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  1. Point in time
    2014-08-27

IFPRU 7.1 Application

IFPRU 7.1.1RRP

IFPRU 7 applies to an IFPRU investment firm.

Purpose

IFPRU 7.1.2GRP

This section contains rules that exercise the discretion afforded to the FCA as competent authority under article 6(4) of the EU CRR (Exemption for certain investment firms).

Application of BIPRU 12 (Liquidity standards)

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 7.1.4GRP

Pending specification of a uniform definition under article 460 of the EU CRR (Liquidity) of high and extremely high liquidity and credit quality, a firm should be guided by BIPRU 12 (Liquidity standards) when complying with article 416 of the EU CRR (Reporting on liquid assets).

Exemption from Part Six of EU CRR on individual basis

IFPRU 7.1.5RRP

For the purpose of article 6(4) of the EU CRR, a firm is exempt from compliance with the obligations in Part Six of the EU CRR (Liquidity) on an individual basis unless it meets both the following conditions:

  1. (1)

    it is an ILAS BIPRU firm; and

  2. (2)

    it is a significant IFPRU firm.

Exemption from Part Six of EU CRR on consolidated basis

IFPRU 7.1.6RRP

For the purpose of article 11(3) of the EU CRR, a FCA consolidation group that meets the condition in IFPRU 7.1.7 R is exempt from compliance with the obligations in Part Six of the EU CRR (Liquidity) on a consolidated basis.

IFPRU 7.1.7RRP

The members of the FCA consolidation group comprise only firms that are exempt under IFPRU 7.1.5 R.