Related provisions for CASS 9.5.6

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CASS 9.5.1GRP
Firms are reminded that, under COBS 16.4, they are required to send to each of their clients at least once a year a statement in a durable medium of those designated investments and/or client money they hold for that client. A firm which manages investments may provide this statement in its periodic statement, as required under COBS 16.3.
CASS 9.5.2GRP
Firms are reminded that the requirements in COBS 16.4 only set out the minimum frequency at which firms must report to their clients on their holdings of designated investments and/or client money. Firms may choose to report to their clients more frequently.
CASS 9.5.3GRP
Subject to CASS 9.5.6 R, CASS 9.5.4 R and CASS 9.5.5 R require firms to comply with a client's request for information on the custody assets and/or client money the firm holds for a client under CASS 6 and/or CASS 7, and such request may be made by a client at any time.
CASS 9.5.4RRP
When a firm receives a request, made by a client, or on a client's behalf, for a statement of the custody assets and/or client money that the firm holds for that client, the firm must provide the client with the statement requested in a durable medium.
CASS 9.5.5RRP
When a firm receives a request, made by a client, or on a client's behalf, for a copy of any statement of custody assets and/or client money previously provided to that client, the firm must provide the client with the copy of the statement requested in a durable medium and within five business days following the receipt of the request.
CASS 9.5.7GRP
Any statement provided to a client under CASS 9.5.4 R or CASS 9.5.5 R may, although it is not required to, be in the same form as the statement a firm is required to provide to a client under COBS 16.4 or, if appropriate, COBS 16.3.
CASS 9.5.8GRP
Consistent with the fair, clear and not misleading rule, a firm should ensure that, in any statements of custody assets and/or client money it provides to its clients, it is clear from the statement which assets and/or monies the firm reports as holding for the client are, or are not, protected under CASS 6 and/or CASS 7 (e.g. if the statement also includes information regarding assets and/or monies which are held by the firm for that client which are not subject to the custody
CASS 9.5.9GRP
Firms are reminded that under CASS 3.2.4 Gfirms that enter into arrangements with retail clients covered by CASS 3 (Collateral) should, when appropriate, identify in any statement of custody assets sent to the client under COBS 16.4 (Statements of client designated investments or client money) or this section the details of the assets which form the basis of that collateral arrangement.
COBS 16.3.1RRP
(1) If a firm is managing investments on behalf of a client, it must provide the client with a periodic statement in a durable medium unless such a statement is provided by another person.(2) If the client is a retail client, the periodic statement must include such of the periodic information (COBS 16 Annex 2R) 1as is applicable. [Note: article 41(1) and (2) of the MiFID implementing Directive]
COBS 16.3.2RRP
(1) In the case of a retail client, the periodic statement must be provided once every six months, except in the following cases:(a) if the retail client so requests, the periodic statement must be provided every three months;(b) if the retail client elects to receive information about executed transactions on a transaction-by-transaction basis (COBS 16.3.3 R) and there are no transactions in derivatives or other securities giving the right to acquire or sell a transferable security
COBS 16.3.3RRP
(1) If the client elects to receive information about executed transactions on a transaction-by-transaction basis, a firmmanaging investments must provide promptly to the client, on the execution of a transaction, the essential information concerning that transaction in a durable medium.(2) If the client is a retail client, the firm must send him a notice confirming the transaction and containing such of the information identified in column (1) of the table in COBS 16 Annex 1R
COBS 16.3.4GRP
In accordance with COBS 2.4.9 R, a firm may dispatch a periodic statement to an agent, other than the firm or an associate of the firm, nominated by the client in writing.
