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SUP 16.7 Financial reports

Application

SUP 16.7.1G

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 SUP 16.7.5 G.

SUP 16.7.2G
  1. (1)

    Reporting requirements for insurers, excluding friendly societies are set out in IPRU(INS).

  2. (2)

    Reporting requirements for friendly societies are set out in IPRU(FSOC). 1311

Purpose

SUP 16.7.3G

Principle 4 requires firms to maintain adequate financial resources, and the Interim Prudential sourcebooks set out the FSA's detailed capital adequacy requirements. By submitting regular financial reports, firms enable the FSA to monitor their compliance with Principle 4 and with the detailed requirements of the Interim Prudential sourcebooks. These reports also help the FSA to analyse firms' financial condition and performance and to understand their business. By means of further collation and review of the data which these reports provide, the FSA also uses the reports to identify developments across the financial services industry and its constituent sectors.106

SUP 16.7.4G

The requirements in this section differ according to firm categories, as different financial information is required to reflect different types of business. The requirements in SUP 16.7 represent an interim approach to financial reporting, based mainly on the reporting requirements which previous regulators applied to firms. Standard formats are used for reporting by each category of firm, to assist comparability between firms of the same category. Timely submission is important to ensure the FSA has up-to-date information.

SUP 16.7.5G

Applicable rules and guidance on financial reports (see SUP 16.7.1 G)

121212121212

Firm category

Applicable rules and guidance

Bank, other than an EEA bank with permission for cross border services only1

SUP 16.7.7 R - SUP 16.7.15 R

SUP 16.7.82 R - SUP 16.7.83 R12

Building society

SUP 16.7.16 R - SUP 16.7.19 R

SUP 16.7.82 R - SUP 16.7.83 R12

Service company

SUP 16.7.20 R - SUP 16.7.21 R

Securities and futures firm (Note 1)

SUP 16.7.22 R - SUP 16.7.34 G

SUP 16.7.82 R - SUP 16.7.83 R12

Investment management firm

SUP 16.7.35 R - SUP 16.7.41 R

SUP 16.7.82 R - SUP 16.7.83 R12

Personal investment firm

SUP 16.7.42 G - SUP 16.7.53 GSUP 16.7.82 R - SUP 16.7.83 R12

Authorised professional firm (Note 2)

SUP 16.7.54 R

Society of Lloyd's

SUP 16.7.55 R - SUP 16.7.56 R and SUP 16.7.59 R (1) and SUP 16.7.59 R (2)

Members' adviser

SUP 16.7.57 R - SUP 16.7.58 R, SUP 16.7.59 R (3), SUP 16.7.60 G and SUP 16.7.61 G

Credit Union3

SUP 16.7.62 R - SUP 16.7.63 R3

ELMI

SUP 16.7.66 R

SUP 16.7.82 R - SUP 16.7.83 R12

UCITS management company7

7SUP 16.7.67 R to SUP 16.7.72 R

Member of a financial conglomerate

SUP 16.7.82 R to SUP 16.7.83 R

Note 1 = For an oil market participant, this section does not apply unless IPRU(INV) 3 applies to the firm.

Note 2 = This section applies to an authorised professional firm which is required by IPRU(INV) 2.1.2R(1) to comply with chapter 3, 5, 10 or 13 of IPRU(INV). This section applies to such a firm as if it were the relevant firm category in the right hand column of IPRU(INV) 2.1R.
SUP 16.7.6G

For each firm category there is a table listing the reporting requirements. The tables state the name of each report, the frequency with which a firm must submit it, and the due date for submission. Detailed reporting forms and rules and guidance on their completion are contained in annexes to this chapter.

Banks

SUP 16.7.7R

A UK bank must submit reports in accordance with SUP 16.7.8 R.

SUP 16.7.8R

Financial reports from a UK bank (see SUP 16.7.7 R)

1212

Content of Report

Form

(Note 1)

Frequency

Due date

Annual report and audited accounts

N/A

Annually

3 months after the firm's accounting reference date

Adequate information on capital adequacy (Unconsolidated, solo consolidated)

BSD3

Quarterly

10 business days after quarter end Note 6 (12 business days if submitted electronically)

Adequate information on capital adequacy (Consolidated)

BSD3 (Note 2)1

Half yearly

20 business days after period end (22 business days if submitted electronically)

Analysis of large exposures (Unconsolidated, solo consolidated)

LE2 or LE3 (Note 7)

Quarterly

10 business days after quarter end (Note 6) (14 business days if LE3 submitted electronically)

Analysis of large exposures (Consolidated)

LE2 or LE3 (Note 2) (Note 7)1

Quarterly

20 business days after quarter end (Note 6) (24 business days if LE3 submitted electronically)

Analysis of significant transactions (other than those resulting in large exposures) with the mixed-activity holding company and its subsidiaries12

LE2 or LE312(Note 8)12

Quarterly12

20 business days after quarter end (Note 6) (24 business days if LE3 is submitted electronically)12

Adequate information on holdings of credit and financial institutions' and non-financial companies' capital instruments (Unconsolidated, solo consolidated)

M1 (Note 3)1

Quarterly

10 business days after quarter end (Note 6) (12 business days if submitted electronically)

Adequate information on holdings of credit and financial institutions' and non-financial companies' capital instruments (Consolidated)

M1 (Note 2 & Note 3)1

Half yearly

20 business days after period end (22 business days if submitted electronically)

Adequate information on sterling stock liquidity

SLR1 (Note 4)1

Monthly (Note 5)1

6 business days after second Wednesday of the month

Adequate information on mismatch liquidity

LR (Note 4)1

Quarterly

10 business days after quarter end (Note 6) (12 business days if submitted electronically)

List of companies included in the bank's consolidated large exposure reporting

N/A

Annually

6 months after the firm's accounting reference date

Annual confirmation that all companies included in solo consolidation meet the criteria for such consolidation as set out in IPRU(BANK) CS 9.2

N/A

Annually

6 months after the firm's accounting reference date1186

Note 1 = When giving the report required, a bank must use the form indicated, if any. The content of the form has the status of guidance on the type of information that should be provided to meet the reporting obligation. A copy of the form is located in SUP 16 Annex 1 R.The RMAR and MLAR are located at and respectively and have the status of rules.

