IPRU-INV TP 1 Table: Transitional provisions applying to IPRU(INV)

(1)

(2)

Material to which the transitional provision applies

(3)

(4)

Transitional provision

(5)

Transitional provision: dates in force

(6)

Handbook provision: coming into force

1

[Deleted:

[Deleted:

[Deleted:

2

[Deleted]

[Deleted]

[Deleted]

3

IPRU-INV 9.2.5R and IPRU-INV 13.1.4(2)R (b)

R

The new limits of indemnity apply to a professional indemnity policy or a comparable guarantee commenced, renewed or extended with effect from or after 1 March 2009. Any other existing non-annual arrangements must be aligned with the new limits of indemnity before 1 March 2010

1 March 2009 to 28 February 2010

1 March 2009

4

13.1.21 and 13.1.23

R

The requirement to hold additional capital resources where a policy excludes business or activities that have been carried out by the firm in the past or will be carried out by the firm only apply to a professional indemnity policy taken out, renewed or extended with effect from 31 December 2009.

31 December 2009 to 31 December 2010

31 December 2009

5

IPRU-INV 11

R

[Deleted] [expired]

6

The changes to IPRU-INV in Annex J of the Alternative Investment Fund Managers Directive Instrument 2013 and Annex C of the Capital Requirements Directive IV (AIFMD and UCITS Consequential Amendments) Instrument 2013

R

[Deleted] [expired]

7

IPRU-INV 11

R

Where a firm falls within regulation 74(1) or 75(1) of the AIFMD UK regulation it need not include AIFs managed by it that fall within those regulations in the calculation of its funds under management requirement, professional negligence capital requirement or PII excess capital requirement.

From 22 July 2013

22 July 2013

8

[spent]

[spent]

[spent]

[spent]

[spent]

9

[spent]

[spent]

[spent]

[spent]

[spent]

10

IPRU(INV) 12

R

IPRU(INV) 12 does not apply to a firm with an interim permission

Indefinitely

1 April 2014

11

IPRU(INV) 12.2.6R(1)

R

The amount is replaced with £20,000

From 1 April 2014 to 31 March 2017 From

1 April 2014

12

IPRU(INV) 12.3.5R

R

b = items 1,4 and 5 in the Table of items which must be deducted in arriving at a firm's financial resources (see IPRU(INV) 12.3.3R)

1 April 2014 to 31 March 2017

1 April 2014

3

3

3

3

3

3

3

3

3

3

3

3

113

IPRU-INV 13.1A.3R(2)

R

A firm applying (b) or (c) above must have initial capital of at least £15,000.

From 30 June 2016 to 29 June 2017

30 June 2016

114

IPRU-INV 13.1A.4R(2)

R

A firm applying (b) or (c) above must have initial capital of at least £15,000.

From 30 June 2016 to 29 June 2017

30 June 2016

115

IPRU-INV 13.13.2R(2)(a)

R

The firm must calculate its capital resources requirement as the higher of:

(a) £15,000.

From 30 June 2016 to 29 June 2017

30 June 2016

116

IPRU-INV 13.13.3R(2)(a)

R

The firm must calculate its capital resources requirement as the higher of:

(a) £15,000.

From 30 June 2016 to 29 June 2017

30 June 2016

117

IPRU-INV 13.15.9R and IPRU-INV 13.15.10R

R

These rules do not apply to a category B3 firm which is not a network, has fewer than 26 financial advisers or representatives and is not permitted to:

(a) carry on discretionary portfolio management;

(b) establish, operate or wind up a personal pension scheme; or

(c) delegate the activities in (a) or (b) to an investment firm.

From 30 June 2016 to 29 June 2017

30 June 2016

318

IPRU(INV) 5.4.3R(i)(ib)

R

A depositary of a UCITS scheme appointed before 18 March 2016 need not calculate its own funds requirement under articles 315 or 317 of the EU CRR.

From 18 March 2016 until 18 March 2018

18 March 2016

319

IPRU(INV) 5.4.8R

R

A depositary of a UCITS scheme appointed before 18 March 2016 need not comply with IPRU(INV) 5.4.8R.

From 18 March 2016 to 18 March 2018

18 March 2016