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You are viewing the version of the document as on 2023-11-28.

This chapter includes rules that refer to provisions of the UK CRR in the form in which it stood at 31 December 2021. That version of the UK CRR can be found on legislation.gov.uk using this link.

IPRU-INV 5.1 Application

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

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

      1. (i)

        [deleted]3

      2. (ii)

        a MiFID investment firm.4

    2. (aa)

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

      1. (i)

        [deleted]4

      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 5.1.2RRP

4

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

4

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 manual4.

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.

4

IPRU-INV 5.1.3RRP

[deleted]3

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.

IPRU-INV 5.1.5R

4Any reference in IPRU-INV 5 to the UK CRR is to the UK CRR in the form in which it stood at 31 December 2021.