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SUP 16.1 Application

SUP 16.1.1 R RP

This chapter applies to every firm within a category listed in column (2) of the table in SUP 16.1.3 R and in accordance with column (3) of that table.

SUP 16.1.2 G RP

The only categories of firm to which no section of this chapter applies are:

  1. (1)

    an ICVC;

  2. (2)

    an incoming EEA firm or incoming Treaty firm, unless it is:

    1. (a)

      a firm of a type listed in SUP 16.1.3 R as a type of firm to which SUP 16.6, SUP 16.7 or5SUP 16.9 applies; or

    2. (b)

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

    3. (c)

      a firm with permission to establish, operate or wind up a stakeholder pension scheme;3

  3. (3)

    a UCITS qualifier.

SUP 16.1.3 R RP

Application of different sections of SUP 16

88888888811999988888

(1) Section(s)

(2) Categories of firm to which section applies

(3) Applicable rules and guidance

SUP 16.1 , SUP 16.2 and SUP 16.3

All categories of firm except:

Entire sections

(a)

an ICVC;

(b)

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

(i)

a firm of a type to which SUP 16.6 or SUP 16.7 applies; or

(ii)

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

(iii) 3

a firm with permission to establish, operate or wind up a stakeholder pension scheme;

(c)

a UCITS qualifier.

SUP 16.4 and SUP 16.5 2

All categories of firm except:

Entire sections

(-a)

a credit union;2

(a)

an ICVC;

(b)

an incoming EEA firm;

(c)

an incoming Treaty firm;

(d)

a non-directive friendly society;

(e) 4

[deleted] 4

(f)

a sole trader;

(g)

a service company;

(h)

a UCITS qualifier;8

8

(i) 8

a firm with permission to carry on only retail investment activities;8

(j) 8

a firm with permission to carry on only insurance mediation activity , mortgage mediation activity, or both;8

(k) 8

a firm falling within both (i) and (j)8

SUP 16.6

Bank, ELMI

SUP 16.6.4 R to SUP 16.6.5 R

Depositary of an ICVC

SUP 16.6.6 R to SUP 16.6.9 G

OPS firm

SUP 16.6.6 R to SUP 16.6.8 R

Trustee of an AUT

SUP 16.6.6 R to SUP 16.6.9 G

SUP 16.7

Bank , other than an EEA bank with permission for cross border services only.1

SUP 16.7.7 R to SUP 16.7.15 R

Building society

SUP 16.7.16 R to SUP 16.7.19 R

Service company

SUP 16.7.20 R to SUP 16.7.21 R

Securities and futures firm (other than an oil market participant to which IPRU(INV) 3 does not apply)

SUP 16.7.22 R to SUP 16.7.34 G

Investment management firm

SUP 16.7.35 R to SUP 16.7.41 R

Authorised professional firm (note)

SUP 16.7.54 R and SUP 16.7.54A R12

Society of Lloyd's

SUP 16.7.55 R to 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 to SUP 16.7.58 R , SUP 16.7.59 R (3) , SUP 16.7.60 G and SUP 16.7.61 G

Credit Union 2

SUP 16.7.62 R to SUP 16.7.63 R 2

ELMI

SUP 16.7.64 R to SUP 16.7.66 R

UCITS management company 6

6 SUP 16.7.67 R to SUP 16.7.72 R

Member of a financial conglomerate10

SUP 16.7.82 R to SUP 16.7.83 R 10

A firm not subject to other reporting requirements in SUP 16.7.1 G - SUP 16.7.75 R (nor to reporting requirements in IPRU(INS) or IPRU(FSOC)):81112

SUP 16.7.76 R to SUP 16.7.81 G 8 8 11

(1) 8

with permission to carry on one or more of:8

(a) 8

insurance mediation activity ; or 8

(b) 8

mortgage mediation activity; or8

(c) 8

mortgage lending; or8

(d) 8

mortgage administrating; or8

(2) 8

which is a personal investment firm 8 11

SUP 16.8

Insurer with permission to effect or carry out life policies , unless it is a non-directive friendly society 3

Entire section

3 Firm with permission to establish, operate or wind up a stakeholder pension scheme

Entire section 3

SUP 16.9 5

Firm with permission to advise on investments ; arrange (bring about) deals in investments ; make arrangements with a view to transactions in investments ; or arrange safeguarding and administration of assets 5

Entire section 5

SUP 16.10 9

All categories of firm except: 9

Entire section 9

(a) 9

an ICVC ; 9

(b) 9

a UCITS qualifier ; and 9

(c) 9

a credit union.9

SUP 16.11 8

A firm , other than a managing agent , which is:8

Entire section 8

(1) 8

a mortgage lender; or8

(2) 8

an insurer ; or 8

(3) 8

the operator of a regulated collective investment scheme or an investment trust savings scheme ; or 8

(4) 8

a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product 8.

SUP 16.1.4 G RP
  1. (1)

    This chapter contains requirements to report to the FSA on a regular basis. These requirements include reports relating to a firm's financial condition, and to its compliance with other rules and requirements which apply to the firm. Where the relevant requirements are set out in another section of the Handbook, this chapter contains cross references. An example of this is financial reporting for insurers and friendly societies.

  2. (2)

    Where such requirements already apply to a firm under legislation other than the Act, they are not referred to in this chapter. An example of this is reporting to the FSA by building societies under those parts of the Building Societies Act 1986 which have not been repealed.

  3. (3)

    Requirements for individual firms reflect:

    1. (a)

      the category of firm;

    2. (b)

      the nature of business carried on;

    3. (c)

      whether a firm has its registered office (or if it does not have a registered office, its head office) in the United Kingdom; and

    4. (d)

      whether a firm is an incoming EEA firm or incoming Treaty firm.

SUP 16.1.5 G

The reporting of complaints is covered in DISP 1.5.4 RDISP 1.5.8 G.

SUP 16.1.6 G

Reporting on pension transfers and pension opt-outs arranged by the firm against its advice is covered in COB 5.3.26 R.

SUP 16.2 Purpose

SUP 16.2.1 G RP
  1. (1)

    In order to discharge its functions under the Act, the FSA needs timely and accurate information about firms. The provision of this information on a regular basis enables the FSA to build up over time a picture of firms' circumstances and behaviour.

  2. (2)

    Principle 11 requires a firm to deal with its regulators in an open and cooperative way, and to tell the FSA appropriately anythingof which the FSA would reasonably expect notice. The reporting requirements are part of the FSA's approach to amplifying Principle 11 by setting out in more detail the information that the FSA requires. They supplement the provisions of SUP 2 (Information gathering by the FSAon its own initiative) and SUP 15 (Notifications to the FSA). The reports required under these rules help the FSA to monitor firms' compliance with Principles governing relationships between firms and their customers, with Principle 4, which requires firms to maintain adequate financial resources, and with other requirements and standards under the regulatory system.

