Related provisions for CASS 8.3.2B

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

CASS 7.10.3RRP
(1) A firm that receives or holds money to which this chapter applies in relation to:(a) its MiFID business; or (b) its MiFID business and its designated investment business which is not MiFID business; and holds money in respect of which CASS 5 applies, may elect to comply with the provisions of this chapter in respect of all such money and if it does so, this chapter applies as if all such money were money that the firm receives and holds in the course of, or in connection with,
CASS 7.10.7ERRP
(1) 4A firm must make and retain a written record of any election it makes under CASS 7.10.7AR including: (a) the date from which the election is to be effective; and(b) if it cancels the election, the date from which the election is to cease to be effective.(2) The firm must:(a) make the record on the date it makes the election;(b) update the record it if it decides to cancel the election or change the effective date; and (c) keep the record for a period of five years after ceasing
CASS 7.10.31RRP
A firm must make and retain a written record of any election which it makes under CASS 7.10.30 R.
CASS 7.10.35RRP
(1) A trustee firm to which CASS 7.10.34 R applies may, in addition to the client money rules set out at CASS 7.10.34 R, also elect to comply with:(a) all the client money rules in CASS 7.13 (Segregation of client money); (b) CASS 7.14 (Client money held by a third party);(c) all the client money rules in CASS 7.15 (Records, accounts and reconciliations); or(d) CASS 7.18 (Acknowledgement letters).(2) A trustee firm must make a written record of any election it makes under this
CASS 7.10.38RRP
(1) A trustee firm to which CASS 7.10.34 R applies may elect that: (a) the applicable provisions of CASS 7.13 (Segregation of client money) and CASS 7.15 (Records, accounts and reconciliations) under CASS 7.10.34 R; and(b) 2any further provisions it elects to comply with under CASS 7.10.35 R (1);will apply separately and concurrently for each distinct trust that the trustee firm acts for.(2) A trustee firm must make a written record of any election it makes under this rule, including
EG 6.10.1RP
1In general, the FCA considers that publishing relevant information about orders to disapply an exemption in respect of a member of a designated professional body will be in the interests of clients and consumers. The FCA will consider what additional information about the circumstances of the order to include on the record maintained on the Financial Services Register taking into account any prejudice to the person concerned and the interests of consumer protection.
EG 6.10.2RP
1The FCA's normal approach to maintaining information about a disapplication order on the Financial Services Register is as follows. (1) While a disapplication order is in effect, the FCA will maintain a record of the order on the Financial Services Register. If the FCA grants an application to vary the order, a note of the variation will be made against the relevant entry on the Financial Services Register. (2) The FCA's policy in relation
TC 2.2A.1RRP
(1) 1For the purposes of TC 2.1.1 R, if an employee carries on an activity in TC Appendix 1 (other than an overseeing activity), a firm must ensure that the employee attains an appropriate qualification within 30 months of starting to carry on that activity.(2) For the purposes of (1), a firm must record the date on which the employee starts to carry on that activity.
TC 2.2A.6RRP
A firm should, for the purposes of TC 3.1.1 R (Record keeping), make and retain records of the time limits within which the appropriate qualification has been attained.
MCOB 3A.9.1RRP
1A firm must make an adequate record of each non-real time financial promotion of qualifying credit, home reversion plan or regulated sale and rent back agreement which it has confirmed as complying with the rules in this chapter. The record must be retained for a year from the date at which the financial promotion was last communicated.
MCOB 3A.9.2GRP
MCOB 2.8 (Record keeping) applies to the form in which records required in accordance with this chapter must be kept.
DISP 1.9.1RRP
A firm, including, in the case of MiFID business or collective portfolio management services for a UCITS scheme or an EEA UCITS scheme, a branch of a UK firm in another EEA state, must keep a record of each complaint received and the measures taken for its resolution, and retain that record for:32(1) at least five years where the complaint relates to MiFID business or collective portfolio management services for a UCITS scheme or an EEA UCITS scheme; and32(2) three years for
DISP 1.9.2GRP
The records of the measures taken for resolution of complaints may be used to assist with the collection of management information pursuant to DISP 1.3.3BG(1) and regular reporting to the senior personnel pursuant to DISP 1.3.3BG(6).31
MCOB 4A.3.2RRP
