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IPRU-INV 5.1 Application

IPRU-INV 5.1.1R
  1. (1)
    1. (a)

      1This chapter applies to an investment management firm, other than:

      1. (i)

        an incoming EEA firm unless it has a top-up permission for acting as trustee or depositary of a UCITS; or

      2. (ii)

        a MiFID investment firm (unless it is an exempt CAD firm for the purpose of calculating its own funds and if it carries on any regulated activity other than MiFID business).

    2. (aa)

      This chapter applies, as set out in IPRU-INV 5.1.2R, to:

      1. (i)

        exempt CAD firms;

      2. (ii)

        OPS firms;

      3. (iii)

        non-OPS Life Offices and non-OPS Local Authorities; and

      4. (iv)

        individuals admitted to membership collectively.

IPRU-INV 5.1.2R

Exempt CAD firms

OPS firms (see Note 1 below)

Non-OPS Life Offices and Non-OPS Local Authorities

Individuals admitted to membership collectively

Financial resources rules

IPRU-INV 5.2.1R to 5.7.3R

No (see Note 3 below)

No

No

Yes

Individuals whose sole investment business is giving investment advice to institutional or corporate investors

Firms subject to "lead regulator arrangements"

All other firms

Financial resources rules

IPRU-INV 5.2.1R to 5.7.3R

No

No

Yes

(see Note 2 below)

Accounting records rules

IPRU-INV 5.3.1R (1) to 5.3.1R(6)

No

Yes

Yes

Note 1. Firms are referred to the specific compliance reports for OPS firms required by Chapter 16 of the Supervision Manual.

Note 2. A firm subject to "lead regulator arrangements" whereby a body other than the FCA is responsible for its financial regulation shall comply with the corresponding financial resources rules and financial returns rules of that body, and a breach of such rules shall be treated as a breach of the rules of the FCA.

Note 3. The financial and non-financial resources rules for an exempt CAD firm are set out in IPRU-INV chapter 9. However, IPRU-INV 5.2.1R to 5.7.3R apply to an exempt CAD firm for the purpose of calculating its own funds (see IPRU-INV 9.2.9R(2)(a)) (although the Category A items of Tier 1 capital as set out in IPRU-INV 5.8.1R are replaced by all the items in IPRU-INV 9.3.1R) and if it carries on any regulated activity other than MiFID business (see IPRU-INV 9.2.3R).

Interpretation

PRU-INV 5.1.4G

The definitions in the glossary at IPRU-INV 5 Appendix 12 apply to terms shown in bold type in this chapter (other than headings and titles). Where the term is italicised, the FCA Handbook Glossary definition applies.