Related provisions for LR 11.1.5A

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SUP 16.8.2GRP
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.
SUP 16.8.3RRP
(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) A firm with permission to establish, operate or wind up a stakeholder pension scheme must submit to the FSA:(a) a data report on stakeholder pensions by 30 April each year prepared in accordance with this section; and(b) two extra data reports on stakeholder pensions prepared in accordance
SUP 16.8.4RRP
1In this section, and Forms 1R(2) to (4) in SUP 16 Annex 6R:(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) 'CC' means the number of life policies or stakeholder pensions which: (a) were effected during the period to which the calculation
SUP 16.8.23RRP
1A firm must make and retain such records as will enable it to:(1) monitor regularly the persistency of life policies and stakeholder pensions effected through each of its representatives; and (2) make persistency reports or data reports to the FSA in accordance with SUP 16.8.3R.
SUP 16.11.2GRP
(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) The purpose of collecting this data is to assist the FSA in the ongoing supervision of firms engaged
SUP 16.11.4GRP
(1) A firm may submit a data report more frequently than quarterlyif it wishes.(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.
SUP 16.11.9RRP
A firm must provide thedata report to the FSA electronically in a standard format provided by the FSA.
SUP 16.11.10GRP
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.
SUP 16.11.11RRP
(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) 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 13.12.1GRP
(1) Given the complexity of issues raised by passporting, UK firms are advised to consult legislation and also to obtain legal advice at earliest opportunity. Firms are encouraged to contact their usual supervisory contact at the FSA to discuss their proposals. However, a UK firm which is seeking guidance on procedural or notification issues relating to passporting should contact the Passport Notifications Unit.(2) An applicant for Part IV permission which is submitting a notice
SUP 13.12.2GRP
To contact the Passport Notifications Unit, from which a standard form of notice of intention can be obtained:33(1) telephone on 020 7066 1000; fax on 020 7066 97983; or3(2) write to: The Passport Notifications Unit, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS; or(3) Email: passport.notifications@fsa.gov.uk
LR 5.1.1RRP
(1) 1The FSA may suspend, with effect from such time as it may determine, the listing of any securities if the smooth operation of the market is, or may be, temporarily jeopardised or it is necessary to protect investors. [Note: article 18(1) CARD](2) An issuer that has the listing of any of its securities suspended must continue to comply with all listing rules applicable to it.(3) If the FSA suspends the listing of any securities, it may impose such conditions on the procedure
LR 5.1.2GRP
Examples of when the FSA may suspend the listing of securities include (but are not limited to) situations where it appears to the FSA that:(1) the issuer has failed to meet its continuing obligations for listing; or(2) the issuer has failed to publish financial information in accordance with the listing rules; or(3) the issuer is unable to assess accurately its financial position and inform the market accordingly; or(4) there is insufficient information in the market about
LR 5.1.3GRP
The FSA will not suspend the listing of a security to fix its price at a particular level.
LR 5.1.4GRP
An issuer that intends to request the FSA to suspend the listing of its securities will need to comply with LR 5.3. The FSA will not suspend the listing if it is not satisfied that the circumstances justify the suspension.
SUP 16.10.2GRP
Standing data is used by the FSA:(1) to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;(2) in order to communicate with a firm;(3) as the basis for some sections of the FSA Register; and (4) in order to carry out thematic analysis across sectors and groups of firms.
SUP 16.10.4RRP
(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) (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 16.10.5GRP
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
REC 4.4.2GRP
The Act does not provide a mechanism for appeals to the FSA from decisions by recognised bodies in relation to complaints. However, the FSA is required by section 299 of the Act (Complaints about recognised bodies) to have arrangements to investigate complaints (called relevant complaints in the Act) which it considers relevant to the question of whether a recognised body should remain recognised as such. This section describes aspects of the FSA's arrangements for investigating
REC 4.4.3GRP
Where the FSA receives a complaint about a recognised body, it will, in the first instance, seek to establish whether the complainant has approached the recognised body. Where this is not the case, the FSA will ask the complainant to complain to the recognised body. Where the complainant is dissatisfied with the handling of the complaint, but has not exhausted the recognised body's own internal complaints procedures (in the case of a complaint against a UK recognised body, including
REC 4.4.4GRP
The FSA will not usually consider a complaint which has not, in the first instance, been made to the recognised body concerned, unless there is good reason for believing that it is a relevant complaint which merits early consideration by the FSA.
REC 4.4.5GRP
When it is considering a relevant complaint, the FSA will make its own enquiries as appropriate with the recognised body, the complainant and other persons. It will usually ask the recognised body and the complainant to comment upon any preliminary or draft conclusions of its review and to confirm any matters of fact at that stage.
REC 4.4.6GRP
The FSA will communicate the outcome of its review of a relevant complaint to the complainant and the recognised body, but will normally only discuss any action which it considers the recognised body should take with the recognised body itself.