Where an MCD mortgage adviser, or any other firm that is an MCD mortgage lender or an MCD mortgage arranger that provides advisory services within the meaning of article 4(21) of the MCD, advises on a transaction relating to an MCD regulated mortgage contract, it must give the consumer a record on paper, or in another durable medium, of the recommendation provided.[Note: article 22(3)(e) of the MCD]
MCOB 4A.3.3GRP
The record in MCOB 4A.3.2 R may consist of the completed ESIS or illustration.
COBS 10.7.1GRP
A1firm is required to keep orderly records of its business and internal organisation, including all services and transactions undertaken by it.1 The records may be expected to include the client information a firm obtains to assess appropriateness and should be adequate to indicate what the assessment was. 11
COBS 10.7.2RRP
The firm must retain its records relating to appropriateness for a minimum of five years.
CASS 10.3.1RRP
A firm must include, as applicable, within its CASS resolution pack the records required under:(1) CASS 6.3.2A R1 (safe custody assets: appropriateness of the firm’s selection of a third party);1(2) CASS 6.4.3 R (firm’s use of safe custody assets);(3) CASS 6.6.2 R and CASS 6.6.3 R (safe custody assets held for each client);11(4) CASS 6.6.6 R1 (client agreements: firm’s right to use);1(4A) CASS 6.6.8 R (internal custody record checks, physical asset reconciliations and external
CASS 10.3.2GRP
CASS 10.3.1 R does not change the record keeping requirements of the rules referred to therein.
SUP 13.11.1RRP
(1) A UK firm which is exercising an EEA right must make and retain a record of:(a) the services or activities it carries on from a branch in, or provides cross-border into, another EEA State under that EEA right; and(b) the details relating to those services or activities (as set out in SUP 13.6 and SUP 13.7)1.11(2) The record in (1) must be kept for five years (for firms passporting under MiFID) or 1three years (for other firms)1from the earlier of the date on which:(a) it was
SUP 13.11.2GRP
The record in SUP 13.11.1 R need not relate to the level of business carried on. A UK firm may comply with SUP 13.11.1 R by, for example, keeping copies of all notices of intention and change to details notices1.1
DISP 2.8.2RRP
19The Ombudsman cannot consider a complaint if the complainant refers it to the Financial Ombudsman Service:(1) more than six months after the date on which the respondent sent the complainant its final response, 512redress determination or summary resolution communication512; or3(2) more than: (a) six years after the event complained of; or (if later)(b) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause
DISP 2.8.7RRP
(1) 19If a complaint relates to the sale of an endowment policy for the purpose of achieving capital repayment of a mortgage and the complainant receives a letter from a firm or a VJ participant warning that there is a high risk that the policy will not, at maturity, produce a sum large enough to repay the target amount then, subject to (2), (3), (4) and (5):(a) time for referring a complaint to the Financial Ombudsman Service starts to run from the date the complainant receives
MCOB 13.3.9RRP
(1) A mortgage lender or administrator1must make and retain an adequate record of its dealings with a customer whose account has a payment shortfall or 4 a sale shortfall1, which will enable the firm to show its compliance with this chapter1. That record must include a recording of all telephone conversations between the firm and the customer which discuss any amount in arrears or any amount subject to payment shortfall charges4.314114(2) A mortgage lender or administrator1must
MCOB 13.3.10GRP
The record referred to in MCOB 13.3.9 R should contain, or provide reference to, matters such as:(1) the date of first communication with the customer after the account was identified as having a payment shortfall;44(2) in relation to correspondence issued to a customer with a payment shortfall4, the name and contact number of the employee dealing with that correspondence, where known;4(3) the basis for issuing tailored information in accordance with MCOB 13.7.1 R in relation
MCOB 13.3.11GRP
For details of the standard expected of firms in relation to maintaining records, see MCOB 2.8 (Record keeping)
COLL 6.13.2RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure, for each portfolio transaction relating to a scheme it manages, that a record of information which is sufficient to reconstruct the details of the order and the executed transaction is produced without delay.(2) The record referred to in (1) must include:(a) the name or other designation of the scheme and of the person acting on behalf of the scheme;(b) the details
COLL 6.13.4RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure the retention of the records referred to in COLL 6.13.2 R and COLL 6.13.3 R for a period of at least five years or, in exceptional circumstances and where directed by the FCA, for a longer period, determined by the nature of the instrument or portfolio transaction, where it is necessary to enable the FCA to exercise its supervisory functions under the UCITS Directive.(2)
