SUP 16.6 Compliance reports
Application
The effect of SUP 16.1.1 R is that this section applies to every firm within a category listed in the left hand column of the table in SUP 16.6.2 G.
Applicable provisions of this section (see SUP 16.6.1 G)
Category of firm |
Applicable provisions |
| 4 | |
Depositary of an ICVC |
|
Purpose
13The FCA performs part of its supervision work by reviewing and analysing information about firms' records of compliance with the requirements and standards under the regulatory system. The type of report the FCA requires will vary, depending on the type of business a firm undertakes. This information helps the FCA to determine whether a firm is complying with the requirements applicable to its business, and what procedures it is operating to ensure its compliance.
Banks
A bank must submit compliance reports to the appropriate regulator13 in accordance with SUP 16.6.5 R.
413Compliance reports from a bank (see SUP 16.6.4 R)4
Report |
Frequency |
Due date |
List of all overseas regulators for each legal entity in the firm's group |
Annually |
6 months after the firm's accounting reference date13 13 |
Organogram showing the authorised entities in the firm's group |
Annually |
6 months after the firm's accounting reference date13 13 |
Trustees of authorised unit trust schemes, depositaries of ICVCs, and OPS firms
A firm within a category listed in the left-hand column of SUP 16.6.7 R must submit compliance reports in accordance with SUP 16.6.7 R.
Compliance reports from trustees of AUTs, depositaries of ICVCs, and OPS firms (see SUP 16.6.6 R)
Report |
Frequency |
Due date |
Report from a trustee of an AUT on manager's failures as set out in SUP 16.6.8 R (1) |
Quarterly |
1 month after quarter end (Note) |
Report from a depositary of an ICVC on failures by the authorised corporate director as set out inSUP 16.6.8 R (2) |
Quarterly |
1 month after quarter end (Note) |
OPS firms only: Annual accounts of each occupational pension scheme in respect of which the firm is acting |
Annually |
7 months after end of the scheme year |
OPS firms only: Audited annual accounts of each OPS collective investment scheme in respect of which the firm is acting |
Annually |
7 months after end of the scheme year |
Note = The quarter ends are 31 March, 30 June, 30 September, 31 December.1 |
||
- (1)
The report from a trustee of an AUT to the FCA13 must state, in relation to the manager of each AUT for which it is a trustee, the number of times during the quarter in which facts came to the firm's knowledge from which it appeared, or might have appeared, that the manager had failed (materially or otherwise) to:
13- (a)
give correct instructions to the trustee to create or cancel units in the AUT when the manager should have done so, and the error:
- (b)
price units in the AUT in accordance with COLL 6.3 3 where the pricing error was:
33
unless the failure was an isolated incident.
- (a)
- (2)
The report from a depositary of an ICVC to the FCA13 must state, in relation to the authorised corporate director of each ICVC for which the firm is a depositary, the number of times during the quarter in which facts came to the firm's knowledge from which it appeared,3 or might have appeared,3 that the authorised corporate director had failed (materially or otherwise) to:
13- (a)
arrange for the issue3 or cancellation of shares in the ICVC when the authorised corporate director should have done so, and the error:
3 - (b)
price shares in the ICVC in accordance with the provisions of COLL 6.3 3, where the pricing error was:
3- (i)
greater than 0.5% of the price of a share; or
- (ii)
less than 0.5% of the price of a share, and the depositary did not consider the authorised corporate director's controls to be adequate;
- (i)
unless the failure was an isolated incident.
- (a)
- (3)
An OPS firm must notify the FSA 13 FCA13 of any change in the date of commencement of the scheme year of an OPS or OPS collective investment scheme, in respect of which the firm is acting, not less than 15 business days before the date on which such a change is to become effective.2
SUP 16 Annex 12 provides guidance on the completion of the report from a trustee of an AUT on a manager's failures as set out in SUP 16.6.8 R(1), and the report from a depositary of an ICVC on failures by the authorised corporate director as set out in SUP 16.6.8 R(2). This guidance includes suggested formats for the submission of the reports.