COBS 16.3.5RRP
For the purposes of calculating the unit price in the trade confirmation information or periodic information, where the order is executed in tranches, the firm may supply the client with information about the price of each tranche or the average price. If the average price is provided, the firm must supply the retail client with information about the price of each tranche upon request. [Note: article 40(4) of the MiFID implementing Directive]
COBS 16.3.6RRP
(1) If a firm:(a) manages investments for a retail client; or(b) operates a retail client account that includes an uncovered open position in a contingent liability transaction,it must report to the retail client any losses exceeding any predetermined threshold, agreed between it and the retail client.(2) The firm must report:(a) no later than the end of the business day in which the threshold is exceeded; or(b) if the threshold is exceeded on a non-business day, the close of
COBS 16.3.9GRP
When providing a periodic statement to a retail client, a firm should consider whether to include:(1) the collateral value in respect of any contingent liability transaction in the client's portfolio during the relevant period; and(2) option account valuations in respect of each open option written by the client in the client's portfolio at the end of the relevant period; stating:(a) the share, future, index or other investment involved;(b) the trade price and date for the opening
COBS 16.3.10RRP
In relation to business that is not MiFID or equivalent third country business, a firm need not provide a periodic statement:(1) to a client habitually resident outside the United Kingdom if the client concerned has so requested or the firm has taken reasonable steps to establish that he does not wish to receive it;(2) in respect of a CTF, if the statement provided under the CTF Regulations contains the periodic information.2
COBS 16.3.11RRP
A firm must make, and retain, a copy of any periodic statement:(1) for MiFID or equivalent third country business, for a period of at least five years; or(2) for business that is not MiFID or, for a period of at least three years;from the date of despatch. [Note: see article 51(3) of the MiFID implementing Directive]
COBS 16.4.1RRP
(1) A firm that holds clientdesignated investments or client money for a client must send that client at least once a year a statement in a durable medium of those designated investments or that client money unless such a statement has been provided in a periodic statement.(2) A credit institution need not send a statement in respect of deposits held by it.(3) This rule does not apply in relation to a firm holding clientdesignated investments or client money under a personal pension
COBS 16.4.2RRP
A firm must include in a statement of client assets referred to under this section the following information:(1) details of all the designated investments or client money held by the firm for the client at the end of the period covered by the statement;(2) the extent to which any clientdesignated investments or client money have been the subject of securities financing transactions; and(3) the extent of any benefit that has accrued to the client by virtue of participation in any
COBS 16.4.3RRP
In cases where the portfolio of a client includes the proceeds of one or more unsettled transactions, the information in a statement provided under this section may be based either on the trade date or the settlement date, provided that the same basis is applied consistently to all such information in the statement. [Note: article 43(2) of the MiFID implementing Directive]
COBS 16.4.4RRP
A firm which holds designated investments or client money and is managing investments for a client may include the statement under this section in the periodic statement it provides to that client. [Note: article 43(3) of the MiFID implementing Directive]
COBS 16.4.5GRP
1In reporting to a client in accordance with this section, a firm should consider whether to provide details of any assets loaned or charged including:(1) which investments (if any) were at the end of the relevant period loaned to any third party and which investments (if any) were at that date charged to secure borrowings made on behalf of the portfolio; and(2) the aggregate of any interest payments made and income received during the period in respect of loans or borrowings
COBS 16.4.6GRP
3Firms subject to either or both the custody chapter and the client money chapter are reminded of the reporting obligations to clients in CASS 9.2 (Prime broker’s daily report to clients) and CASS 9.5 (Reporting to clients on request).
COBS 18.5.11RRP
A small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 must, subject to the exceptions from the requirement to provide a periodic statement, provide to investors in the fund6, promptly and at suitable intervals, a statement in a durable medium which contains adequate information on the value and composition of the portfolio of the fund6 at the beginning and end of the period of the statement.666
COBS 18.5.12ERP
(1) A small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 should act in accordance with the provisions in the right hand column of the periodic statements table (see COBS 18.5.15E) to fulfil the requirement to prepare and issue periodic statements indicated in the left hand column against these provisions.6(2) Compliance with (1) may be relied on as tending to establish compliance with the requirement to prepare and issue periodic statements.66(3) Contravention
COBS 18.5.13RRP
(1) A small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 need not provide a periodic statement:6(a) (i) to an investor in the fund6 who is a retail client ordinarily resident outside the United Kingdom; or6(ii) to an investor in the fund6 who is a professional client; if the investor6 has so requested or the firm6 has taken reasonable steps to establish that the investor6 does not wish to receive it; or6666(b) if it would duplicate a statement to be provided
COBS 18.5.14RRP
A small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 must make a copy of any periodic statement it has provided in accordance with the requirement to prepare and issue periodic statements to investors in the fund6. The record must be retained for a minimum period of three years.66
COBS 18.5.15ERP
