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BIPRU 11.2 Basis of disclosures

Disclosure on an individual basis

BIPRU 11.2.1R

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-EEA sub-group 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]

EEA parent institutions

BIPRU 11.2.2R

A firm which is an EEA parent institution 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 11.2.3R

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

Firms controlled by an EEA parent financial holding company

BIPRU 11.2.4R

A firm controlled by an EEA parent financial holding company or an EEA parent mixed financial holding company1 must comply with the obligations laid down in BIPRU 11.3 on the basis of the consolidated financial situation of that EEA parent financial holding company or EEA parent mixed financial holding company1.

[Note: BCD Article 72(2)]

BIPRU 11.2.5R

A firm which is a significant subsidiary of an EEA parent financial holding company or an EEA parent mixed financial holding company1 must disclose the information specified in BIPRU 11.4.5 R on an individual or sub-consolidated basis.

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

BIPRU 11.2.6G

A firm which is included within comparable disclosures provided on a consolidated basis by a parent undertaking whose head office is not in an EEA State 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 11.2.7G

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 an EEA State; and

  2. (2)

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