IPRU-INV 1.1 PURPOSE

The general scheme of this sourcebook is, wherever appropriate, to apply the financial and other prudential standards which applied to a firm immediately prior to it becoming authorised by the appropriate regulator under the Act. For convenience, the chapter numbers adopted in this sourcebook correspond with those of the rulebooks of previous regulators.

1

This sourcebook does not apply to BIPRU firms1 except:

1. (1)

   it does apply to certain exempt BIPRU commodities firms; and

2. (2)

   [deleted]

1This sourcebook does not apply to IFPRU investment firms except it does apply to exempt IFPRU commodities firms.

This sourcebook does not apply to banks, building societies, insurers, the Society of Lloyd's (except in relation to underwriting agents), friendly societies and certain other categories of firm and members' advisers.

On becoming authorised by the appropriate regulator a firm will have to comply with the particular chapter of this sourcebook appropriate to its business. The firm will be able to seek guidance on this during the authorisation procedure. If subsequently, the business for which a firm has permission changes it may be necessary for it to comply with a different set of financial resources requirements. Firms will be able to discuss this aspect with the appropriate regulator during the application process.

The Supervision manual sets out provisions relating to the periodic reporting and notification of financial information to the appropriate regulator or to the auditing of accounts. However, this sourcebook contains a few additional notification requirements (notification rules).