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 5.10 Expenditure based requirement
1A firm's expenditure based requirement is a fraction of its annual expenditure determined in accordance with IPRU-INV 5.10.2 R.
1: The fraction is 6/52 where:
(a) the firm is an authorised unit trust manager; or
(aa) the firm is an authorised contractual scheme manager; or
(b) the firm acts only as an authorised corporate director of an ICVC; or
(c) the firm is an investment manager (including the operator of an unregulated collective investment scheme in relation to which the firm carries on the activity of an investment manager), unless paragraph 2 applies.
2: The fraction is 13/52 where the firm is an investment manager as in paragraph 1(c) above, or is a custodian, and the firm either:
(a) itself holds customers' monies or assets; or
(b) procures the appointment as custodian of its customers' monies or assets of an associate of the firm which is not an approved bank.
[Note: Paragraph 1(a) above includes a firm which acts as an authorised unit trust manager and, in addition, is both or either:
(a) an authorised corporate director of an ICVC; or