Related provisions for MCOB 5.1.1
CASS firm types
CASS firm type |
Highest total amount of client money held during the firm’s last calendar year or as the case may be that it projects that it will hold during the current calendar year |
Highest total value of safe custody assets held by the firm during the firm's last calendar year or as the case may be that it projects that it will hold during the current calendar year |
more than £1 billion |
more than £100 billion |
|
an amount equal to or greater than £1 million and less than or equal to £1 billion |
an amount equal to or greater than £10 million and less than or equal to £100 billion |
|
less than £1 million |
less than £10 million |
The applicable reporting frequencies for data items referred to in SUP 16.12.25A R are set out according to the type of firm2 in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.
UK consolidation group11 or defined liquidity group13 11 |
Firms other than BIPRU firms |
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11 | Annually |
Annually |
Annually |
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Annual report and accounts11of the mixed-activity holding company 11 |
Annually |
Annually |
Annually |
Annually |
|
Solvency statement |
Annually |
Annually |
Annually |
Annually2 |
|
FSA001 |
Quarterly |
Quarterly |
Half yearly |
Half yearly |
|
FSA002 |
Quarterly |
Quarterly |
Half yearly |
Half yearly |
|
FSA003 |
Monthly |
Quarterly |
Half yearly |
Half yearly |
|
FSA004 |
Quarterly |
Quarterly |
Half yearly |
Half yearly |
|
FSA005 |
Quarterly |
Quarterly |
Half yearly |
Half yearly11 11 |
|
FSA006 |
Quarterly |
Quarterly |
Quarterly |
||
FSA007 |
Annually(note 4)11 |
Annually(note 4)11 |
Annually(note 4)11 |
Annually (note 4)11 |
|
FSA008 |
Quarterly |
Quarterly |
Quarterly |
Quarterly |
|
FSA016 |
Half yearly |
Half yearly |
Half yearly |
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FSA018 |
Quarterly |
Quarterly |
Quarterly |
||
FSA019 |
Annually |
Annually |
Annually |
Annually |
|
FSA028 |
Half yearly |
Half yearly |
Half yearly |
||
2FSA029 |
Quarterly 8 |
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2FSA030 |
Quarterly 8 |
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2FSA031 |
Quarterly |
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2FSA032 |
Quarterly |
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2FSA033 |
Quarterly 8 |
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2FSA034 |
Quarterly 8 |
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2FSA035 |
Quarterly 8 |
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2FSA036 |
Quarterly5 8 |
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2FSA039 |
Half yearly |
Half yearly |
Half yearly |
11 | Half yearly11 |
6FSA045 |
Quarterly |
Quarterly |
Half yearly |
Half yearly |
|
6FSA046 |
Quarterly15 15 |
Quarterly15 15 |
Quarterly15 15 |
Quarterly15 15 |
|
13FSA047 |
Daily, weekly, monthly or quarterly (Notes 5, 6 and 8) |
Daily, weekly, monthly or quarterly (Notes 5, 7 and 8) |
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13FSA048 |
Daily, weekly, monthly or quarterly (Notes 5, 6 and 8) |
Daily, weekly, monthly or quarterly (Notes 5, 7 and 8) |
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13FSA050 |
Monthly (Note 5) |
Monthly (Note 5) |
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13FSA051 |
Monthly (Note 5) |
Monthly (Note 5) |
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13FSA052 |
Weekly or monthly (Notes 5 and 9) |
Weekly or monthly (Notes 5 and 10) |
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13FSA053 |
Quarterly (Note 5) |
Quarterly (Note 5) |
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13FSA054 |
Quarterly (Note 5) |
Quarterly (Note 5) |
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13FSA055 |
Annually (Note 5) |
Annually (Note 5) |
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15FSA058 |
Quarterly |
Quarterly |
Quarterly |
Quarterly |
|
5Section A RMAR |
Half yearly (note 2) Quarterly (note 3) |
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5Section B RMAR |
Half yearly (note 2) Quarterly (note 3) |
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5Section C RMAR |
Half yearly (note 2) Quarterly (note 3) |
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5Section D1 and D2 RMAR |
Half yearly (note 2) Quarterly (note 3) |
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5Section F RMAR |
