Related provisions for IFPRU 11.5.11

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IFPRU 11.5.1RRP
This section applies to:(1) a firm that is an RRD group member; (2) a qualifying parent undertaking that is an RRD group member; and(3) a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm in an RRD group.
IFPRU 11.5.2GRP
(1) This section applies where an RRD group member gives, or proposes to give, intra-group financial support using an RRD group financial support agreement.(2) It does not apply to other sorts of intra-group financial arrangements, including funding arrangements and the operation of centralised funding arrangements.(3) It does not apply to financial support arrangements where none of the parties to the arrangement has infringed, or is likely to infringe, an RRD early intervention
IFPRU 11.5.7RRP
(1) The following must apply to their consolidating supervisor for approval of any proposed RRD group financial support agreement or of any amendment to that agreement:(a) a firm that is the EEA parent undertaking of an RRD group;(b) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(c) an IFPRU 730k firm that is a subsidiary of an EEA parent undertaking of an RRD group: (i) where the EEA parent undertaking is an EEA parent financial holding
IFPRU 11.5.10RRP
Before entering into an RRD group financial support agreement, a firm or qualifying parent undertaking must ensure that:(1) the RRD group financial support agreement includes principles for the calculation of the consideration for any support made under it; (2) these principles include a requirement that the consideration is set when the financial support is given;(3) each party acts freely and in its own best interests in entering into the RRD group financial support agreement; (4)
IFPRU 11.5.14RRP
A firm or qualifying parent undertaking must not give financial support using an RRD group financial support agreement unless it is satisfied that:(1) there is a reasonable prospect that giving the support will significantly redress the financial difficulties of the group member receiving the support;(2) the support has the objective of preserving or restoring the financial stability of:(a) the group as a whole; or(b) any members of the group;(3) the support is in the interests
IFPRU 11.5.16RRP
A firm or qualifying parent undertaking intending to give financial support must ensure that:(1) its management body takes the decision to give group financial support using an RRD group financial support agreement; and (2) it is a reasoned decision that sets out:(a) the objective of the proposed support; and(b) how the support complies with the conditions for giving group financial support using an RRD group financial support agreement in IFPRU 11.5.14 R.
IFPRU 11.5.16AGRP
1A firm or qualifying parent undertaking proposing to give financial support using an RRD group financial support agreement should also refer to articles 33 to 36 of Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing RRD:http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1075&from=EN.
IFPRU 11.5.17RRP
A firm or qualifying parent undertaking intending to receive financial support must ensure that its management body takes the decision to accept the support using an RRD group financial support agreement.[Note: article 24 of RRD]
IFPRU 11.5.18RRP
A firm or a qualifying parent undertaking intending to give financial support using an RRD group financial support agreement must ensure that its management body notifies: (1) its competent authority;(2) where different, its consolidating supervisor;(3) where different, the competent authority of the group member receiving the financial support; and(4) the EBA.
IFPRU 11.5.19RRP
A firm or a qualifying parent undertaking must: (1) send a notice of an intention to give financial support before the financial support is given; and(2) include in the notice:(a) the reasoned decision referred to in IFPRU 11.5.16 R of the management body of the group member intending to give the support; and(b) details of the proposed financial support including a copy of the RRD group financial support agreement.[Note: article 25(1) of RRD]
IFPRU 11.5.21RRP
1A firm or qualifying parent undertaking1must ensure it sends the decision of its management body to give financial support to:(1) its competent authority;(2) where different, its consolidating supervisor;(3) where different, the competent authority of the group member receiving the support; and(4) the EBA.[Note: article 25(6) of RRD]
IFPRU 11.5.22RRP
A firm or qualifying parent undertaking must: (1) make public:(a) whether or not they have entered into an RRD group financial support agreement; (b) a description of the general terms of any RRD group financial support agreement; and(c) the names of the group members that are a party to the RRD group financial support agreement; and (2) update the information in (1) at least annually.[Note: article 26 of RRD]
IFPRU 11.3.1RRP
