SUP TP 1 Transitional provisions

Auditors

A firm will not contravene SUP 3.3.2 R (1), if the office of auditor is filled at commencement. The auditor filling the office at that time will be deemed to be appointed under SUP 3.3.2 R.

(1) This transitional provision applies where an auditor would have been required to produce a report under SUP 3.10.4R for a CASS 7 loan-based crowdfunding firm as a result of CONC 12.1.4R were it not for the firm obtaining Part 4A permission.

(2) The period covered by the first report under SUP 3.10.4R produced after 21 August 2017 must end not more than 53 weeks after either:

(a) the period covered by the previous report on such matters;

(b) the date the firm’s application for Part 4A permission to operate an electronic system in relation to lending is granted; or

(c) the date the firm becomes subject to SUP 3.11 and its auditor becomes subject to SUP 3.10.

(1) This transitional provision applies where an auditor is required to produce a report under SUP 3.10.4R for a CASS 7 loan-based crowdfunding firm that has not had an interim permission.

(2) The period covered by the first report required under SUP 3.10.4R must end not more than 53 weeks after either:

(a) the period covered by the previous report on such matters provided that period did not end more than 53 weeks before 21 August 2017;

(b) the date the firm’s application for Part 4A permission to operate an electronic system in relation to lending is granted; or

(c) the date the firm becomes subject to SUP 3.11 and its auditor becomes subject to SUP 3.10.

(1) This transitional provision applies in respect of an auditor which was subject to SUP 3.10 immediately before 1 April 2019 in relation to a firm which becomes subject to the claims management client money rules on 1 April 2019.

(2) For the purposes of SUP 3.10.5R(1) in its application to the claims management client money rules, the first report which the auditor submits under SUP 3.10.4R which covers the claims management client money rules must state whether, in the auditor’s opinion, the firm was in compliance with those rules from 1 April 2019 to the end of the period covered by the report.

Actuaries

A firm will not contravene SUP 4.3.1 R (1) or SUP 4.4.1 R (1) to the extent that the office of actuarial function holder, with-profits actuary or appropriate actuary is filled by an actuary appointed on or before 31 December 2004, provided that that actuary was appointed in accordance with the statutory requirements, or the requirements of the regulatory system, in force at that time.

SUP 12.5.5 R

SUP 12.5.7 R

SUP 16.4.5 R

SUP 16.5.5 G

SUP 16.4

SUP 16.5

SUP 16.6

SUP 16.7

SUP 16.8

SUP 16.7.7 R;

SUP 16.7.9 R,

SUP 16.7.11 R,

SUP 16.7.16 R,

SUP 16.7.24 R,

SUP 16.7.26 R,

SUP 16.7.35 R,

SUP 16.7.44 R,

SUP 16.7.46 R,

SUP 16.7.48 R,

SUP 16.7.57 R

SUP 16.7.54 R;

SUP 16.7.76 R

SUP 16.7.79 R

SUP 16.7.80 R

(1)

SUP 16.7.24 R, SUP 16.7.25 R and 16.7.25A R, SUP 16.7.27 R and 16.7.27A R

(2)

SUP 16.7.35 R, SUP 16.7.36 R and SUP 16.7.36A R

(3)

SUP 16.7.67 R, SUP 16.7.68 R and SUP 16.7.68A R

(4)

SUP 16.7.76 R, SUP 16.7.77 R and SUP 16.7.77A R

(5)

SUP 16.7.16 R and SUP 16.7.17 R

(1)

SUP 16.7.7 R, SUP 16.7.8 R, SUP 16.7.8A R, SUP 16.7.16 R, SUP 16.7.17 R, SUP 16.7.17A R, SUP 16.7.24 R, SUP 16.7.25 R, SUP 16.7.25A R, SUP 16.7.26 R, SUP 16.7.27 R, SUP 16.7.27A R, SUP 16.7.30 R, SUP 16.7.35 R, SUP 16.7.36 R, SUP 16.7.36AR, SUP 16.7.67R, SUP 16.7.68R, SUP 16.7.68AR, SUP 16.7.76R, SUP 16.7.77R, SUP 16.7.77AR

(2)

SUP 16.7.9 R, SUP 16.7.10 R

(3)

SUP 16.12.11 R, SUP 16.7.12 R

(4)

