Related provisions for BIPRU 8.5.10

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CASS 7A.3.2RRP
CASS 7A.3.6 R to CASS 7A.3.12AR3 do not apply if, on the failure of the relevant person:3(1) there is no secondary pooling shortfall; or3(2) where there is a secondary pooling shortfall, the firm pays an amount equal to the amount of client money which would have been held at that person if a secondary pooling shortfall had not occurred either:3(a) to its clients in the appropriate amounts such that they are compensated by the amount of the secondary pooling shortfall that they
CASS 7A.3.4GRP
When a person to which client money held by the firm has been transferred under CASS 7.13.3R(1) to CASS 7.13.3R(3) (Depositing client money) or CASS 7.14.2R (Client money held by a third party) fails,3 and the firm decides not to make good any secondary pooling shortfall3 in the amount of client money held at that person (see CASS 7A.3.2R(2))3, a secondary pooling event will occur3. The firm should3 reflect the secondary pooling shortfall3 that arises3 in the general pool (where
CASS 7A.3.8RRP
Money Subject to CASS 7A.3.8AR, if a secondary pooling event occurs as a result of the failure of a bank, intermediate broker, settlement agent, OTC counterparty, exchange or clearing house, money3 held in each general client bank account and client transaction account of the firm for the general pool or a sub-pool2must be treated as pooled and:(1) any secondary pooling shortfall3 in client money held, or which should have been held, in general client bank accounts and client
CASS 7A.3.8ARRP
3If a secondary pooling event occurs as a result of the failure of an authorised central counterparty: (1) any money held in a client transaction account that is an individual client account at the failedauthorised central counterparty is not pooled by the firm with any of its other client money;(2) any money held in a client transaction account that is an omnibus client account at the failedauthorised central counterparty is not pooled by the firm with any of its other client
CASS 7A.3.10RRP
For each client with a designated client bank account maintained by the firm for the general pool or a particular sub-pool and2 held at the failed bank:(1) any secondary pooling shortfall3 in client money held, or which should have been held, in designated client bank accounts that has arisen as a result of the failure, must be borne by all the clients of the relevant pool2 whose client money is held in a designated client bank account of the firm at the failed bank, rateably
CASS 7A.3.11RRP
Money held by the firm2 in each designated client fund account for the general pool or a particular sub-pool with the failedbank must be treated as pooled with any other designated client fund accounts for the general pool or a particular sub-pool as the case may be2 which contain part of the same designated fund and:2(1) any secondary pooling shortfall3 in client money held, or which should have been held, in designated client fund accounts that has arisen as a result of the
LR 6.2.1RRP
1An applicant must have published or filed historical financial information that:(1) covers at least three years; [Note: article 44 of the CARD] (2) represents at least 75% of the applicant's business for the period in (1);(3) unless LR 5.6.21R applies, has a latest balance sheet date that is not more than: (a) six months before the date of the prospectus or listing particulars for the relevant shares; and(b) nine months before the date the shares are admitted to listing; and(4)
LR 6.2.3RRP
1Where an applicant has made an acquisition or series of acquisitions such that its own consolidated financial information is insufficient to meet the 75% requirement in LR 6.2.1R(2), there must be historical financial information relating to the acquired entity or entities which has been published or filed and that:(1) covers the period from at least three years prior to the date under LR 6.2.1R(3) up to the earlier of:(a) the date in LR 6.2.1R(3); or(b) the date of acquisition
LR 6.2.4RRP
1The historical financial information in LR 6.2.1R and LR 6.2.3R must:(1) have been audited or reported on in accordance with the standards acceptable under Section 18 of Annex 1 of the PR Regulation2; and(2) not be subject to a modified report, unless the circumstances set out in LR 6.2.5G apply.
LR 6.2.5GRP
1The FCA may accept that LR 6.2.4R(2) has been satisfied where a modified report is present only as a result of:(1) the presence of an emphasis-of-matter paragraph which arises in any of the earlier periods required by LR 6.2.1R and the opinion on the final period is unmodified; or(2) the opinion on the historical financial information for the final period under LR 6.2.1R includes an emphasis-of-matter paragraph with regard to going concern and LR 6.7.1R (Working capital) is complied
SUP 15.14.10DRP
An account servicing payment service provider to which regulation 71(8)(c) of the Payment Services Regulations applies must notify the FCA if it denies an account information service provider or a payment initiation service provider access to a payment account under regulation 71(7).