PRIN 1.1.2GRP
The Principles are a general statement of the fundamental obligations of firms under the regulatory system. This includes provisions which implement the Single Market Directives.5 They derive their authority from the FSA's rule-making powers as set out in the Act and reflect the regulatory objectives.3
PRIN 1.1.5GRP
Principles 3 (Management and control), 4 (Financial prudence) and (in so far as it relates to disclosing to the FSA) 11 (Relations with regulators) take into account the activities of members of a firm's group. This does not mean that, for example, inadequacy of a group member's risk management systems or resources will automatically lead to a firm contravening Principle 3 or 4. Rather, the potential impact of a group member's activities (and, for example, risk management systems
PRIN 1.1.6GRP
As set out in PRIN 3.3 (Where?), Principles 1 (Integrity), 2 (Skill, care and diligence) and 3 (Management and control) apply to world-wide activities in a prudential context. Principle 5 (Market conduct) applies to world-wide activities which might have a negative effect on confidence in the financial system operating in the United Kingdom. In considering whether to take regulatory action under these Principles in relation to activities carried on outside the United Kingdom,
PRIN 1.1.7GRP
Breaching a Principle makes a firm liable to disciplinary sanctions. In determining whether a Principle has been breached it is necessary to look to the standard of conduct required by the Principle in question. Under each of the Principles the onus will be on the FSA to show that a firm has been at fault in some way. What constitutes "fault" varies between different Principles. Under Principle 1 (Integrity), for example, the FSA would need to demonstrate a lack of integrity
PRIN 1.1.8GRP
The Principles are also relevant to the FSA's powers of information-gathering, to vary a firm'sPart IV permission, and of investigation and intervention, and provide a basis on which the FSA may apply to a court for an injunction or restitution order or require a firm to make restitution. However, the Principles do not give rise to actions for damages by a private person (see PRIN 3.4.4 R).
PERG 9.7.2GRP
The characteristics that a reasonable investor can be expected to have will inform the use of judgment required by the 'expectation test' and the 'satisfaction test'. These tests relate to the investor's ability to realise an investment within a reasonable period and to do so on the basis of the net value of its assets. In the FSA's view, the characteristics of the reasonable investor include:(1) sound judgment based on good sense;(2) some knowledge of, and possibly experience
PERG 9.7.3GRP
The reasonable investor is a hypothetical investor. The implications of this are that the test does not relate to actual investment by a particular person at a particular time or in relation to a particular issue of any class of shares or securities. In the FSA's view, what underlies the test is what a reasonable investor would think he was getting into if he were contemplating investment in a particular body corporate. In addition, because the investor is hypothetical, the investment
PERG 9.7.5GRP
After an initial assessment, however, the FSA's view is that subsequent applications of the investment condition could produce a different result, but only if there is a change to the constitution or practice of the body corporate which is significant and sustained. For example, this may happen if there is a change in the body corporate's published intentions or regular practices. As the Economic Secretary to the Treasury said in parliamentary debate when commenting on the definition,
PERG 9.7.6GRP
Section 236(3) uses the words "the investor would, if he were to participate in the scheme". This is consistent with the fact that the reasonable investor is hypothetical. But applying the test at this early stage makes it clear that there must be objectively justifiable grounds on which the reasonable investor could base the expectation in section 236(3)(a). And on which he could be satisfied on the matters in section 236(3)(b). In the FSA's view, this requires, for example,
REC 3.6.1RRP
Where a UK recognised body is to circulate any notice or other document proposing any amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution) to:(1) its shareholders (or any group or class of them); or(2) its members (or any group or class of them); or(3) any other group or class of persons which has the power to make that amendment or whose consent or approval is required before it may be made;that UK recognised
REC 3.6.4RRP
Where a UK recognised body makes an amendment to its memorandum or articles of association (or other similar agreement or document relating to its constitution), that UK recognised body must immediately give the FSA notice of that event, and give written particulars of that amendment and of the date on which it is to become or became effective.
REC 3.6.6RRP
Where any change is made to an agreement which relates to the constitution or governance of a UK recognised body:(1) between that UK recognised body and another person; or(2) between the owners of that UK recognised body; or(3) between the owners of that UK recognised body and another person; or(4) between other persons; that UK recognised body must give the FSA notice of that event as soon as it is aware of it, and give written particulars of that change and of the date on which
REC 3.6.7GRP
The purpose of REC 3.6.6 R is to ensure that the FSA is informed of changes to agreements which specify the arrangements by which a UK recognised body will be governed or by which important decisions will be taken within that body. It is not intended to cover any agreement by which someone is appointed to be a key individual or which covers the terms and conditions of service in such an appointment.
DEPP 6.6.1GRP
