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  1. Point in time
    2018-01-13

IFPRU TP 3 Gains and losses

Application

3.1

R

IFPRU TP 3 applies to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm.

Purpose

3.2

G

IFPRU TP 3 contains the rules that exercise the discretion afforded to the FCA as competent authority under articles 467 and 468 of the EU CRR. The applicable percentages in IFPRU TP 3 apply instead of articles 33(1)(c) (Changes in the value of own liabilities) and 35 (Unrealised gains and losses measured at fair value) of the EU CRR for the duration of the transitional.

Duration of transitional

3.3

R

IFPRU TP 3 applies until 31 December 2017.

Inclusion of unrealised losses at fair value

3.4

R

For the purposes of article 467(1) of the EU CRR, the applicable percentages are:

1

20% during the period from 1 January 2014 to 31 December 2014;

2

40% during the period from 1 January 2015 to 31 December 2015;

3

60% during the period from 1 January 2016 to 31 December 2016; and

4

80% for the period from 1 January 2017 to 31 December 2017.

[Note: article 467(2) of the EU CRR]

Removal of unrealised gains at fair value

3.5

R

For the purposes of article 468(1) of the EU CRR, the applicable percentages are:

1

60% during the period from 1 January 2015 to 31 December 2015;

2

40% during the period from 1 January 2016 to 31 December 2016; and

3

20% for the period from 1 January 2017 to 31 December 2017.

[Note: article 468(2) of the EU CRR]

Inclusion of fair value gains and losses

3.6

R

For the purposes of article 468(4) of the EU CRR, the applicable percentages are:

1

20% during the period from 1 January 2014 to 31 December 2014;

2

40% during the period from 1 January 2015 to 31 December 2015;

3

60% during the period from 1 January 2016 to 31 December 2016; and

4

80% for the period from 1 January 2017 to 31 December 2017.