SUP 15.14.12DRP
A notification required by regulation 71(8)(c) of the Payment Services Regulations and SUP 15.14.10D must be submitted by the account servicing payment service provider to the FCA: (1) in the form specified in SUP 15 Annex 10(2) by electronic means made available by the FCA; and (3) immediately after the first occasion on which it denies the account information service provider or the payment initiation service provider in question access to a payment account.
SUP 15.14.13GRP
Where: (1) an account servicing payment service provider denies access to more than one payment account or to a payment account on multiple consecutive occasions; and(2) these denials of access:(a) are in respect of the same account information service provider or payment initiation service provider; and(b) arise out of the same facts and happen for the same reasons,the account servicing payment service provider is required to submit only a single notification in respect of them
SUP 15.14.14GRP
Where an account servicing payment service provider has already submitted a notification in accordance with regulation 71(8)(c) of the Payment Services Regulations and SUP 15.14.10D and continues to deny access to a payment account, it is not required to notify the FCA of a consecutive denial of access that happens after the original notification was sent if it: (1) is in respect of the same account information service provider or payment initiation service provider; and(2) arises
SUP 15.14.15DRP
An account servicing payment service provider that has previously submitted a notification in accordance with regulation 71(8)(c) of the Payment Services Regulations and SUP 15.14.10D must notify the FCA if it subsequently restores access to the payment account for the account information service provider or payment initiation service provider that was the subject of the original notification, unless it indicated in the first notification that it intended to immediately restore
SUP 15.14.24GRP
The EBA’s Guidelines on incident reporting under the Payment Services Directive contain guidelines on the completion of the form specified in SUP 15 Annex 11D. Payment service providers should use the same form in all reports concerning the same incident. Payment service providers may not have sufficient information to complete all parts of the form in the initial report. They should complete the form in an incremental manner and on a best effort basis as more information becomes
MIPRU 4.3.2RRP
'Annual income' is the annual income given in the firm's most recent annual financial statement from the relevant regulated activity or activities.
MIPRU 4.3.7RRP
For the purposes of the calculation of the capital resources of a firm carrying on home finance administration1only with all the assets it administers off balance sheet, annual income is the sum of:11(1) revenue (that is, commissions, fees, net interest income, dividends, royalties and rent); and(2) gains;(3) arising in the course of the ordinary activities of the firm, less profit:(a) on the sale or termination of an operation;(b) arising from a fundamental reorganisation or
MIPRU 4.3.8RRP
If the firm's most recent annual financial statement does not cover a 12 month period, the annual income is taken to be the amount in the statement converted, proportionally, to a 12 month period.
MIPRU 4.3.9RRP
If the firm does not have annual financial statements, the annual income is to be taken from the forecast or other appropriate accounts which the firm has submitted to the appropriate regulator.
CASS 6.1.8CGRP
9When a firm notifies a client under CASS 6.1.8AR (3)(a) of when the termination of a TTCA14 is to take effect, it should take into account:(1) any relevant terms relating to such a termination that have been agreed with the client; and(2) the period of time it reasonably requires to return the safe custody asset to the client or to update the registration under (Holding of client assets) CASS 6.2and update its records under CASS 6.6 (Records, accounts and reconciliations).
CASS 6.1.8EGRP
(1) 9Following the termination of a TTCA14 , where a firm does not immediately return the safe custody assets to the client the firm should consider whether the custody rules apply in respect of the safe custody assets pursuant to CASS 6.1.1R14.(2) Where the custody rules apply to a firm for safe custody assets in these circumstances then the firm is required to comply with those rules and should, for example, update the registration under CASS 6.2(Holding of client assets), update
CASS 6.1.12RRP
(1) Subject to (2) and CASS 6.1.12B R and with the written agreement of the relevant client, a9firm need not treat this chapter as applying in respect of a delivery versus payment transaction through a commercial settlement system if:9929(a) in respect of a client's purchase, the firm intends for the asset in question to be due to the client within one business day following the client's fulfilment of its payment obligation to the firm;9 or9(b) in respect of a client's sale, the
CASS 6.1.16FRRP

