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 11.4 Technical criteria on disclosure: General criteria

Criterion for materiality

BIPRU 11.4.1RRP

A firm must regard information as material in disclosures if its omission or misstatement could change or influence the assessment or decision of a user relying on that information for the purpose of making economic decisions.

[Note: BCD Annex XII Part 1 point 1]

Criteria: Proprietary or confidential information

BIPRU 11.4.2RRP
  1. (1)

    A firm must regard information as proprietary information if sharing that information with the public would undermine its competitive position.

  2. (2)

    Proprietary information may include information on products or systems which, if shared with competitors, would render a firm's investments therein less valuable.

    [Note: BCD Annex XII Part 1 point 2]

BIPRU 11.4.3RRP

A firm must regard information as confidential if there are obligations to customers or other counterparty relationships binding the firm to confidentiality.

[Note: BCD Annex XII Part 1 point 3]

Criteria: Frequency of publication

BIPRU 11.4.4RRP
  1. (1)

    A firm must assess the need to publish some or all disclosures more frequently than annually in the light of the relevant characteristics of its business such as:

    1. (a)

      scale of operations;

    2. (b)

      range of activities;

    3. (c)

      presence in different countries;

    4. (d)

      involvement in different financial sectors;

    5. (e)

      participation in international financial markets; and

    6. (f)

      participation in payment, settlement and clearing systems.

  2. (2)

    In making its assessment under (1) a firm must pay particular attention to the possible need for more frequent disclosure of:

    1. (a)

      items of information laid down in BIPRU 11.5.3 R (2) and BIPRU 11.5.3 R (5), and BIPRU 11.5.4 R (2) - BIPRU 11.5.4 R (5);

    2. (b)

      information on risk exposure and other items prone to rapid change.

    [Note: BCD Annex XII Part 1 point 4]

Disclosures: Significant subsidiaries

BIPRU 11.4.5RRP

A firm which is a significant subsidiary of:

  1. (1)

    a parent institution in the UK3; or

  2. (2)

    a parent financial holding company in the UK3;1 or2

  3. (3)

    a parent mixed financial holding company in the UK3;2

must disclose the information specified in BIPRU 11.5.3 R to BIPRU 11.5.4 R on an individual or sub-consolidated basis.

[Note: BCD Annex XII Part 1 point 5]