Table: Periodic statementsThis table belongs to COBS 18.5.12 E.Periodic statementsSuitable intervals(1)A periodic statement should be provided at least:(a)six-monthly; or(b)once in any other period, not exceeding 12 months, which has been mutually agreed between the firm and the investor in the fund.66Adequate information(2)(a)A periodic statement should contain:(i)(A)The information set out in the table of general contents of a periodic statement;(B)where the portfolio of the
COBS 18.5.17ERP
Table: General contents of a periodic statementThis table belongs to COBS 18.5.15 E.General contents of periodic statements1Contents and value(a)As at the beginning of the account period, the total value of the portfolio of the fund6, being either:6(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(ii)in the case of the first periodic statement, the value of the assets
COBS 18.5.18ERP
Table: Contents of a periodic statement in respect of contingent liability investmentsThis table belongs to COBS 18.5.15 E.Contents of a periodic statement in respect of contingent liability investments(1)Changes in valueThe aggregate of money transferred into and out of the portfolio of the fund6 during the account period.6(2)Open positionsIn 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
COBS 18.8.1RRP
1COBS applies to an OPS firm when it carries on business which is not MiFID or equivalent third country business, with the following modifications: (1) references to client are to be taken to be references to the OPS or welfare trust, as the case may be, in respect of which the OPS firm is acting or intends to act, and with or for the benefit of whom the relevant business is to be carried on; (2) if an OPS firm is required by any COBSrule to provide information to, or obtain consent
COBS 18.8.2RRP
Where an OPS firm conducts OPS activity and is obliged to provide a periodic statement, the periodic statement must contain the information in the table below.Information to be included in a periodic statement provided by an OPS firm conducting OPS activity(1)Investment objectives A statement of any investment objectives governing the mandate of the portfolio of the occupational pension scheme as at the closing and starting date of the periodic statement. (2)Details of any asset
CASS 9.2.1RRP
(1) 1A firm must make available to each of its clients to whom it provides prime brokerage services a statement in a durable medium:(a) showing the value at the close of each business day of the items in (3); and(b) detailing any other matters which that firm considers are necessary to ensure that a client has up-to-date and accurate information about the amount of client money and the value of safe custody assets held by that firm for it.(2) The statement must be made available
CASS 9.2.2GRP
2Where a firm has entered into an agreement with a client under article 91 (Reporting obligations for prime brokers) of the AIFMD level 2 regulation, and to the extent that the firm makes available to the client the same statements as specified by that article that it is required to provide to the relevant depositary, the FCA will treat the obligations under CASS 9.2.1 R as satisfied by the firm.
COBS 16.2.1RRP
(1) If a firm has carried out an order in the course of its designated investment business on behalf of a client, it must:(a) promptly provide the client, in a durable medium, with the essential information concerning the execution of the order;(b) in the case of a retail client, send the client a notice in a durable medium confirming the execution of the order and such of the trade confirmation information (COBS 16 Annex 1R) 2as is applicable: (i) as soon as possible and no later
COBS 16.2.7RRP
A firm must retain a copy of any confirmation despatched to a client under this section:(1) for MiFID or equivalent third country business, for a period of at least five years; or(2) for business that is not MiFID or equivalent third country business, for a period of at least three years;from the date of despatch. [Note: see article 51(3) of the MiFID implementing Directive]
COBS 16.1.1RRP
1A firm must ensure in relation to MiFID or equivalent third country business that a client receives adequate reports on the services provided to it by the firm. The reports must include, where applicable, the costs associated with the transactions and services undertaken by the firm on behalf of the client. [Note: article 19(8) of MiFID]
CASS 3.2.4GRP
When appropriate, firms that enter into the arrangements with retail clients3covered in this chapter 2 will be expected to identify in the statement of custody assets sent to the client in accordance with COBS 16.4 (Statements of client designated investments or client money)3 or CASS 9.5 (Reporting to clients on request)4 details of the assets which form the basis of the arrangements. Where the firm utilises global netting arrangements, a statement of the assets held on this
COBS 9.4.1RRP
1A firm must provide a suitability report to a retail client if the firm makes a personal recommendation to the client and the client:(1) acquires a holding in, or sells all or part of a holding in:(a) a regulated collective investment scheme;(b) an investment trust where the relevant shares have been or are to be acquired through an investment trust savings scheme;(c) an investment trust where the relevant shares are to be held within an ISA which has been promoted as the means
COBS 6.1.4RRP
A firm must provide a retail client with the following general information, if relevant:(1) the name and address of the firm, and the contact details necessary to enable a client to communicate effectively with the firm;(2) in the case of MiFID or equivalent third country business, the languages in which the client may communicate with the firm, and receive documents and other information from the firm;(3) the methods of communication to be used between the firm and the client
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.
CASS 9.3.2GRP
(1) Principle 10 (Clients’ assets) requires a firm to arrange adequate protection for client's assets when it is responsible for them. As part of these protections, the custody rules require a firm to take appropriate steps to protect safe custody assets for which it is responsible.(2) Subject to paragraph (3), a 3prime brokerage firm should not enter into “right to use arrangements” for a client'ssafe custody assets unless:13(a) in the case of a CASS small firm or a firm to
COBS 21.2.4RRP
A firm must notify its linked policyholders of the risk profile and investment strategy for the linked fund:(1) at inception, and(2) before making any material changes.