Related provisions for IFPRU 9.1.1

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IFPRU 1.1.1GRP
There is no overall application for IFPRU. Each chapter or section has its own application statement. However, IFPRU broadly applies in the following manner: (1) only IFPRU 7 (Liquidity) and IFPRU 9 (Public disclosure) apply to an exempt IFPRU commodities firm and IFPRU 8.1 (Prudential consolidation) may apply subject to the conditions in that section; and(1A) IFPRU 101 (Capital buffers) applies to an IFPRU investment firm, unless it is an: (a) exempt IFPRU commodities firm; or(b)
IFPRU 1.1.5RRP
None of the following is an IFPRU investment firm: (1) an incoming EEA firm;(2) an incoming Treaty firm;(3) any other overseas firm;(4) a designated investment firm; (5) a BIPRU firm;(6) an insurer; and(7) an ICVC.
IFPRU 1.1.6RRP
An IFPRU investment firm includes a collective portfolio management investment firm that is not excluded under IFPRU 1.1.5 R (Exclusion of certain types of firms).
IFPRU 1.1.7GRP
In accordance with articles 95 and 96 of EU CRR, IFPRU investment firms are divided into the following categories:(1) full-scope IFPRU investment firm;(2) IFPRUlimited licence firm; and(3) IFPRUlimited activity firm.
IFPRU 1.1.8RRP
IFPRU investment firms are divided into the following classes for the calculation of the base own funds requirement and any other provision of the Handbook that applies this classification:(1) an IFPRU 50K firm;(2) an IFPRU 125K firm;(3) an IFPRU 730K firm; and(4) a collective portfolio management investment firm.
IFPRU 1.1.9RRP
An IFPRU 125K firm means an IFPRU investment firm that satisfies the following conditions:(1) it does not:(a) deal on own account; or (b) underwrite issues of financial instruments (as referred to in Section A of Annex I of MiFID) on a firm commitment basis;(2) it holds clients' money or securities for investment services it provides or is authorised to do so;(3) it offers one or more of the following services (all as referred to in Section A of Annex I of MiFID):(a) reception
IFPRU 1.1.10RRP
An IFPRU 50K firm is a IFPRU investment firm that satisfies the following conditions:(1) the conditions in IFPRU 1.1.9 R(1) and (3);(2) it does not hold clients' money or securities for investment services it provides and is not authorised to do so;(3) it is not a collective portfolio management investment firm; and(4) it does not operate either2 a multilateral trading facility or an organised trading facility, or both2.[Note: article 29(3) of CRD]
IFPRU 1.1.11RRP
(1) An IFPRU investment firm that is not a collective portfolio management investment firm, an IFPRU 125K firm or an IFPRU 50K firm is an IFPRU 730K firm. (2) An IFPRU investment firm that operates either2 a multilateral trading facility or an organised trading facility or both2 is an IFPRU 730K firm.[Note: article 28(2) of CRD]
IFPRU 1.1.14GRP
A firm also falls into one of the categories of an IFPRU investment firm listed in IFPRU 1.1.7 G (Types of IFPRU investment firm) or IFPRU 1.1.8 R (Alternative classification of IFPRU investment firms) if its Part 4A permission contains a requirement that it must comply with the rules in IFPRU applicable to that category of firm. If a firm is subject to such a requirement, and it would otherwise also fall into another category of IFPRU investment firm, it does not fall into that
SUP 16.12.9AGRP
A member’s80adviser that is also an IFPRU investment firm will80 also fall under one of the higher number RAGs that apply to IFPRU investment firms. That means76 it will have to report76data items in addition to those76 that it has to supply under RAG 2.2.1376454576
SUP 16.12.11RRP
The applicable data items referred to in SUP 16.12.4 R are set out according to firm type in the table below:Description of data item45Firms' prudential category and applicable data items(note 1)IFPRU investment firms and BIPRU firmsFirmsother thanBIPRU firms or IFPRU investment firmsIFPRUBIPRUIPRU(INV)Chapter 3IPRU(INV)Chapter 5IPRU(INV)Chapter 9IPRU(INV)Chapter 1338Solvency statementNo standard format (note 11)No standard format (note 20)No standard format (note 11)38Balance