Note 2 = The requirement to submit consolidated reports applies only to a bank which calculates its capital requirements on a consolidated basis. See IPRU(BANK) GN 3.3.13R(2) and IPRU(BANK) CS 4.

All consolidated reports required on a half yearly basis must be prepared as at the end of June and December of each year.1

Note 3 = This report is only required from a bank which reports either on a solo or consolidated basis and:1

(i)

has been granted a trading book concession as explained in IPRU(BANK) CA 3; or

(ii)

has qualifying holdings in non-financial companies as explained in IPRU(BANK) CA 10.4.

Note 4 = A bank is not required to submit both the SLR1 and LR.

A bank which monitors its liquidity according to the maturity mismatch approach as set out in IPRU(BANK) LM must submit the LR.

A bank which monitors its liquidity according to the sterling stock liquidity approach as set out in IPRU(BANK) LS must submit the SLR1.

Note 5 = This report must be prepared as at the second Wednesday of each month. See IPRU(BANK) LS 5.2 (2) regarding submission of an SLR1 on breach of various limits.

Note 6 = Reports required on a quarterly basis must be prepared as at the end of March, June, September and December of each year, except that a bank, which submits the BT report to the Bank of England monthly, must prepare the Form LR (Adequate information on mismatch liquidity) as at the end of February, May, August and November each year.1

Note 7 = For quarter ends between December 2003 and June 2004, a bank must either use Form LE2 or Form LE3 except that, once a bank has used Form LE3, it must not subsequently use Form LE2. For quarter ends in or after September 2004, a bank must use Form LE3.

Note 8 = A bank must add the required information to the relevant large exposures reporting form (LE2 or LE3). For the purposes of this reporting requirement, a transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the group.12
SUP 16.7.9R

An EEA Bank, other than one with permission for cross border services only, must submit reports in accordance with SUP 16.7.10 R.1

SUP 16.7.10R

Financial reports from an EEA Bank (see SUP 16.7.9 R)

Content of Report

Form

(Note)

Frequency

Due date

Adequate information on mismatch liquidity(excluding deposit concentration)

LR - (excluding Part 5)

Quarterly

10 business days after quarter end (12 business days if submitted electronically). The report must be prepared as at the dates set out in Note 6 to 13111SUP 16.7.8 R.

Note = When giving the report required, a bank must use the form indicated. The content of the form has the status of guidance on the type of information that should be provided to meet the reporting obligation. A copy of the form is located in SUP 16 Annex 1 R.
SUP 16.7.11R

A bank established outside the EEA must submit reports in accordance with SUP 16.7.12 R.

SUP 16.7.12R

Financial reports from a bank established outside the EEA (see SUP 16.7.11 R)

Content of Report

1Form(Note)

Frequency

Due date

Analysis of profits, large exposures, balance sheet, off balance sheet items and bad and doubtful debt provisions

B7

Half yearly

10 business days after period end (12 business days if submitted electronically). Period ends are end of June and December each year1.

Adequate information on mismatch liquidity

LR

Quarterly

10 business days after quarter end (12 business days if submitted electronically). The report must be prepared as at the dates set out in Note 6 to 1SUP 16.7.8 R.

Annual report and audited accounts, in English

N/A

Annually

9 months after the firm's accounting reference date131110

Note = When giving the report required, a bank must use the form indicated. The content of the form has the status of guidance on the type of information that should be provided to meet the reporting obligation. A copy of the form is located in SUP 16 Annex 1R.

Method of submission

SUP 16.7.13R

A bank, other than an EEA bank with permission for cross-border services only, must submit the reports described in SUP 16.7.8 R, SUP 16.7.10 R and SUP 16.7.12 R to the following:

  1. (1)

    BSD3, LE3, LR, SLR1, B7 and M1 to: The Financial Statistics Division Domestic Banking Group (HO-4) Bank of England Threadneedle Street London EC2R 8AH;

  2. (2)

    all other reports to the bank's usual supervisory contact at the address in SUP 16.3.10 G.

The Bank of England acts only as the agent of the FSA with regard to reports in (1).

SUP 16.7.14G

Guidance notes for the completion of the reports are contained in SUP 16 Annex 2.

SUP 16.7.15R

A bank must submit the reports referred to in SUP 16.7.13 R(1) either:

  1. (1)

    on paper by post, or by hand delivery to the Bank of England on any business day between 9am and 5pm; or

  2. (2)

    in electronic format using the specifications for the Bank of England Reporting System and sent either:

    1. (a)

      by the AT&T Global Network to one of the addresses specified in the above specification;

    2. (b)

      by e-mail to mfsd_beers@bofe.co.uk; or

    3. (c)

      on computer diskette but to paper reporting deadlines by post, or by hand delivery to the Bank of England on any business day between 9am and 5pm.106

Building societies

SUP 16.7.16R

A building society must submit reports to the FSA in accordance with SUP 16.7.17 R.

