Related provisions for BIPRU 12.8.14
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BIPRU 12.8.14 G to BIPRU 12.8.20 G set out the FSA's likely approach in considering an application for an intra-group liquidity modification in which a firm seeks to rely on support from a parent undertaking which is constituted under the law of a country or territory outside the United Kingdom.
The FSA also recognises that a firm incorporated in the United Kingdom and to which BIPRU 12 applies may wish to rely on liquidity support from a subsidiary undertaking of that firm which is incorporated in a country or territory outside the United Kingdom. The FSA is, however, likely to consider that an application for an intra-group liquidity modification that contemplates reliance for liquidity support on only, or mostly, an applicant firm's overseas subsidiary undertakings
In relation to an applicant firm wishing to rely on liquidity support from a parent undertaking constituted under the law of a country or territory outside the United Kingdom, the FSA will, before granting an intra-group liquidity modification, ordinarily expect to have reached agreement with that parent undertaking that:(1) it will make available liquidity resources at all times to that applicant firm if needed;(2) it will enter into an undertaking in a suitable form with an