SUP 16.3 General provisions on reporting

Application

SUP 16.3.1 G RP

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 16.3.2 G RP

This chapter has been split into eight5sections, covering:

5 3
  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 16.3.3 G RP

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 16.3.4 G RP

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 16.3.5 G RP

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 16.3.6 R RP

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 16.3.7 R RP

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 16.3.8 R RP

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 16.3.9 R RP

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 16.3.10 G RP
  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 16.3.11 R RP

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

SUP 16.3.12 G RP

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 16.3.13 R RP
  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 16.3.14 R RP
15
  1. (1)

    If a firm does not submit a complete report by the date on which it is due in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 and any prescribed submission procedures, the firm must pay an administrative fee of £250.15

  2. (2)

    The administrative fee in (1) does not apply in respect of quarterly reports required to be submitted by credit unions whose liability to pay a periodic fee under FEES 4.2.1 R in respect of the A.1 activity group in FEES 4 Annex 1R, for the financial year prior to the due date for submission of the report, was limited to the payment of the minimum fee11.15

SUP 16.3.14A G RP

9Failure to submit a report in accordance with the rules in, or referred to in,12 this chapter or the provisions of relevant legislation12 may also lead to the imposition of a financial penalty and other disciplinary sanctions (see ENF 13.5). A firm may be subject to reporting requirements under relevant legislation other than the Act, not referred to in this chapter. An example of this is reporting to the FSA by building societies under those parts of the Building Societies Act 1986 which have not been repealed (see SUP 16.1.4 G).12 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 16.3.15 G RP

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 16.3.16 G RP

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 16.3.17 R RP
  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 16.3.18 G RP

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 16.3.19 G RP

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 16.3.20 R
  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 16.3.21 G

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 16.3.22 G RP

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 16.3.23 G RP

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 16.3.24 G RP

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 16.3.25 G RP

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 16.3.26 G RP

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.

SUP 16.4 Annual controllers report

Application

SUP 16.4.1 G RP

This section applies to every firm except those firms excluded from its operation by SUP 16.1.1 R and SUP 16.1.3 R. 632

SUP 16.4.2 G RP

This section may be of relevance to a directive friendly society:

  1. (1)

    if it has 10 members or less;

  2. (2)

    if it has a delegate voting system and has 10 delegates or less; or

  3. (3)

    if it has 20 members or less and effects or carries out group insurance contracts where one person may exercise one vote on behalf of the members of a group and one vote in their private capacity; or

where a member or delegate, whether alone or with any associate, is entitled to exercise, or control the exercise of, 10% or more of the total voting power.

SUP 16.4.3 G RP

Requirements for notifications of a change in control can be found in SUP 11 (Controllers and close links).

Purpose

SUP 16.4.4 G RP

A firm and its controllers are required to notify certain changes in control (See SUP 11 (Controllers and close links)). The purpose of the rules and guidance in this section is:

  1. (1)

    to ensure that, in addition to such notifications, the FSA receives regular and comprehensive information about the identities of all of the controllers of a firm, which is relevant to a firm's continuing to satisfy the threshold conditions (see COND 2.3) and to the protection of consumers;

  2. (2)

    to implement certain requirements relating to annual reporting of controllers which must be imposed on firms under the Investment Services Directive, the Banking Consolidation Directive, the Third Life Directive and the Third Non-Life Directive; and

  3. (3)

    to support the FSA's functions under Part XIIof the Act (Control over authorised persons) (see SUP 11 (Controllers and close links)).

Reporting requirement

SUP 16.4.5 R RP
  1. (1)

    A firm must submit a report to the FSA annually, containing the information in (3) or (4) (as applicable).

  2. (2)

    A firm must submit the report in (1) to the FSA within four months of the firm'saccounting reference date.

  3. (3)

    If a firm is not aware:

    1. (a)

      that it has any controllers; or

    2. (b)

      of any changes in the identity of its controllers since the submission of its previous report under (1); or

    3. (c)

      of any changes in the percentage of shares or voting power in the firm held by any controllers (alone or with any associate) since the submission of its previous report;

    then the report in (1) must confirm this.

  4. (4)

    Unless (3) applies, the report in (1) must contain a list of all the controllers as at the firm'saccounting reference date of which it is aware and, for each such controller, state:

    1. (a)

      its name;

    2. (b)

      the percentage of voting power in the firm, or in the firm'sparent undertaking, which it is entitled to exercise or control the exercise of, whether alone or with any associate;

    3. (c)

      the percentage of shares in the firm, or in the firm'sparent undertaking, which it holds, whether alone or with any associate;

    4. (d)

      if the controller is a body corporate, its country of incorporation, address and registered number; and

    5. (e)

      if the controller is an individual, his date and place of birth.

  5. (4A)

    5A firm that is a regulated entity must include in its report to the FSA under (1) whether any consolidation group of which it is a member is a third-country banking and investment group.

  6. (4B)

    5A firm does not have to give notice to the FSA under (4A) if it, or another member of the third-country banking and investment group, has already given notice to the FSA of the relevant fact.

  7. (5)

    In this section, 'associate' and 'shares' have the meanings given in the definition of controller.

SUP 16.4.6 G

The information required by SUP 16.4.5 R(4) may be provided in the form of a group organisation chart.

SUP 16.4.7 G RP

If a group includes more than one firm, a single annual controllers 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, indicate all the firms on whose behalf it is submitted and give their FSA firm reference numbers. Nevertheless, the requirement to provide a report, and the responsibility for the report, remain with each firm in the group.1

SUP 16.4.8 G

A firm may submit a single report satisfying the requirements of its annual controllers report (SUP 16.4.5 R) and its annual close links report (SUP 16.5.4 R). Such a report should contain the information required on both controllers and close links.

SUP 16.4.9 G RP

Firms are reminded of the requirement in SUP 11.4.10 R to take reasonable steps to keep themselves informed about the identity of their controllers.

Exceptions: friendly societies and building societies

SUP 16.4.10 R RP

If a firm is a friendly society or a building society, then it is required to submit a report under SUP 16.4.5 R only if it is aware that it has a controller.4

SUP 16.4.11 R RP

3In SUP 16.4.5 R and SUP 16.4.10 R, a building society may regard a person as not being a controller if that person is exempt from the obligation to notify a change in control under The Financial Services and Markets Act 2000 (Controllers) (Exemption) (No.2) Order 2001 (SI 2001/3338) (see SUP 11.3.2A G (2)).

Exception: insurers

SUP 16.4.12 R RP

4An insurer need not submit a report under SUP 16.4.5 R to the extent that the information has already been provided to the FSA under IPRU(INS) 9.30R (Additional information on controllers).

SUP 16.5 Annual Close Links Reports

Application

SUP 16.5.1 G RP

This section applies to every firm except those firms excluded from its operation by SUP 16.1.1 R and SUP 16.1.3 R. 432

Purpose

SUP 16.5.2 G RP

A firm is required to notify the FSA of changes to its close links (see SUP 11.9). Threshold condition 3 (Close links) provides that, if a firm has close links with another person, the FSA must be satisfied that:

  1. (1)

    those close links are not likely to prevent the FSA's effective supervision of the firm; and

  2. (2)

    where it appears to the FSA that the person is subject to the laws, regulations or administrative provisions of a territory which is not an EEA State, neither the foreign provisions, nor any deficiency in their enforcement, would prevent the FSA's effective supervision of the firm.

SUP 16.5.3 G RP

The purposes of the rules and guidance in this section are:

  1. (1)

    to ensure that, in addition to such notifications, the FSA receives regular and comprehensive information about the identities of all persons with whom a firm has close links, which is relevant to a firm's continuing to satisfy the threshold condition 3 (Close links) (see SUP 2.3) and to the protection of consumers; and

  2. (2)

    to implement certain requirements relating to the provision of information on close links which must be imposed on firms under the 'Post-BCCI Directive'.

Report

SUP 16.5.4 R RP
  1. (1)

    A firm must submit a report to the FSA annually the information in (3) or (4) (as applicable).

  2. (2)

    A firm must submit the report in (1) to the FSA within four months of the firm'saccounting reference date.

  3. (3)

    If a firm is not aware:

    1. (a)

      that it has any close links; or

    2. (b)

      of any material changes to the details in (4) (a) to (c) in respect of its close links since the submission of its previous report under (1);

    then the report in (1) must confirm this.

  4. (4)

    Unless (3) applies, the report in (1) must contain a list of all persons with whom the firm has close links as at the firm'saccounting reference date of which it is aware, and for each such person state:

    1. (a)

      its name;

    2. (b)

      the nature of the close links;

    3. (c)

      if the close link is with a body corporate, its country of incorporation, address and registered number; and

    4. (d)

      if the close link is with an individual, his date and place of birth.

