Related provisions for BIPRU 12.7.9
Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3
1(1) |
[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must also operate a regulated market3. |
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(2) |
An exchange5 operating a multilateral trading facility or an organised trading facility3 must comply with those requirements of- |
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(a) |
any provisions of the law of the United Kingdom relied on by the United Kingdom before IP completion day to implement Chapter 1 of Title II of the markets in financial instruments directive—5 3 |
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(i) |
as they have effect on 1 December 20216, in the case of rules made by the FCA under the Act; and5 |
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(ii) |
as amended from time to time, in all other cases;5 |
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(b) |
any EU regulation originally made under Chapter 1 of the markets in financial instruments directive which is retained direct EU legislation, or any subordinate legislation (within the meaning of the Interpretation Act 1978) made under those provisions on or after IP completion day;5 3 |
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which are applicable to a market operator35operating such a facility. |
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(3) |
The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses). |
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(4)3 |
A [UK RIE] operating a multilateral trading facility or organised trading facility must provide the FCA with a detailed description of - |
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(a) |
the functioning of the multilateral trading facility or organised trading facility; |
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(b) |
any links to another trading venue owned by the same [UK RIE] or to a systematic internaliser owned by the same exchange; and |
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(c) |
a list of the facility’s members, participants and users. |
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[Note:MiFID ITS 19 prescribes the content and format of the description of the functioning of a MTF or OTF to be provided to the FCA]3 |
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(5)3 |
Any multilateral trading facility or an organised trading facility operated by the [UK RIE] must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation. |
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Paragraph 9B – Specific requirements for multilateral trading facilities: execution of orders3 |
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(1)3 |
A [UK RIE] must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it. |
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(2)3 |
A [UK RIE] must not on a multilateral trading facility operated by it - |
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(a) |
execute any client orders against its proprietary capital; or |
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(b) |
engage in matched principal trading. |
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Paragraph 9C – Specific requirements for multilateral trading facilities: access to a facility3 |
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The rules of the [UK RIE] about access to, or membership of, a multilateral trading facility regulated market operated by it must permit the [UK RIE] to give access to or admit to membership to (as the case may be) only -3 |
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(a) |
an investment firm which has permission under Part 4A of the Act to carry on a regulated activity which is an investment service or activity5; |
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(b) |
a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits.5 |
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(c) |
a person who – |
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(i) |
is of sufficient good repute; |
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(ii) |
has a sufficient level of trading ability, and competence and experience; |
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(iii) |
where applicable, has adequate organisational arrangements; and |
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(iv) |
has sufficient resources for the role it is to perform, taking account of the financial arrangements the [UK RIE] has established in order to guarantee the adequate settlement transactions. |
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Paragraph 9D – Specific requirements for multilateral trading facilities: disclosure3 |
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(1)3 |
The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations. |
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(2)3 |
The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. |
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(3)3 |
In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. |
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Paragraph 9E – SME growth markets3 |
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(1)3 |
A [UK RIE] operating an SME growth market5 (an “exchange-operated SME growth market”) must comply with rules made by the FCA for the purposes of this paragraph as they have effect on IP completion day5. |
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[Note:REC 2.16A.1D]4 |
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(2)3 |
An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected. |
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(3)3 |
Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with - |
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(a) |
any obligation relating to corporate governance, or |
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(b) |
the disclosure obligations. |
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(4)3 |
In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. |
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Paragraph 9F – Specific requirements for organised trading facilities: execution of orders3 |
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(1)3 |
[A UK RIE] operating an organised trading facility must - |
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(a) |
execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4); |
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(b) |
not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the [UK RIE] unless in accordance with sub-paragraph (2); |
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(c) |
not operate a systematic internaliser within the same legal entity; |
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(d) |
ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and |
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(e) |
ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact. |
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(2)3 |
A [UK RIE] may only engage in - |
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(a) |
matched principal trading on an organised trading facility operated by it in respect of- |