SUP 16.7.17R

Financial reports from a building society (see SUP 16.7.16 R)

Content of Report

Form

(Note 1)

Frequency

Due date

Adequate information on group balance sheet, analysed between society and subsidiary undertakings

MFS1 - (Table A)

Monthly

9 business days after month end (largest societies) (Note 2)

12 business days after month end (other societies)

Adequate information on society's balance sheet and primary business transactions

MFS1 - (Tables B to G)

Monthly

7 business days after month end (largest societies) (Note 2)

10 business days after month end (other societies)

Sectoral breakdown of the society's balance sheet

MFS1 Supp (Note 3)

Monthly

7 business days after month end

Adequate information on balance sheets and primary business transactions of society's subsidiary undertakings accepting deposits and/ or lending

MFS2

Monthly

7 business days after month end (largest societies) (Note 2)

10 business days after month end (other societies)

Analysis of interest rate risk gap (Note 4)

N/A

Monthly

15 business days after month end

Adequate information on balance sheet, income and expenditure, capital, lending quality, large exposures and maturities for the society and its subsidiary undertakings, together with relevant expected and likely out-turns

QFS1

Quarterly

18 business days after society's financial quarter end

Sectoral and other breakdowns of assets and liabilities, gilt maturities, and derivative contracts

QFS2 (Note 3)

Quarterly

11 business days after calendar quarter end

Adequate information on balance sheet, income and expenditure, the range and volume of activities undertaken by the society, its subsidiary undertakings, and where relevant, its participating interests

AFS1

Annually

2 months after society's accounting reference date.13115

Note 1 = When giving the report required, a building society must use the form indicated, if any. The content of the form has the status of guidance on the type of information that should be provided to meet the reporting obligation. A copy of the form is located in SUP 16 Annex 3 for all reports (except the "Analysis of interest rate gap" for which no form is provided).

Note 2 = Largest societies are defined as those societies who were the 40 largest building societies (in terms of total assets) as at 31 December 1991.

Note 3 = Only required from the largest tier (see Note 2).

Note 4 = All societies except those on the "Administered" approach (see IPRU(BSOC) 4 Ann 4A 4A.2) complete the "Analysis of interest rate risk gap". SUP 16.7.19 R does not apply to the "Analysis of interest rate risk gap".
SUP 16.7.18G

Guidance notes for the completion of the reports are contained in SUP 16 Annex 4.

Method of submission

SUP 16.7.19R

A building society must submit the reports in SUP 16.7.17 R (other than the "Analysis of interest rate risk gap") either:

  1. (1)

    by means of the Remote Data Entry system supplied by the FSA (and previously by the Building Societies Commission); or, should this be inoperable,

  2. (2)

    by post or fax to the address in SUP 16.3.10 G using:

    1. (a)

      the corresponding forms available from the FSA's website; or

    2. (b)

      its own version of the FSA's specified forms, provided that version is equivalent in terms of content and layout.10

Notwithstanding a paper submission in accordance with (2),once the Remote Data Entry system is operable again, the reports must be submitted by its means.

Service companies

SUP 16.7.20R

A service company must submit reports to the FSA in accordance with SUP 16.7.21 R.

SUP 16.7.21R

Financial reports required from service companies (see SUP 16.7.20 R)

Report

Frequency

Due date

Annual audited financial statements

Annually

6 months after the firm's accounting reference date1311

Securities and futures firms

SUP 16.7.22R
  1. (1)

    SUP 16.7.23 R to SUP 16.7.30 R do not apply to a lead regulated firm.

  2. (2)

    A lead regulated firm must submit a copy of its audited annual financial statements to the FSA within six months of the date at which they were prepared.

SUP 16.7.23R

For the purposes of SUP 16.7.24 R to SUP 16.7.34 G, the definitions of the following firm types provided in the glossaries in IPRU(INV) 3 and 10 apply:

  1. (1)

    adviser;

  2. (2)

    arranger;

  3. (3)

    broad scope firm;

  4. (4)

    category A;

  5. (5)

    category B;

  6. (6)

    category C;

  7. (7)

    category D;

  8. (8)

    local; and

  9. (9)

    venture capital firm.

SUP 16.7.24R

A securities and futures firm which is a category A or B firm or a broad scope firm must submit reports to the FSA in accordance with SUP 16.7.25 R.

SUP 16.7.25R

Financial reports required from a securities and futures firm which is a category A or B firm or a broad scope firm (see SUP 16.7.24 R)

Report

Frequency

Due date

Audited annual financial statements

Annually

3 months after the firm's accounting reference date

Annual reporting statement

Annually

3 months after the firm's accounting reference date

Annual reconciliation (Note 1)

Annually

3 months after the firm's accounting reference date

Audited accounts of any subsidiary, unless the rules in this chapter require that subsidiary to submit accounts to the FSA

Annually

3 months after the firm's accounting reference date

Consolidated supervision return12 (Note 2)

12

Half yearly

3 months after end of the relevant six-month period12

12

Large exposures quarterly reporting statement (Form LEM 1 or LEM 2) - consolidated (Notes 3 and 4)

Quarterly

15 business days after quarter end

Large exposures quarterly reporting statement (Form LEM 1 or LEM 2) - consolidated (Notes 2 and 4)

Quarterly

1 month after quarter end

(Only for CAD investment firms) Analysis of significant transactions (other than those resulting in large exposures) with the mixed-activity holding company and its subsidiaries (Note 5)12

Quarterly12

1 month after quarter end12

If the firm's ultimate parent is a mixed-activity holding company, the annual accounts of the mixed-activity holding company (Note 2)12

Annually12

As soon as available after year end12

Monthly reporting statement

Monthly

15 business days after month end1311

Note 1 = Every year a firm must submit:

(a) a reconciliation and explanation of any differences between amounts shown in the balance sheet in the audited annual financial statements and the annual reporting statement; and

(b) a reconciliation and explanation of any differences between the annual reporting statement and the monthly reporting statement prepared as at the same date.

Note 2 = Only for category A and B firms which are subject to the consolidation rules set out in IPRU(INV) Chapter 14.12

12

Note 3 = Only for category A and B firms.

Note 4 = A firm which was required to submit Form LEM1 in the relevant period immediately prior to the commencement must continue to do so.

A firm which was required to submit Form LEM2 in the relevant period immediately prior to the commencement must continue to do so. A category A or B firm authorised after the commencement must submit Form LEM1.