SUP 16.12.11AGRP
The column in the table in SUP16.12.11R that deals with IFPRU firms covers80 some liquidity items that only have to be reported by an ILAS BIPRU firm (please see notes 28 and 33).80134545454545454545
SUP 16.12.15RRP
The applicable data items referred to in SUP 16.12.4 R are set out76 according to firm type76 in the table below: 48Description of data itemFirms' prudential category and applicable data items (note 1)IFPRU investment firms and BIPRU firmsFirms other than BIPRU firms or IFPRU investment firmsIFPRUBIPRUIPRU(INV) Chapter 3IPRU(INV) Chapter 5IPRU(INV) Chapter 9IPRU(INV) Chapter 11 (collective portfolio management firms only)IPRU(INV) Chapter 1248IPRU(INV) Chapter 1338Solvency statementNo
SUP 16.12.15AGRP
The column in the table in SUP 16.12.15R that deals with IFPRU firms covers80some liquidity items that only have to be reported by an ILAS BIPRU firm (please80 see notes 25 and 30).134545454545454545
SUP 16.12.22ARRP
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:45Description ofData itemFirms' prudential category and applicable data item (note 1)IFPRUBIPRU firmExempt CAD firmssubject toIPRU(INV)Chapter 13Firms(other thanexempt CAD firms) subject toIPRU(INV)Chapter 13Firmsthat are also in one or more ofRAGs1 to 6 and not subject toIPRU(INV)Chapter 13Solvency statementNo standard format (note 11)Balance SheetFSA001/FINREP (Notes
SUP 16.12.22BGRP
13The column45 in the table in SUP 16.12.22A R that deals with IFPRU firms covers80 some liquidity items that only have to be reported by an ILAS BIPRU firm80 (see notes 18 and 24). (see notes 18 and 24).45454545454545
SUP 16.12.23ARRP
The applicable reporting frequencies for data items referred to in SUP 16.12.22A R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.4545Data itemFrequencyUnconsolidated BIPRU investment firm and IFPRU investment firmSolo consolidated BIPRU investment firm andIFPRU investment firmUK Consolidation Group or defined liquidity groupAnnual regulated business revenue up to and including £5 millionAnnual
SUP 16.12.25ARRP
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:45Description of data itemFirms' prudential category and applicable data item(note 1)IFPRU investment firms and BIPRU firmsFirmsother thanBIPRU firms or IFPRU investment firmsIFPRUBIPRUIPRU(INV)Chapter 3IPRU(INV)Chapter 5IPRU(INV)Chapter 9IPRU(INV)Chapter 1338Solvency statement (note 11)No standard format38Balance sheetFSA001/FINREP (Notes 2 and 30)FSA001 (Note 2)FSA029FSA029FSA029Section
SUP 16.12.25BGRP
13The column45 in the table in SUP 16.12.25A R that deals45 with IFPRU firms45 cover some liquidity items that only have to be reported by an ILAS BIPRU firm (see notes 23 and 28).4545454545
SUP 16.12.26RRP
The applicable reporting frequencies for data items referred to in SUP 16.12.25A R are set out according to the type of firm2 in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise.45Data itemFirms' prudential categoryIFPRU 730K firmIFPRU 125K firmIFPRU 50K firmBIPRU firmUK consolidation group or defined liquidity groupFirms other than BIPRU firms or IFPRU investment firmsCOREP/FINREPRefer to EU CRR and applicable
IFPRU 3.1.1RRP
This section applies to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm.
IFPRU 3.1.4GRP
This section implements EC standards for the base own funds requirement to be held by an IFPRU investment firm. In particular, it implements articles 28 and 29 of CRD.
IFPRU 3.1.6RRP
(1) Subject to (2), an IFPRU investment firm must maintain, at all times, common equity tier 1 capital equal to, or in excess of, the base own funds requirement. (2) For the purpose of (1), the common equity tier 1 capital of an IFPRU investment firm must comprise only of one or more of the items referred to in article 26(1)(a) to (e) of the EU CRR (Common equity tier 1 items).[Note: article 28(1) of CRD]
IFPRU 3.1.7RRP
At the time that it first becomes an IFPRU investment firm, a firm must hold initial capital of not less than the base own funds requirement applicable to that firm.