SUP 16.7.62RSUP 16.12.5 R, SUP 16.7.63R

(6)

SUP 16.7.82R, SUP 16.7.83R

(1)

SUP 16.7.36 R

(2)

SUP 16.7.24 R, SUP 16.7.25 R, SUP 16.7.27 R

(3)

SUP 16.7.35 R, SUP 16.7.36 R

(4)

SUP 16.7.67 R, SUP 16.7.68 R

(5)

SUP 16.12.11R, SUP 16.12.12R

(1)

SUP 16.7.20R, SUP 16.7.21R, SUP 16.7.21AR, SUP 16.7.21BR, SUP 16.7.26R, SUP 16.7.27R, SUP 16.7.28R, SUP 16.7.29R, SUP 16.7.30R, SUP 16.7.35R, SUP 16.7.36R, SUP 16.7.54R, SUP 16.7.54AR, SUP 16.7.55R, SUP 16.7.56R, SUP 16.7.57R, SUP 16.7.58R, SUP 16.7.67R, SUP 16.7.68R, SUP 16.7.76R, SUP 16.7.77R

(1)

SUP 16.12.11R

(2)

SUP 16.12.14R

(3)

SUP 16.12.19R

(4)

SUP 16.12.25R

(5)

SUP 16.12.11R, SUP 16.12.14R, SUP 16.12.19R, SUP 16.12.25R

(2)

SUP 16.12.11R

(1)

SUP 16.12.15, SUP 16.12.16, SUP 16.12.17

SUP 16.12.5 R to SUP 16.12.7 R;

SUP 16.12.10 R to SUP 16.12.17 R;

SUP 16.12.22 R to SUP 16.12.27 R

12W

[PRA]

12Y

[FCA]

12Z

[FCA]

As a result of CASS TP 1.1.10AAR the changes effected by the provisions in the Annex listed in column (2) would not apply to any firm in respect of which:

(1) prior to 22 January 2018 the FCA has directed under s.138A of the Act that CASS 7.13.13R(3) be applied with modifications; and

(2) such a direction is in effect on 22 January 2018.

(1)

SUP 3.1.2 R

In respect of the reporting period 1 January 2019 to 30 June 2019, the statistical data on fraud must be provided on a best endeavours basis.

Payment service providers must provide at least the transaction and fraud totals that would have required to be collected had SUP 16 Annex 27ED remained in the form in which it stood on 31 December 2018 and had SUP 16 not been amended by the Payment Services (Amendment) Instrument 2018. SUP 16 Annex 27ED, as it stood on 31 December 2018, can be accessed by using the timeline on the FCA Handbook website.

(1) This transitional provision applies to a firm that is required under SUP 16.12.19AR to submit data item FIN072 to the FCA.

(2) Until the FCA has made electronic means available for the submission of data item FIN072 available, a firm in (1) must submit data item FIN072 by electronic email to: regulatory.reports@fca.org.uk.

(1) This transitional provision applies in respect of the first Annual Claims Management Report which a firm is required to submit under SUP 16.25.7R.

(2) No report is required under SUP 16.25.7R in respect of a period ending on an accounting reference date of the firm earlier than 1 July 2019.

(3) If no report is provided under SUP 16.25.7R in respect of a period ending on an accounting reference date of the firm earlier than 1 July 2019, the first report under SUP 16.25.7R must address the period from 1 April 2019 to the firm’s first accounting reference date which occurs on or after 1 July 2019.

(2)

Material to which the transitional provision applies

(4)

Transitional provisions

(5)

Transitional provision: dates in force

(6)

Handbook provision coming into force

The effect of (1) is that an authorised payment institution or a small payment institution should submit the annual return FSA056 or FSA057 in the pre-13 January 2018 format in respect of a reporting period that ends on or before 12 January 2018. The due dates for submission after the end of the reporting period are the same before and after 13 January 2018.

The effect of (1) is also that an authorised electronic money institution should submit FSA059 to FSA063 in the pre-13 January 2018 formats (rather than the new return FIN060) in respect of a reporting period that ends on or before 12 January 2018. The reporting frequencies for these returns are half-yearly, calculated from the authorised electronic money institution’s accounting reference date, and the due dates for submission are within 30 business days following the end of the reporting period.