2When a trustee firm or depositary acts as a custodian for a trust or collective investment scheme, (except for a firmacting as trustee or depositary of an AIF and a firmacting as trustee or depositary of a UCITS12), and:

7
  1. (1)

    the trust or scheme is established by written instrument; and

  2. (2)

    the trustee firm or depositary has taken reasonable steps to determine that the relevant law and provisions of the trust instrument or scheme constitution will provide protections at least equivalent to the custody rules for the trust property or scheme property;

the trustee firm or depositary need comply only with the custody rules listed in the table below.

Reference

Rule

CASS 6.1.1 R to CASS 6.1.9 G and CASS 6.1.15 G to CASS 6.1.16C R

Application

CASS 6.1.16E R to CASS 6.1.16I G

Trustees and depositaries

CASS 6.1.22 G to CASS 6.1.24 G

General purpose

CASS 6.2.1 R and CASS 6.2.2 R

Protection of clients' safe custody assets

CASS 6.2.3 R and CASS 6.2.3B G9

9

Registration and recording of legal title9

CASS 6.2.7 R

Holding9

9CASS 6.3.1 R to CASS 6.3.4B G9

9

Depositing safe custody assets with third parties

CASS 6.4.1 R and CASS 6.4.2 G

Use of safe custody assets

CASS 6.69

9

Records, accounts and reconciliations

CASS 6.1.16IARRP
  1. (1)

    7Subject to (2), when a firm is acting as trustee or depositary of an AIF the firm need comply only with the custody rules in the table below:

    Reference

    Rule

    CASS 6.1.1 R, CASS 6.1.9 G, CASS 6.1.9A G and CASS 6.1.16IB G

    Application

    CASS 6.1.22 G to CASS 6.1.24 G

    General purpose

    CASS 6.2.3 R and CASS 6.2.3B G9 to CASS 6.2.6 G

    9

    Registration and recording of legal title9

    CASS 6.2.7 R

    Holding

    CASS 6.6.2 R, CASS 6.6.4 R, CASS 6.6.6 R, CASS 6.6.7 R, CASS 6.6.57R (2) and CASS 6.6.58 G9

    9

    Records, accounts and reconciliations

  2. (2)

    When a firm is acting as trustee or depositary of an AIF that is an authorised AIF the firm must, in addition to the custody rules in (1), also comply with the custody rules in the table below:

    Reference

    Rule

    CASS 6.1.1BR (2)10

    10

    Application

    CASS 6.6.8 R, CASS 6.6.11 R to CASS 6.6.32 G, CASS 6.6.41 G, CASS 6.6.43 G and CASS 6.6.47 G.9

    9

    Records, accounts and reconciliations

CASS 6.1.16IDRRP

12When a firm is acting as trustee or depositary of a UCITS, the firm need comply only with the custody rules in the table below:

Reference

Rule

CASS 6.1.1R, CASS 6.1.1BR(3), CASS 6.1.9G, CASS 6.1.16IEG

Application

CASS 6.1.22G to CASS 6.1.24G

General purpose

CASS 6.2.3R, CASS 6.2.3AR, CASS 6.2.3BG, CASS 6.2.7R

Holding of client assets

13CASS 6.6.2R, CASS 6.6.4R, CASS 6.6.7R, CASS 6.6.41AG, CASS 6.6.57R(2A), CASS 6.6.58G

Records, accounts and reconciliations

SUP 16.19.1DRP
(1) This section applies to a firm which is subject to any of the following provisions of the Immigration Act 2014:2(a) 2the prohibition on opening a current account for a disqualified person in section 40; (b) 2the requirement to carry out immigration checks in relation to current accounts in section 40A; (c) 2the requirement to notify the existence of current accounts for disqualified persons in section 40B; and(d) 2the requirement to close an account in accordance with section
SUP 16.19.4DRP
A firm which is subject to SUP 16.7A (Annual reports and accounts) must report its compliance at the same time that it submits its annual reports and accounts to the FCA.
SUP 16.19.5DRP
A firm which is not subject to SUP 16.7A (Annual reports and accounts) must report its compliance within four months after its accounting reference date.
SUP App 2.15.8GRP
A firm, other than a Solvency II firm, should include in its run-off plan:44(1) a forecast summary revenue account for the with-profits fund, in the form of SUP App 2.15.9 G Table 1;(2) a forecast summary balance sheet and statement of solvency for the with-profits fund, which has been prepared in the form of SUP App 2.15.9 G Table 2 and on a regulatory basis; and(3) a forecast summary balance sheet and statement of solvency for the entire firm, which has been prepared in the
4A Solvency II firm should include the following information in its run off plan, except in the circumstances set out in SUP App 2.15.8B G:(1) a forecast summary revenue account for the with-profits fund, in accordance with PRA Rulebook: Non-Solvency II firms: Run Off Operations 6.1(3)(a)5;(2) a forecast summary balance sheet and “eligible own funds” as defined in the PRA Rulebook: Glossary and any notional SCR for the with-profits fund, in accordance with PRA Rulebook: Non-Solvency
SUP App 2.15.9GRP

These tables belong to SUP App 2.15.8 G

Table 1 - forecast summary revenue account for the relevant with-profits fund

(1)

Premiums and claims (gross and net of reinsurance) analysed by major class of insurance business

(2)

Investment return

(3)

Expenses

(4)

Other charges and income

(5)

Taxation

(6)

Increase (decrease) in fund in financial year

(7)

Fund brought forward

(8)

Fund carried forward

Table 2 - forecast summary balance sheet and statement of solvency for the relevant with-profits fund

Assets analysed by type (excluding implicit items):

(1)

Equities

(2)

Land and buildings

(3)

Fixed interest investments

(4)

All other assets

(5)

Total assets (excluding implicit items)

(6)

Policyholder liabilities

(7)

Other liabilities

(8)

Total liabilities

(9)

Excess/(deficiency) of assets over liabilities before implicit items

(10)

Implicit items allocated to the with-profits fund

(11)

Long-term insurance capital requirement for the with-profits fund

(12)

Resilience capital requirement for the with-profits fund

(13)

[deleted]4

4

(14)

Net excess/(deficiency) of assets in the with-profits fund

Table 3 - forecast summary balance sheet and statement of solvency for the firm

L1

Surplus long-term insurance assets, with-profit fund(s)

L2

Surplus long-term insurance assets, non-profit fund(s)

L3

Total long-term insurance assets

L1+L2

L4

Total long-term insurance liabilities (excluding resilience capital requirement)

L5

Total long-term insurance fund surplus

L3-L4

L6

Shareholder fund assets

L7

Implicit items

L8

Long-term insurance capital requirement

L9

Excess of regulatory assets over long-term insurance capital requirement

L5+L6+L7-L8

L10

[deleted]4

4
4

L11

Resilience capital requirement

L12

Net excess assets

L9-L10-L11

L13

FTSE level at which the long-term insurance capital requirement would be breached