IFPRU 3.1.8RRP
The amount of an IFPRU investment firm'sbase own funds requirement is set out in the table in IFPRU 3.1.9 R.
SUP 16.7A.3RRP
A firm in the RAG in column (1) and which is a type of firm in column (2) must submit its annual report and accounts to the FCA annually on a single entity basis. (1)(2)RAGFirm type1UK bankDormant account fund operatorNon-EEA bank2.2The Society3IFPRU investment firmsBIPRU firmsExempt CAD firms subject to IPRU (INV) Chapter 13All other firms subject to the following chapters in IPRU(INV):(1)Chapter 3(2)Chapter 5(3)Chapter 94IFPRU investment firmsBIPRU firmsExempt CAD firms subject
SUP 16.7A.5RRP
A firm in the RAG group in column (1), which is a type of firm in column (2) and whose ultimate parent is a mixed activity holding company must: (1) submit the annual report and accounts of the mixed activity holding company to the FCA annually; and(2) notify the FCA that it is covered by this reporting requirement by email using the email address specified in SUP 16.3.10 G (3), by its accounting reference date.(1)(2)RAGFirm type1UK bank3IFPRU investment firmBIPRU firm4IFPRU investment
A collective portfolio management investment firm is required to comply with the applicable requirements of either of the following sourcebooks in addition to complying with IPRU-INV 11: (1) GENPRU and BIPRU if it is a BIPRU firm; or(2) IFPRU if it is IFPRU investment firm.
(1) A collective portfolio management investment firm may undertake the following MiFID business: portfolio management; investment advice; safekeeping and administration in relation to shares or units of collective investment undertakings; and (if it is an AIFM investment firm) reception and transmission of orders in relation to financial instruments.(2) Subject to the conditions that the firm is not authorised to provide safekeeping and administration in relation to shares or
(1) When a collective portfolio management investment firm that is an IFPRU investment firm calculates the total risk exposure amount in article 92(3) of the EU CRR, the own funds requirements referred to in article 92(3)(a) (Risk weighted exposure amount for credit risk and dilution risk) and article 92(3)(b) (Risk weighted exposure amount for position risk) should include only those arising from its designated investment business. For this purpose, managing an AIF or managing
IFPRU 7.1.1RRP
IFPRU 7 applies to an IFPRU investment firm.
IFPRU 7.1.3GRP
The FCA's liquidity regime and liquidity reporting in BIPRU 12 (Liquidity standards) and SUP 16 (Reporting requirements) continue to apply to an IFPRU investment firm until the liquidity coverage requirement in article 412 of the EU CRR becomes applicable in 2015.
IFPRU 3.2.1RRP
IFPRU 3 applies to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm.
IFPRU 3.2.4GRP
For the purposes of article 4(1)(126) (Definition of synthetic holding) and Part Two (Own funds) of the EUCRR, the FCA considers the holdings described in IFPRU 3.2.5 G to be examples of indirect or synthetic holdings by an IFPRU investment firm of own common equity tier 1 instruments.
SYSC 20.1.1ARRP
(1) 4SYSC 20 applies to:(a) an IFPRU investment firm; and(b) a BIPRU firm which meets any of the criteria in (2) on an individual basis, or in (3) on a consolidated basis.(2) Subject to (4), SYSC 20 applies to a BIPRU firm if:(a) it has assets under management or administration of at least £10 billion (or the equivalent amount in foreign currency); or(b) the total annual fee and commission arising from regulated activities is at least £250 million (or the equivalent amount in
SYSC 20.1.4AGRP
7The reverse stress testing requirements are an integral component of a firm's6 business planning and risk management under SYSC. For IFPRU investment firms as referred to in SYSC 20.1.1AR (1)(a)65, this chapter amplifies SYSC 7.1.1 G to SYSC 7.1.8 G on risk control. 6566
SUP 16.17.3RRP
(1) 4A firm to which this rule applies must submit a Remuneration Benchmarking Information Report to the FCA annually.(2) The firm must complete the Remuneration Benchmarking Information Report in the format set out in SUP 16 Annex 33A.(3) The firm must submit the Remuneration Benchmarking Information Report to the FCA within four months of the firm'saccounting reference date.(4) A firm that:(a) is not part of a UK lead regulated group must complete that report on an unconsolidated
SUP 16.17.4RRP
(1) A firm to which this rule applies must submit a High Earners Report to the FCA4 annually.84(2) The firm must submit that report to the FCA4 within four months of the end of the firm'saccounting reference date.84(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 within
IFPRU 1.5.1RRP
A n IFPRU investment firm must notify the FCA: (1) if it is, or becomes, a FINREP firm; and(2) when it ceases to be a FINREP firm.