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(i) |
bonds, |
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(ii) |
structured finance products, |
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(iii) |
emission allowances, |
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(iv) |
derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation, |
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where the client has consented to that; or |
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(b) |
dealing on own account on an organised trading facility operated by it, otherwise than in accordance with sub-paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market. |
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(3)3 |
If the [UK RIE] engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading5. |
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(4)3 |
The discretion which the [UK RIE] must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both. |
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(5)3 |
The first discretion is whether to place or retract an order on the organised trading facility. |
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(6)3 |
The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the [UK RIE’s] obligations under—5 |
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(a) |
section 11.2A of the Conduct of Business sourcebook;5 |
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(b) |
Articles 64 to 66 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive;5 |
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(c) |
[deleted]6 5 |
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(d) |
[deleted]6 5 |
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(7)3 |
Where the organised trading facility crosses client orders the [UK RIE] may decide if, when and how much of two or more orders it wants to match within the system. |
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(8)3 |
Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the [UK RIE] may facilitate negotiation between clients so as to bring together two or more comparable potentially trading interests in a transaction. |
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(9)3 |
The [UK RIE] must comply with rules made by the FCA as they have effect on 1 December 20216 as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility. 5 |
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(10)3 |
Nothing in this paragraph prevents a [UK RIE] from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the [UK RIE]provided the investment firm does not have close links with the [UK RIE]. |
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(11)3 |
In this paragraph - “close links” has the meaning given in Article 2(1)(21) of the markets in financial instruments regulation;5 “investment firm” has the meaning given in Article 2(1A) of the markets in financial instruments regulation;5 “non-equities” means bonds, structured finance products, emissions allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies. |
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Paragraph 9G – Specific requirements for organised trading facilities: disclosure3 |
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(1)3 |
The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations. |
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(2)3 |
The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of the organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. |
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(3)3 |
In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. |
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Paragraph 9H – Specific requirements for organised trading facilities: FCA request for information3 |
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(1)3 |
A [UK RIE] must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of - |
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(a) |
why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser; |
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(b) |
how discretion will exercised in executing client orders, and in particular when an order to the organized trading facility may be retracted and when and how two or more client orders will be matched within the facility; and |
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(c) |
its use of matched principal trading. |
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(2)3 |
Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate. |
1The following words or terms throughout IPRU-INV 5 appearing in bold (other than headings and titles) are to have the meanings given to them below if not inconsistent with the subject or context. If a defined term is italicised the definition appearing in the main Handbook Glossary applies.
Term |
Meaning |
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accounting reference date |
means: |
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(a) |
the date to which a firm's accounts are prepared in order to comply with the relevant Companies Act legislation. In the case of a firm not subject to Companies Act legislation, the equivalent date selected by the firm; and |
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(b) |
in the case of an OPS firm which is not subject to the relevant Companies Act legislation, the date to which the accounts of the OPS in respect of which the firm acts are prepared. |
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annual expenditure |
has the meaning given in IPRU-INV 5.5.1 (Determination). |
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category a body |
means: |
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(a) |
the government or central bank of a zone a country; or |
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(b) |
EU or Euratom (the European Atomic Energy Community); or |
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(c) |
the government or central bank of any other country, provided the receivable in question is denominated in that country's national currency. |
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category b body |
means: |
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(a) |
the European Investment Bank (EIB) or a multi-lateral development bank; or |
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(b) |
the regional government or local authority of a zone a country; or |
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(c) |
an investment firm or credit institution authorised in a zone a country; or |
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(d) |
a recognised clearing house or exchange; or |
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(e) |
an investment firm or credit institution authorised in any other country, which applies a financial supervision regime at least equivalent to the Capital Adequacy Directive. |
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counterparty |
means any person with or for whom a firm carries on regulated business or an ancillary activity. |
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counterparty risk requirement |
has the meaning given in IPRU-INV 5.11.1R (Counterparty risk requirement). |