A firm's run-off plan should include details of any:(1) intra-group balances held by the with-profits fund;(2) groupcompany investments held by the with-profits fund; and(3) guarantees given by the firm;which, in each case, have a value in excess of 5% of the firm's gross technical provisions.
LR 17.3.3ARRP
LR 17.3.4 R to LR 17.3.6 G apply to an issuer that is not already required to comply with DTR 4.
LR 17.3.4RRP
(1) An issuer must publish its annual report and annual accounts as soon as possible after they have been approved.1(2) An issuer must approve and publish its annual report and accounts within six months of the end of the financial period to which they relate.(3) The annual report and accounts must:1(a) have been prepared in accordance with the issuer's national law and, in all material respects, with national accounting standards or IAS; and1(b) have been independently audited
LR 17.3.5GRP
(1) If an issuer prepares both own and consolidated annual accounts it may publish either form provided that the unpublished accounts do not contain any significant additional information.1(2) If the annual accounts do not give a true and fair view of the assets and liabilities, financial position and profits or losses of the issuer or group, additional information must be provided to the satisfaction of the FCA.1(3) An issuer incorporated or established in a non-EEA State which
LR 17.3.6GRP
An issuer that meets the following criteria is not required to comply with LR 17.3.4 R:(1) The issuer is an issuer of asset backed securities and would if it were a debt issuer to which DTR 4 applied be relieved of the obligations to draw up and publish annual and 3 half yearly financial reports in accordance with DTR 4.4.2 R provided the issuer is not otherwise required to comply with any other requirement for the publication of annual reports and accounts.1133(2) (a) the issuer:(i)
DTR 8.5.1RRP
A primary information provider must submit to the FCA an annual report prepared by a reporting accountant qualified to act as auditor which states that the primary information provider has satisfied its continuing obligations in DTR 8.4 in the preceding 12 months.
DTR 8.5.2GRP
The annual report provided under DTR 8.5.1 R should state:(1) the opinion of the reporting accountant qualified to act as auditor as to the matters set out in DTR 8.5.1 R; (2) the significant areas tested in reaching that opinion; and(3) a summary of the work undertaken to address these areas and reach that opinion.
DTR 8.5.3RRP
The annual report must be sent to the FCA within 3 months of the anniversary of the date of the primary information provider's approval as a primary information provider.
LR 10.7.1RRP
LR 10 Annex 1 is modified as follows in relation to acquisitions or disposals of property by a listedproperty company:(1) for the purposes of paragraph 2R(1) (the gross assets test), the assets test is calculated by dividing the transaction consideration by the gross assets of the listedproperty company and paragraphs 2R(5) and 2R(6) do not apply;(2) for the purposes of paragraph 2R(1) (the gross assets test), if the transaction is an acquisition of land to be developed, the assets
LR 10.7.3RRP
LR 10 does not apply to the acquisition or disposal by a listedproperty company of a property in the ordinary course of business which:(1) for an acquisition, will be classified as a current asset in the company's published accounts; or(2) for a disposal, was so classified in the company's published accounts.
LR 10.7.4GRP
LR 10 may apply to subsequent transfers of property assets from current to fixed assets or from fixed to current assets in the accounts of a property company.
LR 8.4.2RRP
A sponsor must not submit to the FCA an application on behalf of an applicant, in accordance with LR 3, unless it has come to a reasonable opinion, after having made due and careful enquiry, that:(1) the applicant has satisfied all requirements of the listing rules relevant to an application for admission to listing;(2) the applicant has satisfied all applicable requirements set out in the prospectus rules unless the home Member State of the applicant is not, or will not be, the
LR 8.4.8RRP
A sponsor must not submit to the FCA an application on behalf of an applicant, in accordance with LR 3 (Listing applications), unless it has come to a reasonable opinion, after having made due and careful enquiry, that:(1) the applicant has satisfied all requirements of the listing rules relevant to an application for admission to listing;(2) the applicant has satisfied all applicable requirements set out in the prospectus rules unless the home Member State of the applicant is
LR 8.4.11RRP
LR 8.4.12 R to LR 8.4.13 R apply in relation to transactions involving an issuer with 5 a premium listing411that is required to submit to the FCA for approval8:545(1) a class 1 circular; or48(2) a circular that proposes a reconstruction or a re-financing which does not constitute a class 1 transaction; or8(3) a circular for the proposed purchase of own shares:88(a) which does not constitute a class 1 circular; and(b) is required by LR 13.7.1R (2) to include a working capital
LR 8.4.12RRP
A sponsor must not submit to the FCA, on behalf of a listed company, a circular regarding a transaction set out in LR 8.4.11 R for approval8, unless the sponsor has come to a reasonable opinion, after having made due and careful enquiry, that:8(1) the listed company has satisfied all requirements of the listing rules relevant to the production of a class 1 circular or other circular;(2) the transaction will not have an adverse impact on the listed company's ability to comply with
LR 8.4.15RRP
A sponsor must not submit to the FCA on behalf of an issuer a final circular or announcement for approval or a Sponsor’s Declaration for a Transfer of Listing7, unless it has come to a reasonable opinion, after having made due and careful enquiry, that:7(1) the issuer satisfies all eligibility requirements of the listing rules that are relevant to the new category to which it is seeking to transfer;(2) the issuer has satisfied all requirements relevant to the production of the
CASS 7.16.9GRP
(1) A firm should ensure that the amount it reflects in its internal client money reconciliation as its client money resource is equal to the aggregate balance on its client bank accounts. For example, if:(a) a firm holds client money received as cash, cheques or payment orders but not yet deposited in a client bank account (in accordance with CASS 7.13.32 R); and(b) that firm records all receipts from clients, whether or not yet deposited with a bank, in its cashbook (see CASS