IFPRU 4.1.1RRP
1IFPRU 4 applies to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm.
IFPRU 10.1.1RRP
1IFPRU 10 applies to an IFPRU investment firm, unless it is one of the following: (1) an IFPRUlimited licence firm; or(2) an exempt IFPRU commodities firm.
The reporting requirements of capital adequacy for a collective portfolio management firm and a collective portfolio management investment firm are set out in SUP 16.12 (Integrated regulatory reporting). In summary, the relevant capital adequacy forms for its business of managing an AIF or managing a UCITS are as follows: (1) a collective portfolio management firm is required to submit FIN066 (and FSA042 if it is a UCITS firm);(2) a collective portfolio management
SYSC 19A.3.4RRP
(1) Remuneration Code staff comprises:(a) an employee of an IFPRU investment firm whose professional activities have a material impact on the firm’s risk profile, including any employee who is deemed to have a material impact on the firm’s risk profile in accordance with Regulation (EU) 604/2014 of 4 March 2014 (Regulatory technical standards to identify staff who are material risk takers); or(b) subject to (2) and (3), an employee of an overseas firm in SYSC 19A1.1.1R(1)(d) (i.e.,
SYSC 19A.3.4AGRP
Where an overseas firm in SYSC 19A1.1.1R(1)(d) (i.e., an overseas firm that would have been a IFPRU investment firm if it had been a UK domestic firm) wishes to deem an employee who earns more than €750,000 not to be Remuneration Code staff, the overseas firm may apply for a waiver of the requirement in SYSC 19A.3.4R in respect of that employee.
A small authorised UK AIFM that is not also a UCITS management company is not a collective portfolio management firm or a collective portfolio management investment firm and is therefore not subject to IPRU-INV 11. This type of firm is subject to IPRU-INV 5 if it is an investment management firm, GENPRU and BIPRU if it is a BIPRU firm or IFPRU if it is an IFPRU investment
RCB 1.1.6GRP
IFPRU investment firms3which have exposures to covered bonds which meet the requirements set out in the provisions of 6article 129 of the EU CRR3may benefit from reduced risk weights as set out in article 129 of the EUCRR3.333333
SYSC 1.1A.1AGRP
6The application of this sourcebook to specific14firms that are not PRA-authorised persons is summarised at a high level in the following table. The detailed application is cut back in SYSC 1 Annex 1 and in the text of each chapter. Type of firmApplicable chaptersFull-scope UK AIFMChapters11 4 to 10, 12, 18, 1219B, 19F.2,14 21, 2211, 2814BIPRU firm (including a third-country BIPRU firm)Chapters 4 to 10, 12, 18, 19C, 19F.2,14 20,10 21, 2211, 2814IFPRU investment firm (including
IFPRU 2.1.1RRP
IFPRU 2 applies in the following manner:(1) to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm; and(2) the general stress and scenario testing rule (and related rules and guidance) applies only to a significant IFPRU firm.
SUP 9.3.2GRP
The FCA5 may give individual guidance to a firm on its own initiative if it considers it appropriate to do so. For example:5(1) the FCA5 may consider that general guidance in the Handbook does not appropriately fit a firm's particular circumstances (which may be permanent or temporary) and therefore decide to give additional individual guidance to the firm;5(2) some of the FCA's5 requirements are expressed in general terms; however, there may be times when the FCA5 will wish to