Related provisions for IPRU-INV 5.2.1

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

IFPRU 2.3.1GRP
(1) IFPRU 2.3 sets out guidance on IFPRU 2.2 (Adequacy of financial resources) so far as it applies to an IFPRU investment firm. In particular, guidance on how a firm should carry out its ICAAP, as well as some factors the FCA will take into consideration when undertaking a SREP. The terms ICAAP and SREP are explained in IFPRU 2.3.3 G. IFPRU 2.3.48 G to IFPRU 2.3.52 R are rules that apply to a firm with an IRB permission.(2) IFPRU 2.3 is mainly written on the basis that IFPRU
IFPRU 2.3.11GRP
After completing a review as part of the SREP, the FCA will normally give that firm individual guidance (individual capital guidance), advising it of the amount and quality of capital which it should hold to meet the overall financial adequacy rule.
IFPRU 2.3.12GRP
(1) As part of its SREP, the FCA will also consider whether a firm should hold a capital planning buffer and the amount and quality of such capital planning buffer. 2(2) In making these assessments, the FCA will have regard to the nature, scale and complexity of a firm's business and of the major sources of risks relevant to such business as referred to in the general stress and scenario testing rule and SYSC 20 (Reverse stress testing), and the extent to which the firm has used
IFPRU 2.3.14GRP
Where the amount or quality of capital which the FCA considers a firm should hold to meet the overall financial adequacy rule or as a capital planning buffer is not the same as that which results from a firm'sICAAP, the FCA usually expects to discuss any such difference with the firm. Where necessary, the FCA may consider the use of its powers under section 166 of the Act (Reports by skilled persons) to assist in such circumstances.
IFPRU 2.3.15GRP
If a firm considers that the individual capital guidance given to it is inappropriate to its circumstances it should, consistent with Principle 11 (Relations with regulators), inform the FCA that it disagrees with that guidance. The FCA may reissue the individual capital guidance if, after discussion with the firm, the FCA concludes that the amount or quality of capital that the firm should hold to meet the overall financial adequacy rule is different from the amount or quality
IFPRU 2.3.18GRP
If, after discussion, the FCA and a firm still do not agree on an adequate level of capital, the FCA may consider using its powers under section55L of the Act on its own initiative to require the firm1 to hold capital in line with the FCA's view of the capital necessary to comply with the overall financial adequacy rule. In deciding whether it should use its powers under section 55L,1the FCA will take into account the amount and quality of the capital planning buffer which the
IFPRU 2.3.19GRP
If the FCA gives individual capital guidance to a firm, the FCA will state what amount and quality of capital the FCA considers the firm needs to hold in order to comply with the overall financial adequacy rule. It will generally do so by saying that the firm should hold own funds of an amount which is at least equal to a specified percentage of that firm'stotal risk exposure amount2 plus one or more static add-ons for specific risks, in line with the overall Pillar 2 rule.
IFPRU 2.3.21GRP
Where the FCA notifies a firm that it should hold a capital planning buffer, the notification will state what amount and quality of capital the FCA considers is adequate for the firm to hold. This will normally be notified to the firm, together with its individual capital guidance and expressed as a separate amount of own funds that the firm should hold in excess of the amount of own funds indicated as its individual capital guidance.
IFPRU 2.3.35GRP
For a firm that is a significant IFPRU firm (see IFPRU 1.2.3 R1) and whose activities are moderately complex, in carrying out its ICAAP, IFPRU 2.3.34 G (2) to IFPRU 2.3.34 G (4) apply. In addition, it could: 1(1) having consulted the management in each major business line, prepare a comprehensive list of the major risks to which the business is exposed;(2) estimate, with the aid of historical data, where available, the range and distribution of possible losses which might arise
IFPRU 2.3.36GRP
(1) This paragraph applies to a proportional ICAAP in the case of a firm that is a significant IFPRU firm (see IFPRU 1.2.3 R) whose activities are complex.(2) A proportional approach to that firm'sICAAP should cover the matters identified in IFPRU 2.3.34 G and IFPRU 2.3.35 G, but is likely also to involve the use of models, most of which will be integrated into its day-to-day management and operation.(3) Models of the kind referred to in (2) may be linked to generate an overall
IFPRU 2.3.38GRP
(1) A firm may take into account factors other than those identified in the overall Pillar 2 rule when it assesses the level of capital it wishes to hold. These factors might include external rating goals, market reputation and its strategic goals. However, a firm should be able to distinguish, for the purpose of its dialogue with the FCA, between capital it holds to comply with the overall financial adequacy rule, capital it holds as a capital planning buffer and capital held
IFPRU 2.3.42GRP
A firm should assess and monitor, in detail, its exposure to sectoral, geographic, liability and asset concentrations. The FCA considers that concentrations in these areas increase a firm's exposure to credit risk. Where a firm identifies such concentrations it should consider the adequacy of its own funds requirements.
IFPRU 2.3.50RRP
A firm with an IRB permission must ensure that there is no significant risk of it being unable to meet its own funds requirements for credit risk under Part Three, Title II of the UK CRR4 (Capital requirements for credit risk) at all times throughout an economic cycle, including the own funds requirements for credit risk indicated by any stress test carried out under article 177 of the UK CRR4 (Stress tests used in assessment of capital adequacy for a firm with an IRB permission)
IFPRU 2.3.56GRP
In considering if there are any systems and control weaknesses, and their effect on the adequacy of the own funds requirements, a firm should be able to demonstrate to the FCA that all the issues identified in SYSC have been considered and that appropriate plans and procedures exist to deal adequately with adverse scenarios.
IFPRU 2.3.60GRP
As an asset manager's mandates become more complex, the risk of it failing to comply fully with the terms of its contracts increases. In the event of such failure, a firm can be exposed to substantial losses resulting from customers' claims and legal actions. Although the FCA would expect an asset manager to have adequate controls in place to mitigate that risk, it may also like to consider the potential cost to it if customers claim that it has not adhered to mandates. Past claims
BIPRU 2.2.2GRP
(1) BIPRU 2.2 sets out guidance on GENPRU 1.2 (Adequacy of financial resources) so far as it applies to a BIPRU firm. In particular it sets out guidance on how a firm should carry out its ICAAP, as well as some factors the appropriate regulator will take into consideration when undertaking a SREP. The terms ICAAP and SREP are explained in BIPRU 2.2.4 G. BIPRU 2.2.41 R-BIPRU 2.2.43 R are rules that apply to a firm with an IRB permission.(2) BIPRU 2.2 is for the most part written
BIPRU 2.2.4GRP
The adequacy of a firm's capital needs to be assessed both by a firm and the appropriate regulator. This process involves:(1) an internal capital adequacy assessment process (ICAAP), which a firm is obliged to carry out in accordance with the ICAAP rules; and(2) a supervisory review and evaluation process (SREP), which is conducted by the appropriate regulator.
