Related provisions for INSPRU 8.2.26
Applicable sections (see SUP 3.1.1 R)
This table and the provisions in SUP 3 should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular, the PRA does not apply any of the provisions in SUP 3 in respect of FCA-authorised persons. SUP 3.10 and SUP 3.11 are applied by the FCA only.41 |
(1) Category of firm |
(2) Sections applicable to the firm |
(3) Sections applicable to its auditor |
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(1) |
Authorised professional firm which is required by IPRU(INV) 2.1.2R to comply with chapters 3, 519 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 (Notes 1 and 6)23 23192323 |
SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10 19 |
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(2) |
Authorised professional firm not within (1) to which the custody chapter or client money chapter applies22 172223 |
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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(Notes 2A and 6)23 23 |
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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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(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) 15,28securities and futures firm (other than an exempt CAD firm or an exempt BIPRU commodities firm20)15 or collective portfolio management firm that is an external AIFM28 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 623)17 239281723 |
SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10 19 |
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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),28securities and futures firm (other than an exempt CAD firm15 or an exempt BIPRU commodities firm20) or collective portfolio management firm that is an external AIFM28 not within (7) to which the custody chapter or client money chapter applies22 23281722 |
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25(7AA) |
A firm that has exercised an opt in to CASS in accordance with CASS 1.4.9 R |
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9(7B) |
Collective portfolio management firm that is a 28UCITS firm13or an internally managed AIF28 (Note 6)23 13 |
SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10 19 |
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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 (Notes 3B and 6)2320 2023 |
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17(7D) |
Sole trader or partnership that is a UK20MiFID investment firm (other than an exempt CAD firm) (Notes 3C and 6)2320 2023 |
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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 [deleted]23 171723 |
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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: general23). 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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23 | |||
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 |
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23Note 6 = Where SUP 3.11 applies to a firm, and SUP 3.10 applies to the auditor of that firm, those sections apply whether or not that firm'spermission prevents it from holding client money or custody assets and whether or not it holds client money or custody assets.A collective portfolio management firm that is an internally managed AIF is required to appoint an auditor under FUND 3.3.6R (2) (Annual report of an AIF) because the AIFM is also an AIF.28 |
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below.11
The applicable reporting frequencies for submission of data items and periods referred to in SUP 16.12.4 R are set out in the table below and are calculated from a firm'saccounting reference date, unless indicated otherwise.
The applicable due dates for submission referred to in SUP 16.12.4 R are set out in the table below. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period. 11
96 | the Society (note 1) |
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Frequency |
Submission deadline |
Description of data item |
Frequency |
Submission deadline |
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Annually |
6 month's after the Society'saccounting reference date |
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Annual Lloyd's return |
Annually |
6 months after the Society'saccounting reference date |
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Syndicate accounts and reports (note 2) |
Annually |
6 months after the Society'saccounting reference date |
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Quarterly reporting statement |
Quarterly |
15 business days after the quarter end |
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Balance Sheet |
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FSA001 (notes 15, 20) or 13 |
Quarterly or half yearly |
(note 14) |
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FSA029 |
Quarterly (note 14) |
(note 14) |
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Income Statement |
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FSA002 (note20), or 13 |
Quarterly or half yearly (note 14) |
(note 14) |
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FSA030 |
Quarterly |
(note 14) |
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Capital Adequacy |
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FSA003 (notes 4, 20) or |
Monthly, quarterly or half yearly (note 14) |
(note 14) |
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FSA033 (note 12) or |
Quarterly |
(note 14) |
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FSA034 (note 13) or |
Quarterly |
(note 14) |
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FSA035 (note 13) |
Quarterly |
(note 14) |
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Credit Risk |
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FSA004 (notes 5, 20) 13 |
Quarterly or half yearly (note 14) |
(note 14) |
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Market Risk |
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FSA005 (notes 6, 20) 13 |
Quarterly or half yearly (note 14) |
(note 14) |
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13 | |||||
13 | 13 | 13 | |||
13 | |||||
13 | 13 | 13 | |||
Large Exposures |
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FSA008 (Notes 20, 21)15 1513 |
Quarterly |
20 business days (note 19) |
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13 | |||||
13 | 13 | 13 | |||
13 | |||||
13 | 13 | 13 | |||
13 | |||||
13 | 13 | 13 | |||
13 | |||||
13 | 13 | 13 | |||
13 | |||||
13 | 13 | 13 | |||
Note 1 |
The Society must prepare its reports in the format specified in IPRU(INS) Appendix 9.11, unless Note 2 applies. |
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Note 2 |
The Society must ensure that the annual syndicate accounts and reports are prepared in accordance with the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950). |
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Note 3 |
[deleted]96 96 |
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Note 4 |
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Note 5 |
This applies to a firm that is required to submit data item FSA003 and, at anytime within the 12 months up to its latest accounting reference date ("the relevant period"), was reporting data item FSA004 ("Firm A") or not reporting this item ("Firm B"). In the case of Firm A it must report this data item if one or both of its last two submissions in the relevant period show that the threshold was exceeded. In the case of Firm B it must report this item if both the last two submissions in the relevant period show that the threshold has been exceeded. The threshold is exceeded where data element 77A in data item FSA003 is greater than £10 million, or its currency equivalent, at the relevant reporting date for the firm. |
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Note 6 |
This applies to a firm that is required to submit data item FSA003 and, at anytime within the 12 months up to its latest accounting reference date ("the relevant period"), was reporting data item FSA005 ("Firm A") or not reporting this item ("Firm B"). In the case of Firm A it must report this data item if one or both of its last two submissions in the relevant period show that the threshold was exceeded. In the case of Firm B it must report this item if both the last two submissions in the relevant period show that the threshold has been exceeded. The threshold is exceeded where data element 93A in data item FSA003 is greater than £50 million, or its currency equivalent, at the relevant reporting date for the firm. |
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Note 7 |
[deleted]13 13 |
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Note 8 |
[deleted]13 13 |
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Note 9 |
[deleted]13 13 |
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Note 10 |
[deleted]13 13 |
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Note 11 |
[deleted]13 13 |
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Note 12 |
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Note 13 |
Only applicable to firms subject to IPRU(INV) 5. FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.2.3(2)R. FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.2.3(2)R. |
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Note 14 |
BIPRU firms37report half yearly on 30 business days submission37. All UK consolidation group reports report half yearly on 45 business days submission. All other firms report monthly on 20 business days submission. 37 |
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Note 15 |
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Note 16 |
[deleted]13 13 |
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Note 17 |
[deleted]13 13 |
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Note 18 |
[deleted]13 13 |
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Note 19 |
UK consolidation group reports have 45 business days submission. |
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Note 20 |
Firms that are members of a UK consolidation group are also required to submit FSA001, FSA002, FSA003, FSA004, FSA005 and FSA008 on a UK consolidation group basis. |
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15Note 21 |
This will not be applicable to BIPRU firms37. 3737 |