Related provisions for INSPRU 1.5.4

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COBS 6.1A.1RRP
(1) 1This section applies to a firm which makes personal recommendations to retail clients in relation to retail investment products12or P2P agreements.1111(2) This section does not apply to a firm giving advice, or providing services, to an employer in connection with a group personal pension scheme or group stakeholder pension scheme.2
COBS 6.1A.1AGRP
8PERG 8.30B (Personal recommendations) describes what is meant by a personal recommendation in the context of the definition of the regulated activity of advising on investments (except P2P agreements). That guidance is also relevant to the meaning of personal recommendation in this section in relation to a retail investment product.18 The guidance16 in PERG 8.24 to PERG 8.30B18 does not apply to the regulated activity of advising on P2P agreements. 121216161212
COBS 6.1A.2RRP
This section does not apply to a firm when it gives basic advice in accordance with the basic advicerules.
COBS 6.1A.2ARRP
4This section does not apply to a firm when it makes a personal recommendation to a retail client in relation to a Holloway sickness policy, provided that the Holloway policy special application conditions are met.
COBS 6.1A.3RRP
This section does not apply if the retail client is outside the United Kingdom.
COBS 6.1A.4RRP
Except as specified in COBS 6.1A.4A R, COBS 6.1A.4AB R, COBS 6.1A.4AC G,15COBS 6.1A.4B R and COBS 6.1A.5AR(1)15, a firm must:611(1) only be remunerated for the personal recommendation (and any other related services provided by the firm) by adviser charges; and(2) not solicit or accept (and ensure that none of its associates solicits or accepts) any other commissions, remuneration or benefit of any kind in connection with the firm’s business of advising16 or any other related
COBS 6.1A.4ARRP
6A firm and its associates may:(1) solicit and accept a commission, remuneration or benefit of any kind in the circumstances set out in COBS 6.1A.4 R if:(a) the personal recommendation was made on or before 30 December 2012;(b) the solicitation and acceptance of the commission, remuneration or benefit of any kind was permitted by the rules in force on 30 December 2012;(c) the contract under which the right to receive the commission, remuneration or benefit of any kind was entered
COBS 6.1A.4AAGRP
(1) 8A firm may continue to accept a commission, remuneration or benefit of any kind after 30 December 2012 if there is a clear link between the payment and an investment in a retail investment product which was made by the retail client following a personal recommendation made, or a transaction executed, on or before 30 December 2012. This is the case even if the firm makes a personal recommendation to the same retail client after 30 December 2012 to the extent that the continued
COBS 6.1A.4ABRRP
11A firm and its associates may solicit and accept a commission, remuneration or benefit of any kind from a discretionary investment manager in the circumstances in COBS 6.1A.4 R if:(1) the firm or its associates recommended the discretionary investment manager to a retail client on or before 30 December 2012;(2) the solicitation and acceptance of the commission, remuneration or benefit of any kind was permitted by the rules in force on 30 December 2012;(3) the contract under
COBS 6.1A.4ACGRP
(1) 11If a firm makes a recommendation of a discretionary investment manager to a retail client and wishes to:(a) receive remuneration for that recommendation in addition to any commission, remuneration or benefit of any kind it receives in the circumstances contemplated by COBS 6.1A.4AB R; or(b) be paid additional amounts for any actions linked to a new amount invested by the retail client through the same discretionary investment manager;it should only be paid those additional
COBS 6.1A.4BRRP
6If a retail client chooses to become a client of a firm and that firm or its associate enters into an arrangement in COBS 6.1A.4AR (2), the firm must:(1) before the arrangement is entered into, disclose to the retail client that the transfer of the commission, remuneration or benefit of any kind will be requested by the firm or its associate;(2) throughout the period during which the firm or its associate receives the commission, remuneration or benefit of any kind, provide the
COBS 6.1A.5GRP
A firm may receive an adviser charge that is no longer payable (for example, after the service it is received in payment for has been amended or terminated) provided the firm refunds any such payment to the retail client.
COBS 6.1A.6RRP
7‘Related service(s)’ for the purposes of COBS 6.1A includes:(1) arranging or executing a transaction which has been recommended to a retail client by the firm, an associate or another firm in the same group or conducting administrative tasks associated with that transaction; or(2) managing a relationship between a retail client (to whom the firm provides personal recommendations on retail investment products or P2P agreements) 12and a discretionary investment manager or providing
COBS 6.1A.6AGRP
11‘Other services’ in COBS 6.1A.6R (3) includes:(1) providing information relating to retail investment products, P2P agreements or operators of electronic systems in relation to lending12 to the retail client, for example, general market research; or(2) passing on information from the discretionary investment manager to the retail client.
COBS 6.1A.7GRP
The requirement to be paid through adviser charges does not prevent a firm from making use of any facility for the payment of adviser charges on behalf of the retail client offered by another firm or other third parties provided that the facility complies with the requirements of COBS 6.1B.9R.
COBS 6.1A.8GRP
Examples of payments and benefits that should not be accepted under the requirement to be paid through adviser charges include:(1) a share of the retail investment product charges or platform service provider's charges, or5retail investment product provider’s or platform service provider's5 revenues or profits; 125(2) a commission set and payable by a retail investment product provider or an operator of an electronic system in relation to lending12 in any jurisdiction12; and(3)
COBS 6.1A.9RRP
If the firm or its associate is the retail investment product provider, platform service provider14 or operator of an electronic system in relation to lending12, the firm must ensure that the level of its adviser charges is at least reasonably representative of the cost of the14 services associated with making the personal recommendation (and related services).
COBS 6.1A.10GRP
An adviser charge is likely to be reasonably representative of the cost of the14 services associated with making the personal recommendation if:(1) the total14 expected14 costs associated with making a personal recommendation and distributing the retail investment product will:14(a) be recovered through adviser charges; and14(b) not be recovered by charges for, or profits from, other services (such as manufacturing and administering the retail investment product);14(2) the14adviser
COBS 6.1A.11RRP
A firm must determine and use an appropriate charging structure for calculating its adviser charge for each retail client.
COBS 6.1A.13GRP
In determining its charging structure and adviser charges a firm should have regard to its duties under the client's best interests rule. Practices which may indicate that a firm is not in compliance with this duty include:(1) varying its adviser charges inappropriately according to provider or, for substitutable and competing retail investment products, the type of retail investment product; or(2) allowing the availability or limitations of services offered by third parties
COBS 6.1A.14RRP
A firm must not use a charging structure which conceals the amount or purpose of any of its adviser charges from a retail client.
COBS 6.1A.14ARRP
9A firm must not make a personal recommendation to a retail client in relation to a retail investment product or P2P agreement12if it knows, or ought to know, that:(1) the product’s charges,12 the platform service provider's charges or the operator of the electronic system in relation to lending’s charges 12are presented in a way that offsets or may appear to offset any adviser charges or platform charges that are payable by that retail client; or(2) the product’s charges or other
COBS 6.1A.15GRP
A firm is likely to be viewed as operating a charging structure that conceals the amount or purpose of its adviser charges if, for example:(1) it makes arrangements for amounts in excess of its adviser charges to be deducted from a retail client's investments from the outset, in order to be able to provide a cash refund to the retail client later; or(2) it provides other services to a retail client (for example, advising on a home finance transaction or advising on an equity release
COBS 6.1A.16GRP
In order to meet its responsibilities under the client's best interests rule and Principle 6 (Customers’ interests), a firm should consider whether the personal recommendation or any other related service7 is likely to be of value to the retail client when the total charges the retail client is likely to be required to pay are taken into account.
COBS 6.1A.18GRP
A firm may wish to consider disclosing as its charging structure a list of the advisory services it offers with the associated indicative charges which will be used for calculating the adviser charge for each service.
COBS 6.1A.19GRP
In order to meet the requirement in the rule on information disclosure before providing services (COBS 2.2.1 R), a firm should ensure that the disclosure of its charging structure is in clear and plain language and, as far as is practicable, uses cash terms. If a firm's charging structure is in non-cash terms, examples in cash terms should be used to illustrate how the charging structure will be applied in practice.
COBS 6.1A.20GRP
A firm is unlikely to meet its obligations under the fair, clear and not misleading rule and the client's best interests rule unless it ensures that:(1) the charging structure it discloses reflects, as closely as is practicable, the total adviser charge to be paid; for example, the firm should avoid using a wide range; and(2) if using hourly rates in its charging structure, it states whether the rates are indicative or actual hourly rates, provides the basis (if any) upon which
COBS 6.1A.21GRP
[deleted]13
COBS 6.1A.22RRP
A firm must not use an adviser charge which is structured to be payable by the retail client over a period of time unless (1) or (2) applies:(1) the adviser charge is in respect of an ongoing service for the provision of personal recommendations or related services and: (a) the firm has disclosed that service along with the adviser charge; and6(b) the retail client is provided with a right to cancel the ongoing service, which must be reasonable in all the circumstances, without
COBS 6.1A.22AGRP
6To comply with the rule on providing a retail client with the right to cancel an ongoing service for the provision of personal recommendations or related services without penalty (COBS 6.1A.22R (1)(b)) a firm should:(1) ensure that any notice period of the retail client's right of cancellation is reasonable; (2) not make any charge in respect of cancellation of the ongoing service except for an amount which is in proportion to the extent of the service already provided by the
COBS 6.1A.22BRRP
6If a retail client exercises his right to cancel an ongoing service, the firm must clearly disclose to the retail client whether charges for other services provided by the firm, such as custody services, will continue to be payable by the retail client.
COBS 6.1A.23RRP
If COBS 6.1A.22R(1) or (2) do not apply, a firm may not offer credit to a retail client for the purpose of paying adviser charges unless this would be in the best interests of the retail client.
COBS 6.1A.24RRP
(1) A firm must agree with and disclose to a retail client the total adviser charge payable to it or any of its associates by a retail client.(2) A disclosure under (1) must:(a) be in cash terms (or convert non-cash terms into illustrative cash equivalents);(b) be as early as practicable;(c) be in a durable medium or through a website (if it does not constitute a durable medium) if the website conditions are satisfied; and(d) if there are payments over a period of time, include
COBS 6.1A.24AGRP
3If the price of the retail investment product may vary as a result of fluctuations in the financial markets and the adviser charge is expressed as a percentage of that price, a firm need not disclose to the retail client the total adviser charge payable to the firm or any of its associates by the retail client until after execution of the transaction, provided it then does so promptly.
COBS 6.1A.25GRP
A firm may include the information required by the rule on disclosure of total adviser charges (COBS 6.1A.24 R) in a suitability report.
COBS 6.1A.26GRP
To comply with the rule on disclosure of total adviser charges (COBS 6.1A.24 R) and the fair, clear and not misleading rule, a firm's disclosure of the total adviser charge should:(1) provide information to the retail client as to which particular service an adviser charge applied to;(2) include information as to when payment of the adviser charge is due; (3) inform the retail client if the total adviser charge varies materially from the charge indicated for that service in the
COBS 6.1A.27RRP
A firm must keep a record of:(1) its charging structure;(2) the total adviser charge payable by each retail client; and(3) if the total adviser charge paid by a retail client has varied materially from the charge indicated for that service in the firm's charging structure, the reasons for that difference.
SUP 13.6.1GRP
(1) Where a UK firm is exercising an EEA right, other than under the Insurance Mediation Directive (see SUP 13.6.9AG) or the CRD, and has established a branch in another EEA State, any changes to the details of the branch are governed by the EEA Passport Rights Regulations.15(2) References to regulations in this section are to the EEA Passport Rights Regulations.15(3) (a) A UK firm which is not an authorised person should note that, under regulation 18, contravention of the prohibition
SUP 13.6.2GRP
UK firms should note that if a branch in another EEA State ceases to provide services, this may represent a change in requisite details or, if the firm is passporting under the Solvency II Directive,12 the relevant EEA details or relevant UK details7.712
SUP 13.6.3GRP
UK firms should also note that changes to the details of branches may lead to changes to the applicable provisions to which the UK firm is subject. These changes should be communicated to the UK firm14 by the Host State regulator14.12121717
SUP 13.6.4GRP
If a UK firm has exercised an EEA right, under the CRD9 or the UCITS Directive, and established a branch in another EEA State, regulation 11(1) states that the UK firm must not make a change in the requisite details of the branch (see SUP 13 Annex 1), unless it has satisfied the requirements of regulation 11(2), or, where the change arises from circumstances beyond the UK firm's control, regulation 11(3) (see SUP 13.6.10 G).479
SUP 13.6.5GRP
Where the change arises from circumstances within the control of the UK firm, the requirements in regulation 11(2) are that:(1) the UK firm has given notice to the appropriate UK regulator17 and to the Host State regulator stating the details of the proposed change;17(2) the appropriate UK regulator17 has given the Host State regulator a notice informing it of the details of the change; and17(3) either the Host State regulator has informed the UK firm that it may make the change,
SUP 13.6.5AGRP
7If a UK firm has exercised an EEA right to establish a branch under MiFID, it must not make a change in the requisite details of the branch (see SUP 13 Annex 1AR15), use, for the first time, a tied agent established in the EEA State in which the branch is established, or cease to use a tied agent established in the EEA State in which the branch is established, unless it has satisfied the requirements of regulation 11A(2) (see SUP 13.6.5B G).
SUP 13.6.5BGRP
7The requirements of regulation 11A(2) are that:(1) the UK firm has given a notice to the appropriate UK regulator17 stating the details of the proposed change; and17(2) the period of one month beginning with the day on which the UK firm gave the notice has elapsed.
SUP 13.6.5CGRP
15A UK MiFID investment firm is also required to notify the FCA of changes to a branch or tied agent in accordance with: (1) article 7 (Information to be notified concerning the change of branch or tied agent particulars) of MiFID RTS 3A; (2) article 18 (submission of the change of branch particulars notification) of MiFID ITS 4A; and(3) article 19 (submission of the change of the tied agent particulars notification) of MiFID ITS 4A.
SUP 13.6.5DGRP
15If any of the details in a branch passport notification change, a UK MiFID investment firm is required to notify the FCA by completing the form in Annex VI of MiFID ITS 4A. [Note: article 18(1) of MiFID ITS 4A]
SUP 13.6.5EGRP
15If any of the details in a tied agent passport notification change, a UK MiFID investment firm is required to notify the FCA, by completing the form in Annex VII of MiFID ITS 4A. [Note: article 19(1) of MiFID ITS 4A]
SUP 13.6.5FGRP
15If a UK MiFID investment firm closes a branch or stops using a tied agent, it is required to notify the FCA using the form in Annex X of MiFID ITS 4A. [Note: articles 18(4) and 19(4) of MiFID ITS 4A]
SUP 13.6.9AGRP
5A UK firm exercising its EEA right under the Insurance Mediation Directive to establish a branch in another EEA State is not required to supply a change to the details of branches notice 7.78
SUP 13.6.9CGRP
(1) 11If a UKfirm has exercised an EEA right under AIFMD and established a branch in another EEA State, the UKfirm must not make a material change in the requisite details of the branch or the identity of the AIFs it manages in the EEA State in which it has established a branch (see SUP 13 Annex 1), unless: (a) it has complied with regulation 17A(4) for a planned change; or(b) it has complied with regulation 17A(5) for a unplanned change.(2) The requirements in regulation 17A(4)
SUP 13.6.9DGRP
(1) 13A UK firm which has exercised an EEA right deriving from the MCD to establish a branch, must not make any material changes to the requisite details of the branch unless it has complied with the requirements in regulation 17(B)(2).(2) The requirements in regulation 17(B)(2) are that(a) the UK firm has given notice to the FCA stating the details of the proposed change; and(b) the period of one month beginning with the day on which the UK firm gave notice has elapsed.(3) Paragraph
SUP 13.6.10GRP
(1) If the change arises from circumstances beyond the UK firm's control, the UK firm is required by regulation 11(3) or regulation 13(3) to give a notice to the appropriate UK regulator17 and to the Host State regulator stating the details of the change as soon as reasonably practicable;14(2) The appropriate UK regulator17 believes that for a change to arise from circumstances beyond the control of a UK firm, the circumstances should be outside the control of the firm7 as a whole
SUP 13.6.11GRP
When the appropriate UK regulator17 receives a notice from a UK firm other than a MiFID investment firm7(see SUP 13.6.5 G (1) and SUP 13.6.7 G (1))14, a UK firm exercising an EEA right under the MCD (see (SUP 13.6.9D G)13 or an AIFM (see SUP 13.6.9C G)10it is required by regulations 11(4) and 13(4) to either refuse, or consent to the change within a period of one month7 from the day on which it received the notice.171087
SUP 13.6.12GRP
If the appropriate UK regulator17 consents to the change, then under regulations 11(5) and 13(5) it will:17(1) give a notice to the Host State regulator informing it of the details of the change; and(2) inform the UK firm that it has given the notice, stating the date on which it did so.
SUP 13.6.12AGRP
17Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.6.15GRP
If the appropriate UK regulator17 refuses to consent to a change, then under regulations 11(6) and 13(6):17(1) the appropriate UK regulator17 will give notice of the refusal to the UK firm, stating its reasons and giving an indication of the UK firm's right to refer the matter to the Tribunal and the procedures on such a reference; and17(2) the UK firm may refer the matter to the Tribunal.62
SUP 13.6.16GRP
7Standard forms are17 available from the FCA and PRA authorisations teams17 (see SUP 13.12 (Sources of further information)) to give the notices to the appropriate UK regulator17 described in SUP 13.6.5 G (1), SUP 13.6.5B G, SUP 13.6.7 G (1), SUP 13.6.8 G and SUP 13.6.10 G (1).171717
SUP 13.6.17GRP
(1) When the FCA15 receives a notice from a UK MiFID investment firm (see SUP 13.6.5BG (1)), it is required by regulation 11A(3) to inform the relevant Host State regulator of the proposed change as soon as reasonably practicable.15(2) The FCA is required to use the forms in Annex XI, Annex XII or Annex XIII of MiFID ITS 4A, as applicable.15(3) The firm in question may make the change once the period of one month beginning with the day on which it gave notice has elapsed.1571
SUP 13.6.19GRP
13When the FCA receives a notice from a UK firm exercising an EEA right under the MCD it will, under regulation 17(B)(3), inform the relevant Host State regulator of the proposed change as soon as reasonably practicable. The UK firm in question may make the change once a period of one month has elapsed beginning with the day on which it gave notice.
REC 2.3.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 1

2(1) The [UK RIE] must have financial resources sufficient for the proper performance of its [ relevant functions] as a [UK RIE].

(2) In considering whether this requirement is satisfied, the [FCA]5must (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the [UK RIE's] connection with any person , and any activity carried on by the [UK RIE], whether or not it is anexempt activity.