A small electronic money institution should submit FSA064 in the pre-13 January 2018 format (rather than the new return FIN060) in respect of a reporting period that ends on or before 12 January 2018. The reporting frequency for this return is half-yearly, calculated from the small electronic money institution’s accounting reference date, and the due date for submission is within 30 business days following the end of the reporting period.

(1) This direction applies to an authorised payment institution, registered account information service provider, authorised electronic money institution, or small electronic money institution with an accounting reference date falling between 13 January 2018 and 30 March 2018 (inclusive).

(2) A person to whom this direction applies must, in respect of the reporting period that ends on the accounting reference date between 13 January 2018 and 30 March 2018, complete and submit the return specified in the second column of the table in SUP 16.13.4D or SUP 16.15.8D (as applicable) within 30 business days of 31 March 2018.

The effect of (3) is that an authorised payment institution or registered account information service provider should submit the return FSA056 by 11 May 2018 if the return relates to a reporting period that ends between 13 January 2018 and 30 March 2018 (inclusive).

The effect of (3) is also that an authorised electronic money institution or small electronic money institution should submit the return FIN060 by 11 May 2018 if the return relates to a reporting period that ends between 13 January 2018 and 30 March 2018 (inclusive).

An authorised payment institution, registered account information service provider, authorised electronic money institution, or small electronic money institution required to submit a return covering a reporting period beginning before and ending after 13 January 2018 is required to answer the ‘new return questions’ only in respect of the period beginning on the 13 January 2018 and ending on its accounting reference date.

‘New return questions’ means:

(a) for an authorised payment institution, questions 68, 76,-80 and 84-86 in FSA056 (Authorised Payment Institution Capital Adequacy Return);

(b) for a registered account information service provider, question 68 in FSA056 (Authorised Payment Institution Capital Adequacy Return);

(c) for an authorised electronic money institution, questions 2–3, 10-11, 75-76 and 80-82, in FIN060 (Authorised Electronic Money Institution Questionnaire); and

(d) for a small electronic money institution, questions 2-3 and questions 10-12 in FIN060 (Small E-Money Institution Questionnaire).

(1) This rule applies to:

(a) an SMCR banking firm; and

(b) an SMCR insurance firm.

(2) The reporting and timing requirements in SUP 16.26 are modified in accordance with paragraphs (3) to (6) for a firm to which this rule applies.

(3) The firm must submit a report about each individual who is or becomes a Directory person on or after 9 September 2019.

(4) Where the relevant information is held by the firm, the firm must submit a report about each individual who does not fall within (3), but who would have been a Directory person on or after 10 December 2018.

(5) The firm must submit to the FCA all reports about the Directory persons specified in (3) and (4) by 9 March 2020, which is set out in Part 1, SUP 16 Annex 47AR (Directory persons report), submitted online through the appropriate system which is accessible from the FCA website and in the appropriate format.

(6) SUP 16.26.13R to SUP 16.26.19R apply only on and from 9 March 2020.

(1) This rule applies to an SMCR firm which is not:

(a) an SMCR banking firm; or

(b) an SMCR insurance firm.

(2) The reporting and timing requirements in SUP 16.26 are modified in accordance with paragraphs (3) to (5) for a firm to which this rule applies.

(3) The firm must submit a report about each individual who is or becomes a Directory person on or after 9 December 2019.

(4) The firm must submit to the FCA all reports about the Directory persons specified in (3) by 31 March 2021, which is set out in Part 1, SUP 16 Annex 47AR (Directory persons report), submitted online through the appropriate system which is accessible from the FCA website and in the appropriate format.

(5) SUP 16.26.13R to SUP 16.26.19R apply only on and from 31 March 2021.

(6) This rule is modified by SUP TP 1.13.3R.

(1) This rule applies to a firm:

(a) that comes within SYSC TP 8.1.1R (Application, purpose and definitions); and

(b) has an individual transitional period.

(2) SUP TP 1.13.2R is adjusted so that a reference to:

(a) 9 December 2019 is a reference to the start of a firm’s individual transitional period; and

(b) 31 March 2021 is a reference to the end of a firm’s individual transitional period.

(3) Individual transitional period has the meaning in SYSC TP 8.1.5R (Table: glossary of bespoke terms used in SYSC TP 8), taking into account the amendment to that definition made by the Individual Accountability (FCA-Authorised Firms) (COVID-19 and Extension of Deadlines) Instrument 2020.