General reporting requirements
Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP
General reporting requirements

The following Financial Services guidance note Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP provides comprehensive and up to date legal information covering:

  • General reporting requirements
  • General notification requirements
  • Immediate notification requirements
  • Reporting suspicious transactions (market abuse)
  • Behaviour that constitutes market abuse
  • Content and method of suspicious transaction report notification
  • Regular reporting requirements
  • Annual controller's report
  • Annual close links report
  • Compliance reports
  • more

Following amendments to the Financial Services and Markets Act 2000 (FSMA 2000) made by the Financial Services Act 2012, the Financial Services Authority ceased to exist and its functions were split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Financial Services and Markets Act 2000 (PRA-regulated Activities Order) 2013, SI 2013/556 specifies the activities that are PRA-regulated activities. Accordingly, the PRA is responsible for the authorisation and prudential regulation of firms that carry on PRA-regulated activities. PRA-authorised firms are dual-regulated in that they are also subject to regulation by the FCA for conduct purposes. FCA-authorised firms are regulated solely by the FCA for both prudential and conduct purposes. For further information, see Financial Conduct Authority—authorisation and Prudential Regulation Authority—authorisation.

Both FCA and PRA-authorised firms are required to report to the FCA and/or the PRA (as applicable) on a regular basis in relation to the firm's financial condition and its compliance with applicable rules and requirements imposed by or under FSMA 2000. The relevant provisions are Principle 11 of the FCA Handbook's Principles for Business (PRIN), Fundamental Rule 7 of the PRA’s Fundamental Rules, chapters 15 and 16 of the FCA Supervision manual (SUP) and Regulatory reporting Part of the PRA Rulebook. FCA-authorised firms have only to refer to the FCA Handbook, whereas