BIPRU 2.2.11GRP
As part of its SREP, the appropriate regulator will consider whether the amount and quality4 of capital which a firm should hold to meet its CRR in GENPRU 2.1 (Calculation of capital resources requirements) is sufficient for that firm to comply with the overall financial adequacy rule.4
BIPRU 2.2.12GRP
After completing a review as part of the SREP, the appropriate regulator will normally give that firm individual guidance (individual capital guidance), advising it of the amount and quality4 of capital which it should hold to meet the overall financial adequacy rule.
BIPRU 2.2.12AGRP
4As part of its SREP, the appropriate regulator will also consider whether a firm should hold a capital planning buffer and, in that case, the amount and quality of such capital planning buffer. In making these assessments, the appropriate regulator will have regard to the nature, scale and complexity of a firm's business and of the major sources of risks relevant to such business as referred to in the general stress and scenario testing rule. Accordingly, a firm's capital planning
BIPRU 2.2.12CGRP
4Where the amount or quality of capital which the appropriate regulator considers a firm should hold to meet the overall financial adequacy rule or as a capital planning buffer is not the same as that which results from a firm'sICAAP, the appropriate regulator usually expects to discuss any such difference with the firm. Where necessary, the appropriate regulator may consider the use of its powers under section 166 of the Act (Reports by skilled persons) to assist in such cir
BIPRU 2.2.13GRP
If a firm considers that the individual capital guidance4 given to it is inappropriate to its circumstances it should, consistent with Principle 11 (Relations4 with regulators), inform the appropriate regulator that it disagrees with that guidance. The appropriate regulator may reissue individual capital guidance if,4 after discussion with the firm,4 the appropriate regulator concludes that the amount or quality4 of capital that the firm should hold to meet the overall financial
BIPRU 2.2.15GRP
If, after discussion, the appropriate regulator and a firm still do not agree on an adequate level of capital, the appropriate regulator may consider using its powers under section 55J of the Act to vary on its own initiative a firm'sPart 4A permission so as to require it to hold capital in accordance with the appropriate regulator's view of the capital necessary to comply with the overall financial adequacy rule. In deciding whether it should use its powers under section 55J,
BIPRU 2.2.16GRP
If the appropriate regulator gives individual capital guidance to a firm, the appropriate regulator will state what amount and quality of capital the appropriate regulator considers the firm needs to hold in order to comply with the overall financial adequacy rule. It will generally do so by saying that the firm should hold capital resources of an amount which is 3at least equal to a specified percentage of that firm'scapital resources requirement plus one or more static add-ons
BIPRU 2.2.19GRP
(1) Individual capital guidance may also be given with respect to group capital resources. This paragraph explains how such guidance should be interpreted unless the individual capital guidance specifies another interpretation.(2) If BIPRU 8.2.1 R (General consolidation rule for a UK consolidation group) applies to the firm the guidance relates to its UK consolidation group. If BIPRU 8.3.1 R (General consolidation rule for a non-UK sub-group7) applies to the firm the guidance
BIPRU 2.2.19BGRP
4For the purposes of BIPRU 2.2.19A G, BIPRU 2.2.17 G to BIPRU 2.2.19 G apply as they apply to individual capital guidance. References in those provisions to individual capital guidance or guidance should be read as if they were references to capital planning buffer. In relation to BIPRU 2.2.19G (3) and GENPRU 1.2.59 R, where the general stress and scenario testing rule, as part of the ICAAP rules, applies to a firm on a consolidated basis, the appropriate regulator may notify
BIPRU 2.2.21GRP
In the circumstance set out in BIPRU 2.2.20 G, the appropriate regulator may ask a firm for alternative or more detailed proposals and plans or further assessments and analyses of capital adequacy and risks faced by the firm. The appropriate regulator will seek to agree with the firm appropriate timescales and scope for any such additional work, in light of the circumstances which have arisen.
BIPRU 2.2.29GRP
(1) A firm may take into account factors other than those identified in the overall Pillar 2 rule when it assesses the level of capital it wishes to hold. These factors might include external rating goals, market reputation and its strategic goals. However, a firm should be able to distinguish, for the purpose of its dialogue with the appropriate regulator, between capital it holds in order to comply with the overall financial adequacy rule, capital that it holds as a capital
BIPRU 2.2.47GRP
In considering if there are any systems and control weaknesses and their effect on the adequacy of the CRR, a firm should be able to demonstrate to the appropriate regulator that all the issues identified in SYSC1 have been considered and that appropriate plans and procedures exist to deal adequately with adverse scenarios.
BIPRU 2.2.63GRP
As an asset manager's mandates become more complex, the risk of it failing to comply fully with the terms of its contracts increases. In the event of such failure, a firm can be exposed to substantial losses resulting from customers' claims and legal actions. Although the appropriate regulator would expect an asset manager to have in place adequate controls to mitigate that risk, it may also like to consider the potential cost to it should customers claim that it has not adhered
BIPRU 2.2.71GRP
A firm may approach its assessment of adequate capital by developing a model, including an ECM (see BIPRU 2.2.27 G), for some or all of its business risks. The assumptions required to aggregate risks modelled and the confidence levels adopted should be considered by a firm's senior management. A firm should also consider whether any relevant risks, including systems and control risks, are not captured by the model.
IFPRU 2.2.1RRP
A firm must, at all times, maintain overall financial resources and internal capital, including own funds and liquidity resources which are adequate both as to amount and quality to ensure there is no significant risk that its liabilities cannot be met as they fall due.
IFPRU 2.2.4GRP
The liabilities referred to in the overall financial adequacy rule:2(1) include:2(a) a firm's contingent and prospective liabilities;2(b) liabilities or costs that arise in scenarios where the firm is a going concern and those where the firm ceases to be a going concern;2(c) claims that could be made against a firm, which ought to be paid in accordance with fair treatment of customers, even if such claims could not be legally enforced; and2(d) claims on insurance that a firm has
IFPRU 2.2.5GRP
In the light of IFPRU 2.2.4 G, a firm should make its assessment of adequate financial resources on realistic valuation bases for assets and liabilities, taking into account the actual amounts and timing of cash flows under realistic adverse projections.
IFPRU 2.2.7RRP
A firm must have in place sound, effective and comprehensive strategies, processes and systems:(1) to assess and maintain, on an ongoing basis, the amounts, types and distribution of financial resources, own funds and internal capital that it considers adequate to cover:(a) the nature and level of the risks to which it is, or might be, exposed;(b) the risk in the overall financial adequacy rule;(c) the risk that the firm might not be able to meet the obligations in Part Three