5
REC 2.3.3GRP
In determining whether a UK recognised body has financial resources sufficient for the proper performance of its relevant functions, the FCA5 may have regard to:5(1) the operational and other risks to which the UK recognised body is exposed;(2) if the UK recognised body guarantees the performance of transactions in specified investments, the counterparty and market risks to which it is exposed in that capacity; 5(3) the amount and composition of the UK recognised body's capital;(4)
REC 2.3.4GRP
The FCA5 will usually rely on a UK recognised body's published and internal management accounts and financial projections, provided that those accounts and projections are prepared in accordance with UK, US or international accounting standards. 5
REC 2.3.5GRP
In assessing whether a UK recognised body has sufficient financial resources in relation to counterparty and market risks, the FCA5 may have regard to:5(1) the amount and liquidity of its financial assets and the likely availability of liquid financial resources to the UK recognised body during periods of major market turbulence or other periods of major stress for the UK financial system;3 and(2) the nature and scale of the UK recognised body's exposures to counterparty and market
REC 2.3.6GRP
In assessing whether a UK recognised body has sufficient financial resources in relation to operational and other risks, the FCA5 may have regard to the extent to which, after allowing for the financial resources necessary to cover counterparty and market risks, the UK recognised body's financial resources are sufficient and sufficiently liquid:5(1) to enable the UK recognised body to continue carrying on properly the regulated activities that it expects to carry on; and(2) to
REC 2.3.7GRP
In considering whether a UK recognised body has sufficient financial resources in relation to operational and other risks, the FCA5 will normally have regard to two components: eligible financial resources and net capital.454
REC 2.3.9GRP
4(1) 4The FCA5 considers that a UK RIE which at any time holds:5(a) eligible financial resources not less than the greater of:(i) the amount calculated under the standard approach; and (ii) the amount calculated under the risk-based approach; and (b) net capital not less than the amount of eligible financial resources determined under (1)(a);will, at that time, have sufficient financial resources to meet the recognition requirement in respect of operational and other risks unless
REC 2.3.10GRP
4The FCA5 would expect to provide a UK recognised body with individual guidance, issued with a frequency determined in accordance with the usual prudential cycle for such bodies, communicated from time to time,6 on the amount of eligible financial resources which it considers would be sufficient for the UK recognised body to hold in respect of operational and other risks6 to satisfy the recognition requirements. In formulating its individual guidance, the FCA5 will ordinarily
REC 2.3.11GRP
4For the purposes of REC 2.3, "eligible financial resources" should consist of liquid financial assets held on the balance sheet of a UK recognised body, including cash and liquid financial instruments where the financial instruments have minimal market and credit risk and are capable of being liquidated with minimal adverse price effect.
REC 2.3.12GRP
4For the purposes of REC 2.3, "net capital" should be in the form of equity. For this purpose, the FCA5 considers that common stock, retained earnings, disclosed reserves and other instruments classified as common equity tier one capital or additional tier one capital constitute equity. The FCA5 considers that, when calculating its net capital, a UK recognised body:55(1) should deduct holdings of its own securities, or those of any undertaking in the same group as the UK recognised
REC 2.3.13GRP
(1) 4Under the standard approach, the amount of eligible financial resources is equal to six months of operating costs.(2) Under the standard approach, the FCA5 assumes liquid financial assets are needed to cover the costs that would be incurred during an orderly wind-down of the UK recognised body'sexempt activities, while continuing to satisfy all the recognition requirements and complying with any other obligations under the Act (including the obligations to pay periodic fees
REC 2.3.14GRP
(1) 4The risk-based approach is intended to ensure that sufficient financial resources are maintained at all times such that a UK RIE would not be prevented from implementing an orderly wind-down as a result of the financial impacts of stress events affecting its business or the markets in which it operates.(2) Under the risk-based approach the amount of eligible financial resources is calculated by adding together:(a) the amount estimated by the UK RIE to absorb the potential
REC 2.3.15GRP
4For the purposes of calculating the risk-based approach, the FCA5 would normally expect the UK RIE to provide the FCA5 with an annual financial risk assessment that identifies the risks to its business. As a financial risk assessment is likely to form an integral part of the UK RIE's management process and decision-making culture, the FCA5 would normally expect it to be approved by the UK RIE'sgoverning body.555
REC 2.3.16GRP
4The FCA5 would normally expect to use the most recent6 financial risk assessment prepared by the UK RIE in the course of preparing individual guidance, issued in accordance with the usual prudential cycle for such bodies,6 on the amount of financial resources that it considers is sufficient for a UK RIE to hold6 to satisfy the recognition requirements. The financial risk assessment would provide the basis for calculating the amount of eligible financial resources that should
REC 2.3.17GRP
4The financial risk assessment should be based on a methodology which provides a reasonable estimate of the potential business losses which a UK RIE might incur in stressed but plausible market conditions. The FCA5 would expect a UK RIE to carry out a financial risk assessment at least once in every twelve-month period, or more frequently if there are material changes in the nature, scale or complexity of the UK RIE's operations or its business plans that suggest such financial
REC 2.3.18GRP
4The FCA5 would normally expect a financial risk assessment to include a description of the methodology applied by the UK RIE to arrive at the proposal made in accordance with REC 2.3.17G (5).5
REC 2.3.19GRP
4Where a UK RIE is a member of a group, the FCA5 would normally expect the annual risk assessment to be accompanied by a consolidated balance sheet: 5(1) of any group in which the UK RIE is a subsidiary undertaking; or(2) (if the UK RIE is not a subsidiary undertaking in any group) of any group of which the UK RIE is a parent undertaking.
REC 2.3.20GRP
4The FCA5 would expect to consider the relevant annual6 financial risk assessment, any proposal with respect to an operational risk buffer and, if applicable, the consolidated balance sheet, in formulating, in accordance with the usual prudential cycle for UK RIEs,6 its guidance on the amount of eligible financial resources it considers to be sufficient for the UK RIE to hold for6 the recognition requirements. In formulating its guidance, the FCA5 would, where relevant, consider
REC 2.3.21GRP
4The FCA5 would normally consider a UK recognised body to be failing the recognition requirements if it held financial resources less than the amount calculated under REC 2.3.9G (1)(a)(i) (in respect of UK RIEs). The FCA5 therefore expects a UK recognised body to hold an operational risk buffer of a sufficient amount in excess of this minimum, to ensure that it is at all times able to comply with its regulatory obligations.555
REC 2.3.22GRP
(1) [deleted]55(2) The FCA5 would normally expect a UK RIE to hold, in addition to the minimum amount determined under REC 2.3.9G (1)(a)(i), an operational risk buffer consistent with a risk-based approach.5(a) Where the amount of eligible financial resources calculated by a UK RIE under REC 2.3.17G (5) (the risk-based approach) is greater than the amount of eligible financial resources calculated under REC 2.3.13 G (the standard approach), and the difference is of an amount sufficient
BIPRU 8.7.1GRP
The calculation of the consolidated capital resources requirement of a firm's UK consolidation group or non-EEA sub-group involves taking the individual components that make up the capital resources requirement on a solo basis and applying them on a consolidated basis. Those components are the capital charge for credit risk (the credit risk capital requirement), the capital charge for market risk (the market risk capital requirement)4 and the fixed overheads requirement.
BIPRU 8.7.10RRP
A firm must calculate the consolidated capital resources requirement of its UK consolidation group or non-EEA sub-group as the higher of the following consolidated requirements components:33(1) the sum of the consolidated credit risk requirement and the consolidated market risk requirement; and3(2) the consolidated fixed overheads requirement. 3
BIPRU 8.7.11RRP
A firm must calculate a consolidated requirement component by applying the risk capital requirement applicable to that consolidated requirement component to the UK consolidation group or non-EEA sub-group in accordance with BIPRU 8.7.13 R. Except where BIPRU 8.7.34 R to BIPRU 8.7.38 R allow the requirements of another regulator to be used, the risk capital requirement must be calculated in accordance with the appropriate regulator'srules. The risk capital requirement applicable
BIPRU 8.7.13RRP
(1) A firm must calculate a consolidated requirement component by using one of the methods in this rule.(2) Under the first method a firm must:(a) apply the risk capital requirement set out in BIPRU 8.7.12 R to each undertaking in the UK consolidation group or non-EEA sub-group; and(b) add the risk capital requirements together.(3) Under the second method a firm must:(a) treat the whole UK consolidation group or non-EEA sub-group as a single undertaking; and(b) apply the risk
BIPRU 8.7.16RRP
A firm must notify the appropriate regulator which method under BIPRU 8.7.13 R it applies for which consolidated requirement component and to which parts of the UK consolidation group or non-EEA sub-group it is applying an aggregation approach and to which parts it is applying an accounting consolidation approach.
BIPRU 8.7.20RRP
A firm may use a combination of the CCR standardised method, the CCR mark to market method and the CCR internal model method on a permanent basis with respect to the firm's UK consolidation group or non-EEA sub-group for the purposes of calculating the consolidated credit risk requirement. In particular, where the firm is permitted to apply the CCR internal model method on a consolidated basis with respect to its UK consolidation group or non-EEA sub-group, it may combine the
BIPRU 8.7.21RRP
BIPRU 9.4.1 R (Minimum requirements for recognition of significant credit risk transfer) as applied on a consolidated basis requires the transfer to be to a person outside the UK consolidation group or non-EEA sub-group.
BIPRU 8.7.22RRP
A firm must not use both the financial collateral simple method and the financial collateral comprehensive method with respect to its UK consolidation group or non-EEA sub-group.
BIPRU 8.7.23RRP
(1) A firm may only treat an exposure as exempt under BIPRU 3.2.25 R (Zero risk-weighting for intra-group exposures) as applied on a consolidated basis if the member of the UK consolidation group or non-EEA sub-group that has the exposure:(a) is a BIPRU firm and that exposure is exempt under BIPRU 3.2.25 R as it applies to that BIPRU firm on a solo basis; or(b) meets the conditions in BIPRU 3.2.25 R (1)(d) (Condition relating to establishment in the UK) and that exposure would
BIPRU 8.7.24RRP
For the purposes of calculating the consolidated market risk requirement of a UK consolidation group or non-EEA sub-group, a firm must apply BIPRU 1.2.3 R (Definition of the trading book) and BIPRU 1.2.17 R (Size thresholds for the purposes of the definition of the trading book) to the whole UK consolidation group or non-EEA sub-group as if the group were a single undertaking.
BIPRU 8.7.25RRP
A firm may not apply the second method in BIPRU 8.7.13R (3) (accounting consolidation for the whole group) or apply accounting consolidation to parts of its UK consolidation group or non-EEA sub-group under method three as described in BIPRU 8.7.13R (4)(a) for the purposes of the calculation of the consolidated market risk requirement unless the group or sub-group and the undertakings in that group or sub-group satisfy the conditions in this rule. Instead the firm must use the
BIPRU 8.7.26RRP
[deleted]4
BIPRU 8.7.27RRP
[deleted]4
BIPRU 8.7.28GRP
BIPRU 8.7.21 R to BIPRU 8.7.26 R are generally examples of the application of the general principles in BIPRU 8.2.1 R (Main consolidation rule for UK consolidation groups) and BIPRU 8.3.1 R (Main consolidation rule for non-EEA sub-groups). BIPRU 8.7.20 R and BIPRU 8.7.25 R are exceptions to those principles.
BIPRU 8.7.29RRP
In accordance with BIPRU 8.2.1 R and BIPRU 8.3.1 R (The basic consolidation rules for a UK consolidation group or non-EEA sub-group), a firm may exclude that part of the risk capital requirement that arises as a result of:(1) (in respect of the consolidated credit risk requirement) intra-group balances; or(2) (in respect of the4consolidated fixed overheads requirement) intra-group transactions;with other undertakings in the UK consolidation group or non-EEA sub-group.
BIPRU 8.7.34RRP
A firm may calculate the risk capital requirement for an institution in the firm'sUK consolidation group or non-EEA sub-group that is an EEA firm in accordance with the CRD implementation measures in the EEA firm'sEEA State that correspond to the appropriate regulator'srules that would otherwise apply under this section if the institution is subject to those CRD implementation measures.
BIPRU 8.7.37RRP
(1) This rule applies if:(a) a firm is applying an accounting consolidation approach to part of its UK consolidation group or non-EEA sub-group under method three as described in BIPRU 8.7.13R (4)(a); and(b) the part of the group in (a) constitutes the whole of a group subject to the consolidated capital requirements of a competent authority under the CRD implementation measures relating to consolidation under the Banking Consolidation Directive or the Capital Adequacy Directive.(2)
BIPRU 8.7.38ARRP
(1) 2This rule applies to a firm if:(a) an institution in its UK consolidation group or non-EEA sub-group is subject to any of the rules or requirements of, or administered by, a third-country competent authority applicable to its financial sector that correspond to the sectoral rules applicable to that financial sector (“corresponding sectoral rules”); or(b) a part of its UK consolidation group or non-EEA sub-group constitutes the whole of a group subject to the consolidated
PERG 4.11.1GRP
Section 19 of the Act (The general prohibition) provides that the requirement to be authorised under the Act only applies in relation to regulated activities which are carried on 'in the United Kingdom'. In many cases, it will be quite straightforward to identify where an activity is carried on. But when there is a cross-border element, for example because a borrower is outside the United Kingdom or because some other element of the activity happens outside the United Kingdom,
PERG 4.11.2GRP
Even if a person concludes that he is not carrying on a regulated activity in the United Kingdom, he will need to ensure that he does not contravene other provisions of the Act that apply to unauthorised persons. These include the controls on financial promotion (section 21 (Financial promotion) of the Act) (see PERG 8 (Financial promotion and related activities)), and on giving the impression that a person is authorised (section 24 (False claims to be authorised or exempt)).
PERG 4.11.4GRP
Section 418 of the Act deals with the carrying on of regulated activities in the United Kingdom. It extends the meaning that 'carry on a regulated activity in the United Kingdom' would ordinarily have by setting out additional cases. The Act states that in these cases a person who is carrying on a regulated activity but would not otherwise be regarded as carrying on the activity in the United Kingdom is, for the purposes of the Act, to be regarded as carrying on the activity in
PERG 4.11.5GRP
For the purposes of regulated mortgage activities, sections 418(2), (4), (5), (5A) and (6) are relevant, as follows:(1) Section 418(2) refers to a case where a UK-based person carries on a regulated activity in another EEA State in the exercise of rights under a Single Market Directive. The only Single Market Directives which are relevant to mortgages are the CRD and the MCD.44(2) Section 418(4) refers to the case where a UK-based person carries on a regulated activity and the
PERG 4.11.6GRP
The exclusions in article 72(5A) to (5F) of the Regulated Activities Order (Overseas persons) provide that an overseas person does not carry on the regulated activities of:(1) arranging (bringing about) or making arrangements with view to a regulated mortgage contract;(2) entering into a regulated mortgage contract; or(3) administering a regulated mortgage contract;of the borrower (and each of them, if more than one) is an individual and is normally resident outside the United
PERG 4.11.6AGRP
4The exclusion for overseas persons described in PERG 4.11.6 G does not apply where the overseas person is a mortgage intermediary whose home Member State is the United Kingdom. A mortgage intermediary is defined in PERG 4.10A.3 G.
PERG 4.11.7GRP
An overseasperson might advise a person in the United Kingdom on an endowment assurance at the same time as advising on a regulated mortgage contract. If so, whilst the overseas person exclusion in article 72(5) will apply in relation to the advice on the endowment assurance, there will be no 'overseas persons exclusion' for the advice on the regulated mortgage contract.
PERG 4.11.9GRP

Simplified summary of the territorial scope of the regulated mortgage activities, to be read in conjunction with the rest of this section.

This table belongs to PERG 4.11.8 G

4Regulated activities other than advice

Location of establishment of service provider:

Location of land:

Individual borrower resident and located:

UK or non-UKperson: Establishment in the UK

in the UK

in another EEA State

outside the EEA

land in the UK

Yes

Yes

Yes

land in another EEA State

Yes

Yes

Yes

UKperson: Establishment in another EEA State or in a country outside the EEA

in the UK

in another EEA State

outside the EEA

land in the UK

Yes

Yes

Yes

land in another EEA State (Note 1)

No

No

No

Non-UKperson: Establishment in another EEA State or in a country outside the EEA

in the UK

in another EEA State

outside the EEA

land in the UK

Yes

No

No

land in another EEA State

No

No

No

Yes = authorisation or exemption required

No = authorisation or exemption not required

Note 1: If the service provider is a UK firm operating from an office in another EEA State in the exercise of rights under a Single Market Directive, the activities will be treated as taking place in the United Kingdom and the firm will need to make sure that its permission covers the regulated mortgage activities it is carrying out. See PERG 4.11.5G (1).

4The regulated activity of advice

Location of establishment of service provider:

Location of land:

Individual borrower resident and located:

UK or non-UKperson: Establishment in the UK

in the UK

in another EEA State

outside the EEA

land in the UK

Yes

Yes

Yes

land in another EEA State

Yes

Yes

Yes

UKperson: Establishment in another EEA State or in a country outside the EEA

in the UK

in another EEA State

outside the EEA

land in the UK

Yes

No

No

land in another EEA State (Note 1)

Yes

No

No

Non-UKperson: Establishment in another EEA State or in a country outside the EEA

in the UK

in another EEA State

outside the EEA

land in the UK

Yes

No

No

land in another EEA State

Yes

No

No

Yes = authorisation or exemption required

No = authorisation or exemption not required

Note 1: If the service provider is a UK firm operating from an office in another EEA State in the exercise of rights under a Single Market Directive, the activities will be treated as taking place in the United Kingdom and the firm will need to make sure that its permission covers the regulated mortgage activities it is carrying out. See PERG 4.11.5G (1).
PERG 4.11.10GRP
Where a person is carrying on any of the regulated mortgage activities from an establishment maintained by him in the United Kingdom, that person will be 'carrying on a regulated activity in the United Kingdom'. The location and residence of the borrower is irrelevant. That is the practical effect of sections 418(4), (5) and (6) of the Act.
PERG 4.11.11GRP
There may also be situations where a lender, who does not maintain an establishment in the United Kingdom, provides services in the United Kingdom. For instance, a lender might attend a property exhibition in the United Kingdom at which he sets up a loan with a borrower. A lender might also attend the offices of its UK-based lawyers, or appoint them as its agent, to enter into a contract with a borrower. In these cases, the overseas lender would only be carrying on a regulated
PERG 4.11.12GRP
If a service provider is overseas, the question of whether that person is carrying on a regulated activity in the United Kingdom will depend upon:(1) the type of regulated activity being carried on;(2) section 418 of the Act;(3) the residence and location of the borrower;(4) the application of the overseas persons exclusion in article 72(5A) to (5F) of the Regulated Activities Order; and(5) whether the service provider is carrying on an electronic commerce activity.The factors
PERG 4.11.12AGRP
4If the service provider is a UK firm exercising its rights under a Single Market Directive by providing services from another EEA State, section 418 of the Act means that the services are treated as being carried on in the United Kingdom. This factor is not covered further in the remainder of this section.
PERG 4.11.13GRP
When a person is arranging (bringing about) regulated mortgage contracts or making arrangements with a view to regulated mortgage contracts from overseas, the question of whether he will be carrying on regulated activities in the United Kingdom will depend on the relevant circumstances. In the FCA's view, factors to consider include:(1) the territorial limitation in the definition of regulated mortgage contract so that regulation only applies if the land is in the EEA;44(2) the
PERG 4.11.14GRP
In the FCA's view:(1) if the borrower is normally resident in the United Kingdom and the land is in the United Kingdom4, the clear territorial limitation in the definition of regulated mortgage contract carries most weight in determining where regulation should apply; it is likely that the arranger will be carrying on regulated activities in the United Kingdom;(2) if the borrower is normally resident overseas, the arrangements are excluded by the overseas persons exclusion if
PERG 4.11.15GRP
In the FCA's view, advising on regulated mortgage contracts is carried on where the borrower receives the advice. Accordingly:(1) if the borrower is located in the United Kingdom, a person advising that borrower on regulated mortgage contracts is carrying on a regulated activity in the United Kingdom; but(2) if the service provider and borrower are both located overseas, the regulated activity is not carried on in the United Kingdom.
PERG 4.11.17GRP
In the FCA's view, in circumstances other than those excluded by article 72(5D) of the Regulated Activities Order, the need for an overseas lender to be authorised or to have an exemption will depend on the location of the land.4 This is because of:4(1) the territorial limitation in the definition of regulated mortgage contract so that regulation applies only if the land is in the EEA;44(2) the general principle and practice that contracts relating to land are usually governed
PERG 4.11.19GRP
In the FCA's view, in circumstances other than those excluded by article 72(5E) of the Regulated Activities Order, the need for an overseas administrator to be authorised or to have an exemption will depend on the location of the land.4 This is because:4(1) the territorial limitation in the definition of regulated mortgage contract means that regulation applies only if the land is in the EEA;44(2) when administrators notify borrowers resident in the United Kingdom or the other
PERG 4.11.22GRP
The FCA will be responsible for implementing the Distance Marketing Directive for those firms and activities it regulates. The FCA and the Treasury agree that the Distance Marketing Directive is intended to operate on a country of origin basis, except where a firm is marketing into the UK from an establishment in an EEA State which has not implemented the Directive.
BIPRU 8.6.1RRP
A firm must calculate the consolidated capital resources of its UK consolidation group or its non-EEA sub-group by applying GENPRU 2.2 (Capital resources) to its UK consolidation group or non-EEA sub-group on an accounting consolidation basis, treating the UK consolidation group or non-EEA sub-group as a single undertaking. The firm must adjust GENPRU 2.2 in accordance with this section for this purpose.
BIPRU 8.6.1ARRP
3This section applies to a firm if another member of its group intends to issue a capital instrument on or after 1 March 2012 for inclusion in the firm'scapital resources or consolidated capital resources of its UK consolidation group or non-EEA sub-group.
BIPRU 8.6.1BRRP
3A firm must notify the appropriate regulator in writing of the intention of another member of its group which is not a firm to issue a capital instrument which the firm intends to include within its capital resources or the consolidated capital resources of its UK consolidation group or non-EEA sub-group as soon as it becomes aware of the intention of the groupundertaking to issue the capital instrument. When giving notice, a firm must:(1) provide details of the amount of capital
BIPRU 8.6.1DRRP
3If a groupundertaking proposes to establish a debt securities program for the issue of capital instruments which the firm intends to include within its capital resources or the consolidated capital resources of its UK consolidation group or non-EEA sub-group, it must:(1) notify the appropriate regulator of the establishment of the program; and(2) provide the information required by BIPRU 8.6.1BR (1) to (4); as soon as it becomes aware of the proposed establishment. The appropriate
BIPRU 8.6.1ERRP
3The capital instruments to which BIPRU 8.6.1B R does not apply are:(1) ordinary shares issued by a groupundertaking which:(a) are the most deeply subordinated capital instrument issued by that groupundertaking;(b) meet the criteria set out in GENPRU 2.2.83R (2) and GENPRU 2.2.83R (3) and GENPRU 2.2.83A R; and(c) are the same as ordinary shares previously issued by that groupundertaking;(2) debt instruments issued from a debt securities program established by a groupundertaking,
BIPRU 8.6.1FRRP
3A firm must notify the appropriate regulator in writing, no later than the date of issue, of the intention of a groupundertaking to issue a capital instrument listed in BIPRU 8.6.1E R which the firm intends to include within its capital resources or the consolidated capital resources of its UK consolidation group or non-EEA sub-group. When giving notice a firm must:(1) provide the information set out at BIPRU 8.6.1BR (1) to (3); and(2) confirm that the terms of the capital instrument
BIPRU 8.6.2RRP
The capital resources gearing rules apply for the purposes of calculating consolidated capital resources. They apply to the UK consolidation group or non-EEA sub-group on an accounting consolidation basis, treating the UK consolidation group or non-EEA sub-group as a single undertaking.
BIPRU 8.6.3GRP
As the various components of capital differ in the degree of protection that they offer, the capital resources gearing rules as applied on a consolidated basis place restrictions on the extent to which certain types of capital are eligible for inclusion in a UK consolidation group or non-EEA sub-group'sconsolidated capital resources. GENPRU 2.2.25 R (Limits on the use of different forms of capital: Use of higher tier capital in lower tiers) also applies.
BIPRU 8.6.8RRP
A firm must calculate the consolidated capital resources of its UK consolidation group or non-EEA sub-group4 using the calculation of capital resources in GENPRU 2 Annex 4 (Capital resources table for a BIPRU firm deducting material holdings) or GENPRU 2 Annex 5 (Capital resources table for a BIPRU firm deducting illiquid assets).444
BIPRU 8.6.10RRP
(1) This rule sets out how to determine whether minority interests in an undertaking in a UK consolidation group or non-EEA sub-group may be included in tier one capital, tier two capital or tier three capital for the purpose of calculating consolidated capital resources (each referred to as a "tier" of capital in this rule).(2) A firm must identify the item of capital of the undertaking in question that gives rise to that minority interest.(3) A firm must include the minority
BIPRU 8.6.12RRP
Consolidated indirectly issued capital means any capital instrument issued by a member of the UK consolidation group or non-EEA sub-group where:(1) some or all of the following conditions are satisfied:(a) that capital is issued to an SPV; or(b) that capital is issued by an SPV; or(c) the subscription for the capital issued by the member of the group in question is funded directly or indirectly by an SPV; and(2) any of the SPVs referred to in (1) is a member of the UK consolidation
BIPRU 8.6.13RRP
A firm may only include consolidated indirectly issued capital in the consolidated capital resources of its UK consolidation group or non-EEA sub-group if:(1) it is issued by an SPV that is a member of the UK consolidation group or non-EEA sub-group to persons who are not members of the UK consolidation group or non-EEA sub-group; and(2) the conditions in BIPRU 8.6.16 R to BIPRU 8.6.18 R are satisfied.
BIPRU 8.6.14RRP
Consolidated indirectly issued capital that is eligible for inclusion in the consolidated capital resources of a UK consolidation group or non-EEA sub-group may only be included as a minority interest created by the capital instrument issued by the SPV referred to in BIPRU 8.6.13 R. If it is eligible, it is innovative tier one capital.
BIPRU 8.6.15RRP
For the purposes of this section, an undertaking is an SPV if the main activity of the SPV is to raise funds for undertakings in:(1) (in the case of a UK consolidation group) that UK consolidation group; or(2) (in the case of a non-EEA sub-group) that non-EEA sub-group or any UK consolidation group of which it forms part.
BIPRU 8.6.16RRP
The SPV referred to in BIPRU 8.6.13 R must satisfy the conditions in GENPRU 2.2.127 R (Conditions that an SPV has to satisfy if indirectly issued capital is to be included in capital resources on a solo basis) as modified by the following:(1) references in GENPRU 2.2.127R (1) to being controlled by the firm are to being controlled by a member of the firm'sUK consolidation group or non-EEA sub-group as the case may be; and(2) references to the firm'sgroup are to the firm'sUK consolidation
BIPRU 8.6.17RRP
The capital issued by the SPV referred to in BIPRU 8.6.13 R must satisfy the conditions in GENPRU 2.2.129 R (Conditions that capital issued by an SPV has to satisfy if indirectly issued capital is to be included in capital resources on a solo basis) as modified by the following:(1) references to the firm'sgroup are to the firm'sUK consolidation group or non-EEA sub-group as the case may be;(2) the substitution obligation in GENPRU 2.2.129R (2) need not be the firm's but may apply
BIPRU 8.6.18RRP
The SPV referred to in BIPRU 8.6.13 R must invest the funds raised from the issue of capital by the SPV by subscribing for capital resources issued by an undertaking that is a member of the UK consolidation group or non-EEA sub-group. Those capital resources must satisfy the following conditions:(1) those capital resources must at least comply with the requirements for lower tier two capital; and(2) the first call date or fixed maturity date (if any) of those capital resources
REC 2.5.1UKRP