(1) The FSA attaches considerable importance to the timely submission by firms of reports. This is because the information that they contain is essential to the FSA's assessment of whether a firm is complying with the requirements and standards of the regulatory system and to the FSA's understanding of that firm's business.(2) DEPP 6.6.1 G to DEPP 6.6.5 G set out the FSA's policy in relation to financial penalties for late submission of reports and is in addition to the FSA's
DEPP 6.6.2GRP
In addition to the factors relevant to determining the appropriate level of financial penalty (see DEPP 6.5.2 G), the following considerations are relevant.(1) In general, the FSA's approach to disciplinary action arising from the late submission of a report will depend upon the length of time after the due date that the report in question is submitted.(2) If the person concerned is an individual, it is open to him to make representations to the FSA as to why he should not be
DEPP 6.6.3GRP
In addition, in appropriate cases, the FSA may bring disciplinary action against the approved persons within the firm's management who are ultimately responsible for ensuring that the firm's reports are completed and returned to the FSA.
DEPP 6.6.4GRP
In applying the guidance in this section, the FSA may treat a report which is materially incomplete or inaccurate as not received until it has been submitted in a form which is materially complete and accurate. For the purposes of the guidance, the FSA may also treat a report as not received where the method by which it is submitted to the FSA does not comply with the prescribed method of submission.
DEPP 6.6.5GRP
In most late reporting cases, it will not be necessary for the FSA to appoint an investigator since the fact of the breach will be clear. It follows that the FSA will not usually send the firm concerned a preliminary findings letter for late-reporting disciplinary action.
LR 19.4.3RRP
(1) An issuer'slistedsecuritised derivatives must be admitted to trading on a RIE's market for listed securities at all times.(2) An issuer must inform the FSA in writing as soon as possible if it has:(a) requested a RIE to admit or re-admit any of its listedsecuritised derivatives to trading; or(b) requested a RIE to cancel or suspend trading of any of its listedsecuritised derivatives; or(c) been informed by a RIE that the trading of any of its listedsecuritised derivatives
LR 19.4.7RRP
If an issue is guaranteed by an unlisted company, an issuer must submit the guarantor's accounts to the FSA.
LR 19.4.11AGRP
1An issuer, whose securities are admitted to trading on a regulated market, should consider its obligations under DTR 4 (Periodic financial reporting), DTR 5 (Vote holder and issuer notification rules) and DTR 6 (Access to information).
LR 19.4.11BRRP
1For the purposes of compliance with the transparency rules, the FSA considers that an issuer of securitised derivatives should comply with DTR 4, DTR 5 and DTR 6 as if it were an issuer of debt securities as defined in the transparency rules.
LR 5.3.1RRP
A request by an issuer for the listing of its securities to be suspended or cancelled must be in writing and must include:(1) the issuer's name;(2) details of the securities to which it relates and the RIEs on which they are traded;(3) a clear explanation of the background and reasons for the request;(4) the date on which the issuer requests the suspension or cancellation to take effect;(5) for a suspension, the time the issuer wants the suspension to take effect;(6) if relevant,
LR 5.3.4GRP
A written request by an issuer to have the listing of its securities suspended should be made as soon as practicable. Suspension requests received for the opening of the market should allow sufficient time for the FSA to deal with the request before trading starts.
LR 5.3.6GRP
Cancellations will only be specified to take effect when the market opens on a specified day. An issuer should therefore ensure that all accompanying information has been provided to the FSA well before the date on which the issuer wishes the cancellation to take effect and at the very latest by 3 p.m. on the business day before it is to take effect. If the information is received after 3:00 p.m. on the day before the issuer wishes the cancellation to take effect, it will normally
LR 5.3.7GRP
(1) If an issuer requests the FSA to suspend or cancel the listing of its securities, it may withdraw its request at any time before the suspension or cancellation takes effect. The withdrawal request should initially be made by telephone and then confirmed in writing as soon as possible, with an explanation of the reasons for the withdrawal.(2) Even if an issuer withdraws its request, the FSA may still suspend or cancel the listing of the securities if it considers it is necessary
LR 1.2.1RRP
(1) The FSA may dispense with or modify the listing rules in such cases and by reference to such circumstances as it considers appropriate (subject to the terms of EU directives and the Act).(2) A dispensation or modification may be either unconditional or subject to specified conditions.(3) If an issuer or sponsor has applied for, or been granted, a dispensation or modification, it must notify the FSA immediately it becomes aware of any matter which is material to the relevance
LR 1.2.2RRP
(1) An application to the FSA to dispense with or modify a listing rule must be in writing.(2) The application must:(a) contain a clear explanation of why the dispensation or modification is requested;(b) include details of any special requirements, for example, the date by which the dispensation or modification is required;(c) contain all relevant information that should reasonably be brought to the FSA's attention;(d) contain any statement or information that is required by
LR 1.2.4GRP
If an issuer applies to the FSA to dispense with or modify a listing rule on the basis that it is in severe financial difficulty, the FSA would ordinarily expect the issuer to comply with the conditions in LR 10.8 (to the extent relevant to the particular rule for which the dispensation or modification is sought). In particular, the FSA would expect the issuer to comply with those conditions that are directed at demonstrating that it is in severe financial difficulty.
LR 1.2.5GRP

