firm does not submit a complete report by the date on which it is due in accordance with the rules in this chapter and any prescribed submission procedures, the firm must pay an administrative fee of £250.9

SUP 16.3.14AGRP

9Failure to submit a report in accordance with the rules in this chapter may also lead to the imposition of a financial penalty and other disciplinary sanctions (see ENF 13.5). If it appears to the FSA that, in the exceptional circumstances of a particular case, the payment of any fee would be inequitable, the FSA may reduce or remit all or part of the fee in question which would otherwise be payable (see 10FEES 2.3).10

SUP 16.3.15GRP

The FSA may from time to time send reminders to firms when reports are overdue. Firms should not, however, assume that the FSA has received a report merely because they have not received a reminder.1

SUP 16.3.16GRP

The firm is responsible for ensuring delivery of the required report at the FSA's offices by the due date. If a report is received by the FSA 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:

  1. (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 accordance with the delivery service standards prescribed by the relevant postal authority; or

  2. (2)

    recorded postal delivery receipts showing delivery on the required day; or

  3. (3)

    records of a courier service provider showing delivery on the required day.

Change of accounting reference date

SUP 16.3.17RRP
  1. (1)

    A firm must notify the FSA if it changes its accounting reference date.

  2. (2)

    When a firm extends its accounting period, it must make the notification in (1) before the previous accounting reference date.

  3. (3)

    When a firm shortens its accounting period, it must make the notification in (1) before the new accounting reference date.4

SUP 16.3.18GRP

SUP 16.2.1 G emphasises the importance to the FSA 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 FSA. This is because many due dates for reporting to the FSA are linked to firms' accounting reference dates. Indeed, for some categories of firm, the only reports required by the FSA have due dates for submission which are linked to the firm's accounting reference date.If the extension of a firm's accounting period appears likely to impair the effectiveness of the FSA's supervisory work, the FSA may take action to ensure that it continues to receive the information it requires on a timely basis. This may include the use of any of the tools of supervision set out in SUP 1.4.5 G.

SUP 16.3.19GRP

If more than one firm in a group intends to change its accounting reference date at the same time, a single notification may be given to the FSA, as described in SUP 15.7.8 G.

Underwriting agents: submission to the Society of Lloyd's

SUP 16.3.20R
  1. (1)

    Paragraph (2) applies in relation to reports required under this chapter within the scope of any arrangements made by the FSA with the Society of Lloyd's under paragraph 6(2) of Schedule 1 to the Act.

  2. (2)

    An underwriting agent must submit the reports in (1) to the Society of Lloyd's rather than to the FSA.

SUP 16.3.21G

See SUP 15.7.13 G and SUP 15.7.14 G for guidance on arrangements in SUP 16.3.20 R.

Service of Notices Regulations

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 FSA. They do not apply to reports required under SUP 16, because of the specific rules in this section.

Confidentiality and sharing of information

SUP 16.3.23GRP

When the FSA receives a report which contains confidential information and whose submission is required under this chapter, it is obliged under Part XXIIIof the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential. (See SUP 2.2.4 G)

SUP 16.3.24GRP

SUP 2.3.12 G states that the FSA may pass to other regulators information which it has in its possession. Such information includes information contained in reports submitted under this chapter. The FSA's disclosure of information to other regulators is subject to SUP 2.2.4 G (Confidentiality of information).

Reports from groups

SUP 16.3.25GRP

If this chapter requires the submission of a report covering a group, a single report may be submitted, and so satisfy the requirements of all firms in the group. Such a report 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 is submitted. Nevertheless, the requirement to provide a report, and the responsibility for the report, remains6 with each firm in the group. However, reporting requirements that apply to a firm, by reason of the firm being a member of a financial conglomerate, are imposed on only one member of the financial conglomerate (see, for example, SUP 16.7.82 R).6

SUP 16.3.26GRP

Examples of reports covering a group are:

  1. (1)

    the compliance reports required from banks under SUP 16.6.4 R;

  2. (2)

    annual controllers reports required under SUP 16.5.4 R;

  3. (3)

    annual close links reports required under SUP 16.5.4 R

  4. (4)

    consolidated financial reports required from banks under SUP 16.7.7 R;

  5. (5)

    consolidated reporting statements required from securities and futures firms under SUP 16.7.24 R.