Related provisions for SUP 8.1.4

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SUP 8.3.1GRP
Under section 148(4) of the Act, the FSA may not give a waiver unless it is satisfied that:(1) compliance by the firm with the rules, or with the rules as unmodified, would be unduly burdensome, or would not achieve the purpose for which the rules were made; and(2) the waiver would not result in undue risk to persons whose interests the rules are intended to protect.
SUP 8.3.6GRP
In some cases, the FSA may give a modification of a rule rather than direct that the rule is not to apply. The FSA may also impose conditions on a waiver, for example additional reporting requirements. A waiver may be given for a specified period of time only, after which time it will cease to apply. A firm wishing to extend the duration of a waiver should follow the procedure in SUP 8.3.3 D. A waiver will not apply retrospectively.
SUP 8.3.9GRP
If the FSA believes that a particular waiver given to a firm may have relevance to other firms, it may publish general details about the possible availability of the waiver. For example, IPRU(INV) 3-80(10)G explains that a firm that wishes to use its own internal model to calculate its position risk requirement (PRR) will need to apply for a waiver of the relevant rules.
SUP 8.3.10GRP
Under section 148(2) of the Act the FSA may give a waiver with the consent of a firm. This power may be used by the FSA in exceptional circumstances where the FSA considers that a waiver should apply to a number of firms (for example, where a rule unmodified may not meet the particular circumstances of a particular category of firm). In such cases the FSA will inform the firms concerned that the waiver is available, either by contacting firms individually or by publishing details
SUP 8.3.11GRP
An application for a waiver of an evidential provision will normally be granted only if a breach of the underlying binding rule is actionable under section 150 of the Act. Individual guidance would normally be a more appropriate response (see SUP 9 (Individual Guidance)) if there is no right of action.2
SUP 8.3.13GRP
For an application for a waiver of the presumption of contravention of a binding rule, which is actionable under section 150 of the Act, the FSA would normally wish to be satisfied that the evidential rule is itself unduly burdensome or does not achieve the purpose of the rule.2
SUP 8.3.14GRP
In the case of an application for a waiver of a two-way evidential provision relating to an actionable binding rule, the policy in SUP 8.3.12 G would apply to the presumption of compliance and the policy in SUP 8.3.13 G would apply to the presumption of contravention. In other words, any modification is likely to be in relation to the second presumption only.2
REC 3.3.1GRP
Under section 294 of the Act (Modification or waiver of rules), the FSA may, on the application or with the consent of a recognised body (including an overseas recognised body), direct that any notification rule is not to apply to the body or is to apply with such modifications as may be specified in the waiver.
REC 3.3.3GRP
Under section 294(4) of the Act, before the FSA may give a waiver of notification rules, it must be satisfied that:(1) compliance by the recognised body with those notification rules, or with those rules as unmodified, would be unduly burdensome or would not achieve the purpose for which those rules were made; and(2) the waiver would not result in undue risk to persons whose interests those rules are designed to protect.
REC 3.3.4GRP
Where a recognised body wishes to make an application to the FSA for a waiver of a notification rule, it should in the first instance inform its usual supervisory contact at the FSA.
REC 3.3.7GRP
Any waiver given by the FSA under section 294 of the Act will be made in writing, stating: (1) the name of the recognised body in respect of which the waiver is made;(2) the notification rules which are to be waived or modified in respect of that body;(3) where relevant, the manner in which any rule is to be modified;(4) any condition or time limit to which the waiver is subject; and(5) the date from which the waiver is to take effect.
SUP 8.6.2GRP
When considering whether it is satisfied under section 148(6), the FSA is required by section 148(7) of the Act:(1) to take into account whether the waiver relates to a rule contravention of which is actionable under section 150 of the Act (Actions for damages); Schedule 5 identifies such rules;(2) to consider whether its publication would prejudice, to an unreasonable degree, the commercial interests of the firm concerned, or any other member of its immediate group; and(3) to
SUP 8.6.3GRP
Waivers can affect the legal rights of third parties, including consumers. In the FSA's view it is important that the fact and effect of such waivers should be transparent. So the fact that a waiver relates to a rule that is actionable under section 150 of the Act (see SUP 8.6.2 G (1)) will tend to argue in favour of publication.
SUP 8.6.4GRP
In making waiver applications under section 250 of the Act or regulation 7 of the OEIC Regulations, SUP 8.6.2 G (2) should be read in application to rules in COLL as if the word "commercial" were omitted.12
SUP 21.1.1GRP
1SUP 21 Annex 1 sets out a form of waiver that the FSA will be minded to give to energy market participants in the exercise of its statutory discretion under section 148 of the Act to grant a waiver of its2rules.2
SUP 21.1.2GRP
Energy market participants should bear in mind that section 148 of the Act requires that in order to give a waiver of particular rules, the FSA must be satisfied that:(1) compliance with the rules, or with the rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the rules were made; and(2) the waiver would not result in undue risk to persons whose interests the rules are intended to protect.
SUP 8.2.1GRP
Under section 148of the Act (Modification or waiver of rules), the FSA may, on the application or with the consent of a firm, direct that its 9rules:99(1) are not to apply to the firm; or(2) are to apply to the firm with such modifications as may be specified.
SUP 8.2.3GRP
Section 250 of the Act and regulation 7 of the OEIC Regulations allow the FSA to waive the application of certain rules in COLL to:10(1) a person, as respects a particular AUT or ICVC, on the application or with the consent of that person; and(2) an AUT or ICVC on the application or with the consent of the manager and trustee (in the case of an AUT) or the ICVC and its depositary (in the case of an ICVC).2
SUP 8.1.2GRP
A recognised body should see REC 3.3 for information on waivers of rules in REC under section 294 of the Act.
SUP 8.4.1GRP
If the FSA gives a firm a waiver, then the relevant rule no longer applies to the firm. But:(1) if a waiver directs that a rule is to apply to a firm with modifications, then contravention of the modified rule could lead to FSA enforcement action and (if applicable) a right of action under section 150 of the Act (Actions for damages); and(2) if a waiver is given subject to a condition, it will not apply to activities conducted in breach of the condition, and those activities,
SUP 8.4.2GRP
Substantive changes to the rules (this would not include simple editorial changes) in the Handbook may affect existing waivers, changing their practical effect and creating a need for a change to the original waiver. The FSA will consult on proposed rule changes. A firm should note proposed rule changes and discuss the impact on a waiver with its usual supervisory contact at the FSA.
SUP 7.1.3GRP
The Handbook primarily contains provisions which apply to all firms or to certain categories of firm. However, a firm may apply for a waiver or modification of rules in certain circumstances as set out in SUP 8; or it may receive individual guidance on the application of the rules, as set out in SUP 9.
SUP 7.1.5GRP
By waiving or modifying the requirements of a rule or imposing an additional requirement or limitation, the FSA can ensure that the rules, and any other requirements or limitations imposed on a firm, take full account of the firm's individual circumstances, and so assist the FSA in meeting the regulatory objectives (for example, to protect consumers and maintain market confidence).
SUP 16.12.11RRP

The applicable data items referred to in SUP 16.12.4 R are set out according to firm type in the