SUP 16.5.5 G

The information required by SUP 16.5.4R(4) may be provided in the form of a group organisation chart.

SUP 16.5.6 G RP

If a group includes more than one firm, a single annual close links 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, indicate all the firms on whose behalf it is submitted and give their FSA firm reference numbers. Nevertheless, the requirement to provide a report, and the responsibility for the report, remain with each firm in the group.1

SUP 16.5.7 G

A firm may submit a single report satisfying the requirements of its annual controllers report (SUP 16.4.5 R) and its annual close links report (SUP 16.5.4 R). Such a report should contain the information required on both controllers and close links.

SUP 16.5.8 R RP

If a firm is an unincorporated friendly society, then it is only required to submit a report under SUP 16.5.4 R if it is aware that it has close links.

SUP 16.6 Compliance reports

Application

SUP 16.6.1 G RP

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.

SUP 16.6.2 G RP

Applicable provisions of this section (see SUP 16.6.1 G)

Category of firm

Applicable provisions

Bank, ELMI

SUP 16.6.4 R - SUP 16.6.5 R

Trustee of an AUT

Depositary of an ICVC

SUP 16.6.6 R - SUP 16.6.9 G

OPS firm

SUP 16.6.6 R - SUP 16.6.8 R

Purpose

SUP 16.6.3 G

The FSA 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 FSA requires will vary, depending on the type of business a firm undertakes. The requirements in SUP 16.6 represent an interim approach to compliance reporting, based mainly on the reporting requirements, which previous regulators applied to firms. This information helps the FSA 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

SUP 16.6.4 R RP

A bank and an ELMI must submit compliance reports to the FSA in accordance with SUP 16.6.5 R.

SUP 16.6.5 R RP

Compliance reports from a bank and an ELMI (see SUP 16.6.4 R)

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 date

Organogram showing the authorised entities in the firm's group

Annually

6 months after the firm's accounting reference date

Trustees of authorised unit trust schemes, depositaries of ICVCs, and OPS firms

SUP 16.6.6 R RP

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.

SUP 16.6.7 R RP

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 in SUP 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
SUP 16.6.8 R RP
  1. (1)

    The report from a trustee of an AUT to the FSA 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:

    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 FSA'sguidance as set out in COLL 6.2.12 or CIS App as the case may be;

    2. (b)

      price units in the AUT in accordance with COLL 6.2 or CIS 4 as the case may be for single-priced AUTs andCIS 15 for dual-priced AUTs, where the pricing error was:

      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 FSA 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 or might have appeared that the authorised corporate director had failed (materially or otherwise) to:

    1. (a)

      arrange for the issue or cancellation of shares in the ICVC when the authorised corporate director should have done so, and the error:

      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 FSA'sguidance as set out in COLL 6.2.12 or CIS App as the case may be;

    2. (b)

      price shares in the ICVC in accordance with the provisions of COLL 6.3 or CIS 4 for ICVCs as the case may be, where the pricing error was:

      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. (3)

    An OPS firm must notify the FSA 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 16.6.9 G

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.

SUP 16.7 Financial reports

Application

SUP 16.7.1 G

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 16.7.2 G
  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 16.7.3 G

Principle 4 requires firms to maintain adequate financial resources, and the Interim Prudential sourcebooks (or, in the case of firms with permission to carry on insurance mediation activity, mortgage mediation activity, or both, PRU) 11set 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 or PRU, as the case may be11. 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 16.7.4 G

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 16.7.5 G

Applicable rules and guidance on 11reports (see SUP 16.7.1 G)

12121212111211121111111111111113

Firm category

Applicable rules and guidance

Bank , other than an EEA bank with permission for cross border services only 1

SUP 16.7.7 R - SUP 16.7.15 R

SUP 16.7.82 R - SUP 16.7.83 R 12

Building society

SUP 16.7.16 R - SUP 16.7.19 R

SUP 16.7.82 R - SUP 16.7.83 R 12

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 R 12

Investment management firm

SUP 16.7.35 R - SUP 16.7.41 R

SUP 16.7.82 R - SUP 16.7.83 R 12

Authorised professional firm (Note 2)

SUP 16.7.54 R - SUP 16.7.54A R 11

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 Union 3

SUP 16.7.62 R - SUP 16.7.63 R 3

ELMI

SUP 16.7.66 R

SUP 16.7.82 R - SUP 16.7.83 R 12

UCITS management company 7

7 SUP 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

A firm, not subject to other reporting requirements in SUP 16.7.1 G- SUP 16.7.75 R(nor to reporting requirements in IPRU(INS) or IPRU(FSOC))13:1114

SUP 16.7.76 R - SUP 16.7.81 G 11

(a) 11

with permission to carry on one or more of: 11

(1) 11

insurance mediation activity ; or 11

(2) 11

mortgage mediation activity; or11

(3) 11

mortgage lending; or11

(4) 11

mortgage administratiion; or11

(b) 11

which is a personal investment firm 11 13

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 16.7.6 G

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.

Compulsory electronic submission of certain reports to the FSA11

SUP 16.7.6A R

11A firm which is required by this section to submit an RMAR or an MLAR must provide the relevant data specified in SUP 16 Annex 18AR or SUP 16 Ann 19AR respectively by electronic means made available by the FSA.

SUP 16.7.6B G

11The RMAR is relevant to the reporting requirements of personal investment firms and 13firms carrying on insurance mediation activity, mortgage mediation activity or retail investment activity. The MLAR is relevant to firms carrying on mortgage lending or mortgage administration.

SUP 16.7.6C R

11Where reference is made in SUP 16.7 to adequate information relating to:

13
  1. (1)

    a personal investment firm; or13

    13
  2. (2)

    the following activities:

    13
    1. (a)

      insurance mediation activity: or13

    2. (b)

      mortgage mediation activity; or13

    3. (c)

      retail investment activity;13

this includes all sections of the RMAR in addition to those relating to financial reports, except where otherwise indicated.

SUP 16.7.6D G

11The RMAR comprises sections relating both to financial reporting and other sections (e.g. Training and Competence and COB data).

SUP 16.7.6E G

11Where SUP 16.7 requires a report containing adequate information on one or more of the following activities:

  1. (1)

    insurance mediation activity;

  2. (2)

    mortgage mediation activity;

  3. (3)

    mortgage lending;

  4. (4)

    mortgage administration;

  5. (5)

    retail investment activity;

a firm should submit a report only if it carries on at least one of those activities.

Banks

SUP 16.7.7 R

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

SUP 16.7.8 R

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 subsidiaries 12

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 date 11 8 6

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 .TheRMARandMLARare located at andrespectively 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 16.7.9 R

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 16.7.10 R

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 13 11 1 SUP 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 ofguidance 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 16.7.11 R

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

SUP 16.7.12 R

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

11

Content of Report

1 Form (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 year 1.

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 1 SUP 16.7.8 R .

Annual report and audited accounts, in English

N/A

Annually

9 months after the firm's accounting reference date 13 11 10

Note = When giving the report required, abankmust use the form indicated. The content of the form has the status ofguidanceon 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 16.7.13 R

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 16.7.14 G

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

SUP 16.7.15 R

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@bankofengland.co.uk20; or

      20
    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 16.7.16 R

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

SUP 16.7.17 R

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

11

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 16.7.18 G

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

Method of submission

SUP 16.7.19 R

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 16.7.20 R

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

SUP 16.7.21 R

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

Report

Frequency

Due date

Annual audited financial statements (Note 1) 21

Annually

6 months after the firm's accounting reference date 13 11

21 Note 1 = A firm need only submit this report to the FSA if the report was audited as a result of a statutory provision other than the Act.

