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 12.1 Application

BIPRU 12.1.1ARRP

2Subject to BIPRU 12.1.2 R, BIPRU 12 applies to:

  1. (1)

    an IFPRU investment firm; and

  2. (2)

    a BIPRU firm.

BIPRU 12.1.2R

BIPRU 12.5 (Individual Liquidity Adequacy Standards), BIPRU 12.6 (Simplified ILAS), BIPRU 12.7 (Liquid assets buffer) and BIPRU 12.9 (Individual liquidity guidance and regulatory intervention points) apply only to an ILAS BIPRU firm.

BIPRU 12.1.3GRP

A firm that is an An exempt full scope IFPRU investment firm2 is not an ILAS BIPRU firm.

2
BIPRU 12.1.4RRP
  1. (1)

    An exempt full scope IFPRU investment firm2 is a full-scope IFPRU investment firm2 that at all times has total net assets which are less than or equal to £50 million.

    22
  2. (2)

    In this rule, total net assets are the sum of a firm's total trading book assets and its total non-trading book assets, less the sum of its called up share capital, reserves and minority interests.

  3. (3)

    For the purpose of (2), the value attributed to each of the specified balance sheet items must be that which is reported to the FCA in the firm's most recent data item.

BIPRU 12.1.5GRP

The effect of BIPRU 12.1.4R is therefore to require the firm to sum the values of cell entries 20A and 20B in data item FSA001 and deduct from that total the sum of the values of cell entries 42, 43 and 44 in the same data item.

BIPRU 12.1.6GRP

There are some provisions in other sections of BIPRU 12 which apply only to an ILAS BIPRU firm. Where this is the case, the provision in question says so.

BIPRU 12.1.7RRP

[deleted]3