Modification by consent of various SUP 16.12 rules (Integrated Regulatory Reporting) - available to UCITS investment firms, and BIPRU investment firms (excluding BIPRU full scope 730k firms)
We have issued a modification by consent for certain investment firms regarding the periods for submitting data electronically, as required under our rules (SUP 16.12). This means these firms have longer to submit certain FSA data items prefixed '0XX' (e.g.FSA008) which they are due to send us between 30 June 2008 and 25 August 2008 inclusive.
Which firms does this apply to?
The table below sets out the categories of firm eligible for this modification by consent. All affected firms are in Phase 1 of the Integrated Regulatory Reporting programme. This modification does not apply to banks or building societies.
| Firm Type | Modification by consent available |
|---|---|
| Electronic Money Issuer | No* |
| UCITS investment firm | Yes |
| BIPRU 50K firm | Yes |
| BIPRU 125K firm | Yes |
| BIPRU limited activity 730K firm | Yes |
| BIPRU full scope 730K firm | No |
| Bank | No |
| Building society | No |
* Note: Electronic Money Issuers are not affected by this modification as their new reporting requirements start from 31 August 2008, when GABRIEL will be available.
What is the purpose of the modification?
We are implementing the new regulatory reporting requirements in SUP 16.12 from 30 June 2008. At the same time we are introducing a new reporting system called GABRIEL (GAthering Better Regulatory Information Electronically).
Unfortunately due to the complexities of developing GABRIEL along with delivering our IT architecture, we will defer implementing GABRIEL by eight weeks for Phase 1 firms to 26 August 2008. We wrote you directly about this deferral on 8 May 2008.
The modification enables the affected firms to submit certain FSA data items electronically via GABRIEL as they are expecting, but at a later date than planned i.e. after 25 August 2008, when GABRIEL will be available. This modification by consent extends the submission period for all returns due via GABRIEL between 30 June 2008 and 25 August 2008 inclusive, from the types of firms listed above.
There is no change to the reporting requirements themselves, or the reporting periods which the data items must cover. Nor is there a change to data item FSA003 (Capital adequacy) which is currently reported on the Early Reporting System.
Which data items does this cover?
The following table lists all data items affected by this modification. Not all firms are required to report all the data items below. You should check SUP 16.12 to confirm which data items apply to your firm.
| Data item | Description |
|---|---|
| FSA001 | Balance sheet |
| FSA002 | Income statement |
| FSA008 | Large exposures |
| FSA016 | Solo consolidation data |
| FSA018 | UK integrated groups – large exposures |
| FSA019 | Pillar 2 information |
What does this mean for firms?
This modification only relates to FSA data items required under SUP 16.12 and prefixed 'FSA 0XX' (e.g. FSA008). It does not alter any other routine or ad-hoc information that you must provide under other provisions of the FSA Handbook or on request.
You should still collate the data for the relevant reporting periods ending on or after 30 June 2008, as required under SUP 16.12. The only change is to your deadline(s) for sending the data to us via GABRIEL.
If your firm is in the population described above you will not need to start submitting your data items until 26 August 2008, when GABRIEL is available. You will have two weeks from 26 August 2008 to 9 September 2008 inclusive to submit the data items on GABRIEL.
Between 1 July 2008 and 25 August 2008 inclusive, all firms currently submitting data via the Early Reporting System (ERS) must continue to do so. The ERS data item relevant to firms impacted by this modification is FSA003 - Capital Adequacy. From 26 August 2008 onwards, any firms due to submit FSA003 must do so via GABRIEL instead of ERS.
How do firms get the modification?
We will assume that all affected firms consent to this modification unless a firm notifies us in writing that it does not want to extend the deadlines for its submission of data. We shall therefore treat all UCITS investment firms, BIPRU 50k firms, BIPRU 125k firms and BIPRU limited activity 730k firms as being subject to the modified rules of the attached direction unless they notify us in writing that they do not want to take advantage of the extended deadline(s) for submitting data via GABRIEL.
If you want to report electronically under the unmodified reporting schedules in SUP 16.12, an appropriately senior approved person at your firm must email us at centralwaiversteam@fsa.gov.uk with your notification no later than 30 June 2008.
Please include in your email:
- the name of your firm;
- the firm's Firm Reference Number (FRN);
- (for group reporting) the Group Reference Number (GRN); and
- the name, phone number and email address of the person we can contact at your firm if we have a query.
You will then be required to submit your data items using the GABRIELLA process, which we will contact you about separately.
A UCITS investment firm, BIPRU 50k firm, BIPRU 125k firm or BIPRU limited activity 730k firm must therefore either:
- submit its returns via GABRIEL, in line with the extended submission deadlines in the direction; or
- notify us in writing that it is not taking advantage of the modification and report within the submission deadlines in SUP 16.12 (unmodified) via GABRIELLA.
Failure to take one of these options will result in regulatory action.
You should print a copy of the direction and keep it for your records.