GENE 5.2.1 Authorised firms must ensure accuracy and completeness of information given to Regulatory Authority etc

(1) An authorised firm or other person must take all reasonable steps to ensure that all information that the person gives to the Regulatory Authority under any law, regulations or rules is:
(a) factually accurate or, for an estimate or judgment, fairly and properly based after appropriate inquiries have been made; and
(b) complete, in that it includes everything that the authority would reasonably expect to be told about.
(2) Without limiting subrule (1), the authorised firm or other person must take particular care to ensure that information that the person gives to the Regulatory Authority:
(a) is not false or misleading; and
(b) does not omit anything without which the information is false or misleading.
(3) If the authorised firm or other person becomes aware that, or becomes aware of information that suggests (or may reasonably suggest) that, information given (or that may have been given) by it to the Regulatory Authority:
(a) was (or may have been) factually inaccurate or, for an estimate or judgment, not fairly or properly based after appropriate inquiries had been made;
(b) was (or may have been) incomplete, in that it did not (or may not) include something that the authority would reasonably expect to be told about;
(c) was (or may have been) false or misleading;
(d) omitted (or may have omitted) something without which the information was (or may have been) false or misleading;
(e) was (or may have been) otherwise inaccurate or incomplete; or
(f) is no longer (or may no longer be) accurate and complete for any reason;
the person must tell the authority about the matter immediately, but within 1 business day.

Examples

See examples to rule 4.1.3 (1) on the meaning of "within 1 business day".
(4) Without limiting subrule (3), the notification under that subrule must:
(a) identify:
(i) the information given (or that may have been given) by the authorised firm or other person to the Regulatory Authority; and
(ii) the particulars in which:
(A) it was (or may have been) inaccurate or incomplete; or
(B) it is (or may) now be inaccurate or incomplete;
(b) explain why those particulars of the information were (or may have been) given to the authority; and
(c) provide the correct and complete, or correct and complete upto-date, information.
(5) An authorised firm must:
(a) have adequate and appropriate policies, procedures, systems and controls to ensure that it can comply, and does comply, with this rule; and
(b) make and keep the records necessary to show how it complied with this rule in relation to all information (however described) given by it to the Regulatory Authority.
(6) A person (other than an authorised firm, but including a person acting on behalf of an authorised firm) who gives information (however described) to the Regulatory Authority under any law, regulations or rules must make and keep the records necessary to show how the person complied with this rule in relation to the information.
(7) For this rule and without limiting the persons who may give information to the Regulatory Authority on behalf of an authorised firm, any information given to the authority by an approved individual or director of the firm is taken to have been given to the authority by the firm.
(8) This rule is additional to, and does not limit, any other provision of these rules or any other rules (including CTRL).
Editorial changes (as from 1st January 2016).