Related provisions for BIPRU 11.2.5

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An EEA parent institution and its subsidiary undertakings or the subsidiary undertakings of its EEA parent financial holding company or the subsidiary undertakings of its EEA parent mixed financial holding company4 that wish to use any of the approaches listed in BIPRU 1.3.2 G (1) in respect of its group, including members of its group that are BIPRU firms, may apply for an Article 129 permission.
The Article 129 procedure allows an EEA parent institution and its subsidiary undertakings or the subsidiary undertakings of its EEA parent financial holding company or the subsidiary undertakings of its EEA parent mixed financial holding company4 to apply for permission to use the approaches in BIPRU 1.3.2 G (1) without making separate applications to the competent authority of each EEA State where members of a firm's group are authorised.
SUP 16.17.4RRP
(1) A firm to which this rule applies must submit a High Earners Report to the FCA4 annually.104(2) The firm must submit that report to the FCA4 within four months of the end of the firm'saccounting reference date.104(3) A firm that is not part of a UK lead regulated group must complete that report on an unconsolidated basis in respect of remuneration awarded in the last completed financial year to all high earners of the firm who mainly undertook their professional activities
The parties to an RRD group financial support agreement must include:(1) one or more of the following: (a) a parent institution in a Member State;(b) an EEA parent institution;(c) a financial holding company;(d) a mixed financial holding company; (e) a mixed activity holding company; and(2) one or more subsidiaries of the group member in (1) which is an RRD institution or a financial institution.
Where an EEA parent institution3 and its subsidiary undertakings or an EEA parent financial holding company3 and its subsidiary undertakings or an EEA parent mixed financial holding company and its subsidiary undertakings6 use the IRB approach on a unified basis, the question whether the minimum IRB standards are met is answered by considering the parent undertaking and its subsidiary undertakings together,6 unless the firm'sIRB permission specifies otherwise.[Note: BCD Article
(1) To the extent that its IRB permission permits this, a firm permitted to use the IRB approach in the calculation of risk weighted exposure amounts and expected loss amounts3 for one or more IRB exposure classes may apply the standardised approach in accordance with this rule.3(2) A firm may apply the standardised approach to the IRB exposure class referred to in BIPRU 4.3.2 R (1) (Sovereigns) where the number of material counterparties is limited and it would be unduly burdensome
If the Part 4A permission of a firm contains a requirement obliging it to comply with this rule with respect to a third-country banking and investment group of which it is a member, it must comply, with respect to that third-country banking and investment group, with the rules in Part 2 of GENPRU 3 Annex 2, as adjusted by Part 3 of that annex.
(1) Where the firm's rating systems are used on a unified basis under article 20(6) of the EU CRR, the FCA considers that the governance requirements in article 189 of the EU CRR can only be met if the subsidiaries have delegated to the governing body or designated committee of the EEA parent institution, EEA parent financial holding company or EEA parent mixed financial holding company responsibility for approval of the firm's rating systems.(2) The FCA expects an appropriate
A firm which is a significant subsidiary of:(1) an EEA parent institution; or(2) an EEA parent financial holding company;1 or2(3) an EEA parent mixed financial holding company;2must disclose the information specified in BIPRU 11.5.3 R to BIPRU 11.5.4 R on an individual or sub-consolidated basis.[Note: BCD Annex XII Part 1 point 5]

Glossary of defined terms for Chapter 14

If a defined term does not appear in the IPRU(INV) 14 glossary below, the definition appearing in the main Handbook Glossary applies.

ancillary services undertaking

an undertaking the principal activity of which consists of owning or managing property, managing data-processing services, or any other similar activity which is ancillary to the principal activity of one or more of the firms subject to this chapter.

broad scope firm

as in the Glossary in IPRU(INV) chapter 3.

CAD Article 5 exempting criteria

the following criteria in respect of the firm's dealing positions:

- such positions arise only as a result of the firm's failure to match investors orders precisely;

- the total market value of all such positions is subject to a ceiling of 15% of the firm's initial capital; and

- such positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question.

contingent liability

the meaning in FRS 12 which states that it is:

(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the entity's control or

(b) a present obligation that arises from past events but is not recognised because:

(i) it is not probable that a transfer of economic benefits will be required to settle the obligation; or

(ii) the amount of the obligation cannot be measured with sufficient reliability.

consolidated supervision

the application of the financial rules in the Interim Prudential sourcebook for investment businesses in accordance with rules and guidance in 14.1.1 to 14.5.4.

EEA parent

a firm's direct or indirect parent which has its head office in the EEA.

financial holding company

an undertaking that satisfies the following conditions:

(a) it is:

(i) a financial institution; or

(ii) a firm falling within IPRU-INV rule 14.1.1(1);

(b) is subsidiary undertakings are either exclusively or mainly:

(i) credit institutions;,

(ii) investment firms;

(iii) broad scope firms or undertakings carrying on activities which (if they were firms doing those activities in the United Kingdom) would make them broad scope firms; and

(iv) financial institutions,

one of which at least is a credit institution, a firm falling within IPRU-INV rule 14.1.1(1) or an investment firm; and

(c) it is not a mixed financial holding company.

financial institution

an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to carry on a listed activity.

group financial resources

the resources of a firm's group calculated in accordance with rules 14.4 (Group financial resources).

group financial resources requirement

the requirement that a firm's group maintains financial resources calculated in accordance with the rules in 14.5 (Group financial resources requirement).

investment firm

investment firm as in the main Glossary except that it excludes persons to which the MiFID does not apply as a result of article 2 or 3 of the MiFID.

Material holding

a holding of –

(a) ordinary share capital and non cumulative preference share capital; or

(b) subordinated loan and non fixed-term cumulative preference share capital,

in a credit institution or a financial institution where –

(i) (a) or (b) above exceeds 10% of the share capital plus share premium of the issuer; or

(ii) the aggregate of (a) and (b) above exceeds 10% of the firm’sown funds, before deducting the holding.

Material insurance holding

the higher of –

(1) the book value of an investment held in an insurance undertaking, reinsurance undertaking, or insurance holding company (investment for this purpose is either a participation or the investment in a subsidiary undertaking); or

(2) the group's proportionate share of that undertaking's local or notional regulatory capital requirement."

Non-trading book

in relation to a firm's business or exposures, means any position, counterparty exposure or balance sheet item nit falling within the definition of trading book.


any parent undertaking as defined in section 1162 of the Companies Act 2006 and any undertaking which effectively exercises a dominant influence over another undertaking.


a participation within the meaning of Article 17 of Directive 78/660/EEC or the ownership either direct or indirect of 20% or more of the voting rights or capital of another undertaking which is not a subsidiary.


as in section 1159(1) of the Companies Act 2006.

trading book

as in the Glossary in IPRU(INV) chapter 5.