IFPRU 2.2.37RRP
(1) As part of its obligation under the overall Pillar 2 rule, a firm that is a significant IFPRU firm must:(a) for the major sources of risk identified in line with IFPRU 2.2.7R(2), carry out stress tests and scenario analyses that are appropriate to the nature, scale and complexity of those major sources of risk and to the nature, scale and complexity of the firm's business; and(b) carry out the reverse stress testing under SYSC 20 (Reverse stress testing).(2) In carrying out
IFPRU 2.2.41GRP
A firm should assign adequate resources, including IT systems, to stress testing and scenario analysis, taking into account the stress testing techniques used, in order to accommodate different and changing stress tests at an appropriate level of granularity.
IFPRU 2.2.51RRP
For the purpose of the ICAAPrules as they apply on a consolidated basis or on a sub-consolidated basis: (1) the firm must ensure that the FCA consolidation group has the processes, strategies and systems required by the overall Pillar 2 rule;(2) the risks to which the overall Pillar 2 rule and the general stress and scenario testing rule refer are those risks as they apply to each member of the FCA consolidation group;(3) the reference in the overall Pillar 2 rule to amounts
IFPRU 2.2.56GRP
The purpose of IFPRU 2.2.52 R to IFPRU 2.2.55 G is to enable the FCA to assess the extent, if any, to which a firm's assessment, calculated on a consolidated basis, is lower than it would be if each separate legal entity were to assess the amount of capital it would require to mitigate its risks (to the same level of confidence) were it not part of a group subject to consolidated supervision under Part One, Title II, Chapter 2 of the UK CRR5 (Prudential consolidation). The reason
IFPRU 2.2.61RRP
The overall financial adequacy rule applies to a firm on an individual basis, whether or not it also applies to the firm on a consolidated basis or sub-consolidated basis.
IFPRU 2.2.62RRP
The overall financial adequacy rule applies to a firm on a consolidated basis if the ICAAPrules apply to it on a consolidated basis and applies to a firm on a sub-consolidated basis if the ICAAPrules apply to it on a sub-consolidated basis.
IFPRU 2.2.63RRP
When the overall financial adequacy rule applies on a consolidated basis or sub-consolidated basis, the firm must ensure that at all times its FCA consolidation group maintains overall financial resources and internal capital, including own funds and liquidity resources, which are adequate, both as to amount and quality, to ensure that there is no significant risk that the liabilities of any members of its FCA consolidation group cannot be met as they fall due.
IFPRU 2.2.73GRP
(1) In identifying an appropriate range of adverse circumstances and events in accordance with IFPRU 2.2.37 R (2):(a) a firm will need to consider the cycles it is most exposed to and whether these are general economic cycles or specific to particular markets, sectors or industries;(b) for the purposes of IFPRU 2.2.37 R (2)(a), the amplitude and duration of the relevant cycle should include a severe downturn scenario based on forward-looking hypothetical events, calibrated against
IFPRU 2.2.80GRP
If a firm has a current funding obligation in excess of normal contributions or there is a risk that such a funding obligation will arise then, when calculating available capital resources, the firm should include these sources of risk as part of its:2(1) stress tests and scenario analysis under IFPRU 2.2.37R and considering at least the scenarios in IFPRU 2.2.81G; and2(2) capital projections under IFPRU 2.2.73G.2
GENPRU 3.1.1RRP
1(1) Unless otherwise stated,8GENPRU 3.1 applies to every firm that is a member of a financial conglomerate other than:(a) [deleted]10(b) [deleted]10(c) [deleted]10(d) an ICVC;8(e) a bank;8(f) a designated investment firm; and8(g) an insurer.8(1A) GENPRU 3.1 (except GENPRU 3.1.5R to GENPRU 3.1.12G10) applies to each of the following firms that is a member of a financial conglomerate:8(a) a bank;8(b) a designated investment firm; and8(c) an insurer that is a “UK Solvency II firm”
GENPRU 3.1.12RRP
The solvency and capital adequacy requirements referred to in the financial conglomerate definition decision tree must be calculated in accordance with the provisions of the relevant sectoral rules.
GENPRU 3.1.14GRP
The capital adequacy provisions of GENPRU 3.1 are designed to be applied to financial conglomerates.
GENPRU 3.1.15GRP
GENPRU 3.1.25 R is a high level capital adequacy rule. It applies whether or not the FCA8 is the coordinator of the financial conglomerate concerned.
GENPRU 3.1.16GRP
4GENPRU 3.1.29 R4 to GENPRU 3.1.31 R and GENPRU 3 Annex 1 apply10 the detailed capital adequacy requirements that correspond with10 the Financial Groups Directive. They only deal with a financial conglomerate for which the FCA8 is the coordinator. If another competent authority is coordinator of a financial conglomerate, those rules do not apply with respect to that financial conglomerate and instead that coordinator will be responsible for implementing those detailed requir
GENPRU 3.1.17GRP
Annex I of the Financial Groups Directive laid10 down three5 methods for calculating capital adequacy at the level of a financial conglomerate. Those three5 methods are as follows:55(1) Method 1 calculates capital adequacy using accounting consolidation. It is set out in 11GENPRU 3.1.29 R to GENPRU 3.1.31 R and Part 1 of GENPRU 3 Annex 1.(2) Method 2 calculates capital adequacy using a deduction and aggregation approach. It is set out in 11GENPRU 3.1.29 R to GENPRU 3.1.31 R and
GENPRU 3.1.25RRP
(1) A firm that is a member of a financial conglomerate must at all times have capital resources of such an amount and type that results in the capital resources of the financial conglomerate taken as a whole being adequate.(2) This rule does not apply with respect to any financial conglomerate until notification has been made that it has been identified as a financial conglomerate as contemplated by regulation 2 of the Financial Groups Directive Regulations.10
GENPRU 3.1.29RRP
If,5 with respect to a firm and a financial conglomerate of which it is a member, this rule applies under GENPRU 3.1.29A R5 to the firm with respect to that financial conglomerate as described in GENPRU 3.1.30 R, the firm must at all times have capital resources of an amount and type that ensures that the conglomerate capital resources of that financial conglomerate at all times equal or exceed its conglomerate capital resources requirement.5
GENPRU 3.1.30RRP
If GENPRU 3.1.29 R (application of Method 1 or 210) applies to a firm with respect to the financial conglomerate of which it is a member, then with respect to the firm and the financial conglomerate:5(1) the definitions of conglomerate capital resources and conglomerate capital resources requirement that apply for the purposes of that rule are the ones from whichever of Part 1 or Part 2 of GENPRU 3 Annex 1 the firm has indicated to the FCA8 it will apply, unless the firm is subject
SUP 16.12.2GRP
(1) Principle 4 requires firms to maintain adequate financial resources. The prudential sourcebooks, which are contained in the Prudential Standards block in the Handbook,89GENPRU and IFPRU37 set out the FCA's65 detailed capital adequacy requirements. By submitting regular data, firms enable the FCA65 to monitor their compliance with Principle 4 and their prudential requirements.933737939393939337(2) The data items submitted help the FCA65 analyse firms' financial and other
SUP 16.12.9RRP