Schedule to the Recognition Requirements Regulations, paragraphs 3 – 3H4

Paragraph 3 – Systems and controls4

(1)

The [UK RIE] must ensure that the systems and controls, including procedures and arrangements,4 used in the performance of its functions and the functions of the trading venues it operates are adequate, effective4 and appropriate for the scale and nature of its business.

(2)

Sub-paragraph (1) applies in particular to systems and controls concerning -

(a)

the transmission of information;

(b)

the assessment, mitigation and management of risks to the performance of the [UK RIE'srelevant functions];

(c)

the effecting and monitoring of transactions on the [UK RIE];

(ca)

the technical operation of the [UK RIE], including contingency arrangements for disruption to its facilities;

(d)

the operation of the arrangements mentioned in paragraph 4(2)(d); and

(e)

(where relevant) the safeguarding and administration of assets belonging to users of the [UK RIE's] facilities.

4(f)

the resilience of its trading systems;

4[Note:MiFID RTS 7 contains requirements on the resilience of trading systems operated by trading venues that enable algorithmic trading]

4(g)

the ability to have sufficient capacity to deal with peak order and message volumes;

4[Note:MiFID RTS 7 contains requirements on the adequacy of capacity of trading systems operated by trading venues that enable algorithmic trading]

4(h)

the ability to ensure orderly trading under conditions of severe market stress;

4(i)

the effectiveness of business continuity arrangements to ensure the continuity of the [UK RIE’s] services if there is any failure of its trading systems including the testing of the [UK RIE’s] systems and controls;

4(j)

the ability to reject orders that exceed predetermined volume or price thresholds or which are clearly erroneous;

4(k)

the ability to ensure algorithmic trading systems cannot create or contribute to disorderly trading conditions on trading venues operated by the [UK RIE];

4(l)

the ability to ensure disorderly trading conditions which arise from the use of algorithmic trading systems, including systems to limit the ratio of unexecuted orders to transactions that may be entered into the [UK RIE’s] trading system by a member or participant are capable of being managed;

[Note:MiFID RTS 9 contains requirements on the ratio of unexecuted orders to transactions to be taken into account by a trading venue that operates electronic continuous auction order book, quote-driven or hybrid trading systems]

4(m)

the ability to ensure the flow of orders is able to be slowed down if there is a risk of system capacity being reached;

4(n)

the ability to limit and enforce the minimum tick size which may be executed on its trading venues; and

4(o)

the requirement for members and participants to carry out appropriate testing of algorithms.

4[Note:MiFID RTS 7 contains requirements on the appropriate testing of algorithms to ensure that trading systems, when they enable algorithmic trading, cannot create or contribute to disorderly trading conditions]

4(3)

For the purposes of sub-paragraph 2(c), the [UK RIE] must -

4(a)

establish and maintain effective arrangements and procedures including the necessary resource for the regular monitoring of the compliance by members or participants with its rules; and

4(b)

monitor orders sent including cancellations and the transactions undertaken by its members or participants under its systems in order to identify infringements of those rules, disorderly trading conditions or conduct that may indicate behavior that is prohibited under the market abuse regulation or system disruptions in relation to a financial instrument.

4(4)

For the purpose of sub-paragraph (2)(o) the [UK RIE] must provide environments to facilitate such testing.

4(5)

The [UK RIE] must be adequately equipped to manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify all significant risks to its operation, and to put in place effective measures to mitigate those risks.

4Paragraph 3A – Market making arrangements

4(1)

The [UK RIE] must -

4(a)

have written agreements with all investment firms pursuing a market making strategy on trading venues operated by it (“market making agreements”);

4(b)

have schemes, appropriate to the nature and scale of a trading venue, to ensure that a sufficient number of investment firms enter into such agreements which require them to post firm quotes at competitive prices with the result of providing liquidity to the market on a regular and predictable basis;

4(c)

monitor and enforce compliance with the market making agreements;

4(d)

inform the FCA of the content of its market making agreements; and

4(e)

provide the FCA with any information it requests which is necessary for the FCA to satisfy itself that the market making agreements comply with paragraphs (c) and (d) of this sub-paragraph and sub-paragraph 2.

4(2)

A market making agreement must specify-

4(a)

the obligations of the investment firm in relation to the provision of liquidity;

4(b)

where applicable, any obligations arising from the participation in a scheme mentioned in sub-paragraph (1)(b);

4(c)

any incentives in terms of rebates or otherwise offered by the [UK RIE] to the investment firm in order for it to provide liquidity to the market on a regular and predictable basis; and

4(d)

where applicable, any other rights accruing to the investment firm as a result of participation in the scheme referred to in sub-paragraph (1)(b).

4(3)

For the purposes of this paragraph, an investment firm pursues a market making strategy if -

4(a)

the firm is a member or participant of one or more trading venues;

4(b)

the firm’s strategy, when dealing on own account, involves posting firm, simultaneous two-way quotes of comparable size at competitive prices relating to one or more financial instruments on a single trading venue, across different trading venues; and

4(c)

the result is providing liquidity on a regular and frequent basis to the overall market.

4Paragraph 3B – Halting trading

4(1)

The [UK RIE] must be able to -

4(a)

temporarily halt or constrain trading on any trading venue operated by it if there is a significant price movement in a financial instrument on such a trading venue or a related trading venue during a short period; and

4(b)

in exceptional cases be able to cancel, vary, or correct any transaction.

4(2)

For the purposes of sub-paragraph (1), the [UK RIE] must ensure that the parameters for halting trading are appropriately calibrated in a way which takes into account -

4(a)

the liquidity of different asset classes and subclasses;

4(b)

the nature of the trading venue market model; and

4(c)

the types of users,

4to ensure the parameters are sufficient to avoid significant disruptions to the orderliness of trading.

4(3)

The [UK RIE] must report the parameters mentioned in sub-paragraph (2) and any material changes to those parameters to the FCA in a format to be specified by the FCA.

4(4)

If a trading venue operated by the [UK RIE] is material in terms of liquidity of the trading of a financial instrument and it halts trading in an EEA State in that instrument it must have systems and procedures in place to ensure that it notifies the FCA.

4[Note:MiFID RTS 12 contains requirements for when a regulated market is material in terms of liquidity in a financial instrument for purposes of trading halt notifications]

4Paragraph 3C – Direct electronic access

4Where the [UK RIE] permits direct electronic access to a trading venue it operates, it must -

4(1)

(a)

ensure that a member of, or participant in that trading venue is only permitted to provide direct electronic access to the venue if the member or participant -

4(i)

is an investment firm, as defined by Article 4.1.1 of the markets in financial instruments directive (definitions), authorised in accordance with the directive;

4(ii)

is a credit institution authrised in accordance with the capital requirements directive;

4(iii)

comes within Article 2.1(a), (e), (i), or (j) of the markets in financial instruments directive (exemptions) and has a Part 4A permission relating to investment services and activities;

4(iv)

is a third country firm providing the direct electronic access in the course of exercising rights under Article 46.1 (general provisions) or 47.3 (equivalence decision) of the markets in financial instruments regulation;

4(v)

is a third country firm and the provision of the direct electronic access by that firm is subject to the exclusion in Article 72 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; or

4(vi)

is a third country firm which does not come within paragraph (iv) or (v) and is otherwise permitted to provide the direct electronic access under the Act;

4(b)

ensure that appropriate criteria are set and applied for the suitability of persons to whom direct electronic access services may be provided;

4(c)

ensure that a member of, or participant in, the trading venue retains responsibility for adherence to the requirements of the markets in financial instruments directive in respect of orders and trades executed using the direct electronic access service;

4(d)

set appropriate standards regarding risk controls and thresholds on trading through direct electronic access;

4(e)

be able to distinguish and if necessary stop orders or trading on that trading venue by a person using direct electronic access separately from -

4(i)

other orders; or

4(ii)

trading by the member or participant providing the direct electronic access; and

4(f)

have arrangements in place to suspend or terminate the provision to a client of direct electronic access to that trading venue by a member of, or participant in, the trading venue in the case of non-compliance with this paragraph.

4[Note:MiFID RTS 7 contains requirements on direct electronic access permitted through a trading venue’s systems]

4Paragraph 3D – Co-location services

4(1)

The [UK RIE’s] rules on colocation services must be transparent, fair and nondiscriminatory.

4[Note:MiFID RTS 10 contains requirements to ensure co-location services are transparent, fair and non-discriminatory]

4Paragraph 3E – Fee structures

4(1)

The [UK RIE’s] fee structure, for all fees it charges including execution fees and ancillary fees and rebates it grants, must -

4(a)

be transparent, fair and non-discriminatory;

4[Note:MiFID RTS 10 contains requirements to ensure fee structures are transparent, fair and non-discriminatory]

4(b)

not create incentives to place, modify or cancel orders, or execute transactions, in a way which contributes to disorderly trading conditions or market abuse; and

4[Note:MiFID RTS 10 contains requirements concerning prohibited fee structures]

4(c)

impose market making obligations in individual shares or suitable baskets of shares for any rebates that are granted.

4(2)

Nothing in sub-paragraph (1) prevents the [UK RIE] from -

4(a)

adjusting its fees for cancelled orders according to the length of time for which the order was maintained;

4(b)

calibrating its fees to each financial instrument to which they apply;

4(c)

imposing a higher fee -

4(i)

for placing an order which is cancelled than an order which is executed;

4(ii)

on participants placing a high ratio of cancelled orders to executed orders; or

4(iii)

on a person operating a high-frequency algorithmic trading technique,

4in order to reflect the additional burden on system capacity.

4Paragraph 3F – Algorithmic trading

4(1)

The [UK RIE] must require members of and participants in trading venues operated by it to flag orders generated by algorithmic trading in order for it to be able to identify the -

4(a)

the different algorithms used for the creation of orders; and

4(b)

the persons initiating those orders.

4Paragraph 3G – Tick size regimes

4(1)

The [UK RIE] must adopt tick size regimes in respect of trading venues operated by it in -

4(a)

shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments traded on each trading venue; and

4[Note:MiFID RTS 11 contains requirements on the tick size regime for shares, depositary receipts, exchange traded funds and certificates5]

4(b)

any financial instrument for which regulatory technical standards are adopted by the European Commission pursuant to Article 49.3 or 4 of the markets in financial instruments directive which is traded on that trading venue.

[Note:MiFID RTS 11]

4 (2)

The tick size regime must -

4(a)

be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread taking into account desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; and

4(b)

adapt the tick size for each financial instrument appropriately.

4(3)

The tick size regime must comply with any regulatory technical standards adopted by the European Commission pursuant to Article 49.3 or 4 of the markets in financial instruments directive.

4[Note:MiFID RTS 11]

4Paragraph 3H – Syncronisation of business clocks

4(1)

The [UK RIE] must synchronise the business clocks it uses to record the date and time of any reportable event in accordance with regulatory technical standards adopted by the European Commission pursuant to Article 50 of the markets in financial instruments directive.

4[Note:MiFID RTS 25]
REC 2.5.1AUKRP

Schedule to the Recognition Requirements Regulations, paragraph 4(2)(ea)

2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -

appropriate arrangements are made to -

(i)

identify conflicts between the interests of the [UK RIE], its owners and operators and the interests of the persons who make use of itsfacilities or the interests of the trading venues4operated by it; and

(ii)

