• Introduction

      • Guidance

        1. This Chapter specifies the disclosures required to be made by an Authorised Person to enable market participants and potential Counterparties to exercise market discipline in relation to the firm. Chapter 11 applies to banks, principal dealers and Islamic banks and specifies the disclosure requirements for such firms.
        2. App12 provides a detailed list of disclosure requirements for Authorised Persons to which this Chapter applies.

    • PRU 11.1 PRU 11.1 Application and general obligation of disclosure

      • Guidance

        The purpose of the requirements in this Chapter is to ensure that minimum public disclosures are made available to market participants to assist them in forming an opinion on the risk profile and capital adequacy of an Authorised Person. The Regulator expects an Authorised Person to convey its actual risk profile to market participants.

      • PRU 11.1.1

        An Authorised Person in Category 1, 2 or 5 must make the disclosures as prescribed in this Chapter.

      • PRU 11.1.2

        (1) An Authorised Person which is a member of a Financial Group must, subject to (2), ensure that the disclosures specified in App12 are made at Financial Group level.
        (2) An Authorised Person which is a Subsidiary of
        (a) a Financial Institution; or
        (b) another Authorised Person which is in Category 1, 2 or 5;
        which is already subject to equivalent public disclosure requirements, does not need to comply with the requirements in this Chapter to the extent that it meets those equivalent public disclosure requirements.

    • PRU 11.2 PRU 11.2 Disclosure policy

      • PRU 11.2.1

        An Authorised Person must implement and maintain a written disclosure policy that:

        (a) sets out the firm's approach for determining which of the disclosures set out in App12 it needs to make;
        (b) details the processes and procedures and its internal controls in relation to such disclosure;
        (c) details the medium for disclosure that most appropriately meets the purposes of this Chapter; and
        (d) is approved by the Governing Body of the firm.

      • PRU 11.2.2

        An Authorised Person must ensure that appropriate verification, whether internal or external, is performed in relation to any disclosure, and take all reasonable steps to ensure its accuracy and timeliness.

      • PRU 11.2.3

        To the extent that any required disclosure is substantially similar to a disclosure required of the Authorised Person under the International Financial Reporting Standards, a disclosure under such standards must be taken to meet the requirement for disclosure under this Chapter.

    • PRU 11.3 PRU 11.3 Disclosure frequency, locations and process

      • Frequency

        • PRU 11.3.1

          (1) The disclosures set out in this Chapter must be made by the Authorised Person at least once a year, other than disclosures of CET1 Capital, T1 Capital and T2 Capital and deductions from Capital Resources which must be made on a quarterly basis.
          (2) Reporting deadlines must be in accordance with quarterly and annual reporting obligations contained in these Rules.

      • Locations

        • PRU 11.3.2 PRU 11.3.2

          (1) An Authorised Person must, subject to (2), make these disclosures either in its annual report or periodic financial statements.
          (2) An Authorised Person may disclose the items marked as quantitative in App12 in a medium or location other than its annual report or periodic financial statements, provided that:
          (a) it has prior written approval of the Regulator to do so;
          (b) the annual report or periodic financial statements contain clear references to the location of such disclosures; and
          (c) such disclosures are readily accessible by the market.

          • Guidance

            An Authorised Person has discretion to determine the form of the disclosures required, and may choose to use graphical and other representations where appropriate.

      • Omissions

        • PRU 11.3.3

          (1) An Authorised Person may omit certain disclosures if the omitted item is:
          (a) not material, in accordance with the concept of materiality under the International Financial Reporting Standards,
          (b) proprietary in nature, and the disclosure of the relevant information to the public would undermine the Firm's competitive position or render the Firm's investments in products and systems less valuable, or
          (c) confidential in nature, and the disclosure of the relevant information would violate or jeopardise confidentiality agreements with Clients or Counterparties.
          (2) Where in reliance upon (1)(b) or (c) an Authorised Person omits an item that is marked as a quantitative disclosure in App12, it must disclose general qualitative information about the subject matter of that particular requirement, together with the reasons for the omission.