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FCA Handbook
MIFIDPRU
MIFIDPRU 10
MIFIDPRU 10.2 Categorisation of clearing firms as ...

You are viewing the version of the document as on 2021-12-31.

MIFIDPRU 10.2 Categorisation of clearing firms as non-SNI MIFIDPRU investment firms

MIFIDPRU 10.2.1R01/12/2021

(1)
1A MIFIDPRU investment firm that is a clearing member or an indirect clearing firm is a non-SNI MIFIDPRU investment firm.
(2)
The classification in (1) applies irrespective of whether the firm satisfies the conditions in MIFIDPRU 1.2 (SNI MIFIDPRU investment firms) or not.

MIFIDPRU 10.2.2R01/12/2021

(1)
1This rule applies where:
1. (a)
  an investment firm group contains a clearing member or an indirect clearing firm; and
2. (b)
  the UK parent entity of the investment firm group in (a) is subject to prudential consolidation in accordance with MIFIDPRU 2.5.
(2)
Where this rule applies, the UK parent entity in (1) must comply with the relevant obligations in MIFIDPRU on a consolidated basis as if it were a non-SNI MIFIDPRU investment firm.
(3)
The requirement in (2) applies irrespective of whether the UK parent entity satisfies the conditions in MIFIDPRU 2.5.21R or not.

MIFIDPRU 10.2.3G01/12/2021

(1)
1The effect of MIFIDPRU 10.2.1R is that a firm that acts as a clearing member or indirect clearing firm will always be a non-SNI MIFIDPRU investment firm. This is the case even where the firm may otherwise satisfy all the other criteria in MIFIDPRU 1.2 to be classified as an SNI MIFIDPRU investment firm.
(2)
The effect of MIFIDPRU 10.2.2R is that where the consolidated situation of a UK parent entity includes a clearing member or indirect clearing firm, the UK parent entity will always be a non-SNI MIFIDPRU investment firm on a consolidated basis.
(3)
MIFIDPRU 10.2.1R applies equally to a firm that is a self-clearing firm.