Related provisions for SUP 16.22.7

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SYSC 3.2.2GRP
A firm's reporting lines should be clear and appropriate having regard to the nature, scale and complexity of its business. These reporting lines, together with clear management responsibilities, should be communicated as appropriate within the firm.
SYSC 3.2.8RRP
(1) A firm which carries on designated investment business with or for retail clients or professional clients8 must allocate to a director or senior manager the function of:8(a) having responsibility for oversight of the firm's compliance; and(b) reporting to the governing body in respect of that responsibility.1(2) In 10 (1) "compliance" means compliance with the rules in:(a) COBS8(Conduct of Business); 8(b) COLL ( Collective Investment Schemes sourcebook)10; and1010(c) CASS
SYSC 3.2.16GRP
9(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to delegate much of the task of monitoring the appropriateness and effectiveness of its systems and controls to an internal audit function. An internal audit function should have clear responsibilities and reporting lines to an audit committee or appropriate senior manager, be adequately resourced and staffed by competent individuals, be independent of the day-to-day activities
CASS 7.13.24GRP
The rules in SUP 16.14 provide that CASS large firms and CASS medium firms must report to the FCA in relation to the identity of the entities with which they deposit client money and the amounts of client money deposited with those entities. The FCA will use that information to monitor compliance with the diversification rule in CASS 7.13.20 R.
CASS 7.13.58RRP
(1) In addition to the requirement under CASS 7.13.57 R, before adopting the alternative approach, a firm must send a written report to the FCA prepared by an independent auditor of the firm in line with a reasonable assurance engagement, stating the matters set out in (2).(2) The written report in (1) must state whether, in the auditor's opinion:(a) the firm's systems and controls are suitably designed to enable it to comply with CASS 7.13.62 R to CASS 7.13.65 R; and(b) the firm's
CASS 7.13.60RRP
A firm that uses the alternative approach must not materially change how it will calculate and maintain the alternative approach mandatory prudent segregation amount under CASS 7.13.65 R unless:(1) an auditor of the firm has prepared a report that complies with the requirements in CASS 7.13.58 R (2)(b) in respect of the firm's proposed changes; and (2) the firm provides a copy of the report prepared by the auditor under (a) to the FCA before implementing the change.
IFPRU 2.3.25GRP
If a firm has not accepted individual capital guidance given by the FCA it should, nevertheless, inform the FCA as soon as practicable if its own funds have fallen, or are expected to fall, below the level suggested by that individual capital guidance.
IFPRU 2.3.28GRP
Following discussions with the firm on the items listed in IFPRU 2.3.27 G, the FCA may put in place additional reporting arrangements to monitor the firm's use of its capital planning buffer in accordance with the plan referred to in IFPRU 2.3.27 G (3). The FCA may also identify specific trigger points as the capital planning buffer is being used up by the firm, which could lead to additional supervisory actions.
IFPRU 2.3.73GRP
If a firm's internal model makes explicit or implicit assumptions in relation to correlations within or between risk types, or diversification benefits between business types, the firm should be able to explain to the FCA, with the support of empirical evidence, the basis of those assumptions.
BIPRU 12.5.5GRP
A firm should carry out an ILAA at least annually, or more frequently if changes in its business or strategy or the nature, scale or complexity of its activities or the operational environment suggest that the current level of liquidity resources is no longer adequate. A firm should expect that its usual supervisory contact at the appropriate regulator will ask for the ILAA to be submitted as part of the ongoing supervisory process.
BIPRU 12.5.24GRP
A firm should also be mindful that its retail funding profile is unlikely to be constant. In carrying out its ILAA, a firm should have regard to any changes to its retail funding profile since the previous ILAA and also to the possible impact of any future changes on its ability to maintain retail funding during periods of stress. In its ILAA submission to the appropriate regulator, a firm should include an analysis of:(1) its retail funding profile as at the date of its ILAA;(2)
BIPRU 12.5.41RRP
A firm must, as part of its ILAA submission to the appropriate regulator, in relation to each currency in which it has significant positions:(1) identify the type of financial instruments which that firm uses to raise funding in that currency;(2) identify the main counterparties which provide funding to that firm in that currency; and(3) describe the arrangements that it has in place to fund net outflows in that currency on a timely basis.
SUP 18.2.32GRP
There may be matters relating to the scheme or the parties to the transfer that the regulators wish8 to draw to the attention of the independent expert. The regulators8 may also wish the report to address particular issues. The independent expert should therefore contact the regulators8 at an early stage to establish whether there are such matters or issues. The independent expert should form his own opinion on such issues, which may differ from the opinion of the regulators8
SUP 18.2.39GRP
For a scheme involving long-term insurance business, the report should:(1) describe the effect of the scheme on the nature and value of any rights of policyholders to participate in profits;(2) if any such rights will be diluted by the scheme, how any compensation offered to policyholders as a group (such as the injection of funds, allocation of shares, or cash payments) compares with the value of that dilution, and whether the extent and method of its proposed division is equitable
