This chapter includes rules that refer to provisions of the UK CRR in the form in which it stood at 31 December 2021. That version of the UK CRR can be found on legislation.gov.uk using this link.
IPRU-INV 5.1 Application
- (1)
- (a)
1This chapter applies to an investment management firm, other than:
- (i)
an incoming EEA firm unless it has a top-up permission for acting as trustee or depositary of a UCITS; or
- (ii)
a MiFID investment firm (unless it is an exempt CAD firm for the purpose of calculating its own funds and if it carries on any regulated activity other than MiFID business).
- (i)
- (aa)
This chapter applies, as set out in IPRU-INV 5.1.2R, to:
- (i)
- (ii)
OPS firms;
- (iii)
non-OPS Life Offices and non-OPS Local Authorities; and
- (iv)
individuals admitted to membership collectively.
- (a)
Exempt CAD firms |
OPS firms (see Note 1 below) |
Non-OPS Life Offices and Non-OPS Local Authorities |
Individuals admitted to membership collectively |
|
Financial resources rules |
||||
No (see Note 3 below) |
No |
No |
Yes |
|
Individuals whose sole investment business is giving investment advice to institutional or corporate investors |
Firms subject to "lead regulator arrangements" |
All other firms |
||
Financial resources rules |
||||
No |
No |
Yes |
||
(see Note 2 below) |
||||
Accounting records rules |
||||
IPRU-INV 5.3.1R (1) to 5.3.1R(6) |
No |
Yes |
Yes |
|
Note 1. Firms are referred to the specific compliance reports for OPS firms required by Chapter 16 of the Supervision Manual. |
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Note 2. A firm subject to "lead regulator arrangements" whereby a body other than the FCA is responsible for its financial regulation shall comply with the corresponding financial resources rules and financial returns rules of that body, and a breach of such rules shall be treated as a breach of the rules of the FCA. |
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Note 3. The financial and non-financial resources rules for an exempt CAD firm are set out in IPRU-INV chapter 9. However, IPRU-INV 5.2.1R to 5.7.3R apply to an exempt CAD firm for the purpose of calculating its own funds (see IPRU-INV 9.2.9R(2)(a)) (although the Category A items of Tier 1 capital as set out in IPRU-INV 5.8.1R are replaced by all the items in IPRU-INV 9.3.1R) and if it carries on any regulated activity other than MiFID business (see IPRU-INV 9.2.3R). |
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An incoming EEA firm with a top-up permission for acting as trustee or depositary of a UCITS must comply with:
- (a)
- (b)
- (c)
- (d)
- (e)
IPRU-INV 5.4.4R; and
- (f)
Interpretation
The definitions in the glossary at Appendix 1 apply to terms shown in bold type in this chapter (other than headings and titles). Where the term is italicised, the FCA Handbook Glossary definition applies.