Half yearly |
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2Note 1 |
[deleted]8 8 |
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5Note 2 |
Annual regulated business revenue up to and including £5 million. |
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5Note 3 |
Annual regulated business revenue over £5 million. |
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11Note 4 |
The reporting date for this data item is six months after a firm's most recent accounting reference date. |
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13Note 5 |
Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis and not from a firm'saccounting reference date. In particular: (1) A week means the period beginning on Saturday and ending on Friday. (2) A month begins on the first day of the calendar month and ends on the last day of that month. (3) Quarters end on 31 March, 30 June, 30 September and 31 December. (4) Daily means each business day. All periods are calculated by reference to London time. Any changes to reporting requirements caused by a firm receiving an intra-group liquidity modification (or a variation to one) do not take effect until the first day of the next reporting period applicable under the changed reporting requirements if the firm receives that intra-group liquidity modification or variation part of the way through such a period, unless the intra-group liquidity modification says otherwise. |
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13Note 6 |
If the report is on a solo basis the reporting frequency is as follows: (1) if the firm does not have an intra-group liquidity modification the frequency is: (a) weekly if the firm is a standard frequency liquidity reporting firm; and (b) monthly if the firm is a low frequency liquidity reporting firm; (2) if the firm is a group liquidity reporting firm in a non-UK DLG by modification (firm level) the frequency is: (a) weekly if the firm is a standard frequency liquidity reporting firm; and (b) monthly if the firm is a low frequency liquidity reporting firm; (3) the frequency is quarterly if the firm is a group liquidity reporting firm in a UK DLG by modification. |
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13Note 7 |
(1) If the report is by reference to the firm'sDLG by default the reporting frequency is: (a) weekly if the group liquidity standard frequency reporting conditions are met; (b) monthly if the group liquidity low frequency reporting conditions are met. (2) If the report is by reference to the firm'sUK DLG by modification the reporting frequency is: (a) weekly if the group liquidity standard frequency reporting conditions are met; (b) monthly if the group liquidity low frequency reporting conditions are met. (3) If the report is by reference to the firm'snon-UK DLG by modification the reporting frequency is quarterly. |
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13Note 8 |
(1) If the reporting frequency is otherwise weekly, the item is to be reported on every business day if (and for as long as) there is a firm-specific liquidity stress or market liquidity stress in relation to the firm or group in question. (2) If the reporting frequency is otherwise monthly, the item is to be reported weekly if (and for as long as) there is a firm-specific liquidity stress or market liquidity stress in relation to the firm or group in question. (3) A firm must ensure that it would be able at all times to meet the requirements for daily or weekly reporting under paragraph (1) or (2) even if there is no firm-specific liquidity stress or market liquidity stress and none is expected. |
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13Note 9 |
If the report is on a solo basis the reporting frequency is as follows: (1) weekly if the firm is a standard frequency liquidity reporting firm; and (2) monthly if the firm is a low frequency liquidity reporting firm. |
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13Note 10 |
If the report is by reference to the firm'sUK DLG by modification the reporting frequency is: (1) weekly if the group liquidity standard frequency reporting conditions are met; (2) monthly if the group liquidity low frequency reporting conditions are met. |
1The application of this sourcebook is summarised at a high level in the following table. The detailed application is cut back in SYSC 1 Annex 1 and in the text of each chapter.