SUP 18.2.57BGRP
8When assessing a proposed scheme under Part VII of the Act each regulator will, taking into account all relevant matters in each case, consider whether it should provide a report to the court. As it will lead the Part VII process for insurance business transfers, the PRA will usually provide such a report.
REC 3.16.1GRP
The purpose of REC 3.16 is to ensure that the FCA1receives a copy of the UK recognised body's plans and arrangements for ensuring business continuity if there are major problems with its computer systems. The FCA1does not need to be notified of minor revisions to, or updating of, the documents containing a UK recognised body's business continuity plan (for example, changes to contact names or telephone numbers). 11
SUP 3.11.1GRP
1A firm should ensure that:(1) it considers the draft client assets report provided to the firm by its auditor in accordance with SUP 3.10.8DR (1) in order to provide an explanation of: (a) the circumstances that gave rise to each of the breaches identified in the draft report; and(b) any remedial actions that it has undertaken or plans to undertake to correct those breaches; and(2) the explanation provided in accordance with (1):(a) is submitted to its auditor in a timely fashion
EG 3.1.2RP
2Information may also be provided to the FCA voluntarily. For example, firms may at times commission an internal investigation or a report from an external law firm or other professional adviser and decide to pass a copy of this report to the FCA. Such reports can be very helpful for the FCA in circumstances where enforcement action is anticipated or underway. The FCA's approach to using firm-commissioned reports in an enforcement context is set out at the end of this chapter.
SUP 16.2.1GRP
(1) In order to discharge its functions under the Act, the FCA1 needs timely and accurate information about firms. The provision of this information on a regular basis enables the FCA1 to build up over time a picture of firms' circumstances and behaviour.777(2) Principle 11 requires a firm to deal with its regulators in an open and cooperative way, and to disclose to the FCA1 appropriately anything relating to the firm of which the FCA1 would reasonably expect notice. The reporting
CREDS 8.1.2GRP
The purpose of this section is to provide additional rules and guidance relating to reporting requirements that are specific to credit unions. Credit unions also need to comply with the relevant provisions of SUP relating to reporting, including SUP 16.3 and SUP 16.12.
IPRU-INV 2.2.2GRP
Firms are reminded that: (1) requirements relating to the systems and controls which firms must establish and maintain for ensuring compliance with financial resources and other requirements are set out in SYSC. (2) the financial reports that a firm is required to make to the FCA are set out in SUP 16.
REC 4.2.4GRP
However, the FCA3 also expects that UK recognised bodies will keep it informed of all significant developments and of progress with their 2plans and operational initiatives, and will provide it with appropriate assurance that the recognised body requirements21 will continue to be satisfied. 322
RCB 3.1.2GRP
This chapter sets out the reporting and notifications requirements under Regulations 17A,2 18, 20, 24 and 25 of the RCB Regulations.
MAR 6.1.2RRP
The systematic internaliser reporting requirement in MAR 6.4.1 R applies to an investment firm which is authorised by the FCA .
SUP 6.4.9GRP
A firm will be expected to demonstrate to the relevant regulator24 that it has ceased carrying on regulated activities. The relevant regulator24 may require, as part of the application, a report from the firm that includes, but is not limited to, the confirmations referred to in SUP 6.4.12 G (as appropriate to the firm's business). The relevant regulator24 may also require additional information to be submitted with the report including, in some cases, confirmation or verification
SUP 6.4.21GRP
Before the relevant regulator24 cancels a firm'sPart 4A permission,24 the firm will be expected to be able to demonstrate that it has ceased or transferred all regulated activities under that permission. For example, the firm may be asked to provide evidence that a transfer of business (including, where relevant, any client money, customer assets or deposits or insurance liabilities) is complete. As noted in SUP 6.4.9 G, the relevant regulator24 may require the firm to confirm
BIPRU 12.9.18RRP
For the purposes of BIPRU 12.9.17 R, a firm's liquidity remediation plan must:(1) be communicated in writing;(2) detail the firm's forward estimates of the evolution of the size of the firm's liquid assets buffer and of its funding profile;(3) in relation to any of the events identified in BIPRU 12.9.14 R that has occurred, or is expected to occur,1 detail the actions that the firm intends to take to remedy the event,1 or avoid the expected event, as the case may be,1 including
BIPRU 12.9.23GRP
A firm that deviates from current individual liquidity guidance that it has accepted or, as the case may be, from its simplified buffer requirement, will be experiencing a firm-specific liquidity stress for the purpose of the reporting rules in SUP 16 (Reporting requirements). Those rules require the firm to report specified data items more frequently than would otherwise be the case. Additionally, a firm that is implementing a liquidity remediation plan should expect that the
FEES 4.2.7JGRP
42For example, suppose the tariff data for a particular permission is based on income for the financial year ending during the calendar year ending 31 December before the relevant fee year starting the following April. A firm is authorised in October and its financial year ends in June. By April, it will not have been able to report on the basis of its financial year. The value of A would therefore cover the period from October to December and the value of B would be two i.e.
FEES 4.2.7KRRP