An issuer or sponsor should consult with the FSA at the earliest possible stage if it:

  1. (1)

    is in doubt about how the listing rules apply in a particular situation; or

  2. (2)

    considers that it may be necessary for the FSA to dispense with or modify a listing rule.

Address for correspondence

Note: The FSA's address for correspondence is:

The Financial Services Authority

25 The North Colonnade

Canary Wharf

London, E14 5HS

Tel: 020 7066 8333

Fax: 020 7066 8362

http://www.fsa.gov.uk/Pages/Doing/UKLA/index.shtml
GEN 6.1.1RRP
1This chapter applies to every firm, but only with respect to business that can be regulated under section 138of the Act (General rule-making power).
GEN 6.1.4RRP
In this chapter 'financial penalty' means a financial penalty that the FSA has imposed, or may impose, under the Act. It does not include a financial penalty imposed by any other body.
GEN 6.1.7GRP
GEN 6.1.5 R and GEN 6.1.6 R do not prevent a firm or member from entering into, arranging, claiming on or making any payment under a contract of insurance which indemnifies any person against all or part of the costs of defending FSA enforcement action or any costs they may be ordered to pay to the FSA.
REC 2.16A.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 9A

1(1)

[A UK RIE] operating a multilateral trading facility must also operate a regulated market.

(2)

[A UK RIE] operating a multilateral trading facility must comply with those requirements of-

(a)

Chapter I of Title II of [MiFID], and

(b)

MiFID implementing Directive,

which are applicable to a market operator ... operating such a facility.