2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below.11

The applicable reporting frequencies for submission of data items and periods referred to in SUP 16.12.4 R are set out in the table below and are calculated from a firm'saccounting reference date, unless indicated otherwise.

The applicable due dates for submission referred to in SUP 16.12.4 R are set out in the table below. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period. 11

11

Member's adviser

93

the Society (note 1)

Description of data item76

Frequency

Submission deadline

Description of data item

Frequency

Submission deadline

Annual Lloyd's return

Annually

6 months after the Society'saccounting reference date

Syndicate accounts and reports (note 2)

Annually

6 months after the Society'saccounting reference date

Quarterly reporting statement

Quarterly

15 business days after the quarter end

Balance Sheet

FSA001 (note89 20) or

13

Quarterly or half yearly

(note 14)

FSA029

Quarterly (note 14)

(note 14)

Income Statement

FSA002 (note20), or

13

Quarterly or half yearly (note 14)

(note 14)

FSA030

Quarterly

(note 14)

Capital Adequacy

FSA003 (notes 4, 20) or

Monthly, quarterly or half yearly (note 14)

(note 14)

FSA033 (note 12) or

Quarterly

(note 14)

FSA034 (note 13) or

Quarterly

(note 14)

FSA035 (note 13)

Quarterly

(note 14)

Credit Risk

FSA004 (notes 5, 20)

13

Quarterly or half yearly (note 14)

(note 14)

Market Risk

FSA005 (notes 6, 20)

13

Quarterly or half yearly (note 14)

(note 14)

13
13 13 13

13
13 13 13

Large Exposures

FSA008 (note 2089)15

1513

Quarterly

20 business days (note 19)

13
13 13 13

13
13 13 13

13
13 13 13

13
13 13 13

13
13 13 13

Note 1

The Society must prepare its reports in the format specified in IPRU(INS) Appendix 9.11, unless Note 2 applies.

Note 2

The Society must ensure that the annual syndicate accounts and reports are prepared in accordance with the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950).

Note 3

[deleted]93

93

Note 4

Only firms subject to IPRU(INV) 4 report data item FSA003.

Note 5

This applies to a firm that is required to submit data item FSA003 and, at anytime within the 12 months up to its latest accounting reference date ("the relevant period"), was reporting data item FSA004 ("Firm A") or not reporting this item ("Firm B").

In the case of Firm A it must report this data item if one or both of its last two submissions in the relevant period show that the threshold was exceeded.

In the case of Firm B it must report this item if both the last two submissions in the relevant period show that the threshold has been exceeded.

The threshold is exceeded where data element 77A in data item FSA003 is greater than £10 million, or its currency equivalent, at the relevant reporting date for the firm.

Note 6

This applies to a firm that is required to submit data item FSA003 and, at anytime within the 12 months up to its latest accounting reference date ("the relevant period"), was reporting data item FSA005 ("Firm A") or not reporting this item ("Firm B").

In the case of Firm A it must report this data item if one or both of its last two submissions in the relevant period show that the threshold was exceeded.

In the case of Firm B it must report this item if both the last two submissions in the relevant period show that the threshold has been exceeded.

The threshold is exceeded where data element 93A in data item FSA003 is greater than £50 million, or its currency equivalent, at the relevant reporting date for the firm.

Note 7

[deleted]13

13

Note 8

[deleted]13

13

Note 9

[deleted]13

13

Note 10

[deleted]13

13

Note 11

[deleted]13

13

Note 12

FSA033 is only applicable to firms subject to IPRU(INV) 3.80

Note 13

Only applicable to firms subject to IPRU(INV) 5. FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R74, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed76.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R74.

Note 14

89All UK consolidation group reports report half yearly on 45 business days submission. All other firms report monthly on 20 business days submission.

373737

Note 15

[deleted]89

Note 16

[deleted]13

13

Note 17

[deleted]13

13

Note 18

[deleted]13

13

Note 19

UK consolidation group reports have 45 business days submission.

Note 20

Firms that are members of a UK consolidation group are also required to submit FSA001, FSA002, FSA003, FSA004, FSA005 and FSA008 on a UK consolidation group basis.

15Note 21

[deleted]89

373737
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:

89Description of data item

Firms’prudential category and applicable data items (note 1)

MIFIDPRU investment firms

Firms other than MIFIDPRU investment firms

IPRU(INV)Chapter 3

IPRU(INV)Chapter 5

91

IPRU(INV)Chapter 13

Solvency statement

No standard format (note 4)

No standard format (note 6)

No standard format (note 4)

Balance sheet

FSA029

(note 2)

FSA029

(note 5)

FSA029

91

Section A RMAR

Income statement

FSA030

(note 2)

FSA030

(note 5)

FSA030

91

Section B RMAR

Capital adequacy

MIF001

(note 2 and 3)

FSA033

(note 5)

FSA034 or FSA035 or FIN071

(note 7)

91

Section D1 RMAR

Supplementary capital data for collective portfolio management investment firms

FIN067

(note 13)

ICARA assessment questionnaire

MIF007

(note 3)

Threshold conditions

Section F RMAR

Client money and client assets

FSA039

FSA039

FSA039

91

Section C RMAR

CFTC

FSA040 (note 8)

FSA040 (note 8)

FSA040 (note 8)

91

FSA040 (note 8)

Liquidity

MIF002

(notes 2, 3 and 10)

Metrics reporting

MIF003

(notes 2 and 3)

Concentration risk (non-K-CON)

MIF004

(notes 2, 3 and 11)

Concentration risk (K-CON)

MIF005

(notes 2, 3 and 11)

Group capital test

MIF006

(notes 3 and 12)

Liquidity Questionnaire

MLA-M (note 9)

MLA-M (note 9)

MLA-M (note 9)

91

MLA-M (note 9)

Note 1

All firms (except MIFIDPRU investment firms in relation to items reported under MIFIDPRU 9) must, when submitting the completed data item required, use the format of the data item set out in SUP 16 Annex 24R. Guidance notes for completion of the data items are contained in SUP 16 Annex 25G.

Note 2

A UK parent entity of an investment firm group to which consolidation applies under MIFIDPRU 2.5 must also submit this report on the basis of the consolidated situation.

Note 3

Data items MIF001 – MIF007 must be reported in accordance with the rules in MIFIDPRU 9.

Note 4

Only applicable to a firm that is a sole trader or partnership. Where the firm is a partnership, this report must be submitted by each partner.

Note 5

Except if the firm is an adviser (as referred to in IPRU-INV (3)-60(4)R).

Note 6

Only required in the case of an adviser (as referred to in IPRU-INV (3)-60(4)R)) that is a sole trader.

Note 7

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R.

Note 8

Only applicable to firms granted a Part 30 exemption order and operating an arrangement to cover forward profits on the London Metals Exchange.

Note 9

Only applicable to RAG 3 firms carrying on home financing or home finance administration connected to regulated mortgage contracts, unless as at 26 April 2014 the firm’sPart 4A permission was and remains subject to a restriction preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts.

Note 10

Does not apply to an SNI MIFIDPRU investment firm which has been granted an exemption from the liquidity requirements in MIFIDPRU 6.

Note 11

Only applicable to a non-SNI MIFIDPRU investment firm.

Note 12

Only applicable to a parent undertaking to which the group capital test applies.

Note 13

Only applicable to firms that are collective portfolio management investment firms.