42Where the measure is not cumulative (e.g. the number of traders for fee-block A10), the firm must use the figure relating to its annual reporting date (e.g. 31 December for A10) or, if that is not available, the projected figure used when it was authorised. Table A sets out the reporting requirements for the key fee-blocks when actual data is not available:

Table A: calculating tariff data for second and subsequent years of authorisation when full trading figures are not available

Fee-block

Tariff base

Calculation where trading data are not available

A1. Deposit acceptors

Average MELS for October - December

Use data available at 31 December or, if trading has not commenced by 31 December, use the projection submitted as part of the application process.

A2. Home finance providers and administrators

Number of relevant contracts entered into or being administered in the twelve months up to 31 December

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

A3. Insurers - general

Annual gross premium income for the financial year ended in the calendar year ending 31 December and gross technical liabilities valued at the end of the financial year

Income – apply the formula (A÷B) x 12 to arrive at an annualised figure.

Gross technical liabilities and mathematical reserves. Use data at valuation date or, if trading has not commenced by then, use projections provided at authorisation.

A4. Insurers - life

Adjusted gross premium income for the financial year ended in the calendar year ending 31 December and mathematical reserves valued at the end of the financial year

A5. Managing agents at Lloyd’s

Active capacity in respect of the underwriting year at the beginning of the period to which the fee relates

Not applicable.

A6. The Society of Lloyd’s

Bespoke fee

Not applicable.

A7. Portfolio managers

Funds under management valued at 31 December

Use data as at 31 December or, if trading has not commenced by 31 December, use the projection submitted as part of the application process.