CASS 7.16.15GRP
The net negative add-back method (CASS 7.16.17 R) is available to CASS 7 asset management firms and CASS 7 loan-based crowdfunding firms, many of whom may operate internal ledger systems on a bank account by bank account, not client-by-client, basis. This method allows a firm to calculate the total amount of client money it is required to have segregated in client bank accounts by reference to: (1) the balances in each client bank account (see CASS 7.16.17 R (1) and CASS 7.16.18
CASS 7.16.18GRP
(1) A firm which utilises the net negative add-back method is reminded that it must do so in a way which allows it to maintain its records so that, at any time, the firm is able to promptly determine the total amount of client money it should be holding for each client (see CASS 7.15.5 R (1)).(2) For the purposes of CASS 7.16.17 R, a firm should be able to readily use the figures previously recorded in its internal records and ledgers (for example, its cashbook or other internal
CASS 7.16.26GRP
(1) Under CASS 7.16.25 R (3), where a firm holds client money received as cash, cheques or payment orders but not yet deposited in a client bank account under CASS 7.13.32 R, it may:(a) include these balances when calculating its client money requirement (eg, where the firm records all receipts from clients, whether or not yet deposited with a bank, in its cashbook); or(b) exclude these balances when calculating its client money requirement (eg, where the firm only records client
CASS 7.16.27GRP
(1) In accordance with CASS 7.16.25 R (5), where a firm has allowed another person to hold client money in connection with a client's non-margined transaction (eg, in a client transaction account under CASS 7.14 (Client money held by a third party))1, the firm should include these balances when calculating its client money requirement.(2) If a firm is utilising the individual client balance method (CASS 7.16.16 R) to calculate its client money requirement, CASS 7.16.21 R requires
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
SUP 18.2.14GRP
Under section 109(2) of the Act a scheme report may only be made by a person:(1) appearing to the appropriate regulator8 to have the skills necessary to enable him to make a proper report; and8(2) nominated or approved for the purpose by the appropriate regulator8.8
SUP 18.2.15GRP
The general principles set out in SUP 5.4.8 G, for suitability of a skilled person, apply also to the independent expert. The regulators expect8 the independent expert making the scheme report to be a natural person, who:8(1) is independent, that is any direct or indirect interest or connection he has or has had in either the transferor or transferee should not be such as to prejudice his status in the eyes of the court; and(2) has relevant knowledge, both practical and theoretical,
SUP 18.2.29GRP
If the transferor is a8UK insurer and the business to be transferred includes a long-term insurance contract (other than reinsurance) for which the state of the commitment is an EEA state other than the United Kingdom, then the appropriate regulator8 has to consult the Host State regulator. If the transferor is a8UK insurer and the business to be transferred includes a general insurance contract (other than reinsurance) for which the state of the risk is an EEA state other than
SUP 18.2.31GRP
Under section 109 of the Act, a scheme report must accompany an application to the court to approve an insurance business transfer scheme. This report must be made in a form approved by the appropriate regulator. The appropriate regulator would generally expect a scheme report to contain at least the information specified in SUP 18.2.33 G before giving its approval.88
SUP 18.2.52GRP
The scheme report will be an important factor in the view each of the regulators8 forms on a scheme. Considerable reliance will be placed8 on the opinions of the independent expert and the reasons for them. However each regulator8 will form its own view taking into account other relevant8 information and having regard to its statutory objectives.888
CREDS 8.2.6RRP
(1) Every credit union (except a Northern Ireland credit union) 3must send to the FCA3 a copy of its audited accounts published in accordance with section 82 of the Co-operative and Community Benefit Societies Act 20143.1(2) The accounts must: (a) be made up for the period beginning with the date of the credit union's registration or with the date to which the credit union's last annual accounts were made up, whichever is the later, and ending on the credit union's most recent
CREDS 8.2.7RRP
Every credit union must make available, 3free of charge, to every member or person interested in the funds of the credit union who applies for it, a copy of the latest audited accounts of the credit union sent to the FCA3 under CREDS 8.2.6 R.
IPRU-INV 5.5.1RRP
1Annual expenditure is:(a) the sum of the amounts described as total expenditure in the four quarterly financial returns up to (and including) that prepared at the firm's most recent accounting reference date, less the following items (if they are included within such expenditure):(i) staff bonuses, except to the extent that they are guaranteed;(ii) employees' and directors' shares in profits, except to the extent that they are guaranteed;(iii) other appropriations of profits;(iv)
IPRU-INV 5.5.2GRP
A firm'sfinancial resources requirement will be recalculated annually when its fourth quarterly financial return is prepared. The firm must maintain financial resources sufficient to meet its new financial resources requirement from the date on which the fourth quarterly financial return is prepared and no later than 80 business days after the firm’saccounting reference date. The expenditure based requirement applicable at the accounting reference date will be based on the four
LR 17.4.7RRP
In the case of debtsecurities guaranteed by another company, an issuer must submit to the FCA the annual report and accounts of the company that is providing the guarantee unless that company is listed or adequate information is otherwise available.
LR 17.4.8RRP
In the case of convertible securities which are exchangeable for securities of another company, an issuer must submit to the FCA the annual report and accounts of that other company unless that company is listed or adequate information is otherwise available.
COLL 7.3.3GRP