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:

89Description of data item

Firms’ prudential category and applicable data items (note 1)

MIFIDPRU investment firms

Firms other than MIFIDPRU investment firms

IPRU(INV)

Chapter 3

IPRU(INV)

Chapter 5

91

IPRU(INV)

Chapter 11

(collective portfolio management firms only)

IPRU(INV)

Chapter 12

IPRU(INV)

Chapter 13

Solvency statement

(note 2)

No standard format

No standard format

No standard format

Balance sheet

FSA029

(note 3)

FSA029

FSA029

91

FSA029

FSA029

Section A RMAR

Income statement

FSA030

(note 3)

FSA030

FSA030

91

FSA030

FSA030

Section B RMAR

Capital adequacy

MIF001

(note 3 and 4)

FSA033

FSA034 or FSA035 or FIN071

(note 5)

91

FIN066

FIN069

Section D1 RMAR

ICARA assessment questionnaire

MIF007

(note 4)

Supplementary capital data for collective portfolio management investment firms

FIN067

(note 9)

Threshold conditions

Section F RMAR

Volumes and types of business

FSA038

FSA038

91

FSA038

FSA038

Client money and client assets

FSA039

FSA039

FSA039

91

FSA039

FSA039

Section C RMAR

Liquidity

MIF002

(notes 3, 4 and 6)

Metrics monitoring

MIF003

(notes 3 and 4)

Concentration risk (non-K-CON)

MIF004

(notes 3, 4 and 7)

Concentration risk (K-CON)

MIF005

(notes 3, 4 and 7)

Group capital test

MIF006

(notes 4 and 8)

Information on P2P agreements

FIN070

Note 1

All firms, except MIFIDPRU investment firms in relation to items reported under MIFIDPRU 9, must, when submitting the completed data item required, use the format of the data item set out in SUP 16 Annex 24. Guidance notes for completion of the data items are contained in SUP 16 Annex 25.

Note 2

Only applicable to a firm that is a sole trader or partnership. Where the firm is a partnership, this report must be submitted by each partner.

Note 3

A UK parent entity of an investment firm group to which consolidation applies under MIFIDPRU 2.5 must also submit this report on the basis of the consolidated situation.

Note 4

Data items MIF001 – MIF007 must be reported in accordance with the rules in MIFIDPRU 9.

Note 5

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R.

Note 6

Does not apply to an SNI MIFIDPRU investment firm which has been granted an exemption from the liquidity requirements in MIFIDPRU [6].

Note 7

Only applicable to a non-SNI MIFIDPRU investment firm.

Note 8

Only applicable to a parent undertaking to which the group capital test applies.

Note 9

Only applicable to firms that are collective portfolio management investment firms.

SUP 16.12.18BRRP

The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

46Description of data item

Data item (note 1)

Frequency

Submission deadline

Balance Sheet

Sections A.1 and A.2 MLAR

Quarterly

20 business days

Income Statement

Sections B.0 and B.1 MLAR

Quarterly

20 business days

Capital Adequacy(notes 4 and 5)70

58

Section C MLAR

Quarterly

20 business days

Lending - Business flow and rates

Section D MLAR

Quarterly

20 business days

Residential Lending to individuals - New business profile

Section E MLAR

Quarterly

20 business days

Lending - arrears analysis

Section F MLAR

Quarterly

20 business days

Mortgage Administration - Business Profile

Section G MLAR

Quarterly

20 business days

Mortgage Administration - Arrears analysis

Section H MLAR

Quarterly

20 business days

Analysis of loans to customers

Section A3 MLAR

Quarterly

20 business days

Provisions analysis

Section B2 MLAR

Quarterly

20 business days

Fees and Levies

Section J MLAR

Annually

30 business days

Sale and rent back

Section K MLAR

Annually

30 business days

Credit Risk (notes 2 and 4)58

58

Section L MLAR

Quarterly

20 business days

Liquidity (notes 3 and 4)58

58

Section M MLAR

Quarterly

20 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 19A. Guidance notes for the completion of the data items are set out in SUP 16 Annex 19B.

Note 2

Only applicable to a firm that has one or more exposures that satisfy the conditions set out in MIPRU 4.2A.4 R, and:

- has permission to carry on any home financing which is connected to regulated mortgage contracts; or

- has permission to carry on home financing and home finance administration which is connected to regulated mortgage contracts (and no other activity); or

- has permission to carry on home finance administration which is connected to regulated mortgage contracts and has all or part of the home finance transactions that it administers on its balance sheet.

Note 3

Only applicable to a firm that:64

- is80 subject to MIPRU 4.2D;

-80 has no restriction to its Part 4A permission preventing it from undertaking new home financing or home finance administration connected to regulated mortgage contracts; and

- has permission to carry on any home financing or home finance administration connected to regulated mortgage contracts.

6464

Note 4

Not applicable if the firm exclusively carries on home finance administration or home finance providing activities in relation to second charge regulated mortgage contracts or legacy CCA mortgage contracts (or both)66.

Also not applicable if the firm is a P2P platform operator facilitating home finance transactions.83

70Note 5

Only applicable to a firm that is subject to MIPRU 4.2 (Capital resources requirements).

SUP 16.12.19ARRP

2The applicable data items80 referred to in SUP 16.12.4 R are set out according to type of firm8 in the table below:

888

Description of data item11

Firms’76 prudential category and applicable data items76 (note 1)

IPRU(INV) Chapter 3

IPRU(INV) Chapter 5

91

IPRU(INV)Chapter 13

43

Solvency statement (note 6)5

No standard format5

43

Balance sheet

FSA029

11

FSA029

11

91

Section A RMAR89

11
4311

Income statement

FSA030

11

FSA030

11

91

Section B RMAR89

11
4311

Capital adequacy

FSA033

11

FSA034 or FSA035 or FIN07152or FIN072 69 (note 4)11

91

Section D1 RMAR89

50506220
4311

5Threshold conditions

Section F RMAR89

24

Client money and client assets

FSA039

FSA039

91

Section C RMAR

5

11

43

69Pillar 2 questionnaire

FSA019 (note 8)

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24. Guidance notes for completion of the data items are contained in SUP 16 Annex 25.

Note 2

[deleted]24

24

Note 3

[deleted]11

11

Note 4

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R74, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed76.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R74, unless76 the firm is the depositary of a UCITS scheme in which case, FIN072 must be completed75.52

7569757469

Note 5

[deleted]89

505

Note 6

Only applicable to a firm that is a partnership, when the report must be submitted by each partner.

5Note 7

[deleted]89

112424622411

69Note 8

Only applicable to a firm that is the depositary of a UCITS scheme.

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:

89Description of data item

Firms’ prudential category and applicable data item (note 1)

MIFIDPRU investment firms

Firms subject to IPRU(INV)

Chapter 13

Firms that are also in one or more of RAGs 2 to 6 and not subject to IPRU(INV)

Chapter 13

Solvency statement

No standard format

(note 2)

Balance sheet

FSA029

(note 3)

Section A RMAR

Income statement

FSA030

(note 3)

Section B RMAR

Capital adequacy

MIF001

(notes 3 and 6)

Section D1 RMAR (note 9)

Liquidity

MIF002 (notes 3, 4 and 6)

Metrics monitoring

MIF003

(notes 3 and 6)

Concentration risk

(non-K-CON)

MIF004

(notes 3, 5 and 6)

Concentration risk

(K-CON)

MIF005

(notes 3, 5 and 6)

Group capital test

MIF006

(notes 6 and 8)

ICARA assessment questionnaire

MIF007

(note 6)

Supplementary capital data for collective portfolio management investment firms

FIN067

(note 10)

Professional indemnity insurance (note 11)90

Section E RMAR

Section E RMAR

Section E RMAR

Threshold conditions

Section F RMAR

Training and competence

Section G RMAR

Section G RMAR

Section G RMAR

COBS data

Section H RMAR

Section H RMAR

Section H RMAR

Client money and client assets

Section C RMAR

Section C RMAR

Fees and levies

Section J RMAR

Section J RMAR

Adviser charges

Section K RMAR (note 7)

Section K RMAR (note 7)

Section K RMAR (note 7)

Note 1

When submitting the completed data item required, a firm (except a MIFIDPRU investment firm in relation to an item reported under MIFIDPRU 9) must use the format of the data item set out in SUP 16 Annex 24R, or SUP 16 Annex 18AR in the case of the RMAR. Guidance notes for completion of the data items are contained in SUP 16 Annex 25, or SUP 16 Annex 18BG in the case of the RMAR.