A9. Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes

Annual gross income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

A10. Firms dealing as principal

Number of traders as at 31 December

Use data as at 31 December or, if trading has not commenced by 31 December, use the projection submitted as part of the application process

A13. Advisors, arrangers, dealers or brokers

Annual income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at the annualised figure

A14. Corporate finance advisers

A18. Home finance providers, advisers and arrangers

A19. General insurance mediation

A21. Firms holding client money or assets, or both

The highest amount of client money and the highest amount of custody assets held over the 12 months ending 31 December

The highest amount of client money and/or custody assets over the period between the date of authorisation and 31 December or, if trading has not started, use the projection submitted as part of the application process.

B. Market operators and MTF operators

Flat fee

Not applicable.

B. Service companies

Annual income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at the annualised figure.

B. Benchmark administrators

Annual income for the financial year ended in the calendar year ending 31 December39

Apply the formula (A÷B) x 12 to arrive at the annualised figure.39

B. Recognised investment exchanges

Annual income for the financial year ended in the calendar year ending 31 December39

Apply the formula (A÷B) x 12 to arrive at the annualised figure.39

B. Recognised auction platforms

Flat fee

Not applicable.

B. Recognised overseas investment exchanges

Flat fee

Not applicable.

CC1. Credit-related regulated activities with limited permission

Annual income for the financial year ended in the calendar year ending 31 December

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

CC2. Credit related regulated activities

40

40

40

G.2 Payment services institutions – deposit acceptors

See A1 deposit acceptors

G.3. Large payment services institutions

Relevant income

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

G.4 Small payment institutions

Flat fee

Not applicable.

G.5 Other payment institutions

Relevant income

Apply the formula (A÷B) x 12 to arrive at an annualised figure.

G.10 Large electronic money institutions

Average outstanding e-money over 12 months ending 31 December

Average over the period from authorisation to 31 December.

G.11 Small electronic money institutions

Flat fee

Not applicable.

G.15 Issuer of regulated covered bonds

Value as at 31 December

Not applicable.

G.20 Consumer buy-to-let (CBTL) lender

Flat fee

Not applicable.

G.21 CBTL adviser and arranger
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 4.6.18RRP
A management responsibilities map for a branch maintained by an EEA relevant authorised person must include: (1) (a) the names of all the branch’s:(i) approved persons;(ii) members of its governing body and (if different) management body who are not approved persons; (iii) senior management; and(iv) senior personnel; and(b) details of the responsibilities which they hold;(2) all responsibilities described in any current statement of responsibilities; (3) matters reserved to the
DISP 1.10.2RRP
(1) Where a firm receives less than 500 complaints in a reporting period, Part A-1 of DISP 1 Annex 1 requires, for the relevant reporting period and in respect of particular categories of products:10(a) in Table 1, information about the total number of complaints received by the firm and the cause of the complaint;10(b) in Table 2, information about the number of complaints that were:10(i) closed or upheld within different periods of time; and10(ii) the total amount of redress
DISP 1.10.2-ARRP
Part B of DISP 1 Annex 1R requires (for the relevant reporting period) information about:10618(1) the total number of complaints received by the firm;10(2) the total number of complaints closed by the firm;10(3) the total number of complaints:10(a) upheld by the firm in the reporting period; and10(b) outstanding at the beginning of the reporting period; and10(4) the total amount of redress paid in respect of complaints during the reporting period.10
COCON 4.2.2GRP
(1) Strategy and plans will often dictate the risk which the business is prepared to take on and high-level controls will dictate how the business is to be run. If the strategy of the business is to enter high-risk areas, then the degree of control and strength of monitoring reasonably required within the business will be high. In organising the business for which they are responsible, senior conduct rules staff members should bear this in mind.4(2) (a) Strategy and plans for
COCON 4.2.27GRP
Where a senior conduct rules staff member is responsible within the firm (individually or with other senior conduct rules staff members) for reporting matters to the regulator, failing promptly to inform the regulator concerned of information of which they are aware and which it would be reasonable to assume would be of material significance to the regulator concerned, whether in response to questions or otherwise, constitutes a breach of rule SC4 in COCON 2.2.4R.