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You are viewing the version of the document as on 2021-11-30.

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    2021-11-30

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 UK CRR2 (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) applies1 to an IFPRU investment firm1.

IFPRU 7.1.4GRP

A1 firm should be guided by BIPRU 12 (Liquidity standards) when complying with article 416 of the UK CRR2 (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 UK CRR2, a firm is exempt from compliance with the obligations in Part Six of the UK CRR2 (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 UK CRR2, 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 UK CRR2 (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.