Related provisions for GENPRU 2.2.74B
1 - 1 of 1 items.
This table belongs to GENPRU 2.2.5 GTopicLocation of textApplication and purpose of the rules in this sectionGENPRU 2.2.1 R to GENPRU 2.2.4 GBIPRU firms that only have simple types of capital resources (simple capital issuers)GENPRU 2.2.7 GPrinciples underlying the definition of capital resourcesGENPRU 2.2.8 GWhich method of calculating capital resources applies to which type of firmGENPRU 2.2.17 R to GENPRU 2.2.19 RPurpose of the limits on the use of different forms of capitalGENPRU
A firm must not redeem any tier one instrument that it has included in its tier one capital resources unless it has notified the FCA18 of its intention at least one month before it becomes committed to do so. When giving notice, the firm must provide details of its position after such redemption in order to show how it will:77(1) meet its capital resources requirement;78(2) 7have sufficient financial resources to meet the overall financial adequacy rule; and8(3) 8in the case
Permanent share capital means an item of capital which (in addition to satisfying GENPRU 2.2.64 R) meets the following conditions:(1) it is:(a) an ordinary share; or(b) a members' contribution; or(c) part of the initial fund of a mutual; or8(d) [deleted]15815(2) any coupon on it is not cumulative, the firm is under no obligation to pay a coupon in any circumstances and the firm has the right to choose the amount of any coupon that it pays;10(3) the terms upon which it is issued
A BIPRU firm that is a partnership or a limited liability partnership may not include eligible partnership capital or eligible LLP members' capital in its tier one capital resources unless (in addition to GENPRU 2.2.62 R (General conditions relating to tier one capital)) it complies with GENPRU 2.2.83R (2) (10Coupons should not be cumulative or mandatory) and GENPRU 2.2.83A R to GENPRU 2.2.83C R (General conditions for eligibility of capital instruments as core tier one capital