Note 2

Only applicable to a firm that is a sole trader or partnership. Where the firm is a partnership, this report must be submitted by each partner.

Note 3

A UK parent entity of an investment firm group to which consolidation applies under MIFIDPRU 2.5 must also submit this report on the basis of the consolidated situation.

Note 4

Does not apply to an SNI MIFIDPRU investment firm which has been granted an exemption from the liquidity requirements in MIFIDPRU 6.

Note 5

Only applicable to a non-SNI MIFIDPRU investment firm.

Note 6

Data items MIF001 – MIF007 must be reported in accordance with the rules in MIFIDPRU 9.

Note 7

This item only applies to firms that provide advice on retail investment products and P2P agreements.

Note 8

Only applicable to a parent undertaking to which the group capital test applies.

Note 9

Where a firm submits data items for both RAG 7 and RAG 9, the firm must complete Section D1.

Note 10

Only applicable to firms that are collective portfolio management investment firms.

Note 11

Only applicable to firms that are subject to an FCA requirement to hold professional indemnity insurance and are not MIFIDPRU investment firms.90

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:

89Description of data item

Firms’ prudential category and applicable data items (note 1)

MIFIDPRU investment firms

Firms other than MIFIDPRU investment firms

IPRU(INV)

Chapter 3

IPRU(INV)

Chapter 5

91

IPRU(INV)

Chapter 13

Solvency statement

(note 2)

No standard format

Balance sheet

FSA029

(note 3)

FSA029

FSA029

91

Section A RMAR

Income statement

FSA030

(note 3)

FSA030

FSA030

91

Section B RMAR

Capital adequacy

MIF001

(notes 3 and 5)

FSA033

FSA034 or FSA035 or FIN071

(note 4)

91

Section D1 RMAR

Liquidity

MIF002

(notes 3 and 5)

Metrics monitoring

MIF003

(notes 3 and 5)

Concentration risk (non-K-CON)

MIF004

(notes 3, 5 and 7)

Concentration risk (K-CON)

MIF005

(notes 3, 5 and 7)

Group capital test

MIF006

(notes 5 and 6)

ICARA assessment questionnaire

MIF007

(note 5)

Threshold conditions

Section F RMAR (note 17)

Client money and client assets

FSA039

FSA039

FSA039

91

Section C RMAR (note 13) or FSA039

Note 1

All firms (except MIFIDPRU investment firms in relation to items reported under MIFIDPRU 9) when submitting the completed data item required, must use the format of the data item set out in SUP 16 Annex 24. Guidance notes for completion of the data items are contained in SUP 16 Annex 25.

Note 2

Only applicable to a firm that is a sole trader or partnership. Where the firm is a partnership, this report must be submitted by each partner.

Note 3

A UK parent entity of an investment firm group to which consolidation applies under MIFIDPRU 2.5 must also submit this report on the basis of the consolidated situation.

Note 4

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.4.2R, unless it is a firm whose permitted business includes establishing, operating or winding up a personal pension scheme, in which case FIN071 must be completed.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.4.2R.

Note 5

Data items MIF001 – MIF007 must be reported in accordance with the rules in MIFIDPRU 9.

Note 6

Only applicable to a parent undertaking to which the group capital test applies.

Note 7

Only applicable to a non-SNI MIFIDPRU investment firm.

SUP 16.12.28ARRP

2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item11

Data item11 (note 1)

Frequency

Submission deadline

Annual regulated business revenue up to and including £5 million

Annual regulated business revenue over £5 million

Balance Sheet

Section A RMAR

Half yearly

Quarterly

30 business days

Income Statement

Section B RMAR

Half yearly

Quarterly

30 business days

Capital Adequacy (note 3)58

Section D1 RMAR

Half yearly

Quarterly

30 business days

Professional indemnity insurance

(note 2)11

Section E RMAR

Half yearly

Quarterly 11

11

30 business days

Threshold Conditions

Section F RMAR

Half yearly

Half yearly

30 business days

Training and Competence

Section G RMAR

Half yearly

Half yearly

30 business days

COBS11 data

Section H RMAR

Half yearly

Half yearly

30 business days

Supplementary product sales data

Section I RMAR

Half yearly11

11

Annually

30 business days

Client money and client assets (note 3)58

Section C RMAR

Half yearly

Quarterly

30 business days

Fees and levies

Section J RMAR

Annually

Annually

30 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B.

11Note 2

This item only applies to firms that may be subject to an FCA80 requirement to hold professional indemnity insurance and are not MIFIDPRU investment firms89.

68

58Note 3

This item does not apply to firms who only carry on home finance mediation activities exclusively in relation to second charge regulated mortgage contracts or legacy CCA mortgage contracts (or both)66 and who are not otherwise expected to complete it by virtue of carrying out other regulated activities.

This item also does not apply if the firm is a P2P platform operator facilitating home finance transactions and is not required to submit it by virtue of carrying out other regulated activities. 83

SUP 16.12.29CRRP

47The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item

Data item (note 1)

Frequency

Submission deadline

Annual revenue from credit-related regulated activities up to and including £5 million (note 2)

Annual revenue from credit-related regulated activities over £5 million

Financial data (note 3)

CCR001

Annually

Half yearly

30 business days

Volumes (note 4)

CCR002

Annually

Half yearly

30 business days

Lenders (note 5)

CCR003

Annually

Half yearly

30 business days

Debt management (note 6)

CCR004

Annually

Half yearly

30 business days

Client Money & Assets (note 7)

CCR005

Annually

Half yearly

30 business days

Debt collection (note 8)

CCR006

Annually

Half yearly

30 business days

Key data (note 9)

CCR007

Annually

Annually

30 business days56

56Credit broking websites (note 10)

73

73

60

73

60

[deleted]73

Note 1

When submitting the required data item, a firm must use the format of the data item set out in SUP 16 Annex 38A50. Guidance notes for the completion of the data items is set out in SUP 16 Annex 38B50.

Note 2

References to revenue in SUP 16.12.29C R in relation to any firm do not include the amount of any repayment of any credit provided by that firm as lender.

Note 3

(a) Subject to (b) to (d) below, this data item applies to all credit firms.

(b) This data item does not apply to a firm if the only credit-related regulated activity for which it has permission is operating an electronic system in relation to lending.

(c) This data item does not apply to a firm required to submit a Balance Sheet, Income Statement or Capital Adequacy data item from a RAG other than RAG 12.

