Securities Reporting Requirements
Requirements for Licensees
Entities that are licenced have an obligation to submit the following to the Authority:
- Audited Accounts annually, within six months of the licensee's financial year end, as required in Section 13 of the Securities Investment Business Law (SIBL);
- A Certificate of Compliance certifying that the licensee has complied with the provisions of the law and any underlying regulations. This must be submitted at the same time as the audited accounts (as required by Section 13, SIBL);
- Notification of any changes in the information required at the time of licensing, within seven days of such changes occurring (required under Section 7(4), SIBL).
- Auditor's opinion on the internal controls of the licensee, at the same time as the audited accounts, as required in section 8(1) of the Securities Investment Business (Financial Requirements and Standards) Regulations 2003;
- Financial reporting statements - In the case of a licenced Broker-Dealer, a monthly statement, and, in the case of all other licenced entities, a quarterly statement. Licensees must submit these within 15 business days of the end of the month or quarter (Section 8(1), SIBL (Financial Requirements and Standards) Regulations;
- Annual reconciliation between balance sheet figures on the audited accounts and monthly/quarterly reporting statement prepared at the same date, and an explanation of any differences, and at the same time as the audited accounts, as required under the same section;
- Current Details of Insurance annually, prior to renewal of the licensee's securities investment business licence, as specified in Section 4(2) of the Securities Investment Business (Conduct of Business) Regulations (the Conduct of Business Regulations);
- Other Notification - Licensees should also be familiar with, and adhere to, the notification requirements under Section 9 of the Conduct of Business Regulations.
Securities Investment Business Financial Reporting
As noted in point 5, above, under section 8(1)(b) of the Securities Investment Business (Financial Requirements and Standards) Regulations, every holder of a licence shall submit, in the case of a licenced Broker-Dealer, a monthly financial reporting statement, and, in the case of all other licenced entities, a quarterly financial reporting statement. Click on the link above for further information on securities investment business financial reporting, and to download the reporting form.
Requirements for Excluded Persons
Persons registered as excluded persons, pursuant to Section 5(4) of the Securities Investment Business Law, must file an annual declaration with CIMA. Click the link above to access the annual declaration form.
Please note that entities registered as Excluded Persons are exempted from the requirement to obtain a licence to conduct securities investment business as they conduct business exclusively with persons or institutions as set out in Schedule 4 of the SIBL and are therefore not regulated by the Authority.
Reporting Schedule for all Entities
Click on the link above to view the current Reporting Schedule for Prudential and Statistical Returns for all CIMA-regulated entities.