GEN 6.6.7

An Authorised Person must, in procuring the production of a Safe Custody Auditor's Report by its Auditor, ensure that the Auditor states, as at the date on which the Authorised Person's audited statement of financial position was prepared:

(1) the extent to which the Authorised Person was holding and controlling Client Investments, Arranging Custody or Providing Custody; and
(2) whether:
(a) the Authorised Person has, throughout the year, maintained systems and controls to enable it to comply with the Safe Custody Rules in COBS Chapter 15;
(b) the Safe Custody Investments are registered, recorded or held in accordance with the Safe Custody Rules;
(c) there have been any material discrepancies in the reconciliation of Safe Custody Investments;
(d) the Auditor has received all necessary information and explanations for the purposes of preparing this report to the Regulator; and
(e) any of the requirements of the Safe Custody Provisions have not been met.