Securities and futures firms

SUP 16.7.22 R
  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 16.7.23 R

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 16.7.24 R

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 16.7.25 R

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 (Note 5A) 21

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 (Note 5A) 21

Annually

3 months after the firm's accounting reference date

Consolidated supervision return 12 (Note 2)

12

Half yearly

3 months after end of the relevant six-month period 12

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

Quarterly 12

1 month after quarter end 12

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

Annually 12

As soon as available after year end 12

Monthly reporting statement

Monthly

15 business days after month end 13 11

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

21 Note 5A = A firm need only submit this report to the FSA if the report was audited as a result of a statutory provision other than the Act.
SUP 16.7.26 R

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 16.7.27 R

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) 21

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 (Note 5A) 21

Annually

3 months after the firm's accounting reference date

Consolidated supervision return 12 (Note 2)

12

Half yearly

3 months after end of relevant six-month period 12

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

Quarterly 12

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

Annually 12

As soon as available after year end 12

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 in IPRU(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

21 Note 5A = A firm need only submit this report to the FSA if the report was audited as a result of a statutory provision other than the Act.
SUP 16.7.28 R

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 16.7.29 R

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) (Note 1) 21

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 (Note 1) 21

Annually

3 months after the firm's accounting reference date 13 11

21 Note 1 = A firm need only submit this report to the FSA if the report was audited as a result of a statutory provision other than the Act.
SUP 16.7.30 R
  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'saccounting reference date.

SUP 16.7.31 R

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

12 12
  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 16.7.32 G

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

SUP 16.7.33 R
  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 16.7.34 G

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 16.7.35 R

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 16.7.36 R

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

Annually 12

4 months after the firm's accounting reference date 12

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

Half-yearly 12

4 months after end of relevant six-month period 12

If the firm's ultimate parent is a mixed-activity holding company , the annual accounts of the mixed-activity holding company 12 5

Annually 12

As soon as available after year end 12

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 in IPRU(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 16.7.37 R

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 16.7.38 R

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

12 12 9
  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 16.7.39 G
  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 16.7.40 R

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 16.7.41 R

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.

11
SUP 16.7.42 G

[deleted]11

11
SUP 16.7.43 R

[deleted]11

11
SUP 16.7.44 R

[deleted]11

11
SUP 16.7.45 R

[deleted]11

SUP 16.7.46 R

[deleted]11

11
SUP 16.7.47 R

[deleted]11

SUP 16.7.48 R

[deleted]11

11
SUP 16.7.49 R

[deleted]11

SUP 16.7.50 R

[deleted]11

11
SUP 16.7.51 R

[deleted]11

SUP 16.7.52 G

[deleted]11

11 12
SUP 16.7.53 G

[deleted]11

11

Authorised professional firms

SUP 16.7.54 R
  1. (1)

    An authorised professional firm must submit an annual questionnaire, 14contained in SUP 16 Annex 9, unless:

    11
    1. (a)

      its only regulated activities are one or more of:13

      1. (i)

        insurance mediation;13

      2. (ii)

        mortgage mediation;13

      3. (iii)

        retail investment;13

      4. (iv)

        mortgage lending;13

      5. (v)

        mortgage administration; or13

    2. (b)

      its "main business" as determined by IPRU(INV) 2.1.2 R (3) is advising on, or arranging deals in, packaged products, or managing investments for private customers;13

    in which case the authorised professional firm must complete the appropriate report specified in SUP 16.7.54A R.14

  2. (2)

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

  3. (3)

    An authorised professional firm must also, where applicable, submit a report to the FSA in accordance with SUP 16.7.54A R.11

SUP 16.7.54A R

Reports from an authorised professional firm (see SUP 16.7.54 R)11

11

11 Report

Return

(Note 1)

Frequency

Due date

Adequate information relating to the following activities:11

RMAR (Note 3) 11

Half yearly (quarterly for sections A to E for larger firms, subject to Note 3 exemptions)11

(Note 2) 11

For half yearly report: 30 business days after period end 11

For quarterly report: 30 business days after quarter end 11

(1) 11

insurance mediation activity;11

(2) 11

mortgage mediation activity;11

(3) 11

retail investment activity.11

(4) 13

advising on, or arranging deals in, packaged products, or managing investments for private customers where these activities are the authorised professional firm's "main business" as determined by IPRU(INV) 2.1.2 R (3)13

Adequate information relating to mortgage lending and mortgage administrator.11

MLAR 11

Quarterly 11

20 business days after quarter end 11

Note 1 = When giving the report required, a firm must use the return indicated. The RMAR and MLAR are located at SUP 16 Annex 18A and SUP 16 Ann 19A respectively and have the status of rules.11

Note 2 = For the purposes of RMAR reporting, a larger firm is a firm whose annual regulated business revenue in its previous financial year was greater than £5m. Annual regulated business revenue for these purposes is a firm's total revenue relating to insurance mediation activity , mortgage mediation activity and retail investment activity.11

Note 3 = A firm which submits an MLAR is not required to submit sections A and B of the RMAR.11

Society of Lloyd's and members' advisers

SUP 16.7.55 R

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

SUP 16.7.56 R

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 date 5

Syndicate returns

Annually

6 months after the Society's accounting reference date

SUP 16.7.57 R

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

SUP 16.7.58 R

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 end 13 11

SUP 16.7.59 R
  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 16.7.60 G

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

SUP 16.7.61 G

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 16.7.62 R

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 16.7.63 R

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 end 13 11 4

SUP 16.7.63A G

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

SUP 16.7.63B R

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 16.7.63C G

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 16.7.64 R
  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 16.7.65 R

An ELMI must submit reports in accordance with SUP 16.7.66 R

SUP 16.7.66 R

Financial reports from an ELMI (see SUP 16.7.65 R)

111111111111111111

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/LEareset 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 16.7.67 R

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

SUP 16.7.68 R

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

Annually 12

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 16.7.69 R

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

12 12
  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 16.7.70 G

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 16.7.71 R

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 16.7.72 R

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.

A firm not subject to other reporting requirements in SUP 16.711

SUP 16.7.76 R

11A firm not subject to other reporting requirements in SUP 16.7.1 G - SUP 16.7.75 R (nor to reporting requirements in IPRU(INS) or IPRU(FSOC)):14

  1. (1)

    with permission to carry on one or more of:

    1. (a)

      insurance mediation activity; or14

    2. (b)

      mortgage mediation activity; or14

    3. (c)

      mortgage lending; or14

    4. (d)

      mortgage administration; or14

  2. (2)

    which is a personal investment firm13;

    1314

must submit reports to the FSA in accordance with SUP 16.7.77 R.

SUP 16.7.77 R

Reports from a firm not subject to other reporting requirements in SUP 16.7.1 G - SUP 16.7.75 R14

11 Report

Return

(Note 1)

Frequency

Due date

Adequate information relating to:13

RMAR

(Note 4)

Half yearly (quarterly for sections A to E for larger firms)

(Note 2)

(Note 3)

For half yearly report: 30 business days after period end.

For quarterly report: 30 business days after quarter end.

(1)

a personal investment firm; or13

(2)

the following activities:13

(a) insurance mediation activity;13

(b) mortgage mediation activity;13

(c) retail investment activity.13

Adequate information relating to mortgage lending and mortgage administrating.

MLAR

Quarterly

20 business days after quarter end

If the firm is a mortgage lender or mortgage administrator, annual report and audited accounts (Note 10)21.