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expenditure based requirement |
means the requirement calculated in accordance with IPRU-INV 5.9.1R (Expenditure based requirement). |
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financial resources |
has the meaning given in IPRU-INV 5.2.3R (Financial resources). |
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financial resources requirement |
has the meaning given in IPRU-INV 5.4.1R (Determination of requirement). |
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financial resources rules |
has the meaning given in IPRU-INV 5.2. |
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financial return |
means quarterly financial return or monthly financial return as the case may be. |
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foreign exchange position |
has the meaning given in IPRU-INV 5.14.1R (Foreign exchange requirement). |
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investment |
means a designated investment in the main Glossary. |
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investment business |
means designated investment business in the main Glossary. |
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investment firm |
has the meaning given to investment firm in the main Glossary except that it excludes persons to which MiFID does not apply as a result of articles 2 or 3 of MiFID. |
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Note: An investment firm is not necessarily a firm for the purposes of the rules. |
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investment manager |
means a person who, acting only on behalf of a customer, either: |
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(a) |
manages an account or portfolio in the exercise of discretion; or |
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(b) |
has accepted responsibility on a continuing basis for advising on the composition of the account or portfolio. |
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liquid capital |
has the meaning given in IPRU-INV 5.3.1R (Calculation of own funds and liquid capital). |
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liquid capital requirement |
has the meaning given in IPRU-INV 5.4.4R (Liquid capital requirement). |
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non-retail client |
means a professional client or an eligible counterparty. |
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OPS or occupational pension scheme |
means any scheme or arrangement which is comprised in one or more instruments or agreements and which has, or is capable of having, effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions or otherwise, payable on termination of service, or on death or retirement, to or respect of earners with qualifying service in an employment of any such description or category. |
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OPS firm |
means: |
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(a) |
a firm which: |
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(i) |
carries on OPS activity but not with a view to profit; and |
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(ii) |
is one or more of the following: |
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(A) |
a trustee of the occupational pension scheme in question; |
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(B) |
a company owned by the trustees of the occupational pension scheme in question; |
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(C) |
a company which is: |
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(I) |
an employer in relation to the occupational pension scheme in question in respect of its employees or former employees or their dependants; or |
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(II) |
a company within the group which includes an employer within (I); or |
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(III) |
an administering authority subject to the Local Government Superannuation Regulations 1986; or |
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(b) |
a firm which: |
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(i) |
has satisfied the requirements set out in (a) at any time during the past 12 months; but |
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(ii) |
is no longer able to comply with those requirements because of a change in the control or ownership of the employer referred to in (a)(ii) during that period. |
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otc derivative |
means interest rate and foreign exchange contracts covered by Annex III to the previous version of the Banking Consolidation Directive (i.e. Directive (2000/12/EC) and off balance sheet contracts based on equities which are not traded on a recognised or designated investment exchange or other exchange where they are subject to daily margin requirements, excluding any foreign exchange contract with an original maturity of 14 calendar days or less. |
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other assets requirement |
has the meaning given in IPRU-INV 5.17.1R (Other assets requirement). |
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own funds |
has the meaning given in IPRU-INV 5.3.1R and IPRU-INV 5.3.2R, as applicable. |
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own funds requirement |
has the meaning given in IPRU-INV 5.4.3R and IPRU-INV 5.4.4R (Own funds requirement), as applicable. |
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permitted business |
means regulated activity which a firm has permission to carry on. |
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position risk requirement |
has the meaning given in IPRU-INV 5.11.1R (Position risk requirement). |
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prescribed subordinated loan agreement |
means the subordinated loan agreement prescribed by the appropriate regulator for the purposes of IPRU-INV 5.6.4R. |
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qualifying capital instrument |
means that part of a firm's capital which is a security of indeterminate duration, or other instrument, that fulfils the following conditions: |
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(a) |
it may not be reimbursed on the bearer's initiative or without the prior agreement of the appropriate regulator; |
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(b) |
the debt agreement must provide for the firm to have the option of deferring the payment of interest on the debt; |
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(c) |
the lender's claims on the firm must be wholly subordinated to those of all non-subordinated creditors; |
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(d) |
the documents governing the issue of the securities must provide for debt and unpaid interest to be such as to absorb losses, whilst leaving the firm in a position to continue trading; and |
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(e) |
only fully paid-up amounts shall be taken into account. |
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qualifying capital item |
means that part of a firm's capital which has the following characteristics: |