This section applies to:(1) a firm that is the EEA parent undertaking of an RRD group;(2) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(3) an IFPRU 730k firm that is the subsidiary of the EEA parent undertaking of an RRD group where: (a) the EEA parent undertaking is an EEA parent financial holding company or an EEA parent mixed financial holding company that is incorporated in, or formed under, the law of an EEA state other than the United
IFPRU 11.3.4RRP
A firm or qualifying parent undertaking must draw up and maintain a group recovery plan.[Note: article 7(1) of RRD]
IFPRU 11.3.5RRP
The group recovery plan must: (1) consist of a plan for the recovery of the RRD group as a whole; and(2) identify measures the group may need to implement at the level of:(a) the EEA parent undertaking; and(b) each individual subsidiary.[Note: article 7(1) of RRD]
IFPRU 11.3.10GRP
A firm or qualifying parent undertaking should include additional information from IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) in its group recovery plan where this information is material to the business of the group.[Note: article 5(5) of RRD]
IFPRU 11.3.10AGRP
1The FCA may require a firm or qualifying parent undertaking to include the additional information referred to in IFPRU 11.3.10G in its group recovery plan by using its power under:(1) section 55L of the Act to require a firm; or (2) section 192C of the Act to direct a qualifying parent undertaking.[Note: article 4(3) of RRD]
IFPRU 11.3.11GRP
(1) When identifying recovery options, a firm or qualifying parent undertaking should consider a range of scenarios of severe macroeconomic and financial stress relevant to the group's specific conditions.(2) The range of scenarios should include system-wide events and stress specific to individual legal persons and groups.(3) For each of the scenarios in (1), a group recovery plan should identify whether there are:(a) obstacles to implementing recovery measures within the group,
IFPRU 11.3.12RRP
A firm or qualifying parent undertaking must not assume any access to, or receipt of, extraordinary public financial support in its group recovery plan.[Note: articles 5(3) and 7(5) of RRD]
IFPRU 11.3.13RRP
If the group recovery plan includes the use of central bank facilities, the firm or qualifying parent undertaking must: (1) include an analysis of how and when members of the group may apply for the use of central bank facilities; and(2) identify those assets which would be expected to qualify as collateral.[Note: articles 5(4) and 7(5) of RRD]
IFPRU 11.3.17RRP
A firm or qualifying parent undertaking must notify the FCA without delay of a decision not 1to take an action referred to in the group recovery plan1where the relevant indicator has been met.1[Note: article 9(1) of RRD]
IFPRU 11.3.18RRP
(1) A firm that is an EEA parent undertaking or a qualifying parent undertaking must ensure that its management body assesses and approves the group recovery plan before sending it to its consolidating supervisor.(2) An IFPRU 730k firm that is not an EEA parent undertaking must ensure the management body of its EEA parent undertaking assesses and approves the group recovery plan before the IFPRU 730k firm sends it to its consolidating supervisor.[Note: article 7(7) of RRD]
IFPRU 11.3.19RRP
A firm or qualifying parent undertaking must demonstrate to its consolidating supervisor that:(1) carrying out its group recovery plan is reasonably likely to maintain or restore the viability and financial position of RRD institutions in the group, taking into account the preparatory measures that the group has taken, or plans to take; and(2) its group recovery plan: (a) is reasonably likely to be carried out quickly and effectively in situations of financial stress; and(b) avoids,
IFPRU 11.3.20RRP
(1) A firm or qualifying parent undertaking must update the group recovery plan at least:(a) annually, if the group: (i) includes an IFPRU 730k firm that is a significant IFPRU firm; or(ii) does not include an IFPRU 730k firm; or(b) once every two years, if the group includes an IFPRU 730k firm that is not a significant IFPRU firm.(2) A firm or qualifying parent undertaking must also update its group recovery plan after a change to any of the following which could materially affect
IFPRU 11.3.21RRP
(1) A firm or qualifying parent undertaking must send the group recovery plan to its EEAconsolidating supervisor.(2) Where the consolidating supervisor is the FCA, a firm or qualifying parent undertaking must send the group recovery plan in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: articles 6(1) and 7(1) of RRD]
IFPRU 11.1.1RRP
IFPRU 11 applies to:(1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm.
IFPRU 11.1.3RRP
This chapter does not apply to: (1) a PRA authorised person; (2) an RRD group member that is: (a) a qualifying parent undertaking of a PRAauthorised person; and(b) subject to supervision on a consolidated basis by the PRA; and(3) a qualifying parent undertaking that is a mixed activity holding company of a PRA authorised person.
