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  • BR-1.3 BR-1.3 Prudential and Financial Reporting Dates

    • BR-1.3.1

      For the purpose of reporting requirements under this Module, the quarter end of an investment firm licensee must be a 3-month period ending on 31 March, 30 June, 30 September or 31 December.

      Adopted: July 2007

    • BR-1.3.2

      The financial year of an investment firm licensee must be a 12-month period ending on 31 December, except where the firm has obtained the written consent from the CBB for either the period or the period end to be other than 12 months and 31 December respectively. In any event, the financial year can never be less than a 6-month period or greater than an 18-month period.

      Adopted: July 2007

    • BR-1.3.3

      In instances where the financial year end of the parent undertaking is other than 31 December, the investment firm licensee must notify the CBB that its financial year will coincide with that of its parent undertaking.

      Adopted: October 2009

    • BR-1.3.4

      For the purposes of Rule BR-1.3.2 and BR-1.3.3, the CBB would usually accept that the financial year end of a branch be the same as that of its head office (i.e. the company of which it is part). The CBB may also consider allowing licensees that are part of an overseas group to have a different year end, where imposing a December year-end would cause significant difficulties. Otherwise, the only time that the CBB would be likely to consider allowing an investment firm licensee to adopt a financial period of other than 12 months would be the year in which it is authorised, or when the company's shareholders have themselves approved a change in the reporting period for the purposes of its financial statements.

      Amended: October 2009
      Adopted: July 2007