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(a) |
it is freely available to the firm to cover normal banking or other risks where revenue or capital losses have not yet been identified; |
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(b) |
its existence is disclosed in internal accounting records; and |
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(c) |
its amount is determined by the management of the firm and verified by independent auditors, and is made known to, and is monitored by, the FCA. |
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qualifying property |
has the meaning given in IPRU-INV 5.7.1R (Qualifying property and qualifying amount defined). |
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qualifying subordinated loan |
has the meaning given in IPRU-INV 5.6 (Qualifying subordinated loans). |
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qualifying undertaking |
has the meaning given in IPRU-INV 5.7.3R (Qualifying undertakings). |
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readily realisable investment |
means a unit in a regulated collective investment scheme, a life policy or any marketable investment other than one which is traded on or under the rules of a recognised or designated investment exchange so irregularly or infrequently: |
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(a) |
that it cannot be certain that a price for that investment will be quoted at all times; or |
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(b) |
that it may be difficult to effect transactions at any price which may be quoted. |
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regulated business |
means designated investment business in the main Glossary. |
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relevant foreign exchange items |
means: |
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(a) |
all assets less liabilities, including accrued interest, denominated in the currency (all investments at market or realisable value); |
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(b) |
any currency future, at the nominal value of the contract; |
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(c) |
any forward contract for the purchase or sale of the currency, at the contract value, including any future exchange of principal associated with currency swaps; |
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(d) |
any foreign currency options at the net delta (or delta-based) equivalent of the total book of such options; |
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(e) |
any non-currency option, at market value; |
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(f) |
any irrevocable guarantee; |
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(g) |
any other off-balance sheet commitment to purchase or sell an asset denominated in that currency. |
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reporting currency |
means the currency in which the firm's books of account are maintained. |
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specified trustee business |
1. |
means any investment business carried on in the UK by a trustee firm, but excluding each of the following activities: |
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(a) |
Dealing or arranging deals in investments |
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(i) |
where the deal is transacted or arranged by a trustee firm with or through a PTP; or |
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(ii) |
where the dealing or arranging is done in the course of, or is incidental to, an activity of management falling within paragraph (b) below; or |
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(iii) |
where the trust is a unit trust scheme and the deal is or the arrangements are made with a view to either an issue or sale of units in such a scheme to, or a redemption or repurchase or conversion of such units or a dealing in investments for such a scheme carried out by with or through, the operator or on the instructions of the operator; or |
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(iv) |
where the trustee firm, being a bare trustee (or, in Scotland, a nominee) holding investments for another person, is acting on that person's instructions; or |
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(v) |
where any arrangements do not or would not bring about the transaction in question. |
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(b) |
Managing investments |
||||
(i) |
where the trustee firm has no general authority to effect transactions in investments at discretion; or |
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(ii) |
if and to the extent that all day-to-day decisions in relation to the management of the investments or any discrete part of the investments are or are to be taken by a PTP; or |
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(iii) |
if and to the extent that investment decisions in relation to the investments or any discrete part of the investments are or are to be taken substantially in accordance with the advice given by a PTP; or |
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(iv) |
where the trustee firm is a personal representative or executor and is acting in that capacity; or |
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(v) |
where the trust is a unit trust scheme and all day-to-day investment decisions in the carrying on of that activity are or are to be taken by the operator of the scheme. |
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(c) |
Investment advice |
||||
(i) |
where the relevant advice: |
||||
(A) |
does not recommend the entry into any investment transaction or the exercise of any right conferred by any investment to acquire, dispose of, underwrite or convert such an investment; and |
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(ii) |
if and to the extent that the relevant advice is in substance the advice of a PTP; or |
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(iii) |
where the relevant advice is given by the trustee firm acting in the capacity of personal representative or executor. |
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(d) |
Establishing, operating or winding up a collective investment scheme including acting as trustee of an authorised unit trust scheme but only to the extent that such activities do not otherwise constitute specified trustee business. |
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(e) |
Any trustee activity undertaken as trustee of an issue of debentures or government or public securities: |
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(i) |
where the issue is made by a company listed on a recognised investment exchange or on a designated investment exchange (or by a wholly-owned subsidiary of such a company); or |
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(ii) |
where the issue is listed or traded either on a recognised investment exchange or on a designated investment exchange or on the Société de la Bourse de Luxembourg; or |
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(iii) |
where the issue is made by a government, local authority or international organisation; or |
