RegSol Blog

Dear CEO Letter: Thematic Review: Verification of Data Submitted in Retail Intermediaries Annual Returns

October 2020

The Central Bank requires all retail intermediary firms to submit an annual return comprising general, financial, ownership, and conduct of business information. The Dear CEO Letter issued at the end of August 2020 addressed to brokers identified a number of action items to be taken with the submission of Annual Returns:

  1. To strengthen procedures and controls to ensure they are compliant with obligations to submit complete and accurate annual returns in a timely manner.
  2. To discuss this letter at the next Board meeting (or equivalent meeting in the absence of a Board) and record the discussion in the meeting minutes.
  3. To voluntarily revoke authorisations where a firm is not actively using them.
  4. Put in place robust procedures and controls to ensure they are compliant with the obligations attendant to their authorisation, in particular, the requirements to maintain a net positive asset position and prepare audited accounts annually

Click HERE to view the letter.

By Judy de Castro
Regulatory Consultant