manage such conflicts so as to avoid adverse consequences for the operation of the trading venues4operated by the [UK RIE] and for the [persons]4 who make use of its [facilities]4.
REC 2.5.1BRRP
4In paragraph 3B(3) of the Schedule to the Recognition Requirements Regulations, under which a UK RIE must report the parameters for halting trading to the FCA, such information must be provided to the FCA in writing and delivered by any one of the methods in REC 3.2.3R.
REC 2.5.3GRP
In assessing whether the systems and controls used by a UK recognised body in the performance of its relevant functions are adequate, effective4 and appropriate for the scale and nature of its business, the FCA3 may have regard to the UK recognised body's:3(1) arrangements for managing, controlling and carrying out its relevant functions, including: (a) the distribution of duties and responsibilities among the members of the management body4 and the departments of the UK recognised
REC 2.5.4GRP
REC 2.5.5G to REC 2.5.20G4 set out other matters to which the FCA3 may have regard in assessing the UK RIE’s4 systems and controls used for the transmission of information, risk management, 4the operation of settlement arrangements (the matters covered in paragraph 4(2)(d) of the Schedule to the Recognition Requirements Regulations),4 the safeguarding and administration of assets and certain other aspects of its operations4. 33
REC 2.5.4AGRP
4Where the MiFID/MiFIR Systems Regulations apply to a UK RIE, the FCA will, in assessing the UK RIE’s systems and controls, additionally have regard to the UK RIE’s satisfaction of any relevant requirements in those regulations. Of particular importance is MiFID RTS 7, which will apply where a trading venue allows or enables algorithmic trading.
REC 2.5.5GRP
In assessing a UK recognised body's systems and controls for the transmission of information, the FCA3 may also have regard to the extent to which these systems and controls ensure that information is transmitted promptly and accurately: 3(1) within the UK recognised body itself; (2) to members; and (3) (where appropriate) to other market participants or other relevant persons.
REC 2.5.6GRP
In assessing a UK recognised body's systems and controls for assessing and managing risk, the FCA3 may also have regard to the extent to which these systems and controls enable the UK recognised body to:3(1) identify all the general, operational, legal and market risks wherever they arise in its activities;(2) measure and control the different types of risk;(3) allocate responsibility for risk management to persons with appropriate knowledge and expertise; and(4) provide sufficient,
REC 2.5.8GRP
In assessing a UK RIE's systems and controls for 4the operation of settlement arrangements, the FCA3 may have regard to the totality of the arrangements and processes through which the UK RIE's transactions are4 cleared4 and settled, including:3333(1) (in relation to non-derivatives transactions)4 a UK RIE’s arrangements with another person4 under which any rights or liabilities arising from transactions are discharged including arrangements3 for transmission to a settlement
REC 2.5.8AGRP
4Where the requirements of MiFID RTS 7 in respect of effecting and monitoring transactions do not apply to a UK RIE, the FCA may, in addition, assess the UK RIE’s systems and controls for the effecting and monitoring of transactions. In doing so, it will have regard to the UK RIE’s arrangements under which orders are received and matched, and its arrangements for trade and transaction reporting.
REC 2.5.9GRP
In assessing a UK recognised body's systems and controls for the safeguarding and administration of assets belonging to users of its facilities, the FCA3 may have regard to the totality of the arrangements and processes by which the UK recognised body: 3(1) records the assets held and the identity of the owners of (and other persons with relevant rights over) those assets; (2) records any instructions given in relation to those assets;(3) records the carrying out of those instructions;(4)
REC 2.5.10GRP
A conflict of interest arises in a situation where a person with responsibility to act in the interests of one person may be influenced in his or her4 action by an interest or association of his or her4 own, whether personal or business or employment related. Conflicts of interest can arise both for the employees of UK recognised bodies and for the members (or other persons) who may be involved in the decision-making process, for example where they belong to committees or to the
REC 2.5.11GRP
The FCA3 recognises that a UK RIE3 has legitimate interests of its own and that its general business policy may properly be influenced by other persons (such as its owners). Such a connection does not necessarily imply the existence of a conflict of interest nor is it necessary to exclude individuals closely connected with other persons (for example, those responsible for the stewardship of the owner's interests) from all decision-making processes in a UK recognised body. However,
REC 2.5.12GRP
REC 2.5.13 G to REC 2.5.16 G set out the factors to which the FCA3 may have regard in assessing a UK recognised body's systems and controls for managing conflicts of interest.3
REC 2.5.13GRP
The FCA3 may have regard to the arrangements a UK recognised body makes to structure itself and to allocate responsibility for decisions so that it can continue to take proper regulatory decisions notwithstanding any conflicts of interest, including:3(1) the size and composition of the management body4 and relevant committees; (2) the roles and responsibilities of members of the management body4, especially where they also have responsibilities in other organisations; (3) the
REC 2.5.17GRP
A UK recognised body's arrangements for internal and external audit will be an important part of its systems and controls. In assessing the adequacy of these arrangements, the FCA3 may have regard to: 3(1) the size, composition and terms of reference of any audit committee of the UK recognised body'sgoverning body;(2) the frequency and scope of external audit; (3) the provision and scope of internal audit; (4) the staffing and resources of the UK recognised body's internal audit
REC 2.5.18GRP
Where MiFID RTS 7 applies to the UK RIE4, the FCA may, in assessing the adequacy of the UK recognised body’s information technology systems,4 have regard to:33(1) the organisation, management and resources of the information technology department within the UK recognised body;(2) the arrangements for 4documenting the design, development, implementation and use of information technology systems; and(3) the arrangements for maintaining, recording and enforcing technical and operational
REC 2.5.19GRP
Where MiFID RTS 7 does not apply to a UK RIE, the FCA may in addition have regard to the performance, capacity and reliability of its systems.4 The FCA3 may also have regard to the arrangements for maintaining, recording and enforcing technical and operational standards and specifications for information technology systems, including:3(1) the procedures for the evaluation and selection of information technology systems;(2) the arrangements for testing information technology systems
COLL 6.6A.1RRP
(1) 1This section applies to:(a) an authorised fund manager of a UCITS scheme, a depositary, an ICVC and any other director of an ICVC which is a UCITS scheme; and(b) subject to (2), a UKUCITS management company providing collective portfolio management services for an EEA UCITS scheme under the freedom to provide cross border services.(2) COLL 6.6A.6 R (Strategies for the exercise of voting rights) also applies to a UKUCITS management company providing collective portfolio management
COLL 6.6A.2RRP
An authorised fund manager of a UCITS scheme 2 or a UK UCITS management company of an EEA UCITS scheme must:(1) ensure that the unitholders of any such scheme it manages are treated fairly;(2) refrain from placing the interests of any group of unitholders above the interests of any other group of unitholders;(3) apply appropriate policies and procedures for preventing malpractices that might reasonably be expected to affect the stability and integrity of the market;(4) (a) ensure
COLL 6.6A.4RRP
An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must:(1) ensure a high level of diligence in the selection and ongoing monitoring of scheme property, in the best interests of the scheme and the integrity of the market;(2) ensure it has adequate knowledge and understanding of the assets in which any scheme it manages is invested;(3) establish written policies and procedures on due diligence and implement effective arrangements
COLL 6.6A.5RRP
The authorised fund manager of a UCITS scheme or the UK UCITS management company of an EEA UCITS scheme must comply with all regulatory requirements applicable to the conduct of its business activities so as to promote the best interests of its investors and the integrity of the market.[Note: article 14(1)(e) of the UCITS Directive]
COLL 6.6A.6RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must develop adequate and effective strategies for determining when and how voting rights attached to ownership of scheme property, or the instruments held by an EEA UCITS scheme, are to be exercised, to the exclusive benefit of the scheme concerned.(2) The strategy referred to in (1) must determine measures and procedures for:(a) monitoring relevant corporate events;(b) ensuring
COLL 6.6A.7RRP
2An authorised fund manager of a UCITS scheme, or a UK UCITS management company of an EEA UCITS scheme, must (for each scheme it manages) ensure that: (1) a single depositary is appointed; and (2) the assets of the UCITS are entrusted to the depositary for safekeeping in accordance with:(a) for a UCITS scheme, COLL 6.6B.18R and COLL 6.6B.19R; and(b) for an EEA UCITS scheme, the national laws and regulations in the Home State of the EEA UCITS scheme that implement article 22(5)
COLL 6.6A.8RRP
2An authorised fund manager must ensure that the depositary it appoints under COLL 6.6A.7R is a firmestablished in the United Kingdom that has the Part 4A permission of acting as trustee or depositary of a UCITS and is one of the following:(1) a national central bank; or(2) a credit institution; or(3) a firm which: (a) has own funds of not less than the higher of: (i) the requirement calculated in accordance with articles 315 or 317 of the EU CRR; or(ii) £4million; and(b) either:
COLL 6.6A.9GRP
2For a depositary to be established in the United Kingdom, it must have its registered office or branch in the United Kingdom.
COLL 6.6A.10RRP
2A UK UCITS management company must ensure the depositary it appoints for each EEA UCITS scheme it manages is established in the Home State of the EEA UCITS scheme and is eligible to be a depositary in that Home State. [Note: article 23(2) of the UCITS Directive]
COLL 6.6A.11RRP
(1) 2An authorised fund manager of a UCITS scheme, or a UK UCITS management company of an EEA UCITS scheme, must ensure that the appointment of the depositary is evidenced by a written contract.(2) The contract must regulate the flow of information deemed necessary to allow the depositary to perform its functions for the scheme.[Note: article 22(2) of the UCITS Directive]
COLL 6.6A.13GRP
2Article 2 of the UCITS level 2 regulation sets out the minimum information that must be included in the written contract between: (1) (a) the authorised fund manager of a UCITS scheme; or(b) a UK UCITS management company of an EEA UCITS scheme; and(2) the depositary.
BIPRU 12.8.1GRP
Every firm subject to BIPRU 12 is subject to the overall liquidity adequacy rule. The effect of that rule is that every firm is required to be self-sufficient in terms of liquidity adequacy and to be able to satisfy that rule relying on its own liquidity resources. Where the firm is an incoming EEA firm or third country BIPRU firm compliance with the overall liquidity adequacy rule with respect to the UKbranch must be achieved relying solely on liquidity resources that satisfy
BIPRU 12.8.2GRP
However, the appropriate regulator recognises that there may be circumstances in which it would be appropriate for a firm to rely on liquidity resources which can be made available to it by other members of its group, or for a firm to rely on liquidity resources elsewhere in the firm for the purposes of ensuring that its UKbranch has adequate liquidity resources in respect of the activities carried on from the branch. Where the appropriate regulator is satisfied that the statutory
BIPRU 12.8.5GRP
This section represents merely an indication of the matters to which the appropriate regulator will have regard in considering an application for a whole-firm liquidity modification or an intra-group liquidity modification. In considering such an application, the appropriate regulator will always take into account anything that it reasonably considers to be relevant for the purposes of assessing whether the statutory tests in section 138A of the Act are met. In doing so, it will
BIPRU 12.8.9GRP
The appropriate regulator may also consider an application for an intra-group liquidity modification where a firm wishes to rely on liquidity resources from an entity in its group other than an overseasparent undertaking. The appropriate regulator recognises that a firm incorporated in the United Kingdom and to which BIPRU 12 applies may wish to rely on liquidity support from another such firm. In practice, the appropriate regulator anticipates that a firm applying for an intra-group
BIPRU 12.8.10GRP
The appropriate regulator also recognises that a firm incorporated in the United Kingdom and to which BIPRU 12 applies may wish to rely on liquidity support from a subsidiary undertaking of that firm which is incorporated in a country or territory outside the United Kingdom. The appropriate regulator is, however, likely to consider that an application for an intra-group liquidity modification that contemplates reliance for liquidity support on only, or mostly, an applicant firm's
BIPRU 12.8.12GRP
In determining the appropriate duration of an intra-group liquidity modification, the appropriate regulator will have regard to the role and importance of the firm in question in the UK1financial system. In some cases, the appropriate regulator may take the view that an intra-group liquidity modification covering a firm whose role and importance in the UK1financial system are significant ought to be reviewed more regularly than one granted in respect of a less systemically significant
BIPRU 12.8.17GRP
In relation to an applicant firm wishing to rely on liquidity support from a parent undertaking constituted under the law of a country or territory outside the United Kingdom, the appropriate regulator will ordinarily expect to reach agreement with the authority that regulates that undertaking for liquidity purposes in a number of areas, including agreement that:(1) it will notify the appropriate regulator of any material or persistent breaches by that undertaking of that authority's
BIPRU 12.8.22GRP
In relation to an incoming EEA firm or third country BIPRU firm, the overall liquidity adequacy rule provides that, for the purpose of complying with that rule, a firm may not, in relation to its UKbranch, include liquidity resources other than those which satisfy the conditions in BIPRU 12.2.3 R. Those conditions seek to ensure that a firm of this kind has a reserve of liquidity for operational purposes that is under the control of, and available for use by, that firm'sUKbranch.
BIPRU 12.8.23GRP
Although an incoming EEA firm or third country BIPRU firm may apply to modify the overall liquidity adequacy rule and other rules in BIPRU 12, in relation to its UKbranch, the appropriate regulator anticipates that many such firms will wish to apply for a modification in the form which the appropriate regulator defines as a whole-firm liquidity modification. In the appropriate regulator's view, a modification to the overall liquidity adequacy rule for a firm of this kind will
BIPRU 12.8.24GRP
Accordingly, a whole-firm liquidity modification envisages:(1) a modification to the overall liquidity adequacy rule so as to permit reliance by the firm, in relation to its UKbranch, on liquidity resources wherever held in the firm for the purposes of meeting that rule; and(2) a waiver of the remainder of the substantive rules in BIPRU 12, with the effect that the UKbranch of the applicant firm becomes subject for the purpose of day-to-day liquidity supervision to the liquidity
BIPRU 12.8.25GRP
The effect of a whole-firm liquidity modification is that the appropriate regulator will in its supervision of the liquidity of the UKbranch place reliance on the liquidity regime of the Home State regulator or third country competent authority in question. The appropriate regulator will wish to ensure that it has adequate data at the time of consideration of the whole-firm liquidity modification application and, if the application is granted, on a continuing basis thereafter,
BIPRU 12.8.26GRP
In relation to the Home State regulator's or third country competent authority's regime of liquidity regulation, the appropriate regulator will, before granting a whole-firm liquidity modification, ordinarily expect to be satisfied that:(1) the regime in question delivers outcomes as regards the regulation of the applicant firm'sliquidity risk that are broadly equivalent to those intended by this chapter; and(2) there is clarity as to any legal constraints imposed by the Home
BIPRU 12.8.27GRP
In relation to the applicant firm in question, the appropriate regulator will, before granting a whole-firm liquidity modification, ordinarily expect to have reached agreement with the Home State regulator or third country competent authority in a number of areas, including agreement that:(1) it will notify the appropriate regulator promptly of any material or persistent breaches by that firm of its liquidity rules, or of risks that such breaches are imminent;(2) it is satisfied
BIPRU 12.8.28GRP
In relation to the applicant firm in question, the appropriate regulator will, before granting a whole-firm liquidity modification, ordinarily expect to have reached agreement with that firm in a number of areas, including agreement that:(1) it will make available liquidity resources at all times to its UKbranch if needed;(2) it will make available to the appropriate regulator information in an appropriate format on firm-wide liquidity;(3) it will notify the appropriate regulator
BIPRU 12.8.29GRP
The appropriate regulator also anticipates that a whole-firm liquidity modification would be made subject to a number of ongoing conditions and requirements. These are likely to include:(1) the appropriate regulator receiving annual confirmation from the Home State regulator or third country competent authority that it remains satisfied with the arrangements in respect of that firm for liquidity supervision and their operation;(2) an annual meeting with the Home State regulator
BIPRU 12.8.30GRP
In determining the appropriate duration of a whole-firm liquidity modification, the appropriate regulator will have regard to the role and importance of the UKbranch in question in the UK1financial system. In some cases, the appropriate regulator may take the view that a whole-firm liquidity modification, covering a UKbranch whose role and importance in the UK1financial system are significant, ought to be reviewed more regularly than one granted in respect of a less systemically
SUP 13.7.1GRP
(1) Where a UK firm is exercising an EEA right under the UCITS Directive, MiFID, the Insurance Directives or AIFMD and is providing cross border services into another EEA State, any changes to the details of the services are governed by the EEA Passport Rights Regulations.13(2) References to regulations in this section are to the EEA Passport Rights Regulations.13(3) (a) A UK firm which is not an authorised person should note that contravention of the prohibition imposed by regulation
SUP 13.7.2GRP
UK firms should also note that changes to the details of cross border services may lead to changes to the applicable provisions to which the UK firm is subject.
SUP 13.7.3GRP
If a UK firm is passporting under the UCITS Directive, regulation 12(1) states that the UK firm must not make a change in its programme of operations, or the activities to be carried on under its EEA right, unless the relevant requirements in regulation 12(2) have been complied with. These requirements are:5(1) the UK firm has given a notice to the FCA15 and to the Host State regulator stating the details of the proposed change; or15(2) if the change arises as a result of circumstances
SUP 13.7.3AGRP
5If a UK firm is providing cross border services in a particular EEA State in exercise of an EEA right deriving from MiFID, the UK firm must comply with the requirements of regulation 12A(2) before it makes a change to its programme of operations, including:(1) changing the activities to be carried on in exercise of13 that EEA right;(2) using, for the first time, any tied agent to provide services in the territory of that EEA State; or(3) ceasing to use any tied agent to provide
SUP 13.7.3BGRP
5The requirements of regulation 12A(2) are that:(1) the UK firm has given notice to the appropriate UK regulator15 stating the details of the proposed change; and15(2) the period of one month beginning with the day on which the UK firm gave the notice mentioned in (1) has elapsed.
SUP 13.7.3CGRP
13A UK MiFID investment firm is also required to notify the FCA of any changes to the information in its investment services and activities passport notification, including changes relating to a UKtied agent, in accordance with:(1) article 4 (Information to be notified concerning the change of investment services and activities particulars) of MiFID RTS 3A; and(2) article 7 (Submission of the change of investment services and activities particulars notification) of MiFID ITS
SUP 13.7.3GGRP
13A UK MiFID investment firm should use the relevant form in SUP 13 Annex 2AR to notify the FCA that it intends to:(1) change its programme of operations by ceasing to provide cross border services; or(2) change its programme of operations by ceasing to provide cross border services through a tied agent established in the UK; or(3) terminate in the territory of an EEA State, the provision of arrangements to facilitate access to, and trading on, an MTF or OTF by remote users, members
SUP 13.7.6AGRP
5For further details on giving the notices to the appropriate UK regulator, as described in SUP 13.7.3 G (1), SUP 13.7.3AG and SUP 13.7.3BG12, UK firms may wish to use the standard electronic15 form available from the FCA and PRA authorisation teams 15(see SUP 13.12 (Sources of further information)).15151551515
SUP 13.7.11GRP
A UK firm providing cross border services under the CRD7 or Insurance Mediation Directive is not required to supply a change to the details of cross border services notice5.3756
SUP 13.7.13AGRP
15Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.7.13BGRP
If a UKfirm has exercised an EEA right under AIFMD to provide cross-border services to manage an AIF, regulation 17A(2) states that the UKfirm must not make a material change to:(1) the programme of operations, or the EEA activities, to be carried out in exercise of that right; or(2) the EEA States in which it manages AIFs; or(3) the identity of the AIFs it manages in those EEA States;unless the UKfirmcomplies with the relevant requirements in regulation 17A(4) for a planned change
SUP 13.7.14GRP
9If a UKfirm has exercised an EEA right deriving from AIFMD to provide cross-border services to market an AIF, regulation 17A(3) states that it must not make a material change to any of the following:(1) the programme of operations identifying the AIF the AIFM intends to market and information on where the AIF is established;(2) the AIF rules or instruments of incorporation; (3) the depositary of the AIF;(4) the description of, or information on, the AIF available to investors;(5)
SUP 13.7.15GRP
(1) 11A UK firm which has exercised an EEA right deriving from the MCD to provide a cross border service, must not make any material changes to the service unless it has complied with the requirements in regulation 17(B)(2).(2) The requirements in regulation 17(B)(2) are that;(a) the UK firm has given notice to the FCA stating the details of the proposed change; and(b) the period of one month has elapsed, beginning with the day on which the UK firm gave notice.(3) Paragraph (1)
SUP 14.2.1GRP
Where an incoming EEA firm is exercising an EEA right, other than under the Insurance Mediation Directive, and has established a branch in the United Kingdom, the EEA Passport Rights Regulations govern any changes to the details of that branch. Where an incoming EEA firm has complied with the relevant requirements in the EEA Passport Rights Regulations, then the firm'spermission given under Schedule 3 to the Act is to be treated as varied accordingly. All references to regulations
SUP 14.2.2GRP
(1) Where an incoming EEA firm passporting under the CRD9or the UCITS Directive has established a branch in the United Kingdom, regulation 4 states that it must not make a change in the requisite details of the branch unless it has complied with the relevant requirements.56955(2) The relevant requirements are set out in regulation 4(4) or, where the change arises from circumstances beyond the incoming EEA firm's control, in regulation 4(5) (see SUP 14.2.8 G).32
SUP 14.2.3GRP
Where the change arises from circumstances within the control of the incoming EEA firm, the requirements in regulation 4(4) are that:(1) the incoming EEA firm has given notice to the appropriate UK regulator12 (see SUP 14.4.1 G) and to its Home State regulator stating the details of the proposed change;12(2) the appropriate UK regulator12 has received a notice stating those details; and12(3) either:(a) the appropriate UK regulator12 has informed the firm that it may make the change;
SUP 14.2.4GRP
Changes to the requisite details may lead to changes to the applicable provisions to which the incoming EEA firm is subject. The appropriate UK regulator12 will, as soon as practicable after receiving a notice in SUP 14.2.3 G or SUP 14.2.8 G, inform the incoming EEA firm of any consequential changes in the applicable provisions (regulation 4(6)).112
SUP 14.2.8GRP
If the change arises from circumstances beyond the incoming EEA firm's control, the firm is required by regulation 4(5) (see SUP 14.2.2 G) or regulation 6(5) (see SUP 14.2.5 G (2)) to give a notice to the appropriate UK regulator12 (see SUP 14.4.1 G) and to its Home State regulator stating the details of the change as soon as reasonably practicable.12
SUP 14.2.9GRP
The appropriate UK regulator12 believes that for a change to arise from circumstances beyond the control of an incoming EEA firm, the circumstances should be outside the control of the firm as a whole and not just its UK branch. For example, the appropriate UK regulator12 considers that this provision would be unlikely to apply to circumstances in which lack of planning at the incoming EEA firm's head office resulted in a problem arising in a UKbranch which was outside its control.
SUP 14.2.10GRP
6Where an EEA MiFID investment firm has established a branch in the UK, regulation 4A states that it must not:7(1) make a change in the requisite details of the branch; or7(2) use, for the first time, any tied agent established in the United Kingdom; or7(3) cease to use tied agents established in the United Kingdom;7unless it has complied with the relevant requirements in regulation 4A(3).7
SUP 14.2.12GRP
6Changes to the requisite details may lead to changes to the applicable provisions to which the EEA MiFID investment firm is subject. The appropriate UK regulator12 will, as soon as practicable after receiving a notice in SUP 14.2.11 G inform the EEA MiFID investment firm of any consequential changes in the applicable provisions. 12
SUP 14.2.14RRP
8An EEA firm that is exercising an EEA right to provide auction regulation bidding from a branch in the United Kingdom must notify the FSA of any change to the information submitted under SUP 13A.4.5 R by email to emissionstrading@fsa.gov.uk prior to the change or whenever possible thereafter.
SUP 14.2.15GRP
Where an EEA AIFM has established a branch in the UK, it must not make a material change to:(1) the requisite details of the branch; or(2) the identity of the AIFs that the EEA AIFM intends to manage;unless it has complied with the relevant requirement in regulation 7A(3).
SUP 14.2.17GRP
10As required by regulation 7B(1), where an incoming EEA firm passporting under the MCD has established a branch in the UK, it must not make a material change to any of the matters referred to in regulation 2(8)(b) to (e) or regulation 3(6)(b) to (e), unless it has complied with the relevant requirements.
SUP 14.2.21GRP
10The FCA believes that, for a change to arise from circumstances beyond the control of an incoming EEA firm, the circumstances should be outside the control of the incoming EEA firm as a whole and not just its UKbranch. For example, the FCA considers that this provision would be unlikely to apply to circumstances in which lack of planning at the incoming EEA firm's head office resulted in a problem arising in a UKbranch. In practice, therefore, use of this provision is likely
COBS 6.1B.1RRP
(1) 1This section applies to:24(a) a firm which is a retail investment product provider; 114(b) in relation to COBS 6.1B.9 R, COBS 6.1B.10 G and COBS 6.1B.11 G, a platform service provider; 11and4(c) 11a firm which is an operator of an electronic system in relation to lending; in circumstances where a retail client receives a personal recommendation in relation to a retail investment product or P2P agreement11 and also where a retail investment product transaction is executed
COBS 6.1B.2RRP
This section does not apply to a firm when a retail client receives basic advice in accordance with the basic advicerules.
COBS 6.1B.2ARRP
3This section does not apply to a firm in circumstances where a retail client receives a personal recommendation in relation to one of7 the firm'sHolloway sickness policies,7 provided that the Holloway policy special application conditions are met.
COBS 6.1B.3GRP
This section applies to a firm when it makes a personal recommendation on a retail investment product or P2P agreement11and where a retail investment product for which it is the retail investment product provider or P2P agreement which it facilitates as the operator of an electronic system in relation to lending11is the subject of a personal recommendation made by another firm.
COBS 6.1B.5ARRP
5A firm and its associates may:(1) offer and pay a commission, remuneration or benefit of any kind in the circumstances set out in COBS 6.1B.5 R if:(a) the personal recommendation was made on or before 30 December 2012;(b) the offer and payment was permitted by the rules in force on 30 December 2012;(c) the contract under which the right to receive the commission, remuneration or benefit of any kind was entered into on or before 30 December 2012; (d) the terms of that contract
COBS 6.1B.5BGRP
8A firm may continue paying commission, remuneration or benefits of any kind to another firm in relation to a personal recommendation made by that other firm in circumstances where that other firm may accept that commission, remuneration or benefit of any kind (see COBS 6.1A.4A R and COBS 6.1A.4AA G).
COBS 6.1B.7ARRP
10A retail investment product provider may maintain retail investment product charges at a level such that a cash rebate is payable to the retail client if:(1) the retail investment product transaction was agreed on or before 5 April 2014 and executed within a reasonable time of that agreement; and (2) the retail client's right to receive the cash rebate arose on or before 5 April 2014; and(3) on or after 6 April 2014 no change is made to that product, or, where there is such
COBS 6.1B.7BGRP
10In the FCA's view, if the platform service provider retained any part of a rebate on or before 5 April 2014, the retail client is unlikely to have had a right to receive that part of the rebate.
COBS 6.1B.7CGRP
10The following examples do not entail changes to the retail investment product: (1) no change is made to the retail client's investment in the relevant product or to the level of the retail client's regular contributions into that product;(2) the retail client's investment in, or regular contribution to, the relevant product is reduced: the retail investment product provider may continue to pay the cash rebate associated with the reduced investment amount;(3) the retail client's
COBS 6.1B.8GRP
COBS 6.1B.7 R does not prevent a firm from offering a promotional discount to a retail client in the form of extra units or additional investment, but a firm should not offer to invest more than 100% of the retail client's investment.99
COBS 6.1B.9RRP
COBS 6.1B.7 R does not prevent a firm from offering a promotional discount to a retail client in the form of extra units or additional investment, but a9firm that offers to facilitate, directly or through a third party, the payment of adviser charges, including6 by means of a platform service must:49(1) obtain and validate instructions from a retail client in relation to an adviser charge;(2) offer sufficient flexibility in terms of the adviser charges it facilitates; and(3) not
COBS 6.1B.9AGRP
6A firm facilitates the payment of adviser charges for the purposes of COBS 6.1B.9 R if the adviser charge is not paid directly by the retail client, but is instead paid on behalf of the retail client via the firm.
COBS 6.1B.9BGRP
6A firm may facilitate the payment of adviser charges for the purposes of COBS 6.1B.9 R by:(1) selling all or part of the retail client'sretail investment product to pay the adviser charge; or(2) disposing of or reducing all or part of the retail client's rights under the retail investment product (for example, by way of a part disposal which creates benefits under a life policy) to pay the adviser charge; or(3) separating out an amount or amounts for the payment of the adviser
COBS 6.1B.10GRP
A firm should consider whether the flexibility in levels of adviser charges it offers to facilitate is sufficient so as not to unduly influence or restrict the charging structure and adviser charges that the firm providing the personal recommendation or related services can use.
COBS 6.1B.11GRP
COBS 6.1B.9R(3) does not prevent a firm, if this is in the retail client's best interests, from entering into an agreement with another firm which is providing a personal recommendation to a retail client, or with a retail client of such a firm, to provide it with credit separately in accordance with the rules and guidance13 on providing credit and other benefits to firms that provide personal recommendations13 on retail investment products or P2P agreements11(see13COBS 2.3.12
COLL 6.12.1RRP
1This section applies to:(1) an authorised fund manager and a depositary of a UCITS scheme; and(2) a UK UCITS management company providing collective portfolio management services for an EEA UCITS scheme from a branch in another EEA State or under the freedom to provide cross border services.
COLL 6.12.2GRP
In the FCA's view the requirements relating to risk management policy and risk measurement set out in this section are the regulatory responsibility of the management company'sHome State regulator but to the extent that they constitute fund application rules, are also the responsibility of the UCITS'Home State regulator. As such, these responsibilities may overlap between the competent authorities of the Home and Host States. EEA UCITS management companies providing collective
COLL 6.12.3RRP
(1) 3(a) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must use a risk management process enabling it to monitor and measure at any time the risk of the scheme's positions and their contribution to the overall risk profile of the scheme.3(b) In particular, an authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must not solely or mechanistically rely on credit ratings issued by
COLL 6.12.3ARRP
5An authorised fund manager or a UK UCITS management company of an EEA UCITS scheme subject to COLL 6.12.3R(2) must notify the FCA of the information specified in points (a) and (b) of that rule:(1) annually, within 30 business days of 31 October, with information that is accurate as of 31 October of that year;(2) using the form in COLL 6 Annex 2R; and(3) by submitting it:(a) online through the appropriate systems accessible from the FCA’s website; or(b) if the appropriate
COLL 6.12.3BGRP
(1) 5In addition, an authorised fund manager or a UK UCITS management company of an EEA UCITS scheme subject to COLL 6.12.3R(2) should submit a notification to the FCA if there has been a significant change to the fund’s risk profile since its last report, by sending the form in COLL 6 Annex 2R, completed as applicable, to fundsupervision@fca.org.uk.(2) A significant change to the fund’s risk profile could include, but is not limited to:(a) the first use of derivatives for investment
COLL 6.12.4GRP
(1) The risk management process in COLL 6.12.3 R should take account of the investment objectives and policy of the scheme as stated in the most recent prospectus.(2) The depositary of a UCITS scheme should take reasonable care to review the appropriateness of the risk management process in line with its duties under COLL 6.6.4 R (General duties of the depositary) and COLL 6.6.14 R (Duties of the depositary and authorised fund manager: investment and borrowing powers), as appropriate.
COLL 6.12.5RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must establish, implement and maintain an adequate and documented risk management policy for identifying the risks to which that scheme is or might be exposed.(2) The risk management policy must comprise such procedures as are necessary to enable the authorised fund manager or UK UCITS management company to assess the exposure of each UCITS it manages to market risk, liquidity
COLL 6.12.6GRP
UK UCITS management companies operating EEA UCITS schemes are advised that to the extent that the matters referred to in COLL 6.12.5 R (3)(a) are viewed by the UCITSHome State regulator as falling under its responsibility, they will be expected to comply with the UCITS Home State measures implementing articles 40 and 41 of the UCITS implementing Directive.
COLL 6.12.7RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must assess, monitor and periodically review:(a) the adequacy and effectiveness of the risk management policy and of the arrangements, processes and techniques referred to in COLL 6.12.5 R;(b) the level of compliance by the authorised fund manager or the UK UCITS management company with the risk management policy and with those arrangements, processes and techniques referred
COLL 6.12.8GRP
UK UCITS management companies are advised that when they applied for authorisation from the FCA under the Act, their ability to comply with the requirements in COLL 6.12.7 R would have been assessed by the FCA as an aspect of their fitness and properness in determining whether the threshold conditions set out in Schedule 6 (Threshold conditions) of the Act were met. Firms are further advised that their compliance with these requirements is subject to review by the FCA on an ongoing
COLL 6.12.9RRP
(1) An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must adopt adequate and effective arrangements, processes and techniques in order to:(a) measure and manage at any time the risks to which that UCITS is or might be exposed; and(b) ensure compliance with limits concerning global exposure and counterparty risk, in accordance with COLL 5.2.11B R (Counterparty risk and issuer concentration) and COLL 5.3 (Derivative exposure).(2)
COLL 6.12.10GRP
UK UCITS management companies operating EEA UCITS schemes are advised that to the extent that the matters referred to in COLL 6.12.9R (1)(b) are viewed by the UCITSHome State regulator as falling under its responsibility, they will be expected to comply with the UCITS Home State measures implementing articles 41 and 43 of the UCITS implementing Directive.
COLL 6.12.11RRP
(1) An authorised fund manager or a UKUCITS management company of an EEA UCITS scheme must employ an appropriate liquidity risk management process in order to ensure that each UCITS it manages is able to comply at any time with COLL 6.2.16 R (Sale and redemption) or the equivalent UCITS Home State measures implementing article 84(1) of the UCITS Directive.(2) Where appropriate, the authorised fund manager or UKUCITS management company must conduct stress tests to enable it to
COLL 6.12.12RRP
An authorised fund manager or a UKUCITS management company of an EEA UCITS scheme must ensure that, for each UCITS it manages, the liquidity profile of the investments of the scheme is appropriate to the redemption policy laid down in the instrument constituting the fund2 or the prospectus.2[Note: article 40(4) of the UCITS implementing Directive]
PERG 5.12.1GRP
Section 19 of the Act (The general prohibition) provides that the requirement to be authorised under the Act only applies in relation to regulated activities which are carried on 'in the United Kingdom'. In many cases, it will be quite straightforward to identify where an activity is carried on. But, when there is a cross-border element, for example because a customer is outside the United Kingdom or because some other element of the activity happens outside the United Kingdom,
PERG 5.12.2GRP
Even if a person concludes that he is not carrying on a regulated activity in the United Kingdom, he will need to ensure that he does not contravene other provisions of the Act that apply to unauthorised persons. These include the controls on financial promotion (section 21 (Financial promotion) of the Act) (see PERG 8 (Financial promotion and related activities)), and on giving the impression that a person is authorised (section 24 (False claims to be authorised or exempt)).
PERG 5.12.3GRP
The table in PERG 5.12.4 G is a very simplified summary of territorial issues relating to overseas insurance intermediaries carrying on the business of insurance mediation activities in or into the United Kingdom for remuneration.
PERG 5.12.4GRP

