• CAPI Part 7.3 CAPI Part 7.3 Additional reports, special reviews and costs

    • CAPI 7.3.1 Regulatory Authority may require additional reports

      (1) The Regulatory Authority may, by written notice, require a firm to prepare financial condition reports more frequently than required under rule 7.1.1 (Firm must prepare report) if the authority considers it necessary or desirable for the prudential supervision of the firm.
      (2) The financial condition report must be prepared and signed by the reporting actuary.
      (3) A firm must give to the Regulatory Authority the report required under subrule (1) within the period stated in the notice, unless the authority gives an extension of the period in writing.

      Note Writing is defined in the glossary.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 7.3.2 Regulatory Authority may require special purpose reports

      (1) The Regulatory Authority may, by written notice, require a firm—
      (a) to undertake a special purpose review of matters relating to the firm's operations, risk management or financial affairs, and
      (b) to prepare a report on the review.
      (2) A special purpose review and report must be undertaken and prepared by a reporting actuary unless the Regulatory Authority appoints an actuary to undertake the review and prepare the report.
      (3) A special purpose review and report must be undertaken and prepared in accordance with relevant professional standards.
      (4) The special purpose report must—
      (a) be prepared and signed by the actuary who prepared it; and
      (b) be given by the actuary simultaneously to the Regulatory Authority and the firm within 3 months after the date of the written notice requiring the report, unless the authority gives an extension of the period in writing.

      Note Writing is defined in the glossary.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 7.3.3 Costs of reports and reviews

      (1) The costs of financial condition reports for a firm must be borne by the firm.
      (2) The costs of any special purpose review and report for a firm must be borne by the firm.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)