IPRU-INV TP 1 Table: Transitional provisions applying to IPRU(INV)
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(1) |
(2) Material to which the transitional provision applies |
(3) |
(4) Transitional provision |
(5) Transitional provision: dates in force |
(6) Handbook provision: coming into force |
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1 |
[Deleted: |
[Deleted: |
[Deleted: |
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|
2 |
[Deleted] |
[Deleted] |
[Deleted] |
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|
3 |
R |
The new limits of indemnity apply to a professional indemnity policy or a comparable guarantee commenced, renewed or extended with effect from or after 1 March 2009. Any other existing non-annual arrangements must be aligned with the new limits of indemnity before 1 March 2010 |
1 March 2009 to 28 February 2010 |
1 March 2009 |
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|
4 |
13.1.21 and 13.1.23 |
R |
The requirement to hold additional capital resources where a policy excludes business or activities that have been carried out by the firm in the past or will be carried out by the firm only apply to a professional indemnity policy taken out, renewed or extended with effect from 31 December 2009. |
31 December 2009 to 31 December 2010 |
31 December 2009 |
|
5 |
R |
[Deleted] [expired] |
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|
6 |
The changes to IPRU-INV in Annex J of the Alternative Investment Fund Managers Directive Instrument 2013 and Annex C of the Capital Requirements Directive IV (AIFMD and UCITS Consequential Amendments) Instrument 2013 |
R |
[Deleted] [expired] |
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|
7 |
R |
Where a firm falls within regulation 74(1) or 75(1) of the AIFMD UK regulation it need not include AIFs managed by it that fall within those regulations in the calculation of its funds under management requirement, professional negligence capital requirement or PII excess capital requirement. |
From 22 July 2013 |
22 July 2013 |
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|
8 |
[spent] |
[spent] |
[spent] |
[spent] |
[spent] |
|
9 |
[spent] |
[spent] |
[spent] |
[spent] |
[spent] |
|
10 |
IPRU(INV) 12 |
R |
IPRU(INV) 12 does not apply to a firm with an interim permission |
Indefinitely |
1 April 2014 |
|
11 |
IPRU(INV) 12.2.6R(1) |
R |
The amount is replaced with £20,000 |
From 1 April 2014 to 31 March 2017 From |
1 April 2014 |
|
12 |
IPRU(INV) 12.3.5R |
R |
b = items 1,4 and 5 in the Table of items which must be deducted in arriving at a firm's financial resources (see IPRU(INV) 12.3.3R) |
1 April 2014 to 31 March 2017 |
1 April 2014 |
|
113 |
R |
A firm applying (b) or (c) above must have initial capital of at least £15,000. |
From 30 June 2016 to 29 June 2017 |
30 June 2016 |
|
|
114 |
R |
A firm applying (b) or (c) above must have initial capital of at least £15,000. |
From 30 June 2016 to 29 June 2017 |
30 June 2016 |
|
|
115 |
R |
The firm must calculate its capital resources requirement as the higher of: (a) £15,000. |
From 30 June 2016 to 29 June 2017 |
30 June 2016 |
|
|
116 |
R |
The firm must calculate its capital resources requirement as the higher of: (a) £15,000. |
From 30 June 2016 to 29 June 2017 |
30 June 2016 |
|
|
117 |
R |
These rules do not apply to a category B3 firm which is not a network, has fewer than 26 financial advisers or representatives and is not permitted to: (a) carry on discretionary portfolio management; (b) establish, operate or wind up a personal pension scheme; or (c) delegate the activities in (a) or (b) to an investment firm. |
From 30 June 2016 to 29 June 2017 |
30 June 2016 |
|
|
318 |
R |
A depositary of a UCITS scheme appointed before 18 March 2016 need not calculate its own funds requirement under articles 315 or 317 of the EU CRR. |
From 18 March 2016 until 18 March 2018 |
18 March 2016 |
|
|
319 |
R |
A depositary of a UCITS scheme appointed before 18 March 2016 need not comply with IPRU(INV) 5.4.8R. |
From 18 March 2016 to 18 March 2018 |
18 March 2016 |
|
|
420 |
R |
The rules referred to in column (2) only apply to a policy effected (including any renewal) after 1 June 2019. |
From 1 June 2019 indefinitely |
1 June 2019 |