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.

IFPRU TP 5 Own funds: other transitionals

Application

5.1

R

IFPRU TP 5 applies to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm.

Purpose

5.2

G

IFPRU TP 5 contains the rules that exercise the discretion afforded to the FCA as competent authority under articles 484 to 486 of the UK CRR1. The applicable percentages in IFPRU TP 5 apply for the duration of the transitional.

Duration of transitional

5.3

R

IFPRU TP 5 applies until 31 December 2021.

5.4

R

[expired]1

5.5

R

[expired]1

5.6

R

[expired]1

Limits on grandfathering

5.7

R

For the purposes of article 486 of the UK CRR1 the applicable factors are:

(1)

80% during the period from 1 January 2014 to 31 December 2014;

(2)

70% during the period from 1 January 2015 to 31 December 2015;

(3)

60% during the period from 1 January 2016 to 31 December 2016;

(4)

50% during the period from 1 January 2017 to 31 December 2017;

(5)

40% during the period from 1 January 2018 to 31 December 2018;

(6)

30% during the period from 1 January 2019 to 31 December 2019;

(7)

20% during the period from 1 January 2020 to 31 December 2020; and

(8)

10% during the period from 1 January 2021 to 31 December 2021.