Type of firm |
Applicable chapters |
Chapters 2, 3, 11 to 18 |
|
Chapters 2, 3, 11, 12, 18 |
|
Chapters 2, 3, 12, 18 |
|
Every other firm |
Chapters 4 to 12, 18, 19A4 24 |
This table belongs to MCOB 5.1.1 R
(1) Category of firm |
(2) Applicable section |
MCOB 5.1.1 R to MCOB 5.1.3 R, MCOB 5.1.6 R to MCOB 5.1.8 G, MCOB 5.2, MCOB 5.3 and MCOB 5.8. |
|
see MCOB 9.3 for the application of this chapter |
|
MCOB 5.1.1 R to MCOB 5.1.3 R, MCOB 5.2 and MCOB 5.9 4 |
|
MCOB 5.1.1 R to MCOB 5.1.3 R, 4MCOB 5.2,MCOB 5.9.1 R to MCOB 5.9.2 R (including MCOB 5.9.1A G to MCOB 5.9.1F R), MCOB 5.9.6 R and MCOB 5.9.7G4 |
|
MCOB 5.1.1 R to MCOB 5.1.3R, MCOB 5.2 and MCOB 5.94 4 |
This table belongs to MCOB 8.1.1 R
(1) Category of firm |
(2) Applicable section |
4 | |
4 | whole chapter except MCOB 8.6. MCOB 8.7 does not apply in relation to a lifetime mortgage4 |
4 | whole chapter except MCOB 8.5. MCOB 8.7 does not apply in relation to a lifetime mortgage4 |
This table belongs to MCOB 4.1.1 R
(1) Category of firm |
(2) Applicable section |
MCOB 4.1 to MCOB 4.4, and MCOB 4.8 to MCOB 4.94 43 |
|
MCOB 4.1, MCOB 4.2 and MCOB 4.10 (except MCOB 4.10.5 G to MCOB 4.10.7 G). MCOB 4.3, MCOB 4.4 and MCOB 4.8 in accordance with MCOB 4.10 |
|
MCOB 4.1, MCOB 4.2, MCOB 4.5, MCOB 4.6 and MCOB 4.10.MCOB 4.3, MCOB 4.4, MCOB 4.7 and MCOB 4.8 in accordance with MCOB 4.10 |
|
As for a home purchase adviser exceptMCOB 4.10.5 G to MCOB 4.10.7 G and MCOB 4.7 do not apply |
|
This table belongs to MCOB 6.1.1R
(1) Category of firm |
(2) Applicable section |
mortgage lender |
|
MCOB 6.1 (except MCOB 6.1.6 G), MCOB 6.2 and MCOB 6.8 |
|
see MCOB 9.5 for the application of this chapter |
|
MCOB 6.1.1 R to MCOB 6.1.3 R, MCOB 6.1.5 R, MCOB 6.2, MCOB 6.3 and MCOB 6.9 |
This table belongs to MCOB 9.1.1 R
(1) Category of firm |
(2) Applicable section |
1MCOB 9.1 - MCOB 9.4.132 R, MCOB 9.5 - MCOB 9.82 2 |
|
MCOB 9.1, MCOB 9.2, MCOB 9.6 and 2 |
|
MCOB 9.1 - MCOB 9.4.132 R2and MCOB 9.8.5 R - MCOB 9.8.10 R 22 |
|
MCOB 9.1 - MCOB 9.4.17A R, MCOB 9.4.133 R -MCOB 9.6; MCOB 9.9 |
|
MCOB 9.1 - MCOB 9.4.17A R, MCOB 9.4.133 R - MCOB 9.4.176 G; MCOB 9.9.8 R |
This table belongs to MCOB 2.1.1 R
This table belongs to MCOB 7.1.1R
(1) Category of firm |
(2) Applicable section |
MCOB 7.1 - MCOB 7.32and MCOB 7.5 - MCOB 7.7. 2 |
|
MCOB 7.1 - MCOB 7.32and MCOB 7.6.7 R - MCOB 7.7.4 R 2 |
|
MCOB 7.1.1 R to MCOB 7.1.4 R, MCOB 7.2, MCOB 7.3 and MCOB 7.8 |
|
As for a home purchase provider except MCOB 7.8.1 R and MCOB 7.8.2 G do not apply |
|
MCOB 7.1.1 R to MCOB 7.1.4 R, MCOB 7.2 and MCOB 7.8.7 G |
|
see MCOB 9.6 for the application of this chapter |
|
Applicable sections (see SUP 3.1.1 R)
(1) Category of firm |
(2) Sections applicable to the firm |
(3) Sections applicable to its auditor |
|
(1) |
Authorised professional firm which is required by IPRU(INV) 2.1.2R to comply with chapters 3, 5,1019 or 13 of IPRU(INV) and which has an auditor appointed under or as a result of a statutory provision other than in the Act9 (Note 1) 19 |
SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10 19 |
|
(2) |
Authorised professional firm not within (1) to which the custody chapter or client money chapter applies22 , unless the firm is regulated by The Law Society (England and Wales), The Law Society of Scotland or The Law Society of Northern Ireland (Note 2) 1722 |
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(3) |
Authorised professional firm not within (1) or (2) which has an auditor appointed under or as a result of a statutory provision other than in the Act |
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(4) |
Bank, building society or dormant account fund operator21which in each case carries on designated investment business21(Note 2A) |
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(5) |
Bank, building society or a dormant account fund operator which in each case does not carry on designated investment business21 (Note 2A) 21 |
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(5A) |
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(5B) |
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(6) |
Insurer, the Society of Lloyd's, underwriting agent or members' adviser, UK ISPV11 (Note 5)7 |
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(7) |
Investment management firm, (other than an exempt CAD firm),16personal investment firm (other than a small personal investment firm or exempt CAD firm). 15or securities and futures firm (other than an exempt CAD firm or an exempt BIPRU commodities firm20)15 which, in each case, has an auditor appointed under or as a result of a statutory provision other than in the Act9(Notes 3 and 3A)17 917 |
SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10 19 |
|
9(7A) |
Investment management firm (other than an exempt CAD firm)20, personal investment firm (other than a small personal investment firm or exempt CAD firm15), or securities and futures firm (other than an exempt CAD firm15 or an exempt BIPRU commodities firm20) not within (7) to which the custody chapter or client money chapter applies22 1722 |
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9(7B) |
13 | SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10 19 |
|
13(7C) |
UK MiFID investment firm, which has an auditor appointed under or as a result of a statutory provision other than in the Act (Note 3B)20 20 |
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17(7D) |
Sole trader or partnership that is a UK20MiFID investment firm (other than an exempt CAD firm) (Note 3C)20 20 |
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(8) |
Small personal investment firm or service company which, in either case, has an auditor appointed under or as a result of a statutory provision other than in the Act |
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(9)8 |
Home finance provider10 which has an auditor appointed under or as a result of a statutory provision other than in the Act9 10 |
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(10)8 |
Insurance intermediary (other than an exempt insurance intermediary) to which the insurance client money chapter17 (except for CASS 5.2 (Holding money as agent)) applies (see Note 4)8 17 |
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(11)8 |
Exempt insurance intermediary and insurance intermediary not subject to SUP 3.1.2 R(10) which has an auditor appointed under or as a result of a statutory provision other than in the Act |
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(12)8 |
Home finance intermediary10 or home finance administrator10 which has an auditor appointed under or as a result of a statutory provision other than in the Act. 1010 |
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Note 1 = This chapter applies to an authorised professional firm in row (1) (and its auditor) as if the firm were of the relevant type in the right-hand column of IPRU(INV) 2.1.4R. |
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Note 2 = In row (2): (a) The non-directive custody chapter17 is treated as applying only if (i) the firm safeguards and administers investments17in connection with managing investments (other than when acting as trustee) or (ii) it safeguards and administers17 investments in relation to bonded investments (and, in either case, it has not opted to conduct all business that would fall within the non-directive custody chapter under the MiFID custody chapter).17 (b) The non-directive client money chapter17 is treated as applying only if the firm receives or holds client money other than under an arrangement where commission is rebated to the client (and assuming that it has not opted to conduct all business that would fall within the non-directive client money chapter under the MiFID client money chapter)17; but, if the custody rules or the client money rules above are17 treated as applying, then SUP 3.10 (Duties of auditors: notification and report on client assets) applies to the whole of the business within the scope of the custody rules or the client money rules above17. 17171717171717 |
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Note 2A = For this purpose, designated investment business does not include either or both: (a) dealing which falls within the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc) (or agreeing to do so); and (b) dealing in investments as principal (or agreeing to do so): (i) by a firm whose permission to deal in investments as principal is subject to a limitation to the effect that the firm, in carrying on this regulated activity, is limited to entering into transactions in a manner which, if the firm was an unauthorised person, would come within article 16 of the Regulated Activities Order (Dealing in contractually based investments); and (ii) in a manner which comes within that limitation; having regard to article 4(4) of the Regulated Activities Order (Specified activities:). 18 |
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Note 3 = This note applies in relation to an oil market participant to which IPRU(INV) 3 does not apply and in relation to an energy market participant to which IPRU(INV) 3 does not apply. In SUP 3: (a) only SUP 3.1, SUP 3.2 and SUP 3.7 are applicable to such a firm; and (b) only SUP 3.1, SUP 3.2 and SUP 3.8 are applicable to its auditor; and, in each case, only if it has an auditor appointed under or as a result of a statutory provision other than in the Act. |