Table Territorial issues relating to overseas insurance intermediaries carrying on insurance mediation activities in or into the United Kingdom

Needs Part 4A permission

Schedule 3 EEA passport rights available

Overseas persons exclusion available

Registered EEA-based intermediary with UK branch (registered office or head office in another EEA State)

No

Yes

No

Registered EEA-based intermediary with no UK branch providing cross-border services

No

Yes

Potentially available [see Note]

Third country intermediary operating from branch in the UK

Yes

No

No

Third country intermediary providing services in (or into) the UK

Yes unless overseas persons exclusion applies

No

Potentially available

This does not, however, affect the firm'sauthorisation under Schedule 3 to the Act (see PERG 5.12.9 G to PERG 5.12.10 G (Passporting)).

3For EEA-based intermediaries this table assumes that the insurance mediation activities are within the scope of the Insurance Mediation Directive.
PERG 5.12.5GRP
Persons carrying on insurance mediation activities from a registered office or head office in the United Kingdom will clearly be carrying on regulated activities in the United Kingdom. However, a person may be considered to be carrying on regulated activities in the United Kingdom even where not carrying on the activity from a registered office or head office in the United Kingdom. This is explained further in PERG 5.12.6 G to PERG 5.12.8 G.
PERG 5.12.6GRP
In determining the location of an activity, and hence whether it is carried on in the United Kingdom, various factors need to be taken into account in turn, notably:(1) section 418 of the Act (Carrying on regulated activities in the United Kingdom);(2) the nature of the activity; and(3) the overseas persons exclusion (see PERG 5.12.9 G to PERG 5.12.10 G (Overseas persons)).
PERG 5.12.7GRP
Section 418 of the Act extends the meaning that 'carry on regulated activity in the United Kingdom' would normally have by setting out additional cases in which a person who would not otherwise be regarded as carrying on the activity in the United Kingdom is to be regarded as doing so. Each of the following cases thus amounts to carrying on a regulated activity in the United Kingdom:(1) where a UK-based person carries on a regulated activity in another EEA State in the exercise
PERG 5.12.9GRP
Article 72 of the Regulated Activities Order (Overseas persons) provides a potential exclusion for persons with no permanent place of business in the United Kingdom from which regulated activities are conducted or offers to conduct regulated activities are made. Where these persons carry on insurance mediation activities in the United Kingdom, they may be able to take advantage of the exclusions in article 72 of the Regulated Activities Order. In general terms, these apply where
PERG 5.12.10GRP
The overseas person exclusion is available to persons who do not have a permanent place of business in the United Kingdom and so is of relevance to third country intermediaries (that is, non EEA-based intermediaries) who carry on insurance mediation activities in, or into, the United Kingdom (for example with or through authorised insurance brokers and insurance undertakings operating in the Lloyd's market).
PERG 5.12.11GRP
UK-based persons must obtain Part 4A permission in relation to their insurance mediation activities in the United Kingdom as one of the following:(1) a body corporate whose registered office is situated in the United Kingdom; or(2) a partnership or unincorporated association whose head office is situated in the United Kingdom; or(3) an individual (that is, a sole trader) whose residence is situated in the United Kingdom.The United Kingdom will, in each case, be the Home State
PERG 5.12.12GRP
Non-UK-based persons wishing to carry on insurance mediation activities in the United Kingdom must:(1) qualify for authorisation by exercising passport rights (see section 31 (Authorised persons) and schedule 3 (EEA passport rights) to the Act and PERG 5.12.13 G to PERG 5.12.14 G (Passporting)); or(2) make use of the overseas persons exclusion (which then has the effect that activities are deemed not to be regulated activities carried on in the United Kingdom); or(3) seek Part
PERG 5.12.13GRP
The effect of the IMD is that any EEA-based insurance intermediaries doing business within the Directive’s scope4 must first be registered in their home EEA State before carrying on insurance mediation in that EEA State or other EEA States. For these purposes, an EEA-based insurance intermediary is either:(1) a legal person with its registered office or head office in an EEA State other than the United Kingdom; or(2) a natural person resident in an EEA State other than the United
PERG 5.12.14GRP
On the other hand, non-EEA-based insurance intermediaries wishing to establish a branch in the UK for the purpose of carrying on insurance mediation activities may only do so with Part 4A permission.
PERG 5.12.16GRP
The E-Commerce Directive does not remove the IMD requirement for persons taking up or pursuing insurance mediation for remuneration to be registered in their Home State. Nor does it remove the requirement for EEA-based intermediaries to acquire passporting rights in order to establish branches in the United Kingdom (see PERG 5.12.7 G (Where is insurance mediation carried on?) in relation to electronic commerce activity carried on from an establishment in the United Kingdom) or
PERG 5.12.17GRP
Put shortly, the E-Commerce Directive relates to services provided into the United Kingdom from other EEA States and from the United Kingdom into other Member States. In broad terms, such cross-border insurance mediation services provided by an EEA firm into the United Kingdom (via electronic commerce activity or distance means) will generally be subject to IMD registration in, and conduct of business regulation of, the intermediary's EEA State of origin. By contrast, insurance
DISP 1.1.1GRP
638This chapter contains rules and guidance on how respondents should deal promptly and fairly with complaints in respect of business carried on from establishments in the United Kingdom,11 by certain branches of firms in the EEA or by certain EEA firms carrying out activities in the United Kingdom under the freedom to provide cross border services.11 It is also relevant to those who may wish to make a complaint or refer it to the Financial Ombudsman Service.
DISP 1.1.3RRP
(1) Subject to DISP 1.1.5 R, this15 chapter applies to a firm in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by it or its appointed representative in the United Kingdom.15(2) For the MiFID complaints of a MiFID investment firm:23(a) DISP 1.1A applies; and23(b) the other provisions of this chapter apply only as set out in DISP 1.1A.23(c) [deleted]23(2A) For the MiFID complaints of a third country investment
DISP 1.1.3ADRP
24The complaints reporting directions apply to a firm that provides payment services or issues electronic money in respect of:(1) complaints from payment service users; and(2) complaints from electronic money holders that are eligible complainantsconcerning activities carried on from an establishment maintained by the firm in the United Kingdom.
DISP 1.1.10ARRP
8This chapter (except 24 the complaints reporting rules and the complaints data publication rules9) applies to payment service providers that are not firms24 in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by that payment service provider24 or its agent in the United Kingdom.99
DISP 1.1.10ABDRP
24The complaints reporting directions apply to a payment service provider that is not a firm in respect of complaints from payment service users concerning activities carried on from an establishment maintained by that payment service provider or its agent in the United Kingdom.
DISP 1.1.10CRRP
1340This chapter (except 24the complaints reporting rules, and the complaints data publication rules) applies to an electronic money issuer that is not a firm24 in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by that electronic money issuer24 or its agent in the United Kingdom.
DISP 1.1.10CADRP
24The complaints reporting directions apply to an electronic money issuer that is not a firm in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by that electronic money issuer or its agent in the United Kingdom.
DISP 1.1.10ERRP
11For complaints related to collective portfolio management services of a UK UCITS management company for a UCITS scheme or an EEA UCITS scheme, DISP 1.1.3R (1) applies, except where modified as follows:(1) the consumer awareness rules, complaints handling rules and complaints record rule apply in respect of complaints from Unitholders rather than from eligible complainants; and(2) the consumer awareness rules, the complaints handling rules and the complaints record rule, as modified
DISP 1.1.10FRRP
For complaints related to collective portfolio management services of an EEA UCITS management company for a UCITS scheme, DISP 1.1.3R (1) applies, except where modified as follows:(1) where the services are provided from a branch in the United Kingdom, the consumer awareness rules, complaints handling rules and complaints record rule apply in respect of complaints from Unitholders rather than from eligible complainants; and(2) this chapter, except the consumer awareness rules,
DISP 1.1.10GRRP
This chapter (except the complaints record rule, the complaints reporting rules and the complaints data publication rules) applies to CBTL firms in respect of complaints from eligible complainants19concerning activities carried on from an establishment maintained in the United Kingdom.1918
DISP 1.1.10IRRP
20This chapter (except the complaints record rule, the complaints reporting rules and the complaints data publication rules) applies to a designated credit reference agency in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by it or its agent in the United Kingdom.
DISP 1.1.10KRRP
22This chapter (except the complaints record rule, the complaints reporting rules, and the complaints data publication rules) applies to a designated finance platform in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by it or its agent in the United Kingdom.
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) or (iii) 11applies, submit to the FCA65 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;9797(ii) unless (iii) applies, where 11 a firm is required to submit completed data items for 11more than one RAG, that11firm must only submit the
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 date32

32
271212 37

RAG 1

• accepting deposits

• meeting of repayment claims76

managing dormant account funds (including the investment of such funds)76

RAG 1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook.76

RAG 2.1

• effecting contracts of insurance

• carrying out contracts of insurance

• entering as provider into a funeral plan contract

71

2

71

2

71

2

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 (except P2P agreements) 67 (excluding retail investment activities)

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

• advising on P2P agreements (when carried on exclusively with or for professional clients)67

SUP 16.12.10 R2

SUP 16.12.11 R78except FSA001 and FSA002 on consolidated basis for FINREP firms37

37

SUP 16.12.10 R2SUP 16.12.12 R78

37

SUP 16.12.10 R2SUP 16.12.13 R

RAG 4

• managing investments

• establishing, operating or winding up a collective investment scheme

• establishing, operating or winding up a stakeholder pension scheme

• establishing, operating or winding up a personal pension scheme2

• managing an AIF38

• managing a UCITS38

5

• operating an electronic system in relation to lending (FCA-authorised persons only)48

3838

SUP 16.12.14 R2

SUP 16.12.15 R78, except FSA001 and FSA002 on consolidated basis for FINREP firms37

37

SUP 16.12.14 R2SUP 16.12.16 R78

37

SUP 16.12.14 R2SUP 16.12.17 R

RAG 5

• home finance administration or home finance providing activity11

11

76SUP 16.12.18BR 37 and SUP 16.12.18C R58

258

76SUP 16.12.18BR 37 and SUP 16.12.18C R58

258

76SUP 16.12.18BR 37 and SUP 16.12.18C R58

258

RAG 6

• safeguarding and administration of assets (without arranging)

• arranging safeguarding and administration of assets

• acting as trustee or depositary of an AIF38

• acting as trustee or depositary of a UCITS38

384038

SUP 16.12.19A R2

SUP 16.12.20 R2

SUP 16.12.21 R2

RAG 7

• retail investment activities

• advising on P2P agreements (except when carried on exclusively with or for professional clients)67

• advising on pensions transfers & opt-outs

• arranging (bringing about deals) in retail investments

SUP 16.12.22A R78except FSA001 and FSA002 on consolidated basis for FINREP firms37

37

SUP 16.12.23A R78

3737

SUP 16.12.24AR78

RAG 8

• making arrangements with a view to transactions in investments

• operating a multilateral trading facility4

• operating an organised trading facility35

SUP 16.12.25AR or SUP 16.12.25CR for UK designated investment firms except80 FSA001 and FSA002 on consolidated basis for FINREP firms80

377837

SUP 16.12.26 R

SUP 16.12.27 R

RAG 9

• home finance mediation activity14

• insurance mediation activity (non-investment insurance contracts)

14

SUP 16.12.28A R14

SUP 16.12.28A R14

SUP 16.12.28A R14

RAG 10

• the activities of an RIE97

97

SUP 16.12.29 G2

SUP 16.12.29 G2

SUP 16.12.29 G232

32RAG 11

bidding in emissions auctions

SUP 16.12.29A R

SUP 16.12.29A R

SUP 16.12.29A R

47RAG 12 71

• credit-related regulated activity

SUP 16.12.29C R

SUP 16.12.29C R

SUP 16.12.29C R
SUP 16.12.9RRP

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

11

Member's adviser

97

the Society (note 1)

Description of data item76

Frequency

Submission deadline

Description of data item

Frequency

Submission deadline

Annual Lloyd's return

Annually

6 months after the Society'saccounting reference date

Syndicate accounts and reports (note 2)

Annually

6 months after the Society'saccounting reference date

Quarterly reporting statement

Quarterly

15 business days after the quarter end

Balance Sheet

FSA001 (notes 15, 20) or

13

Quarterly or half yearly

(note 14)

FSA029

Quarterly (note 14)

(note 14)

Income Statement

FSA002 (note20), or

13

Quarterly or half yearly (note 14)

(note 14)

FSA030

Quarterly

(note 14)

Capital Adequacy

FSA003 (notes 4, 20) or

Monthly, quarterly or half yearly (note 14)

(note 14)

FSA033 (note 12) or

Quarterly

(note 14)

FSA034 (note 13) or

Quarterly

(note 14)

FSA035 (note 13)

Quarterly

(note 14)

Credit Risk

FSA004 (notes 5, 20)

13

Quarterly or half yearly (note 14)

(note 14)

Market Risk

FSA005 (notes 6, 20)

13

Quarterly or half yearly (note 14)

(note 14)

13
13 13 13

13
13 13 13

Large Exposures

FSA008 (Notes 20, 21)15

1513

Quarterly

20 business days (note 19)

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.