(3)

The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses).
REC 2.16A.2GRP
1In determining whether a UK RIE operating a multilateral trading facility complies with those requirements of Chapter I of Title II of MiFID and the MiFID implementing Directive which are applicable to a market operator operating such a facility, the FSA will have regard to the compliance of the UK RIE with equivalent recognition requirements.
PERG 8.4.1GRP
The Act does not contain any definition of the expressions ‘invitation’ or ‘inducement’, leaving them to their natural meaning. The ordinary dictionary entries for ‘invitation’ and ‘inducement’ offer several possible meanings to the expressions. An ‘invitation’ is capable of meanings ranging from merely asking graciously or making a request to encouraging or soliciting. The expression ‘inducement’ is given meanings ranging from merely bringing about to prevailing upon or persuading.
PERG 8.4.3GRP
The FSA recognises that the matter cannot be without doubt. However, it is the FSA's view that the context in which the expressions ‘invitation’ or ‘inducement’ are used clearly suggests that the purpose of section 21 is to regulate communications which have a promotional element. This is because they are used as restrictions on the making of financial promotions which are intended to have a similar effect to restrictions on advertising and unsolicited personal communications
PERG 8.4.4GRP
The FSA considers that it is appropriate to apply an objective test to decide whether a communication is an invitation or an inducement. In the FSA's view, the essential elements of an invitation or an inducement under section 21 are that it must both have the purpose or intent of leading a person to engage in investment activity and be promotional in nature. So it must seek, on its face, to persuade or incite the recipient to engage in investment activity. The objective test
PERG 8.4.6GRP
Merely asking a person if they wish to enter into an agreement with no element of persuasion or incitement will not, in the FSA's view, be an invitation under section 21. For example, the FSA does not consider an invitation to have been made where:(1) a trustee or nominee receives an offer document of some kind and asks the beneficial owner whether he wishes it to be accepted or declined;(2) a person such as a professional adviser enquires whether or not his client would be willing
PERG 8.4.8GRP
PERG 8.4.9 G to PERG 8.4.34 G apply the principles in PERG 8.4.4 G to PERG 8.4.7 G to communications made in certain circumstances. They do not seek to qualify those principles in any way. A common issue in these circumstances arises when contact details are given (for example, of a provider of investments or investment services). In the FSA's view, the inclusion of contact details should not in itself decide whether the item in which they appear is an inducement or, if so, is
PERG 8.4.15GRP
Journalism can take many forms. But typically a journalist may write an editorial piece on a listed company or about the investments or investment services that a particular firm provides. This may often be in response to a press release. The editorial may or may not contain details of or, on a website, a link to the site of the company or firm concerned. Such editorial may specifically recommend that readers should consider buying or sellinginvestments (whether or not particular
SUP 16.12.2GRP
(1) Principle 4 requires firms to maintain adequate financial resources. The Interim Prudential sourcebooks, PRU, BIPRU and GENPRU set out the FSA's detailed capital adequacy requirements. By submitting regular data, firms enable the FSA to monitor their compliance with Principle 4 and their prudential requirements in the FSA Handbook.(2) The data items submitted help the FSA analyse firms' financial and other conditions and performance and to understand their business. By
SUP 16.12.3RRP
(1) Any firm permitted to 5carry5 on any of the activities within each of the RAGs set out in column (1) of the table in SUP 16.12.4 R must:(a) (i) unless (ii) applies, submit to the FSA the duly completed data items or other items applicable to the firm as set out in the provision referred to in column (2) of that table;(ii) to the extent that a firm is required to submit completed data items in respect of more than one RAG, the firm must only submit the data item of the same
SUP 16.12.4RRP

Table of applicable rules containing data items4, frequency and submission periods

(1)

(2)

(3)

(4)

RAGnumber

Regulated Activities

Provisions containing:

applicabledata items

reporting frequency/ period

Due date

RAG 1

• accepting deposits

• issuing electronic money

SUP 16.12.5 R

SUP 16.12.6 R

SUP 16.12.7 R

RAG 2.1

• effecting contracts of insurance

• carrying out contracts of insurance

• entering as provider into a funeral plan contract

SUP 16.12.8 R2

SUP 16.12.8 R2

SUP 16.12.8 R2

RAG 2.2

• managing the underwriting capacity of a Lloyds syndicate as a managing agent at Lloyds

• advising on syndicate participation at Lloyds

• arranging deals in contracts of insurance written at Lloyds

SUP 16.12.9 R2

SUP 16.12.9 R2

SUP 16.12.9 R2

RAG 3

• dealing in investment as principal

• dealing in investments as agent

• advising on investments (excluding retail investment activities)