Note 5 = Securities and futures firms that are CAD investment firms must add the required information to the large exposures reporting form (QFS1). For the purposes of this reporting requirement, a transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the group.12
SUP 16.7.26R

A securities and futures firm which is a category C or D firm or an arranger or venture capital firm 131211 must submit reports to the FSA in accordance with SUP 16.7.27 R

SUP 16.7.27R

Financial reports from a securities and futures firm which is a category C or D firm or an arranger or venture capital firm (see SUP 16.7.26 R)

Report

Frequency

Due date

Audited annual financial statements (Note 5A)

Annually

3 months after the firm's accounting reference date

Annual reporting statement

Annually

3 months after the firm's accounting reference date

Annual reconciliation (Note 1)

Annually

3 months after the firm's accounting reference date

Audited accounts of any subsidiary unless the rules in this chapter require that subsidiary to submit accounts to the FSA

Annually

3 months after the firm's accounting reference date

Consolidated supervision return12 (Note 2)

12

Half yearly

3 months after end of relevant six-month period12

12

Large exposures quarterly reporting statement (Form LEM 1 or LEM 2) - solo (Notes 3 and 4)

Quarterly

15 business days after quarter end

Large exposures quarterly reporting (Form LEM 1 or LEM 2) - consolidated (Notes 2 and 4)

Quarterly

1 month after quarter end

(Only for CAD investment firms) Analysis of significant transactions (other than those resulting in large exposures) with the mixed-activity holding company and its subsidiaries (Note 5)12

Quarterly12

1 month after quarter end12

If the firm's ultimate parent is a mixed-activity holding company, the annual accounts of the mixed-activity holding company (Note 2)12

Annually12

As soon as available after year end12

Quarterly reporting statement

Quarterly

15 business days after quarter end

Note 1 = Every year a firm must submit:

(a) a reconciliation and explanation of any differences between amounts shown in the balance sheet in the audited annual financial statements and the annual reporting statement; and

(b) a reconciliation and explanation of any differences between the annual reporting statement and the monthly reporting statement prepared as at the same date.

Note 2 = Only for category C firms (as defined in the glossaries located in IPRU(INV) 10), which are subject to the consolidation rules set out in IPRU(INV) Chapter 14.12

12

Note 3 = Only for category C firms (as defined in the glossaries located inIPRU(INV)10).

Note 4 = A firm which was required to submit Form LEM1 in the relevant period immediately prior to commencement must continue to do so.

A firm which was required to submit Form LEM2 in the relevant period immediately prior to commencement must continue to do so.

A category C firm authorised after commencement must submit the Form LEM1.

Note 5 = Securities and futures firms that are CAD investment firms must add the required information to the large exposures reporting form (QFS1). For the purposes of this reporting requirement, a transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the group.12
SUP 16.7.28R

A securities and futures firm which is an adviser or local, or a traded options market maker (as referred to in IPRU(INV) 3-60R (4)) must submit reports to the FSA in accordance with SUP 16.7.29 R.

SUP 16.7.29R

Financial reports from a securities and futures firm which is an adviser, local or a traded options market maker (see SUP 16.7.28 R)

Report

Frequency

Due date

Solvency statement (sole traders only)

Annually

2 months after the firm's accounting reference date

Audited annual financial statements (partnerships5 and bodies corporate only)

Annually

3 months after the firm's accounting reference date

Audited accounts of any subsidiary unless the rules in this chapter require that subsidiary to submit accounts to the FSA

Annually

3 months after the firm's accounting reference date1311
SUP 16.7.30R
  1. (1)

    A securities and futures firm which is an ISD investment firm, and which is a sole trader, or a partnership formed under the laws of England and Wales, must submit a solvency statement for the sole trader or each partner to the FSA every year.

  2. (2)

    The due date for the submission of the solvency statement is three months after the firm's accounting reference date.

SUP 16.7.31R

A securities and futures firm must submit the reports in SUP 16.7.25 R and SUP 16.7.27 R12in accordance with, and in the same format as:12

1212
  1. (1)

    the forms contained in SUP 16 Ann 10 R, and as required by section 6 of that annex; and12

  2. (2)

    the form contained in SUP 16 Annex 20, and having regard to SUP 16 Annex 21.12

SUP 16.7.32G

Guidance notes for the completion of the reports are contained in SUP 16 Annex 11.

SUP 16.7.33R
  1. (1)

    Any report in SUP 16.7.23 R to SUP 16.7.30 R submitted to the FSA by a securities and futures firm must be signed by two authorised signatories satisfying the requirements of SUP 16.7.33 R(2), except for:

    1. (a)

      the audited accounts of a subsidiary of the firm and the firm's audited annual financial statements;

      14
    2. (b)

      other reports where the firm is a sole trader, when only one authorised signatory is required; and14

    3. (c)

      reports submitted in accordance with (3).14

  2. (2)

    An authorised signatory must be:

    1. (a)

      for a body corporate, a director;5

    2. (b)

      for a partnership, a partner who is an approved person of the firm;5

    3. (c)

      for a sole trader, the proprietor.

  3. (3)

    A firm must use the FiRSt 5.0 software package made available to firms by the FSA (and previously by the SFA) to submit the following reports:

    1. (a)

      annual reporting statement;

    2. (b)

      monthly reporting statement;

    3. (c)

      quarterly reporting statement; and

    4. (d)

      consolidated reporting statement.

  4. (4)

    Reports in (3) must be submitted to the FSA in accordance with the methods permitted by FiRSt 5 software. All other reports in SUP 16.7.24 R to SUP 16.7.30 R must be sent to the address given in SUP 16.3.10 G.1311

    14
SUP 16.7.34G

The FSA expects the audited annual financial statements to be submitted together with the auditor's report required by SUP 3.9.4 R.