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).

Note 3

[deleted]97

97

Note 4

Only firms subject to IPRU(INV) 4 report data item FSA003.

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.

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.

Note 7

[deleted]13

13

Note 8

[deleted]13

13

Note 9

[deleted]13

13

Note 10

[deleted]13

13

Note 11

[deleted]13

13

Note 12

FSA033 is only applicable to firms subject to IPRU(INV) 3.80

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) 5.4.2R74, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed76.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R74.

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

Note 15

This data item only applies to BIPRUfirms.

Note 16

[deleted]13

13

Note 17

[deleted]13

13

Note 18

[deleted]13

13

Note 19

UK consolidation group reports have 45 business days submission.

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.

15Note 21

This will not be applicable to BIPRU firms37.

3737
SUP 16.12.11RRP

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

Description of data item

45Firms' prudential category and applicable data items(note 1)

IFPRU investment firms and BIPRU firms

Firmsother thanBIPRU firms or IFPRU investment firms

IFPRU

BIPRU

IPRU(INV)Chapter 3

IPRU(INV)Chapter 5

IPRU(INV)Chapter 9

IPRU(INV)Chapter 13

 38

Solvency statement

No standard format (note 11)

No standard format (note 20)

No standard format (note 11)

 38

Balance sheet

FSA001/FINREP (note 36)

FSA001 (Note 2)

FSA029 (note 18)

FSA029

FSA029

FSA029 (note 15) or Section A RMAR (note 15)

 38

Income statement

FSA00250/FINREP (note 36)

50

FSA002 (Note 2)

FSA030 (note 18)

FSA030

FSA030

FSA030 (note 15) or Section B RMAR (note 15)

 38

Capital adequacy

COREP (Note 36)

FSA003 (Note 2)

FSA033 (note 18)

FSA034 or FSA035 or FIN07152 (note 14)

FSA031

FSA032 (note 15) or Section D162 RMAR (note 15)

5050		 38

Supplementary capital data for collective portfolio management investment firms

FIN067 (Note 35)

FIN068 (Note 35)

Credit risk

COREP (Note 36)

FSA004 (Notes 2, 3)

Market risk

COREP (Note 36)

FSA005 (Notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (Note 5)

Operational risk

COREP (Note 36)

Large exposures

COREP (Note 36)

Exposures between core UK group and non-core large exposures group

FSA018 (note 12)

Solo consolidation data

FSA016 (note 25)

FSA016 (Note 25)

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (Note 8)

Non-EEA sub-group

COREP (Note 36)

FSA028 (Note 9)

Threshold conditions

Section F RMAR (Note 15)

Client money and client assets

FSA039

FSA039

FSA039 (note 18)

FSA039

FSA039

Section C RMAR (Note 15) or FSA039

 38

CFTC

FSA040 (note 24)

FSA040 (Note 24)

FSA040 (note 24)

FSA040 (note 24)

FSA040 (note 24)

FSA040 (note 24)

 38

IRB portfolio risk

FSA045 (note 22)

FSA045 (Note 22)

Securitisation: non-trading book

COREP (Note 36)

FSA046 (Note 23)

Daily Flows

FSA047/COREP (Notes 26, 29 , 31, 33, and 36)

Enhanced Mismatch Report

FSA048/COREP (Notes 26, 29 , 31, 33, and 36)

Liquidity Buffer Qualifying Securities

FSA050/COREP (Notes 27, 30, 31, 33, and 36)

Funding Concentration

FSA051/COREP (Notes 27, 30, 31, 33, and 36)

Pricing data

FSA052/COREP (Notes 27, 31, 33, 34, and 36)

Retail and corporate funding

FSA053/COREP (Notes 27, 30, 31, 33, and 36)

Currency Analysis

FSA054/COREP (Notes 27, 30, 31, 33, and 36)

Systems and Controls Questionnaire

FSA055/COREP (Notes 28, 33, and 36)

FSA055 (Notes 28 and 33)

Securitisation: trading book

COREP (Note 36)

46Liquidity Questionnaire

MLA-M (Note 37)

MLA-M (Note 37)

MLA-M (Note 37)

MLA-M (Note 37)

MLA-M (Note 37)

MLA-M (Note 37)

MLA-M (Note 37)

Note 1

All firms, except IFPRU investment firms in relation to data items reported under the EU CRR, when submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24. Guidance notes for completion of the data items are contained in SUP 16 Annex 25.

Note 2

Firms that are members of a UK consolidation group are also required to submit this report on a UK consolidation group basis.

Note 3

This applies to a firm that is required to submit data item FSA003 and, at any time 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.

Note 4

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.

Note 5

Only applicable to firms with a VaR model permission.

Note 6

[deleted]

Note 7

[deleted]

Note 8

Only applicable to IFPRU investment firms and BIPRU firms that:

(a) are 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; or

(b) have been granted an investment firm consolidation waiver; or80

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

An IFPRU investment firm and a BIPRU firm under (a) must complete the report on the basis of its UK consolidation group. An IFPRU investment firm and a BIPRU firm under (b) or (c) must 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 group on the reporting date.

Note 10

[deleted]55

55

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

This is only applicable to a firm that has both a core UK group and a non-core large exposures group.

Note 13

[deleted]55

5055

Note 14

FSA03474 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R74, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed76.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R7476.

7452

Note 15

FSA029, FSA030, FSA032 and FSA039 only apply to a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm. Sections A, B, C, D1,62 D280 and F RMAR only apply to a firm subject to IPRU(INV) Chapter 13 which is not an exempt CAD firm.

505050

Note 16

[deleted]

Note 17

An exempt BIPRU commodity firm will, by virtue of the definition of BIPRU TP 15, be exempt from completing FSA003 (and thus FSA004, FSA005, FSA006 and FSA007) for the duration of the transitional provision. It is however required to submit all other data items applicable according to the firm's BIPRU classification including, for the avoidance of doubt, BIPRU TP 16.

Note 18

Except if the firm is an adviser77 (as referred to in IPRU(INV) 3-60(4)R.

Note 19

[deleted]55

55

Note 20

Only required in the case of an adviser77 (as referred to in IPRU(INV) 3-60(4)R) that is a sole trader.

Note 21

[deleted]

Note 22

Only applicable to firms that have an IRB permission.

Note 23

Only applicable to firms that hold securitisation positions, or are the originator or sponsor of securitisations80 of non-trading book exposures.

Note 24

Only applicable to firms granted a Part 30 exemption order and operating an arrangement to cover forward profits on the London Metals Exchange.

Note 25

Only applicable to a firm that has a solo consolidation waiver.

Note 26

A firm must complete this item separately on each of the following bases (if applicable).

(1) It must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a DLG by default and is a UKlead regulated firm, it must complete the item on the basis of that group.

(3) If it is a group liquidity reporting firm in a UKDLG by modification, it must complete the item on the basis of that group.

(4) If it is a group liquidity reporting firm in a non-UK DLG by modification, it must complete the item on the basis of that group.

Note 27

A firm must complete this item separately on each of the following bases that are applicable.

(1) It must complete it on a solo basis unless it is a group liquidity reporting firm in a UKDLG by modification. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a UKDLG by modification, it must complete the item on the basis of that group.

Note 28

If it is a non-ILAS BIPRU firm, it must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

Note 29

(1) This item must be reported in the reporting currency.

(2) If any data element is in a currency or currencies other than the reporting currency, all currencies (including the reporting currency) must be combined into a figure in the reporting currency.

(3) In addition, all material currencies (which may include the reporting currency) must each be recorded separately (translated into the reporting currency). However if:

(a) the reporting frequency is (whether under a rule or under a waiver) quarterly or less than quarterly; or

(b) the only material currency is the reporting currency;

(3) does not apply.

(4) If there are more than three material currencies for this data item, (3) only applies to the three largest in amount. A firm must identify the largest in amount in accordance with the following procedure.

(a) For each currency, take the largest of the asset or liability figure as referred to in the definition of material currency.

(b) Take the three largest figures from the resulting list of amounts.

(5) The date as at which the calculations for the purposes of the definition of material currency are carried out is the last day of the reporting period in question.

(6) The reporting currency for this data item is whichever of the following currencies the firm chooses, namely USD (the United States Dollar), EUR (the euro), GBP (sterling), JPY (the Japanese Yen), CHF (the Swiss Franc), CAD (the Canadian Dollar) or SEK (the Swedish Krona).

Note 30

Note 29 applies, except that paragraphs (3), (4) and (5) do not apply, meaning that material currencies must not be recorded separately.

Note 31

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 for the data item in question if the firm receives that intra-group liquidity modification or variation part of the way through such a period. If the change is that the firm does not have to report a particular data item or does not have to report it at a particular reporting level, the firm must nevertheless report that item or at that reporting level for any reporting period that has already begun. This paragraph is subject to anything that the intra-group liquidity modification says to the contrary.15

Note 32

Only applicable to firms that hold securitisation positions in the trading book and/or are the originator or sponsor of securitisations held in the trading book.

Note 33

FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054 must be completed by an ILAS BIPRU firm. An ILAS BIPRU firm does not need to complete FSA055. A non-ILAS BIPRU firm must complete FSA055 and does not need to complete FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054.

Note 34

This data item must be reported only in the currencies named in FSA052, so that liabilities in GBP are reported in GBP in rows 1 to 4, those in USD are reported in USD in rows 5 to 8, and those in Euro are reported in Euro in rows 9 to 12. Liabilities in other currencies are not to be reported.

Note 35

Only applicable to firms that are collective portfolio management investment firms.

Note 36

Requirements under COREP and FINREP should be determined with reference to the EU CRR and applicable technical standards.

46Note 37

Only applicable to RAG 3 firms carrying on home financing or home finance administration connected to regulated mortgage contracts, unless as at 26 April 2014 its Part 4A permission was and continues to remain subject to a restriction preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts.
SUP 16.12.12RRP

The applicable reporting frequencies for data items referred to in SUP 16.12.4 R2 are set out in the table below according to firm type. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.

45Data Item

IFPRU 730K firm

IFPRU 125K firm and collective portfolio management investment firm

IFPRU 50K firm

BIPRU firm

UK consolidation group or defined liquidity group

Firm other than BIPRU firms or IFPRU investment firms

COREP/FINREP

Refer to EU CRR and applicable technical standards

Refer to EU CRR and applicable technical standards

Solvency statement

Annually

Annually

Annually

Annually

Annually

FSA001

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA002

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA003

Half yearly

Half yearly

FSA004

Half yearly

Half yearly

FSA005

Half yearly

Half yearly

FSA006

Quarterly

Quarterly

Quarterly

Quarterly

Quarterly

FSA007

Annual (note 4)

Annual (note 4)

FSA016

Half yearly

Half yearly

Half yearly

Half yearly

FSA018

Quarterly

Quarterly

Quarterly

FSA019

Annually

Annually

Annually

Annually

Annually

FSA028

Half yearly

FSA029

Quarterly

FSA030

Quarterly

FSA031

Quarterly

FSA032

Quarterly

FSA033

Quarterly

FSA034

Quarterly

FSA035

Quarterly

FSA039

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

FSA040

Quarterly

Quarterly

Quarterly

Quarterly

Quarterly

FSA045

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA046

Quarterly

Quarterly

FSA047

Daily, weekly, monthly or quarterly (Notes 5, 6 and 8)

Daily, weekly, monthly or quarterly (Notes 5, 7 and 8)

FSA048

Daily, weekly, monthly or quarterly (Notes 5, 6 and 8)

Daily, weekly, monthly or quarterly (Notes 5, 7 and 8)

FSA050

Monthly (Note 5)

Monthly (Note 5)

FSA051

Monthly (Note 5)

Monthly (Note 5)

FSA052

Weekly or monthly (Notes 5 and 9)

Weekly or monthly (Notes 5 and 10)

FSA053

Quarterly (Note 5)

Quarterly (Note 5)

FSA054

Quarterly (Note 5)

Quarterly (Note 5)

FSA055

Annually (Note 5)

Annually (Note 5)61

Annually (Note 5)

FSA058

Quarterly

Quarterly

FIN067

Quarterly (note 5)

FIN068

Half yearly

52FIN071

Quarterly

Section A RMAR

Half yearly (note 2) Quarterly (note 3)

Section B RMAR

Half yearly (note 2) Quarterly (note 3)

Section C RMAR

Half yearly (note 2) Quarterly (note 3)

Section D1 62RMAR

Half yearly (note 2) Quarterly (note 3)

Section F RMAR

Half yearly

46MLA-M

Quarterly

Quarterly

Quarterly

Quarterly

Quarterly

Quarterly

Note 1

[deleted]

Note 2

Annual regulated business revenue up to and including £5 million.

Note 3

Annual regulated business revenue over £5 million.

Note 4

The reporting date for this data item is six months after a firm's most recent accounting reference date.

Note 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.

Note 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.

Note 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.

Note 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.

Note 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.

Note 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.
SUP 16.12.13RRP

The applicable due dates for submission referred to in 11SUP 16.12.4 R112 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 set out in SUP 16.12.12 R, unless indicated otherwise.13

13Data item

Daily

Weekly

Monthly18

Quarterly18

Half yearly18

Annual18

45COREP/FINREP

Refer to EU CRR and applicable technical standards
8 8

Solvency statement

3 months

FSA001

20 business days

30 business days (note 1)

45 business days (note 2)

FSA002

20 business days

30 business days (note 1)

45 business days (note 2)

FSA003

15 business days

20 business days

30 business days (note 1)

45 business days (note 2)

FSA004

20 business days

30 business days (note 1)

45 business days (note 2)

FSA005

20 business days

30 business days (note 1)

45 business days (note 2)

FSA006

20 business days

FSA007

2 months

FSA016

30 business days

FSA018

45 business days

FSA019

2 months

FSA028

30 business days

2FSA029

20 business days

 11

2FSA030

20 business days

 11

2FSA031

20 business days

2FSA032

20 business days

2FSA033

20 business days

 11

2FSA034

20 business days

 11

2FSA035

20 business days

 1143

2FSA039

30 business days

2FSA040

15 business days3

6FSA045

20 business days

30 business days (note 1), 45 business days (note 2)

6FSA046

20 business days (Note 1), 45 business days (Note 2)80

15		 15

FSA047

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

15 business days

15 business days or one Month (Note 3)

FSA048

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

15 business days

15 business days or one Month (Note 3)

FSA050

15 business days

FSA051

15 business days

FSA052

22.00 hours (London time) on the second business day immediately following the last day of the reporting period for the item in question

15 business days

FSA053

15 business days

FSA054

15 business days

FSA055

15 business days

15FSA058

20 business days (Note 1), 45 business days (Note 2)80

38

38FIN067

30 days45

45

45FIN068

30 business days

52FIN071

20 business days

3Section A RMAR

30 business days

30 business days

3Section B RMAR

30 business days

30 business days

3Section C RMAR

30 business days

30 business days

3Section Section D1 RMAR62

175050

30 business days

30 business days

3Section F RMAR

30 business days

46MLA-M

20 business days

Note 1

For unconsolidated and solo-consolidated reports.

Note 2

For UK consolidation group reports.

Note 3

It is one Month if the report relates to a non-UK DLG by modification.
SUP 16.12.15RRP

The applicable data items referred to in SUP 16.12.4 R are set out76 according to firm type76 in the table below:

48Description of data item

Firms' prudential category and applicable data items (note 1)

IFPRU investment firms and BIPRU firms

Firms other than BIPRU firms or IFPRU investment firms

IFPRU

BIPRU

IPRU(INV) Chapter 3

IPRU(INV) Chapter 5

IPRU(INV) Chapter 9

IPRU(INV) Chapter 11 (collective portfolio management firms only)

IPRU(INV) Chapter 1248

IPRU(INV) Chapter 13

 38

Solvency statement

No standard format

No standard format (Note 11)

No standard format

No standard format

 38

Balance sheet

FSA001/FINREP (Notes 2 and 34)

FSA001 (Note 2)

FSA029

FSA029

FSA029

FSA029

FSA02948

FSA029 (note 15) or Section A RMAR (note 15)

 38

Income statement

FSA002/FINREP (Notes 2 and 34)

FSA002 (Note 2)

FSA030

FSA030

FSA030

FSA030

FSA03048

FSA030 (note 15) or Section B RMAR (note 15)

 38

Capital adequacy

COREP (Note 34)

FSA003 (Note 2)

FSA033

FSA034 or FSA035 or FIN07152 (note 14)

FSA031

FIN066

FIN06948

SectionD162 RMAR or FSA032 (note 15)

50		 38

Supplementary capital data for collective portfolio management investment firms

FIN067 (Note 32)

FIN068 (Note 32)

Credit risk

COREP (Note 34)

FSA004 (Notes 2, 3)

Market risk

COREP (Note 34)50

FSA005 (Notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (note 5)

Operational risk

COREP (Note 34)

Large exposures

COREP (Note 34)

Exposures between core UK group and non-core large exposures group

FSA018 (note 12)

Solo consolidation data

FSA016 (note 20)

FSA016 (Note 20)

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (Note 8)

Non-EEA subgroup

COREP (Note 34)

FSA028 (Note 9)

Threshold conditions

Section F RMAR (note 15)

Volumes and types of business (note 21)

FSA038

FSA038

FSA038

FSA038

FSA038

FSA038

FSA038

 38

Client money and client assets

FSA039

FSA039

FSA039

FSA039

FSA039

FSA039

FSA03948

Section C RMAR (note 15) or FSA039

 38

72

72

 38

IRB portfolio risk

FSA045 (note 18)

FSA045 (Note 18)

Securitisation: non-trading book

COREP (Note 34)

FSA046 (Note 19)

Daily Flows

FSA047/COREP (Notes 23, 26, 28, 30 and 34)

Enhanced Mismatch Report

FSA048/COREP (Notes 23, 26, 28, 30 and 34)

Liquidity Buffer Qualifying Securities

FSA050/COREP (Notes 24, 27, 28, 30 and 34)

Funding Concentration

FSA051/COREP (Notes 24, 27, 28, 30 and 34)

Pricing data

FSA052/COREP (Notes 24, 28, 30, 31 and 34)

Retail and corporate funding

FSA053/COREP (Notes 24, 27, 28, 30 and 34)

Currency Analysis

FSA054/COREP (Notes 24, 27, 28, 30 and 34)

Systems and Controls Questionnaire

FSA055/COREP (Notes 25, 30 and 34) FSA055 (Notes 25 and 30)

FSA055 (Notes 25 and 30)

Securitisation: trading book48

COREP (Note 34)

FSA058 (Note 29)

Information on P2P agreements48

FIN07048

Note 1

All firms, except IFPRU investment firms in relation to data items reported under the EU CRR, 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. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G.

Note 2

Firms that are members of a UK consolidation group are also required to submit this report on a UK consolidation group basis.

Note 3

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.

Note 4

This applies to a firm that is required to submit data item FSA003 and at any time 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.

Note 5

Only applicable to firms with a VaR model permission.

Note 6

[deleted]

Note 7

[deleted]

Note 8

Only applicable to IFPRU investment firms and BIPRU firms that:80

(a) are 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; or

(b) have been granted an investment firm consolidation waiver;

or

(c) are not subject to consolidated supervision under BIPRU 8.80

An IFPRU investment firm and a BIPRU firm under (a) must complete the report on the basis of its UK consolidation group. An IFPRU investment firm and a BIPRU firm under (b) or (c) must 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 group on the reporting date.

Note 10

[deleted]55

55

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

Only applicable to a firm that has both a core UK group and a non-core large exposures group.

Note 13

[deleted]55

55

Note 14

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R74, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed76.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R7476.

7452

Note 15

FSA029, FSA030, FSA032 and FSA039 only apply to a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm.

Sections A, B, C, D162 and F RMAR only apply to a firm subject to IPRU(INV) Chapter 13 which is not an exempt CAD firm.

50

Note 16

[deleted]

Note 17

[deleted]

Note 18

Only applicable to firms that have an IRB permission.

Note 19

Only applicable to firms that hold securitisation positions, or are the originator or sponsor of securitisations of non-trading book exposures.

Note 20

Only applicable to a firm that has a solo consolidation waiver.

Note 21

[deleted]

Note 22

[deleted]72

Note 23

A firm must complete this item separately on each of the following bases (if applicable).

(1) It must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a DLG by default and is a UK lead regulated firm, it must complete the item on the basis of that group.

(3) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.

(4) If it is a group liquidity reporting firm in a non-UK DLG by modification, it must complete the item on the basis of that group.

Note 24

A firm must complete this item separately on each of the following bases that are applicable.

(1) It must complete it on a solo basis unless it is a group liquidity reporting firm in a UK DLG by modification. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.

Note 25

If it is a non-ILAS BIPRU firm, it must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

Note 26

(1) This item must be reported in the reporting currency.

