IFPRU TP 5 Own funds: other transitionals

Application

5.1

R

IFPRU TP 5 applies to an IFPRU investment firm, unless it is an exempt IFPRU commodities firm.

Purpose

5.2

G

IFPRU TP 5 contains the rules that exercise the discretion afforded to the FCA as competent authority under articles 484 to 486 of the UK CRR1. The applicable percentages in IFPRU TP 5 apply for the duration of the transitional.

Duration of transitional

5.3

R

IFPRU TP 5 applies until 31 December 2021.

5.4

R

[expired]1

5.5

R

[expired]1

5.6

R

[expired]1

Limits on grandfathering

5.7

R

For the purposes of article 486 of the UK CRR1 the applicable factors are:

(1)

80% during the period from 1 January 2014 to 31 December 2014;

(2)

70% during the period from 1 January 2015 to 31 December 2015;

(3)

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

(4)

50% during the period from 1 January 2017 to 31 December 2017;

(5)

40% during the period from 1 January 2018 to 31 December 2018;

(6)

30% during the period from 1 January 2019 to 31 December 2019;

(7)

20% during the period from 1 January 2020 to 31 December 2020; and

(8)

10% during the period from 1 January 2021 to 31 December 2021.