IPRU-INV TP 1 Table: Transitional provisions applying to IPRU(INV)

1

[Deleted:

[Deleted:

[Deleted:

2

[Deleted]

[Deleted]

[Deleted]

3

IPRU-INV 9.2.5R and IPRU-INV 13.1.4(2)R (b)

R

[expired]5

5

5

4

13.1.21 and 13.1.23

R

[expired]5

5

5

5

IPRU-INV 11

R

[Deleted] [expired]

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]

7

IPRU-INV 11

R

[deleted]5

5

5

8

[spent]

[spent]

[spent]

[spent]

[spent]

9

[spent]

[spent]

[spent]

[spent]

[spent]

10

IPRU(INV) 12

R

[deleted]5

5

5

11

IPRU(INV) 12.2.6R(1)

R

[expired]5

5

5

12

IPRU(INV) 12.3.5R

R

[expired]5

5

5

3

3

3

3

3

3

3

3

3

3

3

3

113

IPRU-INV 13.1A.3R(2)

R

[expired]5

5

5

114

IPRU-INV 13.1A.4R(2)

R

[expired]5

5

5

115

IPRU-INV 13.13.2R(2)(a)

R

[expired]5

5

5

116

IPRU-INV 13.13.3R(2)(a)

R

[expired]5

5

5

117

IPRU-INV 13.15.9R and IPRU-INV 13.15.10R

R

[expired]5

5

5

318

IPRU(INV) 5.4.3R(i)(ib)

R

[expired]5

5

5

319

IPRU(INV) 5.4.8R

R

[expired]5

5

5

420

IPRU(INV) 13.1.20AR and 13.1.20CR

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

621

IPRU(INV) 9.2.5R and IPRU(INV) 13.1.10R

R

The new limits of indemnity apply to a professional indemnity policy or a comparable guarantee agreement commenced, renewed or extended with effect from or after 1 August 2021. Any other existing non-annual arrangements must be aligned with the new limits of indemnity before 1 August 2022.

1 August 2021 to 31 July 2022

1 August 2021

7 22

IPRU(INV) 5.6.5R, IPRU(INV) 13.15.8R and IPRU(INV) Annex D

R

The changes made on 1 January 2022 to the Prescribed Subordinated Loan Agreement and the form of subordinated loan in IPRU(INV) Annex D 5.1 and 13.1 apply only to agreements entered into on or after 1 January 2022.

Agreements entered into prior to 1 January 2022 are subject to IPRU(INV) Annex D as it applied prior to 1 January 2022, except that a firm may replace any reference to LIBOR in such agreements with a fair replacement rate.

From 1 January 2022 indefinitely

1 January 2022

7 23

IPRU(INV) 5.6.5R, IPRU(INV) 13.15.8R and IPRU(INV) Annex D

G

The standard subordinated loan agreements for 5 and 13 contained references to LIBOR, for example in the context of the maximum rate of interest that could be charged under the agreement.

LIBOR is being wound down, and the FCA is encouraging firms to take appropriate action to transition to alternative rates.

The purpose of the transitional in row 22 is to allow firms to amend their existing subordinated loan agreements to transition from LIBOR to a fair replacement rate. New agreements will be subject to the new standard forms, which do not refer to LIBOR.

From 1 January 2022 indefinitely

1 January 2022