IFPRU 7.1 Application IFPRU 7.1.1 R 01/01/2014 RP IFPRU 7 applies to an IFPRU investment firm. Purpose IFPRU 7.1.2 G 01/01/2021 RP This section contains rules that exercise the discretion afforded to the FCA as competent authority under article 6(4) of the UK CRR2 (Exemption for certain investment firms). Application of BIPRU 12 (Liquidity standards) IFPRU 7.1.3 G 01/01/2021 RP The FCA's liquidity regime and liquidity reporting in BIPRU 12 (Liquidity standards) and SUP 16 (Reporting requirements) applies1 to an IFPRU investment firm1. IFPRU 7.1.4 G 01/01/2021 RP A1firm should be guided by BIPRU 12 (Liquidity standards) when complying with article 416 of the UK CRR2 (Reporting on liquid assets). Exemption from Part Six of EU CRR on individual basis IFPRU 7.1.5 R 01/01/2021 RP For the purpose of article 6(4) of the UK CRR2, a firm is exempt from compliance with the obligations in Part Six of the UK CRR2 (Liquidity) on an individual basis unless it meets both the following conditions: (1) it is an ILAS BIPRU firm; and (2) it is a significant IFPRU firm. Exemption from Part Six of EU CRR on consolidated basis IFPRU 7.1.6 R 01/01/2021 RP For the purpose of article 11(3) of the UK CRR2, 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 UK CRR2 (Liquidity) on a consolidated basis. IFPRU 7.1.7 R 01/01/2014 RP The members of the FCA consolidation group comprise only firms that are exempt under IFPRU 7.1.5 R.