N/A

Annually

3 months after the firm's accounting reference date

Consolidated supervision return (Note 5)13

19

Half yearly13

4 months after end of relevant 6-month period 13

19Audited consolidated statutory accounts (Notes 9 and 1021)

annually

4 months after the firms accounting reference date

Annual accounts of the mixed-activity holding company (Note 6) 13

Annually13

As soon as available after year-end13

Note 1 = When giving the report required, a firm must use the return indicated. The RMAR and MLAR are located at SUP 16 Annex 18A and SUP 16 Ann 19A respectively and have the status of rules.11

Note 2 = For the purposes of RMAR reporting, a larger firm is a firm whose annual regulated business revenue in its previous financial year was greater than £5m. Annual regulated business revenue for these purposes is a firm's total revenue relating to insurance mediation activity, mortgage mediation activity and retail investment activity.11

Note 3 = Firms categorised under IPRU(INV) 13 as A1, A2 or A3 should submit financial information (RMAR sections A, B, C, D and E) in accordance with ISD and CAD requirements, as follows:11

11 Category of firm

Frequency

Due date

Category A1

Monthly

15 business days after month end

Category A2

Quarterly

30 business days from the end of the relevant period.

Category A3

Half yearly (quarterly for larger firms - Note 2)

30 business days from the end of the relevant period.

Note 4 = A firm which submits an MLAR is not required to submit sections A and B of the RMAR. A firm which submits an MLAR and which carries on the activities of a third party processor is not required to submit an RMAR in respect of those activities.1511

Note 5 = This report is only required from a category A1, A2 or A3 personal investment firm if it is a member of a group, and it is subject to consolidated supervision as set out in IPRU(INV) Chapter 14.13

Note 6 = This report is only required from a category A1, A2 or A3 personal investment firm if its ultimate parent is a mixed-activity holding company13

Note 7 = In relation to section J of the RMAR firms with an accounting reference date of between 1 February and 31 August (inclusive) must report the information required by section J solely in their half year end RMAR. All other firms must report the information required by section J solely in their year end RMAR.16

Note 8 = In relation to section J of the MLAR, firms must report the information required by section J solely in their year end MLAR. Firms with an accounting reference date of between 31 December and 31 March (inclusive) must report the information required by section J calculated as at 31 December of the calendar year immediately before the relevant fee period. All other firms must report the information required by section J of the MLAR calculated as at 31 December of the previous calendar year. For example, for 2006/07 fees, for firms with an accounting reference date of between 31 December 2005 and 31 March 2006 (inclusive) the information required by section J is that calculated as at 31 December 2005. For all other firms the information required by section J is that calculated as at 31 December 2004.16

Note 9 = required from all personal investment firms if it is a holding company, or if one of its controllers is a company.18

Note 10 = A firm need only submit this report to the FSA if the report was audited as a result of a statutory provision other than the Act.21
SUP 16.7.78 R

11Where a mortgage lender or mortgage intermediary establishes a special purpose vehicle, it must ensure that any report which the mortgage lender or mortgage intermediary makes in accordance with SUP 16.7.76 R takes account of the activities of the special purpose vehicle as if those activities were the activities of the mortgage lender itself.

SUP 16.7.79 R

11An incoming EEA firm which in the United Kingdom carries on only cross border services and is not subject to other reporting requirements in SUP 16.7 with permission to carry on:

  1. (1)

    insurance mediation activity; or

  2. (2)

    mortgage mediation activity; or

  3. (3)

    mortgage lending; or

  4. (4)

    mortgage administration; or

  5. (5)

    retail investment activity;

is subject to the requirements of SUP 16.10 only, and no requirements in respect of the RMAR or MLAR.

SUP 16.7.80 R

11An incoming EEA firm with a branch in the United Kingdom, not subject to other reporting requirements in SUP 16.7, with permission to carry on:

  1. (1)

    insurance mediation activity; or

  2. (2)

    retail investment activity;

is required to provide such information relating to those activities as is specified in SUP 16 Annex 18BG and SUP 16 Annex 19BG.

SUP 16.7.81 G

11 SUP 16.7.80 R is relevant, for example, to an insurance broker registered in another EEA State pursuant to the IMD, which exercises its EEA right to establish a branch in the United Kingdom and is not subject to other reporting requirements in SUP 16.7.

12 12Financial conglomerates

SUP 16.7.82 R
  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 16.7.83 R

12 12Financial 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.

SUP 16.8 Persistency reports from insurers and data reports on stakeholder pensions

Application

SUP 16.8.1 G RP

1The effect of SUP 16.1.1 R is that this section applies to:

  1. (1)

    every insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society1; and

  2. (2)

    every firm with permission to establish, operate or wind up a stakeholder pension scheme.

Purpose

SUP 16.8.2 G RP

1The purpose of this section is to enable information on the persistency of life policies and data on stakeholder pensions to be prepared and provided to the FSA in a standard format. This information is used in the monitoring of firms both individually and collectively.

Requirement to submit persistency and data reports

SUP 16.8.3 R RP
  1. (1)

    1An insurer with permission to effect orcarry outlife policies must submit to the FSA a persistency report in respect of life policies by 30 April each year in accordance with this section.

  2. (2)

    A firm with permission to establish, operate or wind up a stakeholder pension scheme must submit to the FSA:

    1. (a)

      a data report on stakeholder pensions by 30 April each year prepared in accordance with this section; and

    2. (b)

      two extra data reports on stakeholder pensions prepared in accordance with this section as follows:

      1. (i)

        by 31 October 2002, of the number effected in the period to 30 June 2001 and the number of those still in force 12 months after the contract was effected;

      2. (ii)

        by 31 January 2003, of the number effected in the period 1 July 2001 to 30 September 2001 and the number of those still in force 12 months after the contract was effected.

Interpretation of this section

SUP 16.8.4 R RP

1In this section, and Forms 1R(2) to (4) in SUP 16 Annex 6R:

  1. (1)

    '12 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-2, '24 month report' means the part of a persistency report or data report reporting on life policies or stakeholder pensions effected in Y-3, and so on;

  2. (2)

    'CC' means the number of life policies or stakeholder pensions which:

    1. (a)

      were effected during the period to which the calculation relates; and

    2. (b)

      are reported on in the persistency report or data report (see SUP 16.8.8 R to SUP 16.8.15 R);

  3. (3)

    'CF' means the number of life policies or stakeholder pensions within 'CC' which are treated as in force at the end of Y-1 or, for a report under SUP 16.8.3 R (2) (b), the relevant 12 month period (see SUP 16.8.16 R to SUP 16.8.18 R);

  4. (4)

    'contract anniversary' means the anniversary of the date on which the life policy or stakeholder pension was effected falling within Y-1;

  5. (5)

    'data report' means a report in respect of stakeholder pensions complying with SUP 16.8.19 R to SUP 16.8.21 R;

  6. (6)

    Forms 1R(1), 1R(2), 1R(3) and 1R(4) mean the forms in SUP 16 Annex 6;

  7. (7)

    'group personal pension policy' means a life policy which is not a separate pension scheme, effected under a collecting arrangement made for the employees of a particular employer to participate in a personal pension arrangement on a group basis;

  8. (8)

    [deleted]4

    4
  9. (9)

    'mortgage endowment' means an endowment assurance effected or believed to be effected for the purposes of paying off a loan on land;

  10. (10)

    'new', in relation to a stakeholder pension, has the meaning given in SUP 16.8.11 R (2);

  11. (11)

    'ordinary assurance policy' means a life policy which is not an industrial assurance policy;

  12. (12)

    'other life assurance' means a life policy other than a pension policy, endowment assurance or whole life assurance;

  13. (13)

    'other pension policy' means a pension policy other than a personal pension policy;

  14. (14)

    'persistency rate' means a rate calculated using this formula:CF x 100/CC(see the example in SUP 16.8.5 G);

  15. (15)

    'persistency report' means a report in respect of life policies complying with SUP 16.8.19 R to SUP 16.8.21 R;

  16. (16)

    'regular premium life policy' means a life policy where there is (or could be, or has been) a commitment by the policyholder to make a regular stream of contributions (for example by means of a direct debit mandate);

  17. (17)

    'regular premium stakeholder pension' means a stakeholder pension where there is (or could be, or has been) a commitment by the policyholder to make a regular stream of contributions;

  18. (18)

    'single premium life policy' means a life policy that is not a regular premium life policy, except that a recurrent single premium life policy must be treated as a regular premium life policy;

  19. (19)

    'single premium stakeholder pension' means a stakeholder pension which is not a regular premium stakeholder pension, except that a recurrent single premium stakeholder pension must be treated as a regular premium stakeholder pension;

  20. (20)

    'stakeholder pension' means an individual's rights under a stakeholder pension scheme;

  21. (21)

    'substitute', in relation to stakeholder pension, has the meaning given in SUP 16.8.11 R (2);

  22. (22)

    'Y' means the year in which the report must be submitted, 'Y-1' means the preceding year, 'Y-2' means the next earlier year and so on;

  23. (23)

    'year' means calendar year, unless SUP 16.8.7 R applies.

