CASS 14.4 Temporary permission auditor’s report

This section does not apply in relation to a TP firm to which only CASS 5 applies as a result of GEN 2.2.26R.

Subject to CASS 14.4.3R, a TP firm to which this section applies must ensure that the FCA receives any report made by its external auditors pursuant to a requirement in its Home State that implements article 8 of the MiFID Delegated Directive, in the following circumstances:

1. (1)

   where the auditor’s report confirms that the TP firm’s arrangements referred to in article 8 of the MiFID Delegated Directive are not adequate; or

2. (2)

   in response to a request made by the FCA to the TP firm in writing.

1. (1)

   If the TP firm did not have a temporary permission during the entire period covered by an auditor’s report, that auditor’s report is excluded from the requirement under CASS 14.4.2R.

2. (2)

   Where the auditor’s report required under CASS 14.4.2R is not in English, the TP firm must ensure that the FCA receives both the auditor’s report and an English translation of it.

1. (1)

   A TP firm must ensure that any auditor’s report and English translation which are required to be provided to the FCA under this section are sent by email.

2. (2)

   In the case of an auditor’s report, this must be sent:

   1. (a)

      where CASS 14.4.2R(1) applies, as soon as it is made available to the relevant Home State regulator; and

   2. (b)

      where CASS 14.4.2R(2) applies, immediately on the FCA’s written request.

3. (3)

   In the case of an English translation, this must be sent:

   1. (a)

      where CASS 14.4.2R(1) applies, within one month of the auditor’s report being made available to the relevant Home State regulator; and

   2. (b)

      where CASS 14.4.2R(2) applies, within one month of the FCA’s written request.

Where a TP firm intends to rely on another person to send an auditor’s report to the FCA under this section, it must inform the FCA in advance of that person’s identity by email.

The rules in this section apply regardless of whether the scope of an auditor’s report includes a TP firm’s activities specified in CASS 14.1.2R.