• arranging (bringing about) deals in investments (excluding retail investment activities)

SUP 16.12.10 R2

SUP 16.12.11 R

SUP 16.12.10 R2SUP 16.12.12 R

SUP 16.12.10 R2SUP 16.12.13 R

RAG 4

• managing investments

• establishing, operating or winding up a regulated collective investment scheme

• establishing, operating or winding up an unregulated collective investment scheme

• establishing, operating or winding up a stakeholder pension scheme

• establishing, operating or winding up a personal pension scheme2

5

SUP 16.12.14 R2

SUP 16.12.15 R

SUP 16.12.14 R2SUP 16.12.16 R

SUP 16.12.14 R2SUP 16.12.17 R

RAG 5

• entering into a regulated mortgage contract

• administering a regulated mortgage contract

SUP 16.12.18A R2

SUP 16.12.18A R2

SUP 16.12.18A R2

RAG 6

• acting as trustee of an authorised unit trust

• safeguarding and administration of assets (without arranging)

• arranging safeguarding and administration of assets

• acting as depository or sole director of an OEIC5

SUP 16.12.19A R2

SUP 16.12.20 R2

SUP 16.12.21 R2

RAG 7

• retail investment activities

• advising on pensions transfers & opt-outs

• arranging (bringing about deals) in retail investments

SUP 16.12.22A R

SUP 16.12.23 R

SUP 16.12.24 R

RAG 8

• making arrangements with a view to transactions in investments

• operating a multilateral trading facility4

SUP 16.12.25A R

SUP 16.12.26 R

SUP 16.12.27 R

RAG 9

• mortgage mediation activity

• insurance mediation activity (non-investment insurance contracts)

SUP 16.12.28 R2

SUP 16.12.28 R2

SUP 16.12.28 R2

RAG 10

• the activities of an RIE/RCH

SUP 16.12.29 G2

SUP 16.12.29 G2

SUP 16.12.29 G2
SUP 16.12.22ARRP

2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:

Description ofData item

Firm prudential category and applicable data item (note 1)

BIPRU 730K firm

BIPRU 125K firm and UCITS investment firm

BIPRU 50K firm

IPRU(INV)2Chapter 13 firms carrying out European-wide activities under MiFID

IPRU(INV)2Chapter 13 firms not carrying out European-wide activities under MiFID

Annual accounts

No standard format

Annual accounts of the mixed-activity holding company (note 10)

No standard format

Solvency statement

No standard format (note 11)

Balance Sheet

FSA001 (note 2)

FSA001 (note 2)

FSA001 (note 2)

Section A RMAR2

Section A RMAR2

Income Statement

FSA002 (note 2)

FSA002 (note 2)

FSA002 (note 2)

Section B RMAR2

Section B RMAR2

Capital Adequacy

FSA003 (note 2)

FSA003 (note 2)

FSA003 (note 2)

FSA0312

Section CAPITAL ADEQUACYD1 and D2 RMAR2

Credit risk

FSA004 (notes 2, 3)

FSA004 (notes 2, 3)

FSA004 (notes 2, 3)

Market risk

FSA005 (notes 2, 4)

FSA005 (notes 2, 4)

FSA005 (notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (note 5)

FSA006 (note 5)

Operational risk

FSA007 (notes 2, 6, 7)

FSA007 (notes 2, 6, 7)

FSA007 (notes 2, 6, 7)

Large exposures

FSA008 (note 2)

FSA008 (note 2)

FSA008 (note 2)

UK integrated group large exposures

FSA018 (note 12)

FSA018 (note 12)

FSA018 (note 12)

Solo consolidation data

FSA016

FSA016

FSA016

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (note 8)

FSA019 (note 8)

Non-EEA sub-group

FSA028 (note 9)

FSA028 (note 9)

FSA028 (note 9)

Professional indemnity insurance

Section E RMAR

Section E RMAR

Section E RMAR

Section E RMAR2

Section E RMAR2

Threshold Conditions

Section F RMAR

Section F RMAR

Section F RMAR

Section F RMAR2

Section F RMAR2

Training and Competence

Section G RMAR

Section G RMAR

Section G RMAR

Section G RMAR2

Section G RMAR2

COB data

Section H RMAR

Section H RMAR

Section H RMAR

Section H RMAR2

Section H RMAR2

Supplementary product sales data

Section I RMAR

Section I RMAR

Section I RMAR

Section I RMAR2

Section I RMAR2

Client money and client assets

Section C RMAR2

Section C RMAR2

Fees and levies

Section J RMAR

Section J RMAR

Section J RMAR

Section J RMAR2

Section J RMAR2

6IRB portfolio risk

FSA045 (note 13)

