Securities Reporting Requirements

Licensed entities are required to submit the following to the Authority:

1. Audited Accounts annually, within six months of the licensee's financial year-end, as mandated by Section 13 of the Securities Investment Business Act (SIBL);
2. Certificate of Compliance confirming that the licensee has adhered to the provisions of the Act and any relevant regulations. This must be submitted alongside the audited accounts (as required by Section 13, SIBL);
3. Notification of Changes to the information provided at the time of licensing, within seven days of such changes (required under Section 7(4), SIBL);
4. Auditor's Opinion on the internal controls of the licensee, submitted with the audited accounts, as required by Section 8(1) of the Securities Investment Business (Financial Requirements and Standards) Regulations 2003;
5. Financial Reporting Statements - For licensed Broker-Dealers, a monthly statement, and for all other licensed entities, a quarterly statement. These must be submitted within 15 business days of the end of the month or quarter (Section 8(1), SIBL (Financial Requirements and Standards) Regulations);
6. Annual Reconciliation between balance sheet figures in the audited accounts and the monthly/quarterly reporting statements prepared for the same date, along with an explanation of any discrepancies, submitted at the same time as the audited accounts, as required under the same section;
7. Current Insurance Details provided annually, prior to the 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);
8. Other Notifications - Licensees should also be aware of, and comply with, the notification requirements under Section 9 of the Conduct of Business Regulations.

As outlined in point 5 above, under section 8(1)(b) of the Securities Investment Business (Financial Requirements and Standards) Regulations, every licensee must submit, in the case of a licensed Broker-Dealer, a monthly financial reporting statement, and for all other licensed entities, a quarterly financial reporting statement.

Requirements for Excluded Persons

Individuals registered as Excluded Persons under Section 5(4) of the Securities Investment Business Act are required to file an annual declaration with Cmrai.

Disclaimer: Entities registered as Excluded Persons are exempt from the requirement to obtain a licence for conducting securities investment business, as they deal exclusively with persons or institutions specified in Schedule 4 of the SIBL, and are therefore not regulated by the Authority.