12
Financial Conglomerates
12.1
The changes to this rule are effective from 23:00 on 31/12/2020.
This Chapter applies only to a firm that is a member of a financial conglomerate and either:
- (1) it is at the head of a UK-regulated financial conglomerate; or
- (2) its Part 4A permission contains a requirement which either:
- (a) applies 12.3 to the firm; or
- (b) applies 12.3 to the firm unless the UK mixed financial holding company of the financial conglomerate to which the firm belongs submits the report required under this rule (as if the rule applied to it).
- 31/12/2020
12.2
Firms must submit to the PRA the duly completed data items specified in 12.3 in accordance with 12.3.
- 01/01/2016
12.3
The table below sets out the following:
- (a) the applicable data items;
- (b) the applicable reporting frequencies for submission of data items and periods (calculated from a firm's accounting reference date, unless indicated otherwise); and
- (c) the applicable due dates for submission. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period, unless indicated otherwise.
| Financial conglomerates | |||
|---|---|---|---|
| Content of Report | Data item (1) | Frequency | Due Date |
| Calculation of supplementary capital adequacy requirements in accordance with one of the three technical calculation methods | (2) |
(5) Annually |
(5) |
| Identification of significant risk concentration levels | (3) | Annually | 4 months after year end |
| Identification of significant intra-group transactions | (4) | Annually | 4 months after year end |
| Report on compliance with Financial Conglomerates 4.2 where it applies | (6) | (5) | (5) |
- (1) When giving the report required, a firm must use the form indicated, if any.
- (2) Adequate information must be provided, specifying the calculation method used and each financial conglomerate for which the PRA is the co-ordinator must discuss with the PRA the form which this reporting will take and the extent to which verification by an auditor will be required.
- (3) Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the PRA is the co-ordinator must discuss with the PRA the form of the information to be reported. This should mean that usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.
- (4) For the purposes of this reporting requirement, an intra-group transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the financial conglomerate.
Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the PRA is the co-ordinator must discuss with the PRA the form of the information to be reported. - (5) The frequency and due date will be as follows:
- (a) banking and investment services conglomerate: frequency is annually with due date 45 business days after period end;
- (b) insurance conglomerate: frequency is annually with due date four months after period end for the capital adequacy return and three months after period end for the report on compliance with Financial Conglomerates 4.2 where it applies.
- (6) Adequate information must be added as a separate item to the relevant form for sectoral reporting.
- 12/08/2022