IFPRU 11.1.6GRP
(1) RRD applies to credit institutions and to investments firms with an initial capital requirement of €730,000. Together, these are referred to as RRD institutions in our rules.(2) It also applies to financial institutions, financial holding companies and mixed financial holding companies within the same group as these institutions that are subsidiaries of an EEA parent undertaking. An EEA parent undertaking is an institution, a financial holding company or a mixed financial
IFPRU 11.1.7GRP
The table below summarises whether a section of IFPRU 11 applies to a firm or qualifying parent undertaking:(1) IFPRU 730k firm that is not subject to supervision on a consolidated basis(2) firm or qualifying parent undertaking that is the EEA parent undertaking of an RRD group(3) specific application to an IFPRU 730k firm that is a subsidiary of an EEA parent undertaking in another EEA State (note 1)(4) firm or qualifying parent undertaking that is a subsidiary of an EEA parent
IFPRU 11.7.1RRP
This section applies to: (1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is a mixed activity holding company of an IFPRU 730k firm.
IFPRU 11.7.4RRP
A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.
IFPRU 11.6.1RRP
This section applies to:(1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis; (2) a firm that is an RRD group member; (3) a qualifying parent undertaking that is an RRD group member; and(4) a qualifying parent undertaking that is: (a) a mixed activity holding company of an IFPRU 730k firm; and(b) does not hold an RRD institution using an intermediate financial holding company or mixed financial holding company.
IFPRU 11.6.3RRP
(1) If a liability meets the conditions in (2), a firm or qualifying parent undertaking must include a term in the contract governing the liability which states that the creditor or party to the agreement creating the liability:(a) recognises that the liability may be subject to write-down and conversion powers; and(b) agrees to be bound by any of the following actions of a resolution authority in relation to that liability: (i) reduction of principal or outstanding amount due;
IFPRU 11.6.4GRP
2A firm or qualifying parent undertaking proposing to provide contractual recognition of bail-in should also refer to articles 42 to 44 of Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing RRD:http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R1075&from=EN.
IFPRU 11.4.1RRP
This section applies to: (1) an IFPRU 730k firm that is not subject to supervision on a consolidated basis;(2) a firm that is the EEA parent undertaking of an RRD group;(3) a qualifying parent undertaking that is the EEA parent undertaking of an RRD group; and(4) an IFPRU 730k firm that is the subsidiary of the EEA parent undertaking of an RRD group: (a) where the EEA parent undertaking is an EEA parent financial holding company or an EEA parent mixed financial holding company
IFPRU 11.4.3RRP
A firm or qualifying parent undertaking must send the information in IFPRU 11 Annex 2R (Resolution plan information) to the FCA in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: article 11(1)(b) of RRD]
IFPRU 11.4.4RRP
A firm or qualifying parent undertaking must notify the FCA without delay of a change to any of the following which could have materially affect the information in IFPRU 11 Annex 2R (Resolution plan information):(1) its legal or organisational structure; (2) its business; or(3) its financial situation.[Note: article 10(6) second paragraph of RRD]
SUP 16.20.2RRP
A firm or qualifying parent undertaking must send its recovery plan or group recovery plan to the FCA within three months of the reporting reference dates specified in the table below:Type of firm or qualifying parent undertakingType of planTotal balance sheet assets (see SUP 16.20.3 G)First reporting reference dateOngoing reporting reference datefirm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not
SUP 16.20.4RRP
A firm or qualifying parent undertaking must send the information required for a resolution plan to the FCA within three months of the reporting reference dates specified in the table below:Type of firm or qualifying parent undertakingFirst reporting reference dateOngoing reporting reference datefirm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm30 June 2015Every two years
SUP 16.20.5RRP
Where an RRD institution is authorised or an RRD group is created after the first reporting reference date that would have applied to that firm or qualifying parent undertaking in line with SUP 16.20.2 R and SUP 16.20.4 R, the firm or qualifying parent undertaking must: (1) send its first recovery plan or group recovery plan and resolution plan information within three months of the first quarter end date which falls after six months of the date of the authorisation of the RRD