COLL 6.13.5RRP
An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must make appropriate arrangements for suitable electronic systems so as to permit a timely and proper recording of each portfolio transaction or subscription or redemption order, in order to be able to comply with COLL 6.13.2 R (Recording of portfolio transactions) and COLL 6.13.3 R (Recording of subscription and redemption orders).[Note: article 7(1) of the UCITS implementing
CASS 11.9.5RRP
Where a CASS debt management firm receives client money in the form of cash, a cheque or other payable order, it must:(1) pay the money into a client bank account in accordance with CASS 11.9.1 R promptly and no later than on the business day after it receives the money;(2) if the firm holds the money overnight, hold it in a secure location in line with Principle 10; and(3) record the receipt of the money in the firm's books and records under the applicable requirements of CASS
CASS 11.9.7RRP
(1) A CASS debt management firm must allocate in its books and records any client money it receives to an individual client promptly and, in any case, no later than five business days following the receipt. (2) Pending a CASS debt management firm's allocation of a client money receipt to an individual client under (1), it must record the received client money in its books and records as "unallocated client money".
CASS 11.9.8RRP
If a CASS debt management firm receives money (either in a client bank account or an account of its own) which it is unable immediately to identify as client money or its own money, it must:(1) take all necessary steps to identify the money as either client money or its own money;(2) if it considers it reasonably prudent to do so, given the risk that client money may not be adequately protected if it is not treated as such, treat the entire balance of money as client money and
COBS 4.11.1RRP
(1) A firm must make an adequate record of any financial promotion it communicates or approves, other than a financial promotion made in the course of a personal visit, telephone conversation or other interactive dialogue.(2) For a telemarketing campaign, a firm must make an adequate record of copies of any scripts used.(2A) If a firmcommunicates or approves an invitation or inducement to participate in, acquire, or underwrite a non-mainstream pooled investment which is addressed
COBS 4.11.2GRP
A firm should consider maintaining a record of why it is satisfied that the financial promotion complies with the financial promotion rules.
COBS 4.11.3GRP
If the financial promotion includes market information that is updated continuously in line with the relevant market, the record-keeping rules do not require a firm to record that information.
DEPP 7.2.2GRP
Where the FCA3 appoints an investigator in response to a request from an overseas regulator or EEA regulator2 it may, under section 169(7) or section 131FA2 of the Act, direct him to permit a representative of that regulator to attend and take part in any interviews conducted for the purposes of the investigation. The FCA3 may only give a direction under section 169(7) or section 131FA2 if it is satisfied that any information obtained by an overseas regulator or EEA regulator2
DEPP 7.2.10GRP
If the direction does permit the representative of an overseas regulator or EEA regulator2 to attend the interview and ask the interviewee questions, the FCA's3 investigator will retain control of the interview throughout. Control of the interview means the following will apply:3(1) The FCA's3 investigator instigates and concludes the interview, introduces everyone present and explains the procedure of the interview. He warns the interviewee of the possible consequences of refusing
DEPP 7.2.18GRP
All compulsory interviews will be tape-recorded. The method of recording will be decided on and arranged by the FCA's3 investigator. Costs will be addressed similarly to that set out in the preceding paragraph. The FCA3 will not provide the overseas regulator or EEA regulator2 with transcripts of the tapes of interviews unless specifically agreed to, but copies of the tapes will normally be provided where requested. The interviewee will be provided with a copy of tapes of the
SYSC 4.6.6RRP
A third-country relevant authorised person must, at all times, have a comprehensive and up-to-date document (the management responsibilities map) that describes the management and governance arrangements for any branch it maintains in the United Kingdom, including:(1) details of the reporting lines and the lines of responsibility; and(2) reasonable details about:(a) the persons who are part of those arrangements; and(b) their responsibilities.(See further requirements in SYSC
SYSC 4.6.14GRP
  1. (1)