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(iv) |
where the aggregate amounts issued (pursuant to the trust deed or any deed supplemental thereto and ignoring any amounts redeemed, repurchased or converted) exceed the sum of £10,000,000. |
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2. |
For the purpose of this definition of "specified trustee business": |
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(a) |
a transaction is entered into through a person if that person: |
||||
(i) |
enters into it as agent; or |
||||
(ii) |
arranges for it to be entered into as principal or agent by another person and the arrangements are such that they bring about the transaction in question; |
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(b) |
investment transaction means a transaction to purchase, sell, subscribe for or underwrite a particular investment and "investment decision" means a decision relating to an investment transaction; |
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(c) |
debentures means any securities falling within article 77 of the RAO; |
||||
(d) |
government or public securities means any securities falling within article 78) of the RAO; |
||||
(e) |
government, local authority or international organisation means: |
||||
(i) |
the government of the United Kingdom, of Northern Ireland, or of any country or territory outside the United Kingdom; |
||||
(ii) |
a local authority in the United Kingdom or Anywhere; or |
||||
(iii) |
an international organisation the members of which include the United Kingdom2. |
||||
(f) |
in determining the size of an issue of debentures or government or public securities made in a currency other than sterling, the amount of the issue shall be converted into sterling at the exchange rate prevailing in London on the date of issue. |
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total capital requirement |
has the meaning given in IPRU-INV 5.4.5R (Total capital requirement). |
||||
trading book |
in relation to a firm's business or exposures, means: |
||||
(a) |
its proprietary positions in financial instruments: |
||||
(i) |
which are held for resale and/or are taken on by the firm with the intention of benefiting in the short term from actual and/or expected differences between their buying and selling prices or from other price or interest-rate variations; |
||||
(ii) |
arising from matched principal broking; |
||||
(iii) |
taken in order to hedge other elements of the trading book; |
||||
(b) |
exposures due to unsettled securities transactions, free deliveries, OTC derivative instruments, repurchase agreements and securities lending transactions based on securities included in (a)(i) to (iii) above, reverse repurchase agreements and securities borrowing transactions based on securities included in (a)(i) to (iii) above; and |
||||
(c) |
fees, commission, interest and dividends, and margin on exchange-traded derivatives which are directly related to the items included in (a) and (b) above. |
||||
trustee activity |
means, in relation to a firm, any activity undertaken in the course of or incidental to the exercise of any of its powers, or the performance of any of its duties, when |
||||
unit trust manager |
means the manager of a unit trust scheme. |
||||
zone b country |
means a country which is not a Zone A country in the Glossary. |
Part 1: Activities
Note: The activity numbers in this table relate to the activities14 in TC App 1.1.1 R. These tables do not cover activities 1, 5, 13A, 13B, 13C, 20A, 21B,14 23A, 23B, 23C, 23D, 23E,17 24, 25 or 26 as these activities do not have a qualification requirement.21 In relation to advising on P2P agreements (activity 9A), see TC 2.1.5HR and TC 2.1.6R(2).
24Part 1A: The Retail Distribution Review activities (RDR activities)
14Activity Number |
RDR24 Activity |
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2 |
Giving personal recommendations26 on securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
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3 |
Giving personal recommendations26 on derivatives |
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4 and 6 |
(4) Giving personal recommendations26 on retail investment products which are not broker funds and (6) giving personal recommendations26 on friendly societytax-exempt policies (other than Holloway sickness policies26 where the Holloway policy special application conditions26 are met) |
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12 |
Giving personal recommendations26 on and dealing in securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
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13 |
Giving personal recommendations26 on and dealing in derivatives |
Information to be provided in the UCITS half-yearly and annual reports and the AIF’s annual report |
|
Global data: |
|
- |
The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents; |
- |
The amount of assets engaged in each type of SFTs and total return swaps expressed as an absolute amount (in the collective investment undertaking’s currency) and as a proportion of the collective investment undertaking’s assets under management (AUM). |
Concentration data: |
|
- |
Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name); |
- |
Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions). |
Aggregate transaction data for each type of SFTs and total return swaps separately to be broken down according to the below categories: |
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- |
Type and quality of collateral; |
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Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity; |
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Currency of the collateral; |
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Maturity tenor of the SFTs and total return swaps broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions; |
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Country in which the counterparties are established; |
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Settlement and clearing (e.g., tri-party, Central Counterparty, bilateral). |
Data on reuse of collateral: |
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Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors; |
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Cash collateral reinvestment returns to the collective investment undertaking. |
Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps: |
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Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians |
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Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps: |
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The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts |
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Data on return and cost for each type of SFTs and total return swaps broken down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of SFTs and total return swaps |
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[Note: section A of the annex to the Securities Financing Transactions Regulation and article 3 for relevant definitions] |