COBS 16A.4 Periodic reporting

(2)

 The periodic statement must:

1. (a)

    provide a fair and balanced review of the activities undertaken and of the performance of the client's portfolio during the reporting period; and

2. (b)

    in the case of a retail client, include such of the following information as is applicable:

   1. (i)

       the name of the firm;

   2. (ii)

       the name or the other designation of the client's account;

   3. (iii)

       a statement of the contents and the valuation of the portfolio, including details of:

      1. (A) eachfinancial instrument held, its market value, or fair value if market value is unavailable;
      2. (B) the cash balance at the beginning and at the end of the reporting period; and
      3. (C) the performance of the portfolio during the reporting period;

   4. (iv)

       the total amount of fees and charges incurred during the reporting period, itemising at least total management fees and total costs associated with execution, and including, where relevant, a statement that a more detailed breakdown will be provided on request;

   5. (v)

       a comparison of performance during the period covered by the statement with the investment performance benchmark (if any) agreed between the investment firm and the client;

   6. (vi)

       the total amount of dividends, interest and other payments received during the reporting period in relation to the client's portfolio;

   7. (vii)

       information about other corporate actions giving rights in relation to financial instruments held in the portfolio;

   8. (viii)

       for each transaction executed during the period, such of the information referred to in  COBS 16A.3.1R(6)(c) to (l) as is applicable, unless the client elects to receive information about executed transactions on a transaction-by-transaction basis, in which case (4) applies.

(3)

 The periodic statement in (1) must be provided to a retail client once every 3 months, except in the following cases:

1. (a)

    if the firm:

   1. (i)

       provides the client with access to an online system, which qualifies as a durable medium, and provides the client with easy access to:

      1. (A) up-to-date valuations of the client's portfolio; and
      2. (B) the information specified in COBS 16A.5.1R(3); and

   2. (ii)

       has evidence that the client has accessed a valuation of their portfolio at least once during the relevant quarter;

2. (b)

    the periodic statement must be provided at least once every 12 months if:

   1. (i)

       the retail client elects to receive information about executed transactions on a transaction-by-transaction basis (COBS 16A.4.1R(4)); and

   2. (ii)

       there are no transactions in:

      1. (A) financial instruments covered by paragraphs 4 to 11 of Part 1 of Schedule 2 to the Regulated Activities Order; or
      2. (B) securities giving the right to acquire or sell a transferable security or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures;

   (c) if the agreement between an the firm and the retail client for a portfolio management authorises a leveraged portfolio, the periodic statement must be provided at least once a month.

(4)

 If a retail client elects to receive information about executed transactions on a transaction-by-transaction basis, the firm must:

1. (a)

    on the execution of a transaction by the portfolio manager, promptly provide to the retail client the essential information concerning that transaction in a durable medium; and

2. (b)

    unless the confirmation would contain the same information as a confirmation that is to be promptly dispatched to the retail client by another person, send the retail client a notice confirming the transaction and containing the information in COBS 16A.3.1R(6):

   1. (i)

       no later than the first business day following that execution; or

   2. (ii)

       if the confirmation is received by the firm from a third party, no later than the first business day following receipt of the confirmation from the third party.