SUP 16.8.5 G RP

Example of calculation of persistency rate for life policies that commenced during 1996 (see SUP 16.8.3 R)1

Y (year of reporting)

Number of life policies which commenced during 1996

Number of 1996 policies that cease to be in force during Y-1

Deaths and retirements (not included in CC and CF)

CF

CC

1998

1000

143

2

1000 - 143 - 2 = 855

1000 - 2 = 998

1999

1000

25

1

1000 - 143 - 25 - 2 - 1 = 829

1000 - 2 - 1 = 997

Report submitted in 1998 Persistency rate for life policies that commenced during Y-2 (that is 1996)

Report submitted in 1999 Persistency rate for life policies that commenced during Y-3 (that is 1996)
SUP 16.8.6 G RP

1 Firms are reminded that annuity contracts other than deferred annuity contracts are not within the definition of 'life policy'.

SUP 16.8.7 R

1In relation to a persistency report, a firm may treat a 12-month period ending between 1 October and 31 March as a 'year' for the purposes of this section and Forms 1R(1) to (3):

  1. (1)

    if the firm's financial year does not end on 31 December; or

  2. (2)

    for industrial assurance policy business;

provided that the use of an alternative period is disclosed in the persistency report.

Life policies and stakeholder pension to be reported on in the persistency or data reports

SUP 16.8.8 R RP

1A persistency report or data report must report on a life policy or stakeholder pension if:

  1. (1)

    it is not of a type listed in SUP 16.8.13 R or SUP 16.8.14 R;

  2. (2)

    it was effected by:

    1. (a)

      the firm submitting the report; or

    2. (b)

      an unauthorised member of the group of the firm submitting the report and in circumstances in which that firm was responsible for the promotion of that life policy or stakeholder pension; or

    3. (c)

      another firm, but is being carried out by the firm submitting the report; and

  3. (3)

    the person who sold it or who was responsible for its promotion was, in so doing, subject to rules in COB or (before commencement) conduct of business rules made by a previous regulator.

SUP 16.8.9 G RP

1 Life policies and stakeholder pensions falling within SUP 16.8.8 R (2) (c) are those which have been transferred from another firm, for example under an insurance business transfer scheme under Part VIIof the Act (Control of Business Transfers).

SUP 16.8.10 R RP

1 Life policies falling within SUP 16.8.8 R, which were sold subject to the conduct of business rules of a previous regulator, need to be reported only if they were required to be reported on by the rules of the previous regulator of the firm submitting the report.

SUP 16.8.11 R RP
  1. (1)

    1A life policy or stakeholder pension which was issued in substitution for a similar contract may be treated as being effected on the inception date of the previous life policy or stakeholder pension, provided that the firm is satisfied that no loss to the policyholder is attributable to the substitution;

  2. (2)

    A stakeholder pension which is treated as in (1) is a "substitute" stakeholder pension. A "new" stakeholder pension is any other stakeholder pension.

SUP 16.8.12 G RP

1Examples of loss to the policyholder under SUP 16.8.11 R are losses resulting from higher charges and more restrictive benefits and options.

SUP 16.8.13 R RP

1A persistency or data report must not report on any of the following:

  1. (1)

    a life policy or stakeholder pension that was cancelled from inception whether or not this was as a result of service of a notice under COB 6.7 (Cancellation and withdrawal);

  2. (2)

    an appropriate personal pension scheme to which contributions are made only by the Department of Social Security;

  3. (3)

    a life policy (excluding income withdrawal) or stakeholder pension which has terminated as a result of death, critical illness, retirement, maturity or other completion of the contract term;

  4. (4)

    income withdrawals that have ceased as a result of the death of the policyholder;

  5. (5)

    in the case of a persistency report only, a life policy which is a stakeholder pension;

  6. (6)

    a life policy purchased by the trustees of an occupational pension scheme2 which is a defined benefits pension scheme;

  7. (7)

    a life policy purchased by the trustees of an executive money purchase occupational pension scheme.

SUP 16.8.14 R

1A persistency report required by SUP 16.8.3 R (1) need not report on a life policy if the number of life policies on substantially the same terms effected by the relevant firm (or member of the firm'sgroup) in the relevant year did not exceed the higher of fifty and 1% of the total reportable life policies effected by the person in that year.

SUP 16.8.15 R RP

1If the term of an endowment assurance is less than five years, the life policy must only be included in a persistency report in respect of years up to and including the anniversary prior to maturity.

Life policies and stakeholder pensions to be treated as in force

SUP 16.8.16 R RP

1Subject to SUP 16.8.17 R and SUP 16.8.18 R, a life policy or stakeholder pension must be treated as in force at the end of Y-1 (that is, included in CF) if and only if:

  1. (1)

    in the case of a regular premium life policy:

    1. (a)

      in the case of an industrial assurance policy on which the premiums are paid at intervals of four weeks, the premium has been paid in respect of the four-week period in which the policy anniversary falls; or

    2. (b)

      in any other case, the premium has been paid in respect of the month in which the policy anniversary falls;

  2. (2)

    in the case of a single premium life policy, the policy has not been surrendered as at the policy anniversary;

  3. (3)

    in the case of a regular premium stakeholder pension:

    1. (a)

      for a report required by SUP 16.8.3 R (2) (a), the premium has been paid in respect of the month in which the contract anniversary falls;

    2. (b)

      for a report required by SUP 16.8.3 R (2) (b), the premium has been paid in respect of the month 12 months after the contract was effected;

  4. (4)

    in the case of a single premium stakeholder pension:

    1. (a)

      for a report required by SUP 16.8.3 R (2)(a), the contract has not been surrendered as at the contract anniversary; or

    2. (b)

      for a report required by SUP 16.8.3 R (2)(b), the contract has not been surrendered as at the end of the 12 month period.

SUP 16.8.17 R RP

1A cluster life policy must be reported as a single life policy and must be treated as in force (that is included in CF) even if some of the constituent life policies have been terminated.

SUP 16.8.18 R RP

1An income withdrawal that has terminated other than by death of the policyholder must be treated as not in force at the end of Y-1 (that is, not included in CF).

Contents of the persistency or data report

SUP 16.8.19 R
  1. (1)

    1A persistency report on life policies must be a report in the format of Forms 1R(1), (2) and (3).

  2. (2)

    A data report on stakeholder pensions must be a report in the format of Form 1R(4).

  3. (3)

    A persistency and a data report must include:

    1. (a)

      for a report required by SUP 16.8.3 R (1) or (2) (a), a separate copy of each Form reporting on life policies or stakeholder pensions effected during each of Y-2, Y-3, Y-4, Y-5;

    2. (b)

      for a persistency report, a separate copy of Forms IR(1) and IR(2) reporting on:

      1. (i)

        regular premium life policies and single premium life policies; and

      2. (ii)

        life policies classified as ordinary assurance policies and industrial assurance policies .