Investment management firms

SUP 16.7.35R

An investment management firm which is not one of the types of firm specified in SUP 16.7.37 R must submit reports to the FSA in accordance with SUP 16.7.36 R.131211952

SUP 16.7.36R

Financial reports from an investment management firm (see SUP 16.7.35 R)

Report

Frequency

Due date

Annual Financial Return (Note 1)

Annually

4 months after the firm's accounting reference date

(Only for CAD investment firms) Analysis of significant transactions (other than those resulting in large exposures) with the mixed-activity holding company and its subsidiaries. (Note 6)12

Annually12

4 months after the firm's accounting reference date12

Consolidated supervision return (only for firms subject to IPRU(INV) Chapter 14)12

Half-yearly12

4 months after end of relevant six-month period12

If the firm's ultimate parent is a mixed-activity holding company, the annual accounts of the mixed-activity holding company125

Annually12

As soon as available after year end12

Annual accounts (Note 1)

Annually

4 months after the firm's accounting reference date

Annual solvency statement (only for individuals in partnership) (Note 2)

Annually

At the same time as the Annual Financial Return

Quarterly Financial Return (only for firms subject to a Liquid Capital Requirement as set out in IPRU(INV) 5.2.3 (1)(a) or (b))

Quarterly

1 month after quarter end

Monthly Financial Return (only for ISD firms (Note 3) subject to the Own Funds Requirement of Euro 730,000 as set out inIPRU(INV) 5.2.3(1)(b)) (Note 4)

Monthly

1 month after month end

Consolidated financial resources return (only for firms subject to IPRU(INV) 5.7.1(1)R)

Half yearly

4 months after end of six-month period

If the firm's ultimate parent is a mixed-activity holding company, the annual accounts of the mixed-activity holding company (Note 5)

Yearly

As soon as available after year-end

Note 1: The Annual Financial Return and the annual accounts of a firm must together give a true and fair view of the state of affairs of the firm (or in the case of a sole trader, of his regulated activities) and of the firm's profit or loss..

Note 2: The annual solvency statement is a statement from each partner in the following form: "I certify that I have sufficient assets to cover my personal liabilities."

Note 3: The definition of ISD firm for this purpose is provided in the glossary located in IPRU(INV) 5.5

Note 4: A firm need not prepare a Monthly Financial Return as at the same date as a Quarterly Financial Return. A firm must therefore prepare eight Monthly and four Quarterly Financial Returns each year. One Quarterly Financial Return must be prepared to the same date as the Annual Financial Return (but submitted earlier). Monthly and Quarterly Financial Returns are not cumulative, and must relate only to the period concerned. A firm may need to prepare more frequent accounts, including financial resources statements, for its own internal use to ensure that it complies at all times with the rules in IPRU(INV).

Note 5: Mixed-activity holding company means a parent, other than a financial holding company (as defined in IPRU(INV) Chapter 5 Glossary), an investment firm or a credit institution, the subsidiaries of which include at least one investment firm or credit institution.

Note 6 = Investment management firms that are CAD investment firms must add the required information to their large exposure reporting in the Annual Financial Return. For the purposes of this reporting requirement, a transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the group.12
SUP 16.7.37R

SUP 16.7.36 R does not apply to an investment management firm which is:

  1. (1)

    a lead regulated firm or an OPS firm (but if a firm falls into either of these categories, then it must submit a copy of its annual accounts in accordance with SUP 16.7.36 R);

  2. (2)

    a local authority.

SUP 16.7.38R

An investment management firm must submit the reports in SUP 16.7.36 R12 in accordance with, and in the same format as:12

12129
  1. (1)

    the forms contained in SUP 16 Annex 5 R, and as required by section 4 of that annex; and12

  2. (2)

    the forms contained in SUP 16 Annex 20, and having regard to SUP 16 Annex 21.12

SUP 16.7.39G
  1. (1)

    The FSA expects the annual accounts to be submitted together with the auditor's report required by SUP 3.9.4 R.

  2. (2)

    Notes giving guidance on the completion of the consolidated financial resources return are contained in SUP 16 Ann 17. The guidance in SUP 16.3.25 G (Reports from groups) is also relevant.

Reporting periods

SUP 16.7.40R

The period covered by:

  1. (1)

    monthly financial returns may not exceed one month;

  2. (2)

    quarterly financial returns may not exceed three months; and

  3. (3)

    annual financial returns may not exceed twelve months.

Timely reporting

SUP 16.7.41R

An investment management firm must notify the FSA in writing as soon as it has reason to believe it will be unable to submit an annual, quarterly or monthly financial return by the dates specified in SUP 16.7.36 R. Such notice must specify why it cannot submit the report to the FSA on time and give the date by which it will submit the report to the FSA.

Personal investment firms

SUP 16.7.42G

SUP 16.7.48 R covers the reporting requirements applicable to a small personal investment firm.

SUP 16.7.43R

For the purposes of SUP 16.7.44 R to SUP 16.7.51 R the definitions of the following firm types provided in the glossary in IPRU(INV) 13 apply:

  1. (1)

    Category A1 firm;

  2. (2)

    Category A2 firm;

  3. (3)

    Category A3 firm;

  4. (4)

    Category B1 firm;

  5. (5)

    Category B2 firm;

  6. (6)

    Category B3 firm;

  7. (7)

    network;

SUP 16.7.44R

A personal investment firm (except a small personal investment firm) must submit reports to the FSA in accordance with SUP 16.7.45 R.