FSA045 (note 13)

FSA045 (note 13)

6Securitisation

FSA046 (note 14)

FSA046 (note 14)

FSA046 (note 14)

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24 R, or SUP 16 Annex 18A in the case of the RMAR2. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G, or SUP 16 Annex 18B in the case of the RMAR2.

Note 2

Firms that are members of a UK consolidation group subject to the capital resources requirement at stages 2, 3 or 4 of BIPRU 8 Annex 5 are also required to submit this report on a UK consolidation group basis.

Note 3

This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date,

(a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two submissions in the previous year show that the threshold was exceeded; or

(b) for a firm that was not reporting this data item or similar in the previous year, both of the last two submissions in the previous year show that the threshold was exceeded;

and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above.

In both cases, the threshold is exceeded if data element 77A in data item FSA003 (or similar) is greater than £10 million, or its currency equivalent at the reporting date.

Note 4

This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date,

(a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two submissions in the previous year show that the threshold was exceeded; or

(b) for a firm that was not reporting this data item or similar in the previous year, both of the last two submissions in the previous year show that the threshold was exceeded;

and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above.

In both cases, the threshold is exceeded if data element 93A in data item FSA003 (or similar) is greater than £50 million, or its currency equivalent at the reporting date.

Note 5

Only applicable to firms with a CAD2 waiver under GENPRU 2.1.52 R.

Note 6

This will not be applicable to BIPRU limited activity firms or BIPRU limited licence firms unless they have a waiver under BIPRU 6.1.2 G.

Note 7

This is only applicable to a firm that has adopted, in whole or in part, either the Standardised Approach, Alternative Standardised Approach, or Advanced Modelling Approaches under BIPRU 63.

Note 8

Only applicable to BIPRU investment firms5 that are:

(a) subject to consolidated supervision under BIPRU 8, except those that are either included within the consolidated supervision of a group that includes a UK credit institution, or that have been granted an investment firm consolidation waiver;

(b) subject to consolidated supervision under BIPRU 8 that have been granted an investment firm consolidation waiver; and

(c) not subject to consolidated supervision under BIPRU 8.

A BIPRU investment firm5 under (a) should complete the report on the basis of its UK consolidation group. A BIPRU investment firm5 under (b) or (c) should complete the report on the basis of its solo position.

Note 9

This will be applicable to firms that are members of a UK consolidation group4 on the reporting date. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group.

Note 10

Only applicable to a firm whose ultimate parent is a mixed-activity holding company.

Note 11

Only applicable to a firm that is a sole trader or a partnership, when the report must be submitted by each partner.

Note 12

Members of a UK integrated group should only submit this data item at the UK integrated group level. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group.

6Note 13

Only applicable to firms that have an IRB permission to use the IRB approach and BIPRU 4.

6Note 14

Only applicable to firms that undertake securitisations.
SUP 16.12.28ARRP

2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item

Data item (note 1)

