IPRU-INV 5.3 Financial resources
Own funds
1A firm must calculate its own funds in accordance with IPRU-INV 5.8, unless the firm has a Part 4A permission for acting as trustee or depositary of a UCITS.
For a firm that has a Part 4A permission for acting as trustee or depositary of a UCITS, own funds has the meaning in article 4(1)(118) of the EU CRR.
Liquid capital
- (a)
A firm must calculate its liquid capital in accordance with IPRU-INV 5.8.
- (b)
In addition to the above, a firm whose permitted business includes establishing, operating or winding up a personal pension scheme must comply with:
- (i)
the requirements in relation to the realisability of liquid capital found in Note 2 of IPRU-INV 5.9.1R; and
- (ii)
the limitation in respect of Item 14 of IPRU-INV 5.8.2R, not to include net trading book profits in the firm’s liquid capital calculation.
- (i)