SUP 16.8.20 R

1If, in relation to any Form, a firm has no life policies or stakeholder pensions to report on in a copy of that Form, the firm need not submit that copy provided that it confirms in writing to the FSA, as part of the persistency or data report, that it is not doing so and the reason for not doing so.

SUP 16.8.21 R RP

1The firm must, if a persistency report reports on;

  1. (1)

    an endowment assurance with a term of five years or less:

    1. (a)

      report on such a policy in Form 1R(2); and

    2. (b)

      not report on such a policy in Form 1R(1);

  2. (2)

    a group personal pension policy, include the policy as a personal pension policy in Forms 1R(1) and 1R(3);

  3. (3)

    a mortgage endowment, also include the policy as an endowment assurance in Forms 1R(1) and 1R(3);

  4. (4)

    an income withdrawal, not include the policy under any other relevant category in Forms 1R(1) and 1R(3).

    4
SUP 16.8.22 G
  1. (1)

    1Under SUP 16.8.16 R, a life policy must be treated as not in force if premiums have not been paid at the relevant date. Form 1R(3) seeks additional information on the number of policies treated as not in force which are subject to genuine contribution holidays.

  2. (2)

    A firm should treat a life policy as 'subject to a contribution holiday' if:

    1. (a)

      the terms of the policy allow the policyholder to take a contribution holiday;

    2. (b)

      the policyholder has opted to take a contribution holiday in accordance with those terms;

    3. (c)

      the policyholder has clearly stated his intention to resume payments; and

    4. (d)

      at the end of Y-1, not more than 12 months have elapsed from the date that premiums ceased to be paid.

  3. (3)

    In addition to the stakeholder data reports showing all contracts, firms are requested, where separate data is available, to submit additional reports showing just those contracts where decision trees were used in accordance with COB 6.4.21.

Records

SUP 16.8.23 R RP

1A firm must make and retain such records as will enable it to:

  1. (1)

    monitor regularly the persistency of life policies and stakeholder pensions effected through each of its representatives; and

  2. (2)

    make persistency reports or data reports to the FSA in accordance with SUP 16.8.3R.

SUP 16.8.24 G RP

1In order to comply with SUP 16.8.23 R, a firm will as a minimum need to make and retain separate records for:

  1. (1)

    life policies and stakeholder pensions originally promoted:

    1. (a)

      by representatives; or

    2. (b)

      by independent intermediaries; or

    3. (c)

      through the firm's own direct offer financial promotions; or

    4. (d)

      as adopted packaged products;

  2. (2)

    life policies and stakeholder pensions not within (1), including those effected as execution-only transactions,for inclusion in the relevant form under 'Otherwise';

  3. (3)

    life policies and stakeholder pensions written assuming the payment of:

    1. (a)

      regular premiums;

    2. (b)

      a single premium;

  4. (4)

    life policies written as:

    1. (a)

      ordinary assurance policies;

    2. (b)

      industrial assurance policies;

  5. (5)

    the categories of life policies and stakeholder pensions referred to in Forms 1R(1) to (4). 3

SUP 16.9 Appointed representatives annual report

Application

Purpose

SUP 16.9.2 G RP

1The purpose of the rules and guidance in this section is to ensure that, in addition to the notifications made under SUP 12.7 (Appointed representatives; notification requirements), the FSA receives regular and comprehensive information about the appointed representatives engaged by a firm, so that the FSA is in a better position to pursue the regulatory objective of the protection of consumers.3

SUP 16.9.3 R RP
  1. (1)

    1A firm must:

    1. (a)

      submit a report to the FSA annually, in the form of an amended copy of the relevant extract from the FSA Register, containing the information in (2);3

    2. (b)

      submit the report in (1) to the FSA within four months of the firm'saccounting reference date.

  2. (2)

    The report in (1) must contain a list of all the current appointed representatives of the firm as at the firm'saccounting reference date.

  3. (3)

    The report in (1) is not required if:

    1. (a)

      the firm has no appointed representatives as at the firm's accounting reference date; and

    2. (b)

      this is reflected in the relevant extract from the FSA Register.

SUP 16.9.4 G RP

1The FSA Register is maintained under section 347 of the Act (The record of authorised persons, etc.) and may be viewed at the FSA's website at www.fsa.gov.uk/register/.

SUP 16.9.5 G

[deleted]31

SUP 16.9.6 G RP

1If a group includes more than one firm, a single annual appointed representatives report may be submitted on behalf of all firms in the group. Such a report should contain the information required from all the firms, meet all relevant due dates, indicate all the firms on whose behalf it is submitted and give their FSA firm reference numbers. The requirement to provide a report, and the responsibility for the report remains with each firm in the group. 2

SUP 16.10 1Verification of standing data2

Application

SUP 16.10.1 G RP

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

  1. (1)

    an ICVC; or

  2. (2)

    a UCITS qualifier; or

  3. (3)

    a credit union.

Purpose

SUP 16.10.2 G RP

Standing data is used by the FSA:

  1. (1)

    to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;

  2. (2)

    in order to communicate with a firm;

  3. (3)

    as the basis for some sections of the FSA Register; and

  4. (4)

    in order to carry out thematic analysis across sectors and groups of firms.

SUP 16.10.3 G RP

In view of the importance attached to standing data, and the consequences which may result if it is wrong, this section provides the framework for a firm to check and correct it.

Requirement to check the accuracy of standing data and to report changes 2to the FSA

SUP 16.10.4 R RP
  1. (1)

    Within 30 business days of its accounting reference date, a firm must check the accuracy of its standing data through the relevant section of the FSA website.

  2. (2)
  3. (3)

    If any standing data is incorrect, the firm must give the corrected standing data to the FSA,

    using the appropriate form submitted in accordance with instructions on that form.2

SUP 16.10.5 G RP

The standing data is made available to the firm when the firm logs into the appropriate section of the FSA website. The firm should check the standing data and send any corrections to the FSA. The FSA's preferred method of receiving corrections to standing data is by the online forms available at the FSA's website.2

SUP 16.10.6 G RP

A firm may check, and submit corrections to, its standing data more frequently than annually.

SUP 16.10.7 G

2For the purpose of SUP 16.10.4R (3), the appropriate form will be determined by the standing data to be corrected. Appropriate forms will include (but are not limited to) the form in SUP 15 Ann 333 (standing data form) and the form in SUP 15 Ann 433 (notification form).2

SUP 16.11 1Product Sales Data Reporting

Application

SUP 16.11.1 R RP

This section2 applies to a firm which is a mortgage lender; or in respect of sales to a private customer or a retail customer:

  1. (1)

    an insurer; or

  2. (2)

    the operator ofa regulated collective investment scheme, or an investment trust savings scheme ; or

  3. (3)

    a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product,

unless the firm is a managing agent.

Purpose

SUP 16.11.2 G RP
  1. (1)

    The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data to the FSA. This requirement applies whether the regulated activity has been carried out by the firm, or through an intermediary which has dealt directly with the firm.

    2
  2. (2)

    The purpose of collecting this data is to assist the FSA in the ongoing supervision of firms engaged in retail activities and to enable the FSA to gain a wider understanding of market trends in the interests of protecting consumers.

Reporting requirement

SUP 16.11.3 R RP
  1. (1)

    A firm must submit a report (the

    'data report') containing the information required by SUP 16.11.5 R quarterly, within 20 business days of the end of the quarter, unless (3) applies.

  2. (2)

    The reporting periods are the four calendar quarters of each year beginning on 1 January.