(2) If any data element is in a currency or currencies other than the reporting currency, all currencies (including the reporting currency) must be combined into a figure in the reporting currency.

(3) In addition, all material currencies (which may include the reporting currency) must each be recorded separately (translated into the reporting currency). However if:

(a) the reporting frequency is (whether under a rule or under a waiver) quarterly or less than quarterly; or

(b) the only material currency is the reporting currency;

(3) does not apply.

(4) If there are more than three material currencies for this data item, (3) only applies to the three largest in amount. A firm must identify the largest in amount in accordance with the following procedure.

(a) For each currency, take the largest of the asset or liability figure as referred to in the definition of material currency.

(b) Take the three largest figures from the resulting list of amounts.

(5) The date as at which the calculations for the purposes of the definition of material currency are carried out is the last day of the reporting period in question.

(6) The reporting currency for this data item is whichever of the following currencies the firm chooses, namely USD (the United States Dollar), EUR (the euro), GBP (sterling), JPY (the Japanese Yen), CHF (the Swiss Franc), CAD (the Canadian Dollar) or SEK (the Swedish Krona).

Note 27

Note 26 applies, except that paragraphs (3), (4), and (5) do not apply, meaning that material currencies must not be recorded separately.

Note 28

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 for the data item in question if the firm receives that intra-group liquidity modification or variation part of the way through such a period. If the change is that the firm does not have to report a particular data item or does not have to report it at a particular reporting level, the firm must nevertheless report that item or at that reporting level for any reporting period that has already begun. This paragraph is subject to anything that the intra-group liquidity modification says to the contrary.

Note 29

Only applicable to firms that hold securitisation positions in the trading book and/or are the originator or sponsor of securitisations held in the trading book.

Note 30

FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054 must be completed by an ILAS BIPRU firm. An ILAS BIPRU firm does not need to complete FSA055. A non-ILAS BIPRU firm must complete FSA055 and does not need to complete FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054.

Note 31

This data item must be reported only in the currencies named in FSA052, so that liabilities in GBP are reported in GBP in rows 1 to 4, those in USD are reported in USD in rows 5 to 8, and those in Euro are reported in Euro in rows 9 to 12. Liabilities in other currencies are not to be reported.

Note 32

Only applicable to firms that are collective portfolio management investment firms.

Note 33

Only applicable to firms that have a managing investmentspermission.

Note 34

Requirements under COREP and FINREP should be determined with reference to the EU CRR and applicable technical standards.
SUP 16.12.16RRP

The applicable reporting frequencies for data items referred to in SUP 16.12.15 R2 are set out in the table below according to firm type. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.

45Data item

Firms' prudential category

IFPRU 730K firm

IFPRU 125K firm and collective portfolio management investment firm

IFPRU 50K firm

BIPRU firm

UK consolidation group or defined liquidity group

Firmother than BIPRU firms or IFPRU investment firms

COREP/FINREP

Refer to EU CRR and applicable technical standards

Refer to EU CRR and applicable technical standards

Solvency statement

Annually

Annually

Annually

Annually

Annually

FSA001

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA002

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA003

Half yearly

Half yearly

FSA004

Half yearly

Half yearly

FSA005

Half yearly

Half yearly

FSA006

Quarterly

Quarterly

Quarterly

Quarterly

Quarterly

FSA007

Annual (note 4)

Annual (note 4)

FSA016

Half yearly

Half yearly

Half yearly

Half yearly

FSA018

Quarterly

Quarterly

Quarterly

FSA019

Annually

Annually

Annually

Annually

Annually

FSA028

Half yearly

FSA029

Quarterly

FSA030

Quarterly

FSA031

Quarterly

FSA032

Quarterly

FSA033

Quarterly

FSA034

Quarterly

FSA035

Quarterly38

FSA038

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

FSA039

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

72

72

72

FSA045

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA046

Quarterly

Quarterly

FSA047

Daily, weekly, monthly or quarterly (Notes 5, 6 and 8)

Daily, weekly, monthly or quarterly (Notes 5, 7 and 8)

FSA048

Daily, weekly, monthly or quarterly (Notes 5, 6 and 8)

Daily, weekly, monthly or quarterly (Notes 5, 7 and 8)

FSA050

Monthly (Note 5)

Monthly (Note 5)

FSA051

Monthly (Note 5)

Monthly (Note 5)

FSA052

Weekly or monthly (Notes 5 and 9)

Weekly or monthly (Notes 5 and 10)

FSA053

Quarterly (Note 5)

Quarterly (Note 5)

FSA054

Quarterly (Note 5)

Quarterly (Note 5)

FSA055

Annually (Note 5)

Annually (Note 5)

Annually (Note 5)

FSA058

Quarterly

Quarterly

FIN066

Quarterly

FIN067

Quarterly (Note 5)

FIN068

Half yearly

48FIN069

48Quarterly

48FIN070

48Quarterly

52FIN071

Quarterly

Section A RMAR

Half yearly (note 2) Quarterly (note 3)

Section B RMAR

Half yearly (note 2) Quarterly (note 3)

Section C RMAR

Half yearly (note 2) Quarterly (note 3)

Section D1 62 RMAR

5050

Half yearly (note 2) Quarterly (note 3)

Section F RMAR

Half yearly

Note 1

[deleted]

Note 2

Annual regulated business revenue up to and including £5 million.

Note 3

Annual regulated business revenue over £5 million.

Note 4

The reporting date for this data item is six months after a firm's most recent accounting reference date.

Note 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.

Note 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.

Note 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.

Note 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.

Note 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.

Note 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.
SUP 16.12.17RRP

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 set out in SUP 16.12.16 R, unless indicated otherwise.13

13Data item18

Daily

Weekly

Monthly

18

Quarterly

18

Half yearly

18

Annual

18

45COREP/FINREP

Refer to EU CRR and applicable technical standards

Solvency statement

3 months

FSA001

20 business days

30 business days (note 2); 45 business days (note 3 )

FSA002

20 business days

30 business days (note 2); 45 business days (note 3)

FSA003

15 business days

20 business days

30 business days (note 2); 45 business days (note 3)

FSA004

20 business days

30 business days (note 2); 45 business days (note 3)

FSA005

20 business days

30 business days (note 2); 45 business days (note 3)

FSA006

20 business days

FSA007

2 months

FSA016

30 business days

FSA018

45 business days

FSA019

2 months

FSA028

30 business days

FSA029

20 business days

FSA030

20 business days

FSA031

20 business days

FSA032

20 business days

FSA033

20 business days

FSA034

20 business days

FSA035

20 business days43

FSA038

30 business days

FSA039

30 business days38

72

72

FSA045

20 business days

30 business days (note 2); 45 business days (note 3)

FSA046

20 business days (Note 2), 45 business days (Note 3)15

 15

FSA047

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

15 business days

15 business days or one Month (Note 4)

FSA048

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

15 business days

15 business days or one Month (Note 4)

FSA050

15 business days

FSA051

15 business days

FSA052

22.00 hours (London time) on the second business day immediately following the last day of the reporting period for the item in question

15 business days

FSA053

15 business days

FSA054

15 business days

FSA055

15 business days

15FSA058

20 business days (Note 2), 45 business days (Note 3)38

38FIN066

20 business days

38FIN067

30 days45

45

45FIN068

30 business days

48FIN069

20 business days

48FIN070

20 business days

52FIN071

20 business days

Section A RMAR

30 business days

30 business days

Section B RMAR

30 business days

30 business days

Section C RMAR

30 business days

30 business days

Sections D1 and D2 RMAR80

50505062

30 business days

30 business days

Section F RMAR

30 business days

Note 1

[deleted]

Note 2

For unconsolidated and solo-consolidated reports.

Note 3

For UK consolidation group reports.

Note 4

It is one Month if the report relates to a non-UK DLG by modification.
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:

45Description ofData item

Firms' prudential category and applicable data item (note 1)

IFPRU

BIPRU firm

Exempt CAD firmssubject toIPRU(INV)Chapter 13

Firms(other thanexempt CAD firms) subject toIPRU(INV)Chapter 13

Firmsthat are also in one or more ofRAGs1 to 6 and not subject toIPRU(INV)Chapter 13

Solvency statement

No standard format (note 11)

Balance Sheet

FSA001/FINREP (Notes 2 and 29)

FSA001 (Note 2)

FSA029

Section A RMAR

Income Statement

FSA002/FINREP (Notes 2 and 29)

FSA002 (Note 2)

FSA030

Section B RMAR

Capital Adequacy

COREP (Note 29)

FSA003 (Note 2)

FSA032

Section D1 62 RMAR (Note 23)

5050

Credit risk

COREP (Note 29)

FSA004 (Notes 2, 3)

Market risk

COREP (Note 29)

FSA005 (Notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (Note 5)

Operational risk

COREP (Note 29)

Large exposures

COREP (Note 29)

Exposures between core UK group and non-core large exposures group

FSA018 (note 12)

Solo consolidation data

FSA016

FSA016

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (Note 8)

Non-EEA sub-group

COREP (Note 29)

FSA028 (Note 9)

Professional indemnity insurance (note 15)

Section E RMAR

Section E RMAR

Section E RMAR

Section E RMAR

Threshold Conditions

Section F RMAR

Section F RMAR

Training and Competence

Section G RMAR

Section G RMAR

Section G RMAR

Section G RMAR

Section G RMAR

COBS data

Section H RMAR

Section H RMAR

Section H RMAR

Section H RMAR

Section H RMAR

Client money and client assets

Section C RMAR

Section C RMAR

Section C RMAR

Section C RMAR

Fees and levies

Section J RMAR

Section J RMAR

Section J RMAR

Section J RMAR

Adviser charges

Section K RMAR (Note 26)

Section K RMAR (Note 26)

Section K RMAR (Note 26)

Section K RMAR (Note 26)

Section K RMAR (Note 26)

IRB portfolio risk

FSA045 (note 13)

FSA045 (Note 13)

Securitisation: non-trading book

COREP (note 29)

FSA046 (Note 14)

Daily Flows

FSA047/COREP (Notes 16, 19, 21, 24 and 29)

Enhanced Mismatch Report

FSA048/COREP (Notes 16, 19, 21, 24 and 29)

Liquidity Buffer Qualifying Securities

FSA050/COREP (Notes 17, 20, 21, 24 and 29)

Funding Concentration

FSA051/COREP (Notes 17, 20, 21, 24 and 29)

Pricing data

FSA052/COREP (Notes 17, 20, 21, 24 and 29)

Retail and corporate funding

FSA053/COREP (Notes 17, 20, 21, 24 and 29)

Currency Analysis

FSA054/COREP (Notes 17, 20, 21, 24 and 29)

Systems and Controls Questionnaire

FSA055/COREP (Notes 18, 24 and 29)

FSA055 (Notes 18 and 24)

Securitisation: trading book

COREP (Note 29)

FSA058 (Note 22)

Supplementary capital data for collective portfolio management investment firms

FIN067 (Note 28)

FIN068 (Note 28)

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 R in the case of the RMAR. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G, or SUP 16 Annex 18B G in the case of the RMAR.

Note 2

Firms that are members of a UK consolidation group are also required to submit this report on a UK consolidation group basis.

Note 3

This applies to a firm that is required to submit data item FSA003 and, at any time within80 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.

5555

Note 4

This applies to a firm that is required to submit data item FSA003 and, at any time 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.

Note 5

Only applicable to firms with a VaR model permission.

Note 6

[deleted]

Note 7

[deleted]

Note 8

Only applicable to IFPRU investment firms and BIPRU firms that:

(a) are 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; or

(b) have been granted an investment firm consolidation waiver; or

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

An IFPRU investment firm and a BIPRU firm under (a) must complete the report on the basis of its UK consolidation group. An IFPRU investment firm and a BIPRU firm under (b) or (c) must 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 group on the reporting date.

Note 10

[deleted]55

55

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

Only applicable to a firm that has both a core UK group and a non-core large exposures group.

Note 13

Only applicable to firms that have an IRB permission.

Note 14

Only applicable to firms that hold securitisation positions, or are the originator or sponsor of securitisations of non-trading bookexposures.

Note 15

This item only applies to firms that are subject to an FCA requirement to hold professional indemnity insurance and are not exempt CAD firms.

Note 16

A firm must complete this item separately on each of the following bases (if applicable).

(1) It must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a DLG by default and is a UK lead regulated firm, it must complete the item on the basis of that group.

(3) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.

(4) If it is a group liquidity reporting firm in a non-UK DLG by modification, it must complete the item on the basis of that group.

Note 17

A firm must complete this item separately on each of the following bases that are applicable.

(1) It must complete it on a solo basis unless it is a group liquidity reporting firm in a UK DLG by modification. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.

Note 18

If it is a non-ILAS BIPRU firm, it must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

Note 19

(1) This item must be reported in the reporting currency.

(2) If any data element is in a currency or currencies other than the reporting currency, all currencies (including the reporting currency) must be combined into a figure in the reporting currency.

(3) In addition, all material currencies (which may include the reporting currency) must each be recorded separately (translated into the reporting currency). However if:

(a) the reporting frequency is (whether under a rule or under a waiver) quarterly or less than quarterly; or

(b) the only material currency is the reporting currency;

(3) does not apply.

(4) If there are more than three material currencies for this data item, (3) only applies to the three largest in amount. A firm must identify the largest in amount in accordance with the following procedure.

(a) For each currency, take the largest of the asset or liability figure as referred to in the definition of material currency.

(b) Take the three largest figures from the resulting list of amounts.

(5) The date as at which the calculations for the purposes of the definition of material currency are carried out is the last day of the reporting period in question.

(6) The reporting currency for this data item is whichever of the following currencies the firm chooses, namely USD (the United States Dollar), EUR (the euro), GBP (sterling), JPY (the Japanese Yen), CHF (the Swiss Franc), CAD (the Canadian Dollar) or SEK (the Swedish Krona).

Note 20

Note 19 applies, except that paragraphs (3), (4) and (5) do not apply, meaning that material currencies must not be recorded separately.

Note 21

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 for the data item in question if the firm receives that intra-group liquidity modification or variation part of the way through such a period. If the change is that the firm does not have to report a particular data item or does not have to report it at a particular reporting level, the firm must nevertheless report that item or at that reporting level for any reporting period that has already begun. This paragraph is subject to anything that the intra-group liquidity modification says to the contrary.

Note 22

Only applicable to firms that hold securitisation positions in the trading book and/ or are the originator or sponsor of securitisations held in the trading book.

Note 23

Where a firm submits data items for both RAG 7 and RAG 9, the firm must complete Section D1.73

Note 24

FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054 must be completed by an ILAS BIPRU firm. An ILAS BIPRU firm does not need to complete FSA055. A non-ILAS BIPRU firm must complete FSA055 and does not need to complete FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054.

Note 25

This data item must be reported only in the currencies named in FSA052, so that liabilities in GBP are reported in GBP in rows 1 to 4, those in USD are reported in USD in rows 5 to 8, and those in Euro are reported in Euro in rows 9 to 12. Liabilities in other currencies are not to be reported.

Note 26

This item only applies to firms that provide advice on retail investment products and P2P agreements67.

Note 27

[deleted]51

Note 28

Only applicable to firms that are collective portfolio management investment firms.

Note 29

Requirements under COREP and FINREP should be determined with reference to the EU CRR and applicable technical standards.
SUP 16.12.23ARRP

The applicable reporting frequencies for data items referred to in SUP 16.12.22A R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.45

45Data item

Frequency

Unconsolidated BIPRU investment firm and IFPRU investment firm

Solo consolidated BIPRU investment firm andIFPRU investment firm

UK Consolidation Group or defined liquidity group

Annual regulated business revenue up to and including £5 million

Annual regulated business revenue over £5 million

COREP/FINREP

Refer to EU CRR and applicable technical standards

Solvency statement

Annually

FSA001

Quarterly or half yearly (Note 1)

Quarterly or half yearly (Note 1)

Half yearly

FSA002

Quarterly or half yearly (Note 1)

Quarterly or half yearly (Note 1)

Half yearly

FSA003

Monthly, quarterly or half yearly (Notes 2 and 11)

Monthly, quarterly or half yearly (Notes 2 and 11)

Half yearly

FSA004

Quarterly or half yearly (Notes 1 and 11)

Quarterly or half yearly (Notes 1 and 11)

Half yearly

FSA005

Quarterly or half yearly (Notes 1 and 11)

Quarterly or half yearly (Notes 1 and 11)

Half yearly

FSA006

Quarterly

Quarterly

Quarterly

FSA007

Annually

FSA016

Half yearly

FSA018

Quarterly

Quarterly

Quarterly

FSA019

Annually

Annually

Annually

FSA028

Half yearly (Note 11)

Half yearly (Note 11)

FSA032

Quarterly

Quarterly

FSA045

Quarterly or half yearly (Note 1)

Quarterly or half yearly (Note 1)

Half yearly

FSA046

Quarterly

Quarterly

Quarterly

FSA047

Daily, weekly, monthly or quarterly (Notes 4, 5 and 7)

Daily, weekly, monthly or quarterly (Notes 4, 5, 7 and 10)

Daily, weekly, monthly or quarterly (Notes 4, 6 and 7)

FSA048

Daily, weekly, monthly or quarterly (Notes 4, 5 and 7)

Daily, weekly, monthly or quarterly (Notes 4, 5, 7 and 10)

Daily, weekly, monthly or quarterly (Notes 4, 6 and 7)

FSA050

Monthly (Note 4)

Monthly (Notes 4 and 10)

Monthly (Note 4)

FSA051

Monthly (Note 4)

Monthly (Notes 4 and 10)

Monthly (Note 4)

FSA052

Weekly or monthly (Notes 4 and 8)

Weekly or monthly (Notes 4, 8 and 10)

Weekly or monthly (Notes 4 and 9)

FSA053

Quarterly (Note 4)

Quarterly (Notes 4 and 10)

Quarterly (Note 4)

FSA054

Quarterly (Note 4)

Quarterly (Notes 4 and 10)

Quarterly (Note 4)

FSA055

Annually (Note 4)

Annually (Notes 4 and 10)

Annually (Note 4)

FSA058

Quarterly (Note 11)

Quarterly (Note 11)

Quarterly

FIN067

Quarterly (Note 4)

Quarterly (Note 4)

FIN068

Half yearly

Half yearly

Section A RMAR

Half yearly

Quarterly

Section B RMAR

Half yearly

Quarterly

Section C RMAR

Half yearly

Quarterly

Sections D1 and D2 RMAR80

505062

Half yearly

Quarterly

Section E RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Quarterly

Section F RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

Section G RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

Section H RMAR

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

Section J RMAR

Annually

Annually

Annually

Annually

Annually

Section K RMAR

Annually54

54

Annually54

54

Annually54

54

Annually54

54

Annually54

54

Note 1

IFPRU 730K firms and IFPRU 125K firms - quarterly;

IFPRU 50K firms and BIPRU firms - half yearly.

Note 2

IFPRU 730K firms - monthly;80

IFPRU 125K firms - quarterly;80

IFPRU 50K firms and BIPRU firms - half yearly.

Note 3

The reporting date for this data item is six months after a firm's most recent accounting reference date.

Note 4

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.

Note 5

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.

Note 6

(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.

Note 7

(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 (1) or (2) even if there is no firm-specific liquidity stress or market liquidity stress and none is expected.

Note 8

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.

Note 9

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.

Note 10

As specified in SUP 16.12.22A R, solo consolidation has no application to liquidity reporting. Therefore, it does not make any difference to the reporting of this item whether or not the firm is solo consolidated.

Note 11

Only applicable to firms that are not required to report a data item with a similar name and purpose under the EU CRR and applicable technical standards.
SUP 16.12.25ARRP

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

45Description of data item

Firms' prudential category and applicable data item(note 1)

IFPRU investment firms and BIPRU firms

Firmsother thanBIPRU firms or IFPRU investment firms

IFPRU

BIPRU

IPRU(INV)Chapter 3

IPRU(INV)Chapter 5

IPRU(INV)Chapter 9

IPRU(INV)Chapter 13

 38

Solvency statement (note 11)

No standard format

 38

Balance sheet

FSA001/FINREP (Notes 2 and 30)

FSA001 (Note 2)

FSA029

FSA029

FSA029

Section A RMAR (note 17) or FSA029

Income statement

FSA002/FINREP (Notes 2 and 30)

FSA002 (Note 2)

FSA030

FSA030

FSA030

Section B RMAR (note 17) or FSA030

Capital adequacy

COREP (Note 30)

FSA003 (Note 2)

FSA033

FSA034 or FSA035 or FIN07152 (note 14)

FSA031

Section D1 62 RMAR (note 17) or FSA 032 (note 15)

50		 38

Credit risk

COREP (Note 30

FSA004 (Notes 2, 3)

Market risk

COREP (Note 30)

FSA005 (Notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (Note 5)

Operational risk

COREP (Note 30)

Large exposures

COREP (Note 30)

UK Integrated group large exposures

FSA018 (note 12)

Exposures between core UK group and non-core large exposures group

FSA016 (note 20)

Solo consolidation data

FSA016 (note 20)

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (Note 8)

Non-EEA sub-group

COREP (Note 30)

FSA028 (Note 9)

Threshold conditions

Section F RMAR (note 17)

Client money and client assets

FSA039

FSA039

FSA039

FSA039

FSA039

Section C RMAR (Note 13) or FSA039

 38

IRB portfolio risk

FSA045 (note 18)

FSA045 (Note 18)

Securitisation: non-trading book

COREP (Note 30)

FSA046 (Note 19)

Daily Flows

FSA047/COREP (Notes 21, 24, 26, 28 and 30)

Enhanced Mismatch Report

FSA048/COREP (Notes 21, 24, 26, 28 and 30)

Liquidity Buffer Qualifying Securities

FSA050/COREP (Notes 22, 25, 26, 28 and 30)

Funding Concentration

FSA051/COREP (Notes 22, 25, 26, 28 and 30)

Pricing data

FSA052/COREP (Notes 22, 26, 28, 29 and 30)

Retail and corporate funding

FSA053/COREP (Notes 22, 25, 26, 28 and 30)

Currency Analysis

FSA054/COREP (Notes 22, 25, 26, 28 and 30)

Systems and Controls Questionnaire

FSA055/COREP (Notes 23, 28 and 30)

FSA055 (notes 23 and 28)45

Securitisation: trading book

COREP (Note 30)

FSA058 (Note 27)

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. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G.