(d) This data item does not apply to a firm with limited permission unless it is a not-for-profit debt advice body and at any point in the last 12 months has held £1 million or more in client money or as the case may be, projects that it will hold £1million or more in client money in the next 12 months.

Note 4

(a) Subject to (b) below, this data item applies to all credit firms.

(b) This data item does not apply to a firm with limited permission unless it is a not-for-profit debt advice body and at any point in the last 12 months has held £1 million or more in client money or as the case may be, projects that it will hold £1million or more in client money in the next 12 months.

Note 5

This data item applies to all firms with permission for entering into a regulated credit agreement as lender or exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement.

Note 6

(a) Subject to (b) to (d) below, this data item applies to a debt management firm and to a not-for-profit debt advice body that at any point in the last 12 months has held £1 million or more in client money or, as the case may be, projects that it will hold £1million or more in client money in the next 12 months.

(b) This data item does not apply to a firm with limited permission other than a not-for-profit debt advice body within (a).

(c) This data item does not apply to a firm required to submit a Capital Adequacy data item from a RAG other than RAG 12, or under SUP 16.13, unless (d) applies

(d) Where a firm is required to submit a Capital Adequacy data item from a RAG other than RAG 12 or under SUP 16.13 but the firm's highest capital requirement derives from its activity under RAG 12, the firm should submit both CCR004 and the Capital Adequacy data item required from the RAG other than RAG 12 or SUP 16.13.

Note 7

This data item applies to a CASS debt management firm, unless the firm is subject to a requirement imposed under section 55L of the Act stating that it must not hold client money, or such a requirement to the same effect76.

Note 8

This data item applies to a firm with permission to carry on debt collecting or operating an electronic system in relation to lending.

Note 980

(a) Subject to (b) and (c) below, this data item applies to a firm that has limited permission.

(b) This data item does not apply to an authorised professional firm that is a CASS debt management firm. Such a firm is instead required to submit the other data items in SUP 16.12.29C R as appropriate.

(c) This data item does not apply to a not-for-profit debt advice body that at any point in the last 12 months has held £1 million or more in client money or, as the case may be, projects that it will hold £1million or more in client money in the next 12 months. Such a not-for-profit debt advice body is instead required to submit data items CCR001, CCR002, CCR004 and CCR005.56

56Note 10

[deleted]73

6868

60Note 11

[deleted]73

SUP 16.12.33RRP

Financial reports from a member of a financial conglomerate (see SUP 16.12.32 R)

Content of Report

Form (Note 1)

Frequency

Due Date

Calculation of supplementary capital adequacy requirements in accordance with one of the three42 technical calculation methods

42

Note 2

Note 5

Yearly42

Note 5

Identification of significant risk concentration levels

Note 3

Yearly

4 months after year end

Identification of significant intra-group transactions

Note 4

Yearly

4 months after year end

Report on compliance with GENPRU 3.1.35 R where it applies

11

Note 6

Note 5

Note 5

Note 1

When giving the report required, a firm must use the form indicated, if any.

Note 2

In respect of FCA-authorised persons, if39 Part 1 of GENPRU3 Annex 1 (method80 1), or Part 2 of GENPRU 3 Annex 1 (method 2), or Part 3 of GENPRU 3 Annex 1 (method 3) applies, there is no specific form. Adequate information must be provided, specifying the calculation method used42 and each financial conglomerate for which the FCA68 is the co-ordinator must discuss with the FCA68 the form which this reporting will take and the extent to which verification by an auditor will be required.42

1168429393939342
42
42
7942424242

Note 3

Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the FCA68 is the co-ordinator must discuss with the FCA68 the form of the information to be reported. This should mean that usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.

When reviewing the risk concentration levels, the FCA68 will in particular monitor the possible risk of contagion in the financial conglomerate, the risk of a conflict of interests, the risk of circumvention of sectoral rules68, and the level or volume of risks.

939393939393

Note 4

For the purposes of this reporting requirement, an intra-group transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the financial conglomerate.

Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the FCA68 is the co-ordinator must11 discuss with the FCA68 the form of the information to be reported. This should mean that the68 usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.

When reviewing the intra-group transactions, the FCA68 will in particular monitor the possible risk of contagion in the financial conglomerate, the risk of a conflict of interest11, the risk of circumvention of sectoral rules, and the level or volume of risks.

93931193939393

Note 5

The frequency and due date will be as follows:

(1) banking and investment services conglomerate; frequency is yearly80 with due date 45 business days after period end;42 and68

(2) insurance conglomerate: frequency is yearly with due date four months after period end for the capital adequacy return and three months after period end for the report on compliance with GENPRU 3.1.35 R where it applies.

116811684242

Note 6

Adequate information must be added as a separate item to the relevant form for sectoral reporting.