    The guidance below applies to management responsibilities maps for branches maintained by third-country relevant authorised persons, subject to the modifications in (2):

    1. (a)

      SYSC 4.5.11G to SYSC 4.5.12G (Guidance about management responsibilities maps);

    2. (b)

      SYSC 4.5.15G (Single document);

    3. (c)

      SYSC 4.5.16G to SYSC 4.5.17G (Purpose of SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person));

    4. (d)

      SYSC 4.5.18G to SYSC 4.5.20G (Contents of SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person));

    5. (e)

      SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person); and

    6. (f)

      SYSC 4.5.21G to SYSC 4.5.22G (Records).

  2. (2)

    Unless the context otherwise requires, the following terms and cross-references in the guidance in (1) are modified as follows:

    Reference in guidance in (1)

    Modification

    firm

    treated as a reference to the branch

    governing body, senior management and senior personnel

    (a) treated as a reference to the branch’sgoverning body, senior management or senior personnel;

    (b) the Glossary definitions of these terms are adjusted so as to refer to the branch rather than the firm as a whole

    other overall responsibility function

    treated as a reference to the other local responsibility function

    SYSC 4.5.5R

    treated as a reference to SYSC 4.6.7R

    SYSC 4.5.7R

    subject to modification under SYSC 4.6.9R(2)

    SYSC 4.7.8R

    treated as a reference to SYSC 4.8.10R

    the reference to SYSC 4.5.13G in SYSC 4.5.15G(5)

    treated as a reference to SYSC 4.6.29G
SYSC 4.6.15RRP
An EEA relevant authorised person must, at all times, have a comprehensive and up-to-date document (the management responsibilities map) that describes the management and governance arrangements for any branch it maintains in the United Kingdom, including:(1) details of the reporting lines and the lines of responsibility; and(2) reasonable details about:(a) the SMF managers who carry out activities in relation to the branch; and(b) their responsibilities.
SYSC 4.6.28GRP
(1) This provision gives guidance on specific aspects of SYSC 4.6.16R and SYSC 4.6.18R.(2) A firm need only include summary details of the persons in SYSC 4.6.18R(1).(3) A branch’sSMF managers and members of its governing body or equivalent may overlap with its senior management and senior personnel. If so, the firm does not have to give the same details twice.(4) A firm should include details of individuals in addition to those in SYSC 4.6.18R(1) if they are needed to make the
APER 4.1.4GRP
3Behaviour of the type referred to in APER 4.1.3G includes, but is not limited to, deliberately:(1) falsifying documents;(2) misleading a client about the risks of an investment;(3) misleading a client about the charges or surrender penalties of investment products;(4) misleading a client about the likely performance of investment products by providing inappropriate projections of future investment returns;(5) misleading a client by informing him that products require only a single
APER 4.1.8GRP
3Deliberately preparing inaccurate or inappropriate records or returns in connection with an accountable function, falls within APER 4.1.2 G.4
APER 4.1.9GRP
3Behaviour of the type referred to in APER 4.1.8G includes, but is not limited to, deliberately:(1) preparing performance reports for transmission to customers which are inaccurate or inappropriate (for example, by relying on past performance without appropriate warnings);(2) preparing inaccurate training records or inaccurate details of qualifications, past employment record or experience;(3) preparing inaccurate trading confirmations, contract notes or other records of transactions
BIPRU 7.10.55PRRP
3A firm must document its approach for the incremental risk charge clearly, setting out its correlation and other modelling assumptions.
BIPRU 7.10.66RRP
A firm must establish, document and maintain policies, controls and procedures to an auditable standard:(1) concerning the operation of its VaR model approach; and(2) for monitoring and ensuring compliance with the policies, controls and procedures in (1).
BIPRU 7.10.67RRP
A VaR model must be adequately documented.
BIPRU 7.10.68GRP
(1) An example of documents required by BIPRU 7.10.67R may be a manual that describes the basic principles of the risk management framework, clearly setting out empirical techniques, principles and assumptions used within it.(2) This documentation should be of sufficient detail for the appropriate regulator to be able to develop a clear understanding of how the VaR model works from that documentation on its own.
BIPRU 7.10.81GRP
In assessing whether the VaR model is implemented with integrity as described in BIPRU 7.10.58R (Stress testing), the appropriate regulator will consider in particular the information technology systems used to run the model and associated calculations. The assessment may include:(1) feeder systems; risk aggregation systems; time series databases; the VaR model system; stress testing system; the backtesting system including profit and loss cleaning systems where appropriate; data
CASS 5.5.18RRP
(1) Subject to (4), a 2firm must in relation to each of its appointed representatives, field representatives and other agents comply with CASS 5.5.19 R to CASS 5.5.21 R (Immediate segregation) or with CASS 5.5.23 R (Periodic segregation and reconciliation).(2) A firm must in relation to each representative or other agent keep a record of whether it is complying with CASS 5.5.19 R to CASS 5.5.21 R or with CASS 5.5.23 R.(3) A firm is, but without affecting the application of CASS
CASS 5.5.63RRP
(1) A firm must, as often as is necessary to ensure the accuracy of its records and at least at intervals of not more than 25 business days:2(a) check whether its client money resource, as determined by CASS 5.5.65 R on the previous business day, was at least equal to the client money requirement, as determined by CASS 5.5.66 R or CASS 5.5.68 R, as at the close of business on that day; and2(b) ensure that:2(i) any shortfall is paid into a client bank account by the close of business
CASS 5.5.64RRP
A firm must keep a record of whether it calculates its client money requirement in accordance with CASS 5.5.66 R or CASS 5.5.68 R and may only use one method during each annual accounting period (which method must be the same in relation to both CASS 5.3 and CASS 5.4).
CASS 5.5.84RRP
A firm must ensure that proper records, sufficient to show and explain the firm's transactions and commitments in respect of its client money, are made and retained for a period of three years after they were made.
COBS 18.5.14RRP
A small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 must make a copy of any periodic statement it has provided in accordance with the requirement to prepare and issue periodic statements to investors in the fund6. The record must be retained for a minimum period of three years.66
COBS 18.5.15ERP

