IPRU-INV 5.1 Application
- (1)
- (a)
1This chapter applies to an investment management firm, other than:
- (i)
an incoming EEA firm unless it has a top-up permission for acting as trustee or depositary of a UCITS; or
- (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).
- (i)
- (aa)
This chapter applies, as set out in IPRU-INV 5.1.2R, to:
- (i)
- (ii)
OPS firms;
- (iii)
non-OPS Life Offices and non-OPS Local Authorities; and
- (iv)
individuals admitted to membership collectively.
- (a)
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 |
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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 |
||||
No |
No |
Yes |
||
(see Note 2 below) |
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Accounting records rules |
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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. |
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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. |
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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). |
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An incoming EEA firm with a top-up permission for acting as trustee or depositary of a UCITS must comply with:
- (a)
- (b)
- (c)
- (d)
- (e)
IPRU-INV 5.4.4R; and
- (f)
Interpretation
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.