This table belongs to COLL 7.3.1 G (4) (Explanation of COLL 7.3)3

3

Summary of the main steps in winding up a solvent ICVC or terminating a sub-fund3 under FCArules, assuming FCA approval.

Notes: N = Notice to be given to the FCA under regulation 21 of OEIC Regulations

E = commencement of winding up or termination

W/U = winding up

FAP = final accounting period (COLL 7.3.8 R(4))

Step number

Explanation

When

COLL rule (unless stated otherwise)

1

Commence preparation of solvency statement

N-28 days

7.3.5 (2)

2

Send audited solvency statement to the FCA with copy to depositary

By N + 21 days

7.3.5 (4) and (5)

3

Receive the FCA approval

N + one month

Regulation 21 of OEIC Regulations

4

Normal business ceases; notify unitholders3

3

E

7.3.6

5

Realise proceeds, wind up, instruct depositary accordingly

ASAP after E

7.3.7

6

Prepare final account or termination account & have account audited

On completion of W/U or termination

7.3.8

7

Send final account or termination account and auditor's report to the FCA & unitholders

Within 43months of FAP

3

7.3.8(6)

8

Request FCA to revoke relevant authorisation order or update its records4

On completion of W/U or termination4

7.3.7(9)

COLL 7.3.8RRP
(1) Once the ICVC's affairs are wound up or termination of the sub-fund has been completed (including distribution or provision for distribution in accordance with COLL 7.3.7 R (5)),3 the ACD must prepare an account of the winding up or termination showing: 3(a) how it has been conducted; and(b) how the scheme property has been disposed of. (2) The account in (1) must be, if there is: (a) more than one director, approved by the board of directors and be signed on their behalf
COLL 7.3.10RRP
(1) [deleted]633333333(1A) [deleted]63(2) For any annual accounting period or half-yearly accounting period which begins after commencement of the winding up or termination6, a copy of the long report must be supplied free of charge to any unitholder upon request.3(3) The6ACD must ensure that it keeps unitholders appropriately informed about the winding up or termination including, if known, its likely duration.3(4) The ACD must send a copy of the information required by (3) to
COLL 7.3.10AGRP
(1) 3The effect of COLL 7.3.10R6 is that the ACD must continue to prepare annual and half-yearly6 long reports and to make them available to unitholders in accordance with COLL 4.5.14 R.(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates at six-monthly or more frequent intervals.
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 2.3.13GRP
(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 2.3.19GRP
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