Table: Periodic statements

This table belongs to COBS 18.5.12 E.

Periodic statements

Suitable intervals

(1)

A periodic statement should be provided at least:

(a)

six-monthly; or

(b)

once in any other period, not exceeding 12 months, which has been mutually agreed between the firm and the investor in the fund.6

6

Adequate information

(2)

(a)

A periodic statement should contain:

(i)

(A)

The information set out in the table of general contents of a periodic statement;

(B)

where the portfolio of the fund6 includes uncovered open positions in contingent liability investments, the additional information in the table listing the contents of a periodic statement (see COBS 18.5.18 E6) in respect of contingent liability investments; or

66

(ii)

such information as an investor6 who is a retail client ordinarily resident outside the United Kingdom, or a professional client, has on his own initiative agreed with the firm6 as adequate.

66

(b)

For a firm acting as an outgoing ECA provider, the words 'United Kingdom' is replaced by 'EEA'
COBS 18.5.17ERP

Table: General contents of a periodic statement

This table belongs to COBS 18.5.15 E.

General contents of periodic statements

1

Contents and value

(a)

As at the beginning of the account period, the total value of the portfolio of the fund6, being either:

6

(i)

the value of the assets comprised in the portfolio on the date as at which the statement provided for the immediately preceding period of account is made up; or

(ii)

in the case of the first periodic statement, the value of the assets comprised in the portfolio on the date on which the firm6 assumed responsibility for the management of the portfolio.

6

(b)

As at the end of the account period:

(i)

the number, description and value of each investment held on behalf of the fund6;

6

(ii)

the amount of cash held on behalf of the fund6; and

6

(iii)

the total value of the portfolio of the fund6.

