IFPRU 7.1 Application
IFPRU 7 applies to an IFPRU investment firm.
Purpose
This section contains rules that exercise the discretion afforded to the FCA as competent authority under article 6(4) of the EU CRR (Exemption for certain investment firms).
Application of BIPRU 12 (Liquidity standards)
Exemption from Part Six of EU CRR on individual basis
For the purpose of article 6(4) of the EU CRR, a firm is exempt from compliance with the obligations in Part Six of the EU CRR (Liquidity) on an individual basis unless it meets both the following conditions:
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(1)
it is an ILAS BIPRU firm; and
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(2)
it is a significant IFPRU firm.
Exemption from Part Six of EU CRR on consolidated basis
For the purpose of article 11(3) of the EU CRR, a FCA consolidation group that meets the condition in IFPRU 7.1.7 R is exempt from compliance with the obligations in Part Six of the EU CRR (Liquidity) on a consolidated basis.
The members of the FCA consolidation group comprise only firms that are exempt under IFPRU 7.1.5 R.