SUP 16.6 Compliance reports

A bank must submit compliance reports to the appropriate regulator13 in accordance with SUP 16.6.5 R.

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.

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
   1. (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:

      1. (i)

         resulted in the creation of too few units or in the cancellation of too many units; and

      2. (ii)

         was not corrected in accordance with the FCA's13 guidance as set out inCOLL 6.2.12 G;3

         1333
   2. (b)

      price units in the AUT in accordance with COLL 6.3 3 where the pricing error was:

      33
      1. (i)

         greater than 0.5% of the price of a unit; or

      2. (ii)

         less than 0.5% of the price of a unit, and the trustee did not consider the manager's controls to be adequate;

   unless the failure was an isolated incident.

2. (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
   1. (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
      1. (i)

         resulted in the creation of too few shares or in the cancellation of too many shares; and

      2. (ii)

         was not corrected in accordance with the FCA's13 guidance as set out in COLL 6.2.12 G;3

         133
   2. (b)

      price shares in the ICVC in accordance with the provisions of COLL 6.3 3, where the pricing error was:

      3
      1. (i)

         greater than 0.5% of the price of a share; or

      2. (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;

   unless the failure was an isolated incident.

3. (2A)

   6The report from a depositary of an ACS to the FCA must state, in relation to the authorised contractual scheme manager of each ACS 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, or might have appeared, that the authorised contractual scheme manager had failed (materially or otherwise) to:

   1. (a)

      arrange for the issue or cancellation of units in the ACS when the authorised contractual scheme manager should have done so, and the error:6

      1. (i)

         resulted in the creation of too few units or in the cancellation of too many units; and6

      2. (ii)

         was not corrected in accordance with the FCA's guidance as set out in COLL 6.2.12G;6

   2. (b)

      price units in the ACS in accordance with the provisions of COLL 6.3, where the pricing error was:6

      1. (i)

         greater than 0.5% of the price of a unit; or6

      2. (ii)

         less than 0.5% of the price of a unit, and the depositary did not consider the authorised contractual scheme manager's controls to be adequate;6

   unless the failure was an isolated incident.6

4. (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