SUP 16.7.45R

Financial reports from a personal investment firm (except a small personal investment firm) (see SUP 16.7.44 R)

Report

Frequency

Due date

Annual questionnaire (Note 1)

Annually

2 months after the firm's accounting reference date

Annual financial statements (Note 2)

Annually

4 months after the firm's accounting reference date

Audited consolidated statutory accounts (Note 3)

Annually

4 months after the firm's accounting reference date

Annual reconciliation (Note 4)

Annually

4 months after the firm's accounting reference date

Form 13A (Balance sheet)

Note 5

Note 5

Form 13Bi/ Bii (Profit and Loss)

Note 5

Note 5

Form 13Ci (Statement of own funds)

Note 5

Note 5

Form 13Cii (Statement of own funds) (unincorporated firms only)

Note 5

Note 5

Form 13D (Financial Resources test - current assets)

Note 5

Note 5

Form 13E (Financial Resources test - expenditure requirement) (Note 6)

Note 5

Note 5

Form 13F (Financial Resources test - assets and liabilities)

Note 5

Note 5

Form 13G (Financial Resources test - position risk deductions)

Note 5

Note 5

Form 13J (Sole trader solvency statement) (sole traders only)

Note 5

Note 5

Report on holdings of second-hand life policies (only from second hand life policy market makers) (Note 7)

Quarterly

3 weeks after quarter end

Note 1 = Not required from Category A1 and B1 firms.

Note 2 = The annual financial statements must include all reports, for which this Table specifies a monthly or quarterly frequency.

Note 3 = Only required from a firm if it is a holding company, or if one of its controllers is a company.

Note 4 = Every year a firm must submit a reconciliation of the amounts shown in the balance sheet in the annual financial statements with the amounts shown in the balance sheet in the last monthly or quarterly financial statements.

The firm must submit this reconciliation with its annual financial statements.

Note 5 = For a Category A1 or B1 firm, the frequency will be monthly, and the due date will be 3 weeks after month end.

For a Category B2 firm, which has less than 26 financial advisers, the frequency will be annual, and the due date will be 4 months after year end.

For a Category B3 firm, which has less than 26 financial advisers, and has permission to manage investments, the frequency will be annual, and the due date will be 4 months after year end.

For any other firm to which SUP 16.7.45 R5 applies, frequency will be quarterly, and the due date will be 3 weeks after quarter end.

Note 6 = A firm which is a Category A1 firm, a Category A2 firm with permission to manage investments, or a Category A network must submit the Form 13Ei as contained in SUP 16 Annex 7 (section 3). A firm which is a Category A2 firm without permission to manage investments, or a Category A3 firm, must submit the Form 13Eii as contained in SUP 16 Annex 7 (section 3). A firm which is a Category B1, B2 or B3 firm must submit the Form 13E as contained in SUP 16 Annex 7 (section 4).

Note 7 = "Second hand life policy" in SUP 16 means a life policy which is to be or has been assigned for value by the policyholder to another person.
SUP 16.7.46R

In addition to the reports specified in SUP 16.7.45 R, a Category A1, A2 or A3 personal investment firm must submit reports to the FSA in accordance with SUP 16.7.47 R.

SUP 16.7.47R

Additional financial reports required from a Category A1, A2 or A3 firm (see SUP 16.7.46 R)

1212

Report

Frequency

Due date

Consolidatedsupervision12return (Note 1)

12

Half-yearly12

12

4 months after end of relevant six-month period12

12

If the firm's ultimate parent is a mixed-activity holding company, the annual accounts of the mixed-activity holding company.12

Annually12

As soon as available after year end12

Form CAD 13

Quarterly

3 weeks after quarter end

Form 13H (Restrictions of Financial Resources)

Note 2

Note 2

Form 13I (Statement of large exposures)

Quarterly

3 weeks after quarter end

Form 13I (Consolidated statement of large exposures) (Note 1)

Quarterly

3 weeks after quarter end

(Only for CAD investment firms) Analysis of significant transactions (other than those resulting in large exposures) with the mixed-activity holding company and its subsidiaries (Note 3)12

Quarterly12

3 weeks after quarter end12

Note 1 = This report is only required from a firm if it is a member of a group, and it is subject to consolidated supervision as set out in IPRU(INV) Chapter 14.

12

Note 2 = For a Category A1 firm frequency will be monthly and due date will be 3 weeks after month end. For a Category A2 or A3 firm frequency will be quarterly and due date will be 3 weeks after quarter end.

Note 3 = Personal investment firms that are CAD investment firms must add the required information to the large exposure reporting in Form 13I. For the purposes of this reporting requirement, a transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the group.12
SUP 16.7.48R

A small personal investment firm must submit reports to the FSA in accordance with SUP 16.7.49 R.

SUP 16.7.49R

Financial reports required from a small personal investment firm. (see SUP 16.7.48 R)

Report

Frequency

Due date

Annual questionnaire

Annually

4 months after the firm's accounting reference date

Audited consolidated annual financial statements (Notes 1 and 2)

Annually

4 months after the firm's accounting reference date8

Note 1 = Only required from a firm if it is a holding company, or if one of its controllers is a company.

Note 2 = The firm must submit the statutory accounts of the group to which it belongs.

SUP 16.7.50R

SUP 16.7.42 G to SUP 16.7.49 R do not apply to a lead regulated firm.

SUP 16.7.51R
  1. (1)

    A Category A1, A2 or A3 firm must submit the reports in SUP 16.7.45 R and SUP 16.7.47 R in accordance with, and in the same format as:12

    12
    1. (a)

      the forms contained in SUP 16 Annex 7 (sections 1, 3 and 6), and as required by section 5 of that annex; and12

    2. (b)

      the forms contained in SUP 16 Annex 20, and having regard to SUP 16 Annex 21.12

  2. (2)

    A Category B1, B2 or B3 firm must submit the reports in SUP 16.7.45 R and SUP 16.7.49 R in the same format as the forms contained in SUP 16 Annex 7 (sections 1, 2 and 4), and as required by section 5 of that annex.

SUP 16.7.52G

Guidance notes for the completion of the annual questionnaire required under SUP 16.7.48 R can be found in SUP 16 Annex 8.