Frequency

Submission deadline

Annual regulated business revenue up to and including £5 million

Annual regulated business revenue over £5 million

Balance Sheet

Section A RMAR

Half yearly

Quarterly

30 business days

Income Statement

Section B RMAR

Half yearly

Quarterly

30 business days

Capital Adequacy

Section D1 RMAR

Half yearly

Quarterly

30 business days

Professional indemnity insurance

Section E RMAR

Half yearly

Half yearly

30 business days

Threshold Conditions

Section F RMAR

Half yearly

Half yearly

30 business days

Training and Competence

Section G RMAR

Half yearly

Half yearly

30 business days

COB data

Section H RMAR

Half yearly

Half yearly

30 business days

Supplementary product sales data

Section I RMAR

Annually

Annually

30 business days

Client money and client assets

Section C RMAR

Half yearly

Quarterly

30 business days

Fees and levies

Section J RMAR

Annually

Annually

30 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B.
SUP 16.12.30RRP
(1) 2An authorised professional firm, other than one that must comply with IPRU(INV) 3, 5, 10 or 13 in accordance with IPRU(INV) 2.1.4R,3 must submit an annual questionnaire, contained in SUP 16 Annex 9R, unless:(a) its only regulated activities are one or more of:(i) insurance mediation;(ii) mortgage mediation;(iii) retail investment;(iv) mortgage lending;(v) mortgage administration; or(b) its "main business" as determined by IPRU(INV) 2.1.2R(3) is advising on, or arrangingdeals
SUP 16.12.32RRP
(1) A firm that is a member of a financial conglomerate must submit financial reports to the FSA in accordance with the table in SUP 16.12.33 R if:(a) it is at the head of an FSA regulated EEA financial conglomerate; or(b) its Part IV permission contains a relevant requirement.(2) In (1)(b), a relevant requirement is one which:(a) applies SUP 16.12.33 R to the firm; or(b) applies SUP 16.12.33 R to the firm unless the mixed financial holding company of the financial conglomerate
SUP 16.12.33RRP

Financial reports from a member of a financial conglomerate (see SUP 16.12.32 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 RGENPRU 3.1.35 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 GENPRU 3 Annex 1GENPRU 3 Annex 1 (method 1), Part 2 of GENPRU 3 Annex 1 (method 2), or Part 3 of GENPRU 3 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.

(1) a banking / investment conglomerate must use FSA003; and

(2) an insurance conglomerate must use:

(a) (where SUP 16.12.32R (1)(a) applies), Forms 1, 2 and 3 in Appendix 9.1 of IPRU(INS) prepared in accordance with IPRU (INS) 9.35(1); or

(b) (in any other case),the Insurance Group Capital Adequacy Reporting Form (Form 95) in Appendix 9.9 of IPRU(INS)

For the purposes of (b), rules 9.40(1), 9.40(1A), 9.40(3) and 9.40(4) of IPRU(INS) apply as they would if the insurance conglomerate were an insurance group.

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 / investment conglomerate: frequency is half-yearly with due date 45 business days after period end

(2) 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 report on compliance with GENPRU 3.1.35 R where it applies.

Note 6

Adequate information must be added as a separate item to the relevant form for sectoral reporting.
COBS 20.2.42RRP
A firm that is seeking to make a reattribution of its inherited estate must:(1) identify at the earliest appropriate point a policyholder advocate, who is free from any conflicts of interest that may be, or may appear to be, detrimental to the interests of policyholders, to negotiate with the firm on behalf of relevant with-profits policyholders;(2) seek the approval of the FSA for the appointment of the policyholder advocate as soon as he is identified, or appoint a policyholder
COBS 20.2.43GRP
The firm should include an independent element in the policyholder advocate selection process, which may include consulting representative groups of policyholders or using the services of a recruitment consultant. When considering an application for approval of a nominee to perform the policyholder advocate role, the FSA will have regard to the extent to which the firm has involved others in the selection process.
COBS 20.2.44GRP
The precise role of the policyholder advocate in any particular case will depend on the nature of the firm and the reattribution proposed. A firm will need to discuss with the FSA the precise role of the policyholder advocate in a particular case (COBS 20.2.45 R). However, the role of the policyholder advocate should include:(1) negotiating with the firm, on behalf of the relevant with-profits policyholders, the benefits to be offered to them in exchange for the rights or interests
COBS 20.2.45RRP
A firm must:(1) notify the FSA of the terms on which it proposes to appoint a policyholder advocate (whether or not the candidate was nominated by the FSA); and(2) ensure that the terms of appointment for the policyholder advocate:(a) stress the independent nature of the policyholder advocate's appointment and function, and are consistent with it;(b) define the relationship of the policyholder advocate to the firm and its policyholders;(c) set out arrangements for communications
COBS 20.2.55GRP
A firm must contact the FSA to discuss whether it has, or should be taken to have, ceased to effect new contracts of insurance if:(1) it is no longer effecting a material volume of new with-profits policies in a particular with-profits fund, other than by reinsurance; or(2) it cedes by way of reinsurance most of the new with-profits policies which it continues to effect.