IPRU-INV 5.2.2RRP
A firm must ensure that, at all times, its financial resources are not less than its financial resources requirement.
IFPRU 2.1.3GRP
This section amplifies Principle 4, under which a firm must maintain adequate financial resources. It is concerned with the adequacy of the financial resources that a firm needs to hold in order to meet its liabilities as they fall due. These resources include both capital and liquidity resources.
IFPRU 2.1.5GRP
This section has rules requiring a firm to carry out appropriate stress tests and scenario analyses for the risks it has previously identified and to establish the amount of financial resources and internal capital needed in each of the circumstances and events considered in that analyses. The FCA will consider, as part of its SREP, whether the firm should hold a capital planning buffer and the amount and quality of that buffer. The capital planning buffer is an amount separate,
IFPRU 2.1.6GRP
1This section has rules on the individual, sub-consolidated basis and consolidated basis application of:(1) the ICAAP rules in IFPRU 2.2.45R to IFPRU 2.2.49R (Level of application: ICAAP rules);(2) the risk control rules in IFPRU 2.2.58R to IFPRU 2.2.60R (Level of application: risk control rules); and(3) the overall financial adequacy rule in IFPRU 2.2.61R to IFPRU 2.2.63R (Level of application: overall financial adequacy rule).
COND 2.4.1AUKRP
(1) 8The resources of A must be appropriate in relation to the regulated activities that A carries on or seeks to carry on.(2) The matters which are relevant in determining whether A has appropriate resources include-(a) the nature and scale of the business carried on, or to be carried on, by A;(b) the risks to the continuity of the services provided by, or to be provided by, A; and(c) A’s membership of a group and any effect which that membership may have.(3) Except in a case
COND 2.4.3GRP
(1) [deleted]88(2) Although8 it is the firm that is being assessed, the FCA8 may take into consideration the impact of other members of the firm's group on the adequacy of its resources8, where relevant to the discharge of the FCA's functions8. For example, in relation to a firm other than a firm carrying on, or seeking to carry on, a PRA-regulated activity, the FCA8 may assess the consolidated solvency of the group. The FCA's8 approach to the consolidated supervision of such
COND 2.4.4GRP
(1) [deleted]88(2) Relevant matters to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition8may include but are not limited to:(a) (in relation to a firm other than a firm carrying on, or seeking to carry on, a PRA-regulated activity),8 whether there are any indications that the firm may have difficulties if the application is granted, at the time of the grant or in the future, in complying with any of the
MIPRU 4.2D.2RRP
A firm must at all times maintain liquidity resources which are adequate, both as to amount and quality, to ensure that there is no significant risk that its liabilities cannot be met as they fall due.
MIPRU 4.2D.3GRP
In assessing the adequacy of liquidity resources, a firm should have regard to the overall character of the resources available to it, which enable it to meet its liabilities as they fall due. A firm should ensure that:(1) it holds sufficient assets which are marketable, or otherwise realisable;(2) it is able to generate funds from those assets in a timely manner; and(3) it maintains a prudent funding profile in which its assets are of appropriate maturities, taking into account
GENPRU 3.2.9RRP
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.
GENPRU 2.1.6GRP
Principle 4 requires a firm to maintain adequate financial resources. GENPRU 2 sets out provisions that deal specifically with the adequacy of that part of a firm's financial resources that consists of capital resources. The adequacy of a firm'scapital resources needs to be assessed both by that firm and the appropriate regulator. Through its rules, the FCA14 sets minimum capital resources requirements for firms. It also reviews a firm's own assessment of its capital needs,
GENPRU 2.1.10GRP
For the purposes of GENPRU 2.1.9 R, a firm should have systems in place to enable it to be certain whether it has adequate capital resources to comply with14 the main BIPRU firm Pillar 1 rules14 at all times. This does not necessarily mean that a firm needs to measure the precise amount of its capital resources and its CRR on a daily basis. A firm should, however, be able to demonstrate the adequacy of its capital resources at any particular time if asked to do so by the FCA1
GENPRU 2.1.12GRP
The FCA14 may impose a higher capital requirement than the minimum requirement set out in this section as part of the firm's Part 4A permission (see GENPRU 1.2 (Adequacy of financial resources) and14BIPRU 2.2 (Internal capital adequacy standards)14).
CASS 5.4.4RRP
A firm may not handle client money in accordance with the rules in this section unless each of the following conditions is satisfied:(1) the firm must have and maintain systems and controls which are adequate to ensure that the firm is able to monitor and manage its client money transactions and any credit risk arising from the operation of the trust arrangement and, if in accordance with CASS 5.4.2 R a firm complies with both the rules in CASS 5.3 and CASS 5.4, such systems and
CASS 5.4.5GRP
The amount of a firm's capital resources maintained for the purposes of 2MIPRU 4.2.11 R2 will also satisfy (in whole or in part) the requirement in CASS 5.4.4 R (4).
BIPRU 7.10.89RRP
A firm must have procedures to assess and respond to the results produced from stress testing. In particular, stress testing results must be:(1) used to evaluate its capacity to absorb such losses or identify steps to be taken to reduce risk; and(2) communicated routinely to senior management and periodically to the governing body.
BIPRU 7.10.99GRP
The ultimate purpose of backtesting is to assess whether capital is sufficient to absorb actual losses. Actual daily profit and loss means the day's profit and loss arising from trading activities within the scope of the VaR model permission. This measure should, however, be 'cleaned' using BIPRU 7.10.100R inclusion in profit and loss of non-modelled factors.3
BIPRU 7.10.134GRP
By modifying GENPRU 2.1.52 R (Calculation of the market risk capital requirement) to allow the firm to use the VaR model to calculate all or part of its PRR for certain positions, the appropriate regulator is treating it like an application rule. The modification means that the PRR calculation set out in BIPRU 7.10 supersedes the standard market risk PRR rules for products and risks coming within the scope of the VaR model permission.
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 UK UCITS1 are as follows: (1) a collective portfolio management firm is required to submit FIN066 (and FSA042 if it is a UCITS firm); and2(2) a collective portfolio
SUP App 2.7.1GRP
For a dormant fund account operator, unless2 any of SUP App 2.4.1 R, SUP App 2.5.1 R, SUP App 2.5.3 R or SUP App 2.6.1 R applies, if a firm's circumstances change, such that its capital resources have fallen, or are expected to fall, below the level advised in individual capital guidance1 given to the firm by the FCA2 , then, consistent with PRIN 2.1.1 RPrinciple 11 (Relations with regulators), a firm should inform the appropriate regulator of this fact as soon as practicable,
IFPRU 4.11.7GRP
The FCA expects that an IPRE rating system will only be compliant if a firm is able to demonstrate the following in respect of its treatment of refinance risk:(1) refinance risk is included as a relevant risk driver (unless the portfolio contains only amortising loans);(2) the model rates interest only and amortising deals differently in the final year and that the magnitude of the difference in these ratings is intuitive;(3) given the time horizon associated with IRB estimates
IFPRU 4.11.16GRP
The FCA expects that a firm will be compliant with the validation requirements only where1it can demonstrate, in respect of discriminatory power, that:11(1) appropriate minimum standards that the rating system is expected to reach are defined, together with reasoning behind the adoption of such standards and that the factors considered when determining the tests are clearly documented;(2) an objective rank-ordering metric, measured using an appropriate time horizon (eg, using
BIPRU 1.2.22RRP
A firm must establish and maintain systems and controls to manage its trading book, in accordance with the trading book systems and controls rules, BIPRU 1.2.6 R (Definition of the trading book: Repos) and the overall financial adequacy rule to BIPRU 1.2.27 R (Trading book policy statements).[Note: CAD Article 11(4)]
BIPRU 1.2.29RRP
(1) The policies and procedures referred to in the overall financial adequacy rule and BIPRU 1.2.27 R must be recorded in a single written document. A firm may record those policies and procedures in more than one written document if the firm has a single written document that identifies:(a) all those other documents; and(b) the parts of those documents that record those policies and procedures.(2) A trading book policy statement means the single document referred to in this
IFPRU 4.8.12GRP
The FCA expects the time horizon for additional drawings to be the same as the time horizon for defaults. This means that EAD estimation need cover only additional drawings that might take place in the next year, such that:(1) no own funds requirements need be held against facilities, or proportions of facilities that cannot be drawn down within the next year; and(2) where facilities can be drawn down within the next year, firms may, in principle, reduce their estimates to the
IFPRU 4.8.19GRP
If the availability of a facility is subject to a further credit assessment by the firm, an EAD/CF may not be required. However, the FCA expects this to be the case only if the subsequent credit assessment was of substantially equivalent rigour to that of the initial credit approval and if this includes a re-rating or a confirmation of the rating of the borrower.
SUP 4.3.13RRP
An actuary appointed to perform the actuarial function must, in respect of those classes of the firm's long-term insurance business which are covered by his appointment1:1(1) advise the firm's management, at the level of seniority that is reasonably appropriate, on1 the risks the firm runs in1 so far as they may have a material impact on the firm's ability to meet liabilities to policyholders in respect of long-term insurance contracts as they fall due and on the capital needed
SUP 4.3.15GRP
SUP 4.3.13 R is not intended to be exhaustive of the professional advice that a firm should take whether from an actuary appointed under this chapter or from any other actuary acting for the firm. Firms should consider what systems and controls are needed to ensure that they obtain appropriate professional advice on financial and risk analysis; for example:11(1) risk identification, quantification and monitoring;1(2) stress and scenario testing;1(3) ongoing financial conditions;1(4)