Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 18 (Article 11(14)(c) of Regulation (EU) No 648/2012)Details of the intragroup transaction notification to the competent authority

  1. (1)

    The application or notification to the competent authority of the details of the intragroup transaction shall be in writing and shall include:

    1. (a)

      the legal counterparties to the transactions including their identifiers in accordance with Article 3 of Implementing Regulation (EU) No 1247/2012;

    2. (b)

      the corporate relationship between the counterparties;

    3. (c)

      details of the supporting contractual relationships between the parties;

    4. (d)

      the category of intragroup transaction as specified under paragraph 1 and points (a) to (d) of paragraph 2 of Article 3 of Regulation (EU) No 648/2012;

    5. (e)

      details of the transactions for which the counterparty is seeking the exemption, including:

      1. (i)

        the asset class of OTC derivative contracts;

      2. (ii)

        the type of OTC derivative contracts;

      3. (iii)

        the type of underlyings;

      4. (iv)

        the notional and settlement currencies;

      5. (v)

        the range of contract tenors;

      6. (vi)

        the settlement type;

      7. (vii)

        the anticipated size, volumes and frequency of OTC derivative contracts per annum.

  2. (2)

    As part of its application or notification to the relevant competent authority, a counterparty shall also submit supporting information evidencing that the conditions of Article 11(8) and (9) of Regulation (EU) No 648/2012 are fulfilled. The supporting documents shall include copies of documented risk management procedures, historical transaction information, copies of the relevant contracts between the parties and may include a legal opinion upon request from the competent authority.