New annual statistical returns coming soon

New annual statistical returns

 

As part of its updated supervisory methodology, the Authority is introducing new annual statistical returns across different sectors. These returns include information that is common across sectors, coupled with sector specific data.

 

Phase 1 of this work focuses on those firms and sectors licensed under the Financial Services Act 2008 and supervised in the Portfolio and HMI Supervision Divisions of the Authority.

 

We are pleased to confirm that, following engagement and feedback with industry, we will be issuing the final return forms and guidance in January for the following sectors:

 

  • Financial advisers – the return applies to those firms licensed to conduct any combination of Class 2(3), (6) and (7) regulated activity only. These firms have already participated in a pilot exercise in 2023, using their 2022 data sets.

 

  • Trust and Corporate Service Providers – the return applies to those firms licensed to conduct any combination of class 4 and/or class 5 regulated activity with associated ancillary permissions (for example class 3 services to exempt schemes).

 

  • Investment Businesses and Fund Service Providers – the return applies to those firms licensed to conduct any combination of class 2 and/or class 3 regulated activity except those covered above, or banks that hold class 2 or 3 permissions. We are currently finalising our review of feedback from this sector.

 

The annual statistical return will be required under rule 6.72 of the Financial Services Rule Book from the period ending 31 December 2023, and will be due for submission annually by 30 April each year.

 

We also expect to introduce new statistical returns for other sectors in due course.

 

Changes to the Annual Regulatory Return

 

As part of introducing the new annual statistical return in January, we will simplify and publish a revised Annual Regulatory Return, to remove duplication.

 

Other proposed changes

 

We also plan to remove or simplify other returns or regulatory requirements, including:

 

  • The half-yearly investment business statistics return will no longer be required from applicable firms (such that the last reporting will be for the 6 months ending 31 December 2023).
  • We will in due course review the PII confirmation form, and the Clients’ Assets Report to remove duplication.
  • As part of the next Rule Book review, we will also seek to reduce or remove reporting obligations that will be captured by the statistical return.

 

Questions

 

We will publish the new statistical return forms and guidance, and updated Annual Regulatory Return, in January.  Any queries should be sent to returns@iomfsa.im