12
SUP 16.7.53G

If a firm must submit audited financial statements, the FSA expects the audited financial statements to be submitted together with the auditor's report required by SUP 3.9.4 R.

Authorised professional firms

SUP 16.7.54R
  1. (1)

    An authorised professional firm must submit an annual questionnaire to the FSA every year in accordance with, and in the same format as, the form contained in SUP 16 Annex 9.

  2. (2)

    The due date for submission of the annual questionnaire is four months after the firm's accounting reference date.

Society of Lloyd's and members' advisers

SUP 16.7.55R

The Society of Lloyd's must submit reports to the FSA in accordance with SUP 16.7.56 R.

SUP 16.7.56R

Financial reports from the Society of Lloyd's (see SUP 16.7.55 R)

Report

Frequency

Due date

Annual audited accounts

Annually

6 months after the Society's accounting reference date

Annual Lloyd's Return

Annually

6 months after the Society's accounting reference date5

Syndicate returns

Annually

6 months after the Society's accounting reference date
SUP 16.7.57R

A members' adviser must submit reports to the FSA in accordance with SUP 16.7.58 R.

SUP 16.7.58R

Financial reports from a members' adviser (see SUP 16.7.57 R)

Report

Frequency

Due date

Audited annual financial statements

Annually

3 months after the firm's accounting reference date

Annual reporting statement

Annually

3 months after the firm's accounting reference date

Annual reconciliation

Annually

3 months after the firm's accounting reference date

Audited accounts of any subsidiary, unless the rules in this chapter require those subsidiaries to submit accounts to the FSA

Annually

3 months after the firm's accounting reference date

Quarterly reporting statement

Quarterly

15 business days after quarter end1311
SUP 16.7.59R
  1. (1)

    The Society of Lloyd's must prepare its reports in the format specified in LLD 15, unless (2) applies.

  2. (2)

    The Society must ensure that the annual syndicate returns are prepared in accordance with, and in the format set out in, Lloyd's Syndicate Accounting Byelaw (No. 18 of 1994) as amended and in force at commencement.

  3. (3)

    A members' adviser must prepare its reports in accordance with, and in the format set out in, SUP 16 Annex 10 and as required by section 6 of that annex.

SUP 16.7.60G

Guidance notes for the completion of the reports required from a members' adviser are contained in SUP 16 Annex 11.

SUP 16.7.61G

The nature of the advisory business of a members' adviser whose permission is restricted to advising on syndicate participation at Lloyd's is akin to giving corporate finance advice, and the requirements are those applicable to firms giving corporate finance advice.

Credit Unions

SUP 16.7.62R

A credit union must submit reports to the FSA in accordance with, and in the same format as, the forms contained in SUP 16 Annex 14, as set out in SUP 16.7.63 R.43

SUP 16.7.63R

Financial reports required from a credit union (see SUP 16.7.62 R)3

Content of report

Form

Frequency

Due date

Key financial data

CQ

Quarterly

One month after quarter end

Extended financial data

CY

Annually

Seven months after the financial year end13114
SUP 16.7.63AG

Guidance notes for the completion of the reports are contained in SUP 16 Annex 15.13114

SUP 16.7.63BR

The annual report required from a credit union by SUP 16.7.62 R and SUP 16.7.63 R must be made up for the same period as the audited accounts published by the credit union in accordance with section 3A of the Friendly and Industrial and Provident Societies Act 1968 (See CRED 14 Annex 1).4

SUP 16.7.63CG

CRED 14.10.10 R (2)(a) states that the audited accounts referred to in SUP 16.7.63B R are to be made up for the period beginning with the date of the credit union's registration or with the date to which the credit union's last annual accounts were made up, whichever is the later, and ending on the credit union's most recent financial year end.4

Electronic money institutions

SUP 16.7.64R
  1. (1)

    SUP 16.7.65 R and SUP 16.7.66 R do not apply to a lead regulated firm.

  2. (2)

    A lead regulated firm must submit a copy of its audited annual financial statements to the FSA within six months of the date at which they were prepared.

SUP 16.7.65R

An ELMI must submit reports in accordance with SUP 16.7.66 R

SUP 16.7.66R

Financial reports from an ELMI (see SUP 16.7.65 R)

Content of Report

Form

(Note 1)

Frequency

Due Date

Annual report and audited accounts

N/A

Annually

3 months after the firm's accounting reference date

Unconsolidated reporting statement on capital adequacy

ELM-CA/LE

Half-yearly

20 business days after period end (22 business days if submitted electronically)

Consolidated reporting statement on capital adequacy

ELM-CA/LE

Half-yearly

20 business days after period end (22 business days if submitted electronically)

Consolidated reporting statement on capital adequacy in the case of ELM 7.3.2 R

BSD3

Half-yearly

20 business days after period end (22 business days if submitted electronically)

Unconsolidated large exposures reporting statement

ELM-CA/LE

Half-yearly

20 business days after period end (22 business days if submitted electronically)

Consolidated large exposures reporting statement

ELM-CA/LE

Half-yearly

20 business days after period end (22 business days if submitted electronically)

Analysis of significant transactions (other than those resulting in large exposures) with the mixed-activity holding company and its subsidiaries12

ELM-CA/LE (Note 2)12

Half-yearly12

20 business days after period end (22 business days if submitted electronically)12

List of companies included in the ELMI's consolidated large exposure reporting

N/A

Annually

6 months after the firm's accounting reference date1311

Note 1 = When giving the report required, an ELMI must use the form indicated (if any). A copy of Forms BSD3 and ELM-CA/LE areset out in SUP 16 Annex 1.

Note 2 = ELMIs must add the required information to the large exposures reporting form (QFS1). For the purposes of this reporting requirement, a transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the group.12

UCITS Management Companies

SUP 16.7.67R

7A UCITS management company must submit reports to the FSA in accordance with SUP 16.7.68 R.

