Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.


Status: This chapter was amended on 31 December 2020 as a result of Brexit. However, it is subject to the FCA Prudential Transitional Direction, which means that firms should not comply with these provisions yet. Instead, firms must follow this link and continue to comply with pre-IP completion day requirements https://www.handbook.fca.org.uk/handbook?date=31-12-2020&timeline=True (unless specified otherwise in the Direction). To see a full list of Handbook modules affected, please see Section B of the Annex to the Direction.

BIPRU 11.2 Basis of disclosures

Disclosure on an individual basis

BIPRU 11.2.1RRP

The following must comply with the obligations laid down in BIPRU 11.3 on an individual basis:

  1. (1)

    a firm which is neither a parent undertaking nor a subsidiary undertaking;

  2. (2)

    a firm which is excluded from a UK consolidation group or non-UK sub-group2 pursuant to BIPRU 8.5; and

    [Note: BCD Article 68(3)]

  3. (3)

    a firm which is part of a group which has been granted an investment firm consolidation waiver under BIPRU 8.4;

    [Note: CAD.Article 23]

Parent institutions in the UK

BIPRU 11.2.2RRP

A firm which is a parent institutions in the UK2 must comply with the obligations laid down in BIPRU 11.3 on the basis of its consolidated financial situation.

[Note: BCD Article 72(1)]

BIPRU 11.2.3RRP

A firm which is a significant subsidiary of a parent institutions in the UK2 must disclose the information specified in BIPRU 11.4.5 R on an individual or sub-consolidated basis.

Firms controlled by a parent financial holding company in the UK

BIPRU 11.2.4RRP

A firm controlled by a parent financial holding company in the UK or a parent mixed financial holding company in the UK2 must comply with the obligations laid down in BIPRU 11.3 on the basis of the consolidated financial situation of that parent financial holding company in the UK or parent mixed financial holding company in the UK2.

[Note: BCD Article 72(2)]

11
BIPRU 11.2.5RRP

A firm which is a significant subsidiary of a parent financial holding company in the UK or a parent financial holding company in the UK2 must disclose the information specified in BIPRU 11.4.5 R on an individual or sub-consolidated basis.

1

Waiver: Comparable disclosures provided on a consolidated basis by a parent undertaking established in a third country

BIPRU 11.2.6GRP

A firm which is included within comparable disclosures provided on a consolidated basis by a parent undertaking whose head office is not in the UK2 may apply for a waiver from the relevant disclosure requirements in BIPRU 11.2.2 R - BIPRU 11.2.5 R. The appropriate regulator's approach to granting waivers is set out in the Supervision manual (see SUP 8).

[Note: BCD Article 72(3)]

BIPRU 11.2.7GRP

A firm applying for a waiver from one or more of the disclosure requirements in BIPRU 11.2.2 R - BIPRU 11.2.5 R will need to:

  1. (1)

    satisfy the appropriate regulator that it is included within comparable disclosures provided on a consolidated basis by a parent undertaking whose head office is not in the UK2; and

  2. (2)

    notify the appropriate regulator of the location where the comparable disclosures are provided.