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17Note 3A = If the firm has elected to comply with the MiFID custody chapter or the MiFID client money chapter also in respect of its non-MiFID business then SUP 3.10 will apply to the whole of the business within the scope of the MiFID custody chapter or the MiFID client money chapter. |
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20Note 3B = UK MiFID investment firms include exempt CAD firms. An exempt CAD firm that has opted into MiFID can benefit from the audit exemption for small companies in the Companies Act legislation if it meets the relevant criteria in that legislation and fulfils the conditions of regulation 4C(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007. If a firm does so benefit then SUP 3 will not apply to it. For further details about exempt CAD firms, see PERG 13, Q58. |
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17Note 3C20 = A sole trader or a partnership that is a UK MiFID investment firm20 to which the custody chapter22 or client money chapter applies2220 must have its annual accounts audited. 20202222 |
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Note 4 = The client money audit requirement in SUP 3.1.2 R(10) therefore applies to all insurance intermediaries except:8 • those which do not hold client money or other client assets in relation to insurance mediation activities; or 8 • those which only hold up to, but not exceeding, £30,000 of client money under a statutory trust arising under CASS 5.3.8 Insurance intermediaries which, in relation to insurance mediation activities, hold no more than that amount of client money only on a statutory trust are exempt insurance intermediaries.8 |
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Note (5) = In row (6):7 |
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(a)7 |
SUP 3.1 - SUP 3.7 applies to a managing agent in respect of its own business and in respect of the insurance business of each syndicate which it manages; and7 |
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(b)7 |
SUP 3.1, SUP 3.2 and SUP 3.8 apply to the auditors of a managing agent and the auditors of the insurance business of each syndicate which the managing agent manages.1234567 |
A firm must appropriately allocate to one or more individuals, in accordance with the following table, the functions of:
- (1)
dealing with the apportionment of responsibilities under SYSC 4.4.3 R; and
- (2)
overseeing the establishment and maintenance of systems and controls under SYSC 4.1.1 R.
1: Firm type |
2: Allocation of both functions must be to the following individual, if any (see Note): |
3: Allocation to one or more individuals selected from this column is compulsory if there is no allocation to an individual in column 2, but is otherwise optional and additional: |
(1) A firm which is a body corporate and is a member of a group, other than a firm in row (2) |
(1) the firm'schief executive (and all of them jointly, if more than one); or |
(1) directors; and (2) senior managers |
(2) a director or senior manager responsible for the overall management of: (a) the group; or (b) a group division within which some or all of the firm'sregulated activities fall |
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(2) An incoming EEA firm or incoming Treaty firm (note: only the functions in SYSC 4.4.5R (2) must be allocated) |
(not applicable) |
(1) directors; and (2) senior managers |
(3) Any other firm |
the firm'schief executive (and all of them jointly, if more than one) |
(1) directors; and (2) senior managers |
Note: Column 2 does not require the involvement of the chief executive or other executive director or senior manager in an aspect of corporate governance if that would be contrary to generally accepted principles of good corporate governance. |
Types of reports. See SUP 6.4.15 G
Category of firm |
Type of report |
a bank or building society |
• an audited balance sheet which confirms that, in the auditor's opinion, the firm has no remaining deposit liabilities to customers; • a report from auditors or reporting accountants; |
• a report from auditors or reporting accountants |
|
an insurer |
• an audited closing balance sheet which demonstrates that the firm has no insurance liabilities to policyholders; • a report from the auditors or reporting accountants; and • in some cases, an actuarial opinion as to the likelihood of any remaining liabilities to policyholders. |