Note 2

Firms that are members of a UK consolidation group are also required to submit this report on a UK consolidation group basis.

Note 3

This applies to a firm that is required to submit data item FSA003 and, at any time 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.

Note 4

This applies to a firm that is required to submit data item FSA003 and, at any time 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.

Note 5

Only applicable to firms with a VaR model permission.

Note 6

[deleted]

Note 7

[deleted]

Note 8

Only applicable to IFPRU investment firms and BIPRU firms that:

(a) are 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; or

(b) have been granted an investment firm consolidation waiver; or

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

An IFPRU investment firm and BIPRU firm under (a) must complete the report on the basis of its UK consolidation group. An IFPRU investment firm and BIPRU firm under (b) or (c) must 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 group on the reporting date.

Note 10

[deleted]55

55

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

Only applicable to a firm that has both a core UK group and a non-core large exposures group.

Note 13

FSA039 must only be completed by a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm. Section C RMAR must only be completed by a firm subject to IPRU(INV) Chapter 13 which is not an exempt CAD firm.

Note 14

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R74, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed76.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R7476.

7452

Note 15

FSA032 must be completed by a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm.

Note 16

[deleted]

Note 17

This is only applicable to a firm subject to IPRU(INV) Chapter 13 that is not an exempt CAD firm.

Note 18

Only applicable to firms that have an IRB permission.

Note 19

Only applicable to firms that hold securitisation positions, or are the originator or sponsor of securitisations of non-trading bookexposures.

Note 20

Only applicable to a firm that has a solo consolidation waiver.

Note 21

A firm must complete this item separately on each of the following bases (if applicable).

(1) It must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it a group liquidity reporting firm in a DLG by default and is a UK lead regulated firm, it must complete the item on the basis of that group.

(3) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.

(4) If it is a group liquidity reporting firm in a non-UK DLG by modification, it must complete the item on the basis of that group.

Note 22

A firm must complete this item separately on each of the following bases that are applicable.

(1) It must complete it on a solo basis unless it is a group liquidity reporting firm in a UK DLG by modification. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

(2) If it is a group liquidity reporting firm in a UK DLG by modification, it must complete the item on the basis of that group.

Note 23

If it is a non-ILAS BIPRU firm, it must complete it on a solo basis. Therefore even if it has a solo consolidation waiver it must complete the item on an unconsolidated basis by reference to the firm alone.

Note 24

(1) This item must be reported in the reporting currency.

(2) If any data element is in a currency or currencies other than the reporting currency, all currencies (including the reporting currency) must be combined into a figure in the reporting currency.

(3) In addition, all material currencies (which may include the reporting currency) must each be recorded separately (translated into the reporting currency). However if:

(a) the reporting frequency is (whether under a rule or under a waiver) quarterly or less than quarterly; or

(b) the only material currency is the reporting currency;

(3) does not apply.

(4) If there are more than three material currencies for this data item, (3) only applies to the three largest in amount. A firm must identify the largest in amount in accordance with the following procedure.

(a) For each currency, take the largest of the asset or liability figure as referred to in the definition of material currency.

(b) Take the three largest figures from the resulting list of amounts.

(5) The date as at which the calculations for the purposes of the definition of material currency are carried out is the last day of the reporting period in question.

(6) The reporting currency for this data item is whichever of the following currencies the firm chooses, namely USD (the United States Dollar), EUR (the euro), GBP (sterling), JPY (the Japanese Yen), CHF (the Swiss Franc), CAD (the Canadian Dollar) or SEK (the Swedish Krona).

Note 25

Note 24 applies, except that paragraphs (3), (4) and (5) do not apply, meaning that material currencies must not be recorded separately.

Note 26

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 for the data item in question if the firm receives that intra-group liquidity modification or variation part of the way through such a period. If the change is that the firm does not have to report a particular data item or does not have to report it at a particular reporting level, the firm must nevertheless report that item or at that reporting level for any reporting period that has already begun. This paragraph is subject to anything that the intra-group liquidity modification says to the contrary.

Note 27

Only applicable to firms that hold securitisation positions in the trading book and/or are the originator or sponsor of securitisations held in the trading book.

Note 28

FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054 must be completed by an ILAS BIPRU firm. An ILAS BIPRU firm does not need to complete FSA055. A non-ILAS BIPRU firm must complete FSA055 and does not need to complete FSA047, FSA048, FSA050, FSA051, FSA052, FSA053 and FSA054.

Note 29

This data item must be reported only in the currencies named in FSA052, so that liabilities in GBP are reported in GBP in rows 1 to 4, those in USD are reported in USD in rows 5 to 8, and those in Euro are reported in Euro in rows 9 to 12. Liabilities in other currencies are not to be reported.

Note 30

Requirements under COREP and FINREP should be determined with reference to the EU CRR and applicable technical standards.
SUP 16.12.26RRP

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.

45Data item

Firms' prudential category

IFPRU 730K firm

IFPRU 125K firm

IFPRU 50K firm

BIPRU firm

UK consolidation group or defined liquidity group

Firms other than BIPRU firms or IFPRU investment firms

COREP/FINREP

Refer to EU CRR and applicable technical standards

Refer to EU CRR and applicable technical standards

Solvency statement

Annually

Annually

Annually

Annually

Annually

FSA001

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA002

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA003

Half yearly

Half yearly

FSA004

Half yearly

Half yearly

FSA005

Half yearly

Half yearly

FSA006

Quarterly

Quarterly

Quarterly

Quarterly

FSA007

Annual (note 4)

Annually (note 4)

FSA016

Half yearly

Half yearly

Half yearly

Half yearly

FSA018

Quarterly

Quarterly

Quarterly

FSA019

Annually

Annually

Annually

Annually

Annually

FSA028

Half yearly

FSA029

Quarterly

FSA030

Quarterly

FSA031

Quarterly

FSA032

Quarterly

FSA033

Quarterly

FSA034

Quarterly

FSA035

Quarterly38

FSA039

Half yearly

Half yearly

Half yearly

Half yearly

Half yearly

FSA045

Quarterly

Quarterly

Half yearly

Half yearly

Half yearly

FSA046

Quarterly

FSA047

Daily, weekly, monthly or quarterly (Notes 5, 6 and 8)

Daily, weekly, monthly or quarterly (Notes 5, 7 and 8)

FSA048

Daily, weekly, monthly or quarterly (Notes 5, 6 and 8)

Daily, weekly, monthly or quarterly (Notes 5, 7 and 8)

FSA050

Monthly (Note 5)

Monthly (Note 5)

FSA051

Monthly (Note 5)

Monthly (Note 5)

FSA052

Weekly or monthly (Notes 5 and 9)

Weekly or monthly (Notes 5 and 10)

FSA053

Quarterly (Note 5)

Quarterly (Note 5)

FSA054

Quarterly (Note 5)

Quarterly (Note 5)

FSA055

Annually (Note 5)

Annually (Note 5)

Annually (Note 5)

FSA058

[deleted]

[deleted]

[deleted]

Quarterly

Quarterly

52FIN071

Quarterly

Section A RMAR

Half yearly (note 2) Quarterly (note 3)

Section B RMAR

Half yearly (note 2) Quarterly (note 3)

Section C RMAR

Half yearly (note 2) Quarterly (note 3)

Section D1 62 RMAR

5050

Half yearly (note 2) Quarterly (note 3)

Section F RMAR

Half yearly

Note 1

[deleted]

Note 2

Annual regulated business revenue up to and including £5 million.

Note 3

Annual regulated business revenue over £5 million.

Note 4

The reporting date for this data item is six months after a firm's most recent accounting reference date.

Note 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.

Note 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.

Note 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.

Note 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.

Note 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.

Note 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.
SUP 16.12.27RRP

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 set out in SUP 16.12.26 R, unless indicated otherwise13.

Data item18

Daily

Weekly

Monthly

18

Quarterly

18

Half yearly

18

Annual

18

45COREP/FINREP

Refer to EU CRR and applicable technical standards

Annual reconciliation

80 business days

Solvency statement

3 months

FSA001

20 business days

30 business days (note 1); 4580business days (note 2)

FSA002

20 business days

30 business days (note 1); 4580business days (note 2)

FSA003

20 business days

30 business days (note 1); 4580business days (note 2)

FSA004

20 business days

30 business days (note 1); 4580business days (note 2)

FSA005

20 business days

30 business days (note 1); 4580business days (note 2)

FSA006

20 business days

30 business days (note 1); 4580business days (note 2)

FSA007

2 months

FSA016

30 business days

FSA018

45 business days

FSA019

2 months

FSA028

30 business days

FSA029

20 business days

FSA030

20 business days

FSA031

20 business days

FSA032

20 business days

FSA033

20 business days

FSA034

20 business days

FSA035

20 business days43

FSA039

30 business days

FSA040

15 business days

FSA045

20 business days

30 business days (note 1); 45 business days (note 2)

FSA046

20 business days80 (Note 1); 45 business days80 (Note 2)

15		 15

FSA04713

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

15 business days

15 business days or one Month (Note 3)24

24

FSA048

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

22.00 hours (London time) on the business day immediately following the last day of the reporting period for the item in question

15 business days

15 business days or one Month (Note 3)24

24

FSA050

15 business days

FSA051

15 business days

FSA052

22.00 hours (London time) on the second business day immediately following the last day of the reporting period for the item in question

15 business days

FSA053

15 business days

FSA054

15 business days

FSA055

15 business days

15FSA058

20 business days (Note 1), 45 business days (Note 2)

52FIN071

20 business days

Section A RMAR

30 business days

30 business days

Section B RMAR

30 business days

30 business days

Section C RMAR

30 business days

30 business days

Section D1 62RMAR

50175050

30 business days

30 business days

Section F RMAR

30 business days

Note 1

For unconsolidated and solo consolidated reports.

Note 2

For UK consolidation group reports.80

Note 3

It is one Month if the report relates to a non-UK DLG by modification.
SUP 16.12.32RRP
(1) A firm that is a member of a financial conglomerate must submit financial reports to the FCA68 in accordance with the table in SUP 16.12.33 R if:9797(a) it is at the head of a UK-regulated EEA financial conglomerate97; or97(b) its Part 4A permission97 contains a relevant requirement.97(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
SUP 16.23.2RRP

Unless a firm is listed in the table below, this section does not apply to it where both of the following conditions are satisfied:

  1. (1)

    the firm has reported total revenue of less than £5 million as at its last accounting reference date; and

  2. (2)

    the firm only has permission to carry on one or more of the following activities:

    1. (a)

      advising on investments;

    2. (b)

      dealing in investments as agent;

    3. (c)

      dealing in investments as principal;

    4. (d)

      arranging (bringing about deals) in investments;

    5. (e)

      making arrangements with a view to transactions in investments;

    6. (f)

      assisting in the administration and performance of a contract of insurance in relation to non-investment insurance contracts;

    7. (g)

      agreeing to carry on a regulated activity;

    8. (h)

      advising on pension transfers and pension opt-outs;

    9. (i)

      credit-related regulated activity;

    10. (j)

      home finance mediation activity;

    11. (k)

      managing investments;

    12. (l)

      establishing, operating or winding up a collective investment scheme;

    13. (m)

      establishing, operating or winding up a personal pension scheme;

    14. (n)

      establishing, operating or winding up a stakeholder pension scheme;

    15. (o)

      managing a UCITS;

    16. (p)

      managing an AIF;

    17. (q)

      safeguarding and administering investments;

    18. (r)

      acting as trustee or depositary of a UCITS;

    19. (s)

      acting as trustee or depositary of an AIF; and/or

    20. (t)

      operating a multilateral trading facility.

Table: Firms to which the exclusion in SUP 16.23.2R does not apply

a UK bank;

a building society;

a EEA bank;

a non-EEA bank;

a mortgage lender;

a mortgage administrator; or

a firm offering life and annuity insurance products.
SUP 16.23.7RRP
A firm must submit the Annual Financial Crime Report within 60 business days of the firm’saccounting reference date.
SUP 13.4.2GRP
A UK firm17 or an AIFM exercising an EEA right to market an AIF under AIFMD13,9 cannot start providing cross border services into another EEA State under an EEA right unless it satisfies the conditions in paragraphs 20(1) of Part III of Schedule 3 to the Act and, if it derives its EEA right from17AIFMD, MiFID or the UCITS Directive,13paragraph 20(4B) of Part III of Schedule 3 to the Act. If a UK firm derives its EEA right from the MCD, it cannot start providing cross border services
SUP 13.4.2DGRP
(1) A MiFID investment firm that wishes to obtain a passport for the activity of operating a multilateral trading facility or operating an organised trading facility18 should follow the procedures described in this chapter.18(2) A UK market operator that operates a recognised investment exchange, a recognised auction platform (pursuant to the RAP regulations, the definition of regulated market in the Act is read for these purposes as including a recognised auction platform), an
SUP 13.4.2FGRP
14A UKfirm that is an AIFM may exercise an EEA right to market a UK AIF or EEA AIF managed by it under AIFMD when the following conditions are satisfied:(1) the UKfirm has given the FCA a notice of intentionSUP 13.5.2 R; and(2) the FCA has sent a copy of the notice of intention to the Host State regulator where the AIF will be marketed and has given the UKfirm written notice that it has done so.
SUP 13.4.4GRP
8(2) [deleted]17(2A) 8(a) If the UK firm'sEEA right derives from the Insurance Mediation Directive, and the EEA State in which the UK firm is seeking to provide services has notified the European Commission of its wish to be informed of the intention of persons to provide cross border services in its territory in accordance with article 6(2) of that directive, paragraph 20(3B)(a) of Part III of Schedule 3 to the Act requires the appropriate UK regulator20 to send a copy of the
SUP 13.4.4-AGRP
(1) 14If the UKfirm'sEEA right derives from AIFMD (other than the EEA right to market an AIF (referred to in (3)) and the condition in (2) is met, paragraph 20(3D) of Part III of Schedule 3 to the Act requires the FCA to:(a) send a copy of the notice of intention to the Host State regulator within one month of receipt; (b) include confirmation that the UKfirm has been authorised by the FCA under AIFMD; and(c) immediately inform the UKfirm that the notice of intention and confirmation
SUP 13.4.4AGRP
20Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give a consent notice and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.4.5GRP
When the appropriate UK regulator20 sends a copy of a notice of intention8, or if it gives a consent notice to the Host State regulator, it must inform the UK firm in writing that it has done so (paragraphs 20 (3B)(b), (3D)(a)(iii)13 and (4) and 20C(9)13 of Schedule 3 to the Act).4208
SUP 13.4.6AGRP
16If a UK firm is passporting under the MCD, then the Host State regulator will notify the UK firm if there are any applicable provisions within two months of receiving a consent notice.
SUP 13.4.7GRP
10A UK firm seeking to provide collective portfolio management services in another EEA State under the freedom to provide cross border services, is advised that it will need to refer to the rules of the competent authority of the UCITS Home State implementing article 20 of the UCITS Directive which will require it to submit to that competent authority information relating to its depositary agreement and certain delegation arrangements.
SUP 13.4.8GRP
(1) 18A UK MiFID investment firm is required to submit an investment services and activities passport notification to the FCA by completing the form in Annex I of MiFID ITS 4A. The firm should complete a separate form for each EEA State it wishes to provide services into.[Note: article 4(1) of MiFID ITS 4A](2) A UK MiFID investment firm wishing to provide investment services or activities through a tied agent established in the UK is required to send an investment services and
REC 3.8.1RRP
A UK recognised body must give the FCA1:1(1) a copy of its annual report and accounts; and(2) a copy of the consolidated annual report and accounts: (a) of any group in which the UK recognised body is a subsidiary undertaking; or(b) (if the UK recognised body is not a subsidiary undertaking in any group) of any group of which the UK recognised body is a parent undertaking;no later than the time specified for the purpose of this rule in REC 3.8.2 R.
REC 3.8.2RRP
The time specified for the purpose of REC 3.8.1 R is the latest of:(1) four months after the end of the financial year to which the document which is to be given to the FCA1relates; or1(2) the time when the documents described in REC 3.8.1 R (1) or REC 3.8.1 R (2)(b) are sent to the members or shareholders of the UK recognised body; or (3) the time when the document described in REC 3.8.1 R (2)(a) are sent to the shareholders in a parent undertaking of the group to which that
REC 3.8.3RRP
Where an audit committee of a UK recognised body has prepared a report in relation to any period or any matter relating to any relevant function of that UK recognised body, the UK recognised body must immediately give the FCA1a copy of that report.1
REC 3.8.4RRP
A UK recognised body must give the FCA1a copy of:1(1) its quarterly management accounts; or (2) its monthly management accounts;within one month of the end of the period to which they relate.
REC 3.8.5GRP
A UK recognised body is not required to provide quarterly and monthly management accounts in respect of the same period, but management accounts (whether quarterly or monthly) should be submitted for all periods. A UK recognised body may choose whichever method is the more suitable for it, but where it intends to change from providing monthly to quarterly management accounts (or from quarterly to monthly management accounts), it should inform the FCA1 of that fact.1
REC 3.8.6RRP
A UK recognised body must give the FCA1:1(1) a statement of its anticipated income, expenditure and cashflow for each financial year; and(2) an estimated balance sheet showing its position as it is anticipated at the end of each financial year;before the beginning of that financial year.
REC 3.8.7RRP
Where the accounting reference date of a UK recognised body is changed, that body must immediately give notice of that event to the FCA1and inform it of the new accounting reference date.1
REC 3.14A.1GRP
1The purpose of REC 3.14A is to ensure that the FCA3is informed of planned changes to a UK RIE’s4 markets and their regulatory status as either a regulated market, MTF or OTF4. [Note:MiFID RTS 3 and MiFID ITS 4, Annex IV provide for the format for notification by the operator of an MTF or OTF to its Home State competent authority of any arrangements to facilitate access to and trading on the trading venue by remote users, members or participants within the territory of another
REC 3.14A.2RRP
Where a UK RIE proposes to operate a new regulated market or close an existing regulated market it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14A.3 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them). 3
REC 3.14A.3RRP
The following information is specified for the purposes of REC 3.14A.2 R:(1) where the UK RIE proposes to operate a new regulated market:(a) a description of the regulated market; and(b) a description of the specified investments which will be admitted to trading on that regulated market. (2) where the UK RIE proposes to close a regulated market, the name of that regulated market.
REC 3.14A.4RRP
Where a UK RIE proposes to operate a new MTF or OTF4 or close an existing MTF or OTF4 it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14A.5 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).3
REC 3.14A.5RRP
The following information is specified for the purposes of REC 3.14A.4 R:(1) [Note:REC 2.16A.1(2) requires the FCA to be provided with a detailed description of the operation of an MTF or OTF. The description must be provided in the form set out in MiFID ITS 19.]4(2) Where4 the UK RIE proposes to close a MTF or OTF4, the name of that MTF or OTF4.
REC 3.14A.6GRP
2If a UK RIE proposes to operate an RAP, it will need to make a separate application to be recognised as an RAP (see REC 5 (Applications)).
REC 3.14A.7ADRP
4A UK RIE operating a trading venue that proposes to take advantage of a waiver in accordance with articles 4 or 9 of MiFIR (in relation to pre-trade transparency for equity or non-equity instruments) must make an application for it to the FCA using the form in MAR 5 Annex 1D.[Note: articles 4 and 9 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]
REC 3.14A.7CDRP
4A UK RIE operating a trading venue that proposes to take advantage of a deferral in accordance with articles 7 or 11 of MiFIR in relation to post-trade transparency for equity or non-equity instruments must apply for it in writing to the FCA.[Note: articles 7 and 11 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]
REC 3.14A.7DGRP
4A UK RIE should have regard to the urgency and significance of a matter and, if appropriate, should also notify its usual supervisory contact at the FCA by telephone or by other prompt means of communication, before submitting written notification. Oral notifications should be given directly to its usual supervisory contact at the FCA. An oral notification left with another person or left on a voicemail or other automatic messaging service is unlikely to have been given appr