SUP 16.7.68R

Financial reports from a UCITS management company (see SUP 16.7.67 R)7

Report

Frequency

Due Date

Annual accounts (Note 1)

Annually

4 months after the firm's accounting reference date

Annual solvency statement (only for individuals in partnership) (Note 2)

Annually

At the same time as the Annual Financial Return

Quarterly Financial Return (Note 3)

Quarterly

1 month after quarter end

Consolidated supervision return (Only for UCITS investment firms)12

Half-yearly12

4 months after end of relevant six-month period12

If the firm's ultimate parent is a mixed-activity holding company, the annual accounts of the mixed-activity holding company (Only for UCITS investment firms)12

Annually12

As soon as available after year-end12

Note 1: The Annual Financial Return and the annual accounts of a firm must together give a true and fair view of the state of affairs of the firm (or in the case of a sole trader, of his regulated activities) and of the firm's profit or loss.

Note 2: The annual solvency statement is a statement from each partner in the following form: 'I certify that I have sufficient assets to cover my personal liabilities.'

Note 3: A firm must therefore prepare four Quarterly Financial Returns each year. One Quarterly Financial Return must be prepared to the same date as the Annual Financial Return (but submitted earlier). Quarterly Financial Returns are not cumulative, and must relate only to the period concerned. A firm may need to prepare more frequent accounts, including financial resources statements, for its own internal use to ensure that it complies at all times with the rules in IPRU(INV).
SUP 16.7.69R

7A UCITS management company must submit the reports in SUP 16.7.68 R in accordance with, and in the same format as:12

1212
  1. (1)

    the forms contained in SUP 16 Annex 16, and as required by section 3 of that annex; and12

  2. (2)

    the form contained in SUP 16 Annex 20, and having regard to SUP 16 Annex 21.12

SUP 16.7.70G

7The FSA expects the annual accounts to be submitted together with the auditor's report required by SUP 3.9.4 R.

Reporting periods

SUP 16.7.71R

7The period covered by:

  1. (1)

    quarterly financial returns may not exceed three months; and

  2. (2)

    annual financial returns may not exceed twelve months.

Timely reporting

SUP 16.7.72R

7A UCITS management company must notify the FSA in writing as soon as it has reason to believe it will be unable to submit an annual or quarterly financial return by the dates specified in SUP 16.7.68 R. Such notice must specify why it cannot submit the report to the FSA on time and give the date by which it will submit the report to the FSA.

1212Financial conglomerates

SUP 16.7.82R
  1. (1)

    1212A firm that is a member of a financial conglomerate must submit financial reports to the FSA in accordance with the table in SUP 16.7.83 R if:

    1. (a)

      it is at the head of an FSA regulated EEA financial conglomerate; or

    2. (b)

      its Part IV permission contains a relevant requirement.

  2. (2)

    In (1)(b), a relevant requirement is one which:

    1. (a)

      applies SUP 16.7.83 R to the firm; or

    2. (b)

      applies SUP 16.7.83 R to the firm unless the mixed financial holding company of the financial conglomerate to which the firm belongs submits the report required under this rule (as if the rule applied to it).

SUP 16.7.83R

1212Financial reports from a member of a financial conglomerate (see SUP 16.7.82 R)

Content of Report

Form

(Note 1)

Frequency

Due Date

Calculation of supplementary capital adequacy requirements in accordance with one of the four technical calculation methods

Note 2

Note 5

Note 5

Identification of significant risk concentration levels

Note 3

Yearly

4 months after year end

Identification of significant intra-group transactions

Note 4

Yearly

4 months after year end

Report on compliance with PRU 8.4.35 R where it applies

Note 6

Note 5

Note 5

Note 1 = When giving the report required, a firm must use the form indicated, if any.

Note 2 = If Part 1 of PRU 8 Annex 1 (method 1), Part 2 of PRU 8 Annex 1 (method 2), or Part 3 of PRU 8 Annex 1 (method 3) applies, there is no specific form. Adequate information must be provided, and each financial conglomerate for which the FSA is the co-ordinator must discuss with the FSA how to do this.

If Part 4 of PRU 8 Annex 1 applies (method 4):

(1)

a banking conglomerate must use form SUP 16 Annex 1 (BSD3);

(2)

a building society conglomerate must use form SUP 16 Annex 3 (MFS1 Tables D&F);

(3)

an investment services conglomerate must use form SUP 16 Annex 20;

(4)

an insurance conglomerate must use the Parent Undertaking Reporting Format example in GN 10.1 of IPRU(INS).

Note 3 = Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the FSA is the co-ordinator must discuss with the FSA the form of the information to be reported. This should mean that usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.

When reviewing the risk concentration levels, the FSA will in particular monitor the possible risk of contagion in the financial conglomerate, the risk of a conflict of interests, the risk of circumvention of sectoral rules, and the level or volume of risks.

Note 4 = For the purposes of this reporting requirement, an intra-group transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the financial conglomerate.

Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the FSA is the co-ordinator will need to discuss with the FSA the form of the information to be reported. This should mean that usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.

When reviewing the intra-group transactions, the FSA will in particular monitor the possible risk of contagion in the financial conglomerate, the risk of a conflict of interests, the risk of circumvention of sectoral rules, and the level or volume of risks.

Note 5 = The frequency and due date will be as follows:

1.

banking conglomerate: frequency is half-yearly with due date 20 business days after period end (24 business days if submitted electronically);

2.

building society conglomerate: frequency is quarterly with due date seven business days after month end (largest societies) and ten business days after month end (other societies);

3.

investment services conglomerate: frequency is half yearly with due date three months after period end;

4.

insurance conglomerate: frequency is yearly with due date four months after period end for the capital adequacy return and three months after period end for the intra-group transactions.

Note 6 = Adequate information must be added as a separate item to the relevant form for sectoral reporting.