  3. (3)

    A firm need not submit a data report if no relevant sales have occurred in the quarter.

SUP 16.11.4 G RP
  1. (1)

    A firm may submit a data report more frequently than quarterlyif it wishes.

  2. (2)

    If it is easier and more practical for a firm to submit additional data relating to products other than those specified in SUP 16.11.5 R, it may submit that additional data to the FSA in a data report.

Content of the report

SUP 16.11.5 R RP

The data report must contain sales data in respect of the following products:

  1. (1)

    retail investments;

  2. (2)

    pure protection contracts; and

  3. (3)

    regulated mortgage contracts (but not further advances).

SUP 16.11.6 G

Guidance on the type of products covered by SUP 16.11.5 R is contained in SUP 16 Annex 20G.

SUP 16.11.7 R RP

The data report must comply with the provisions of SUP 16 Annex 21R.

SUP 16.11.8 R RP

The data report must relate both to transactions undertaken by the firm and to transactions undertaken by an intermediary which has dealt directly with the customer on the firm's behalf.2

SUP 16.11.8A G RP

2Where the operator of a collective investment scheme receives business from a firm which operates a nominee account, the data report in respect of those transactions submitted by the operator should treat those transactions as transactions undertaken by the operator with the firm.

SUP 16.11.9 R RP

A firm must provide thedata report to the FSA electronically in a standard format provided by the FSA.

SUP 16.11.10 G RP

A data report will have been provided to the FSA in accordance with SUP 16.11.9 R only if all mandatory data reporting fields (as set out in SUP 16 Annex 21R) have been completed correctly and the report has been accepted by the relevant FSA reporting system.

Use of reporting agents

SUP 16.11.11 R RP
  1. (1)

    A firm may appoint another person to provide the data report on the firm's behalf if the firm has informed the FSA of that appointment in writing.

  2. (2)

    Where (1) applies, the firm must ensure that the data report complies with the requirements of SUP 16.11 and identifies the originator of the transaction.

SUP 16 Annex 1 Banks' reporting forms

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Banks' reporting forms - Forms/sup/sup_chapter16_annex1r.pdf54321

SUP 16 Annex 2 Guidance notes on form 1R

G

This annex consists only of one or more forms. Forms are to be found through the following address:

Guidance notes on completion of banks' reporting forms (including validations) 10 9 8 7 6 5 4 3 2 1 - Forms/sup/sup_chapter16_annex2g.pdf111213

SUP 16 Annex 3 Building societies' reporting forms

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Standing Data - Forms/sup/standing_data.pdf4321

SUP 16 Annex 4 Guidance notes on form 3R

G

This annex consists only of one or more forms. Forms are to be found through the following address:

Building Society: Monthly Statement - Forms/sup/sup_chapter16_annex4g.pdf5432167

SUP 16 Annex 5 Investment Management firms' reporting forms and requirements applying to their completion

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Investment management firms' reporting forms and requirements applying to their completion - Forms/sup/sup_chapter16_annex5r.pdf12

SUP 16 Annex 6R Persistency report

R

This annex consists only of one or more forms. Forms are to be found through the following address:321

Persistency Report - Forms/sup/sup_chapter16_annex6r.pdf

SUP 16 Annex 9R Annual questionnaire for authorised professional firms

R

This annex consists only of one or more forms. Forms are to be found through the following address:321

Annual Questionnaire for Authorised Professional Firms - Forms/sup/sup_chapter16_annex9r.pdf45

SUP 16 Annex 10 Securities and Futures firms' reporting forms and requirements applying to their completion

R

This annex consists only of one or more forms. Forms are to be found through the following address:4321

Securities and Futures Firms' Reporting Forms and Requirements Applying to their Completion - Forms/sup/sup_chapter16_annex10r.pdf5

SUP 16 Annex 11 Guidance Notes on Completion of Securities and Futures Firms Reporting Forms

G

This annex consists only of one or more forms. Forms are to be found through the following address:321

Guidance notes on completion of securities and futures firms' reporting forms - Forms/sup/sup_chapter16_annex11g.pdf4

SUP 16 Annex 12 Reports from trustees of AUTs and depositaries of ICVCs

G

This annex consists only of one or more forms. Forms are to be found through the following address:321

Reports from trustees of AUTs and depositaries - Forms/sup/sup_chapter16_annex12g.pdf

SUP 16 Annex 13 Return cover sheet

R

This annex consists only of one or more forms. Forms are to be found through the following address:321

Return Cover Sheet - Forms/sup/sup_chapter16_annex13r.pdf

SUP 16 Annex 15 Notes on completing the quarterly and annual returns for Credit Unions

G

This annex consists only of one or more forms.

Notes on completing the Quarterly Return (CQ) for credit unions - Forms/sup/sup_chapter16_annex15g.pdf1234567

SUP 16 Annex 16 UCITS management companies reporting forms and requirements applying to their completion

This annex consists only of one or more forms. Forms are to be found through the following address:312

UCITS management companies reporting forms and requirements applying to their completion - Forms/sup/sup_chapter16_annex16r.pdf

SUP 16 Annex 16A 2 1Standing data (See SUP 16.10.4 R)

SUP 16 Annex 16A.1 R

A: Communications with a firm

1. Name of the firm

2. Trading name(s) of the firm

3.

4. Registered office

5. Principal place of business

6. Website address

7. Telephone number

8. The name and email address of the principal compliance contact

B: Information about a firm on the FSA Register

9. Regulated activities for which a firm has permission

10. Whether the firm holds client money

11.

C: Other information about a firm

12.

13.

14. Name and address of firm's auditor

15. Legal status

16. Accounting reference date

SUP 16 Annex 17 Consolidated financial resources return for investment management firms

This annex consists only of one or more forms. Forms are to be found through the following address:

Consolidated Financial Resources Return for Investment Management Firms - Forms/sup/sup_chapter16_annex17g.pdf

SUP 16 Annex 18 [deleted]

R

SUP 16 Annex 18A Retail Mediation Activities Return ('RMAR')

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Retail Mediation Activities Return ('RMAR') - SUP Chapter 16 Annex 18A R1234567

SUP 16 Annex 18B Notes for Completion of the Retail Mediation Activities Return ('RMAR')

G

This annex consists only of one or more forms. Forms are to be found through the following address:

Notes for Completion of the Retail Mediation Activities Return ('RMAR') - Forms/sup/sup_chapter16_annex18bg.pdf21346597810

SUP 16 Annex 19A Mortgage Lending and Administration Return ('MLAR')

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Mortgage Lending and Administration Return ('MLAR') - Sup Chapter16 Annex19A R21

SUP 16 Annex 19B Notes for Completion of the Mortgage Lending and Administration Return ('MLAR')

G

This annex consists only of one or more forms. Forms are to be found through the following address:

Notes for Completion of the Mortgage Lending and Administration Return ('MLAR') - Sup Chapter 16 Annex 19B G2134567

SUP 16 Annex 20 Products covered by the reporting requirement in SUP 16.11

G

This annex consists only of one or more forms. Forms are to be found through the following address:

Products covered by the reporting requirement in SUP 16.11 - Sup Chapter 16 Annex 20 G1234

SUP 16 Annex 21 Reporting Fields

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Reporting Fields - Sup Chapter 16 Annex 21 R1234

SUP 16 Annex 22 Consolidated supervision return for investment firms

R

This annex consists only of one or more forms. Forms are to be found through the following address:

Consolidated supervision return for investment firms - Forms/sup/sup_chapter16_annex22r.pdf1

SUP 16 Annex 23 Consolidated supervision return for investment firms (Notes)

G

This annex consists only of one or more forms. Forms are to be found through the following address:

Consolidated supervision return for investment firms (Notes) - Forms/sup/sup_chapter16_annex23g.pdf1