Category II and IIA Financial Services Providers (FSPs) are required to submit their Bi-Annual Compliance Reports to the Financial Services Board (FSB) two (2) months after the reporting date (BN 51 of 2016).
The Bi-Annual Compliance Reports for Category II and IIA FSPs have two reporting dates per annum, being 30 June and 30 December. The next reporting date is the period ending on 30 June 2016, and the report must be submitted to the FSB by 31 August 2016.
In the case where an FSP is authorised for more than one licence category, only one report needs to be submitted. The FSP must submit the report that applies to the highest category it is licenced for. For example, an FSP that is licenced for Category I and II, only needs to submit the Category II report.
Information about Assets Under Management (AUM) for Discretionary and Hedge Fund FSPs at 30 June 2016 must be included in the report. It is important that the AUM figures are correct as the FSB will require Category II and IIA FSPs to submit these again for the purposes of calculating the levies payable by the FSP.
The Compliance Officer will prepare the report and ensure that it is timeously submitted to the FSB. However, there is still a duty on the FSP to ensure the reports are submitted.