Related provisions for IFPRU 2.2.44
Table: Periodic statements
This table belongs to COBS 18.5.12 E.
Periodic statements |
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Suitable intervals |
(1) |
A periodic statement should be provided at least: |
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(a) |
six-monthly; or |
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(b) |
once in any other period, not exceeding 12 months, which has been mutually agreed between the firm and the investor in the fund.6 6 |
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Adequate information |
(2) |
(a) |
A periodic statement should contain: |
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(i) |
(A) |
The information set out in the table of general contents of a periodic statement; |
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(B) |
where the portfolio of the fund6 includes uncovered open positions in contingent liability investments, the additional information in the table listing the contents of a periodic statement (see COBS 18.5.18 E6) in respect of contingent liability investments; or 66 |
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(ii) |
such information as an investor6 who is a retail client ordinarily resident outside the United Kingdom, or a professional client, has on his own initiative agreed with the firm6 as adequate. 66 |
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(b) |
[deleted]13 |
Table: General contents of a periodic statement
This table belongs to COBS 18.5.15 E.
General contents of periodic statements |
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1 |
Contents and value |
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(a) |
As at the beginning of the account period, the total value of the portfolio of the fund6, being either: 6 |
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(i) |
the value of the assets comprised in the portfolio on the date as at which the statement provided for the immediately preceding period of account is made up; or |
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(ii) |
in the case of the first periodic statement, the value of the assets comprised in the portfolio on the date on which the firm6 assumed responsibility for the management of the portfolio. 6 |
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(b) |
As at the end of the account period: |
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(i) |
the number, description and value of each investment held on behalf of the fund6; 6 |
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(ii) |
the amount of cash held on behalf of the fund6; and 6 |
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(iii) |
the total value of the portfolio of the fund6. 6 |
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2 |
Basis of valuation A statement of the basis on which the value of each investment has been calculated and, if applicable, a statement that the basis for valuing a particular investment has changed since the previous periodic statement. Where any investments are shown in a currency other than the usual one used for valuation of the portfolio of the fund6, the relevant currency exchange rates must be shown. 6 |
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3 |
Details of any assets loaned or charged |
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(a) |
A summary of those investments (if any) which were, at the closing date, loaned to any third party and those investments (if any) that were at that date charged to secure borrowings made on behalf of the portfolio of the fund6; and 6 |
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(b) |
the aggregate of any interest payments made and income received during the account period in respect of loans or borrowings made during the period. |
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4 |
Transactions and changes in composition Except in the case of a portfolio which aims to track the performance of an external index: |
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(a) |
a statement that summarises the transactions entered into for the portfolio of the fund6 during the period; and 6 |
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(b) |
the aggregate of money and a summary of all investments transferred into and out of the portfolio of the fund6 during the period; and 6 |
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(c) |
the aggregate of any interest payments, dividends and other benefits received by the firm6 for the portfolio of the fund6 during that period. 66 |
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5 |
Charges and remuneration If not previously advised in writing, a statement for the account period: |
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(a) |
of the aggregate charges of the firm6 and its associates; and 6 |
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(b) |
of any remuneration received by the firm6 or its associates or both from a third party in respect of the transactions entered into, or any other services provided, for the portfolio of the fund6. 66 |
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6 |
Movement in value of portfolio A statement of the difference between the value of the portfolio at the closing date and its value at the starting date of the account period, having regard at least, during the account period, to the following: |
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(a) |
the aggregate of assets received from investors of the fund6 and added to the portfolio of the fund6; 66 |
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(b) |
the aggregate of the value of assets transferred, or of amounts paid, to thefund;6 6 |
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(c) |
the aggregate income received on behalf of the fund6 in respect of the portfolio; and 6 |
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(d) |
the aggregate of realised and unrealised profits or gains and losses attributable to the assets comprised in the portfolio of the fund6. 6 |
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Notes: For the purposes of Item 1, where the fund6 is a property enterprise trust, it will be sufficient for the periodic statement to disclose the number of properties held in successive valuation bands where this is appropriate to the size and composition of the fund6, rather than the value of each asset in the portfolio. The valuation bands of over £10m, £5-£10m, £2.5-£5m, £1-£2.5m and under £1m would be appropriate, unless a firm6 could show that different bands were justifiable in the circumstances. The statement to be provided under Item 6 is not intended to be an indicator of the performance of the portfolio of the fund.6 A firm6 may wish to distinguish capital and income, and thereby provide more information than referred to in this table. If the statement includes some measure of performance, the basis of measurement should be stated. 666 |
Table: Contents of a periodic statement in respect of contingent liability investments
This table belongs to COBS 18.5.15 E.
Contents of a periodic statement in respect of contingent liability investments |
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(1) |
Changes in value The aggregate of money transferred into and out of the portfolio of the fund6 during the account period. 6 |
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(2) |
Open positions In relation to each open position in the portfolio of the fund6 at the end of the account period, the unrealised profit or loss to the portfolio of the fund6 (before deducting or adding any commission which would be payable on closing out). 66 |
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(3) |
Closed positions In relation to each transaction effected during the account period to close out a position of the fund6, the resulting profit or loss to the portfolio of the fund6 after deducting or adding any commission. (Instead of the specific detail required by Items 2 or 3, the statement may show the net profit or loss in respect of the overall position of the fund6 in each contract) 66 |
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(4) |
Aggregate of contents The aggregate of each of the following in, or relating to, the portfolio of the fund6 at the close of business on the valuation date: 6 |
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(a) |
cash; |
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(b) |
collateral value; |
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(c) |
management fees; and |
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(d) |
commissions attributable to transactions during the period or a statement that this information has been separately disclosed in writing on earlier statements or confirmations to the investor.6 6 |
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(5) |
Option account valuations In respect of each open option comprising the portfolio of the fund6 on the valuation date: 6 |
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(a) |
the share, future, index or other investment or asset involved; |
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(b) |
(unless the valuation statement follows the statement for the period in which the option was opened) the trade price and date for the opening transaction; |
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(c) |
the market price of the contract; and |
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(d) |
the exercise price of the contract. |
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Options account valuations may show an average trade price and market price in respect of an option series where a number of contracts within the same series have been purchased on behalf of the fund.6 6 |
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(e)
2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that- |
satisfactory arrangements are made for recording transactions effected on the [UK RIE], and transactions (whether or not effected on the [UK RIE ]) which are cleared or to be cleared by means of itsfacilities; |
[Note: article 25 of MiFIR requires the operator of a trading venue to keep relevant data relating to all orders in financial instruments which are advertised through their systems at the disposal of the FCA]4 |