6

2

Basis of valuation

A statement of the basis on which the value of each investment has been calculated and, if applicable, a statement that the basis for valuing a particular investment has changed since the previous periodic statement. Where any investments are shown in a currency other than the usual one used for valuation of the portfolio of the fund6, the relevant currency exchange rates must be shown.

6

3

Details of any assets loaned or charged

(a)

A summary of those investments (if any) which were, at the closing date, loaned to any third party and those investments (if any) that were at that date charged to secure borrowings made on behalf of the portfolio of the fund6; and

6

(b)

the aggregate of any interest payments made and income received during the account period in respect of loans or borrowings made during the period.

4

Transactions and changes in composition

Except in the case of a portfolio which aims to track the performance of an external index:

(a)

a statement that summarises the transactions entered into for the portfolio of the fund6 during the period; and

6

(b)

the aggregate of money and a summary of all investments transferred into and out of the portfolio of the fund6 during the period; and

6

(c)

the aggregate of any interest payments, dividends and other benefits received by the firm6 for the portfolio of the fund6 during that period.

66

5

Charges and remuneration

If not previously advised in writing, a statement for the account period:

(a)

of the aggregate charges of the firm6 and its associates; and

6

(b)

of any remuneration received by the firm6 or its associates or both from a third party in respect of the transactions entered into, or any other services provided, for the portfolio of the fund6.

66

6

Movement in value of portfolio

A statement of the difference between the value of the portfolio at the closing date and its value at the starting date of the account period, having regard at least, during the account period, to the following:

(a)

the aggregate of assets received from investors of the fund6 and added to the portfolio of the fund6;

66

(b)

the aggregate of the value of assets transferred, or of amounts paid, to thefund;6

6

(c)

the aggregate income received on behalf of the fund6 in respect of the portfolio; and

6

(d)

the aggregate of realised and unrealised profits or gains and losses attributable to the assets comprised in the portfolio of the fund6.

6

Notes:

For the purposes of Item 1, where the fund6 is a property enterprise trust, it will be sufficient for the periodic statement to disclose the number of properties held in successive valuation bands where this is appropriate to the size and composition of the fund6, rather than the value of each asset in the portfolio. The valuation bands of over £10m, £5-£10m, £2.5-£5m, £1-£2.5m and under £1m would be appropriate, unless a firm6 could show that different bands were justifiable in the circumstances.

The statement to be provided under Item 6 is not intended to be an indicator of the performance of the portfolio of the fund.6

A firm6 may wish to distinguish capital and income, and thereby provide more information than referred to in this table. If the statement includes some measure of performance, the basis of measurement should be stated.

666
COBS 18.5.18ERP

Table: Contents of a periodic statement in respect of contingent liability investments

This table belongs to COBS 18.5.15 E.

Contents of a periodic statement in respect of contingent liability investments

(1)

Changes in value

The aggregate of money transferred into and out of the portfolio of the fund6 during the account period.

6

(2)

Open positions

In relation to each open position in the portfolio of the fund6 at the end of the account period, the unrealised profit or loss to the portfolio of the fund6 (before deducting or adding any commission which would be payable on closing out).

66

(3)

Closed positions

In relation to each transaction effected during the account period to close out a position of the fund6, the resulting profit or loss to the portfolio of the fund6 after deducting or adding any commission.

(Instead of the specific detail required by Items 2 or 3, the statement may show the net profit or loss in respect of the overall position of the fund6 in each contract)

66

(4)

Aggregate of contents

The aggregate of each of the following in, or relating to, the portfolio of the fund6 at the close of business on the valuation date:

6

(a)

cash;

(b)

collateral value;

(c)

management fees; and

(d)

commissions attributable to transactions during the period or a statement that this information has been separately disclosed in writing on earlier statements or confirmations to the investor.6

6

(5)

Option account valuations

In respect of each open option comprising the portfolio of the fund6 on the valuation date:

6

(a)

the share, future, index or other investment or asset involved;

(b)

(unless the valuation statement follows the statement for the period in which the option was opened) the trade price and date for the opening transaction;

(c)

the market price of the contract; and

(d)

the exercise price of the contract.

Options account valuations may show an average trade price and market price in respect of an option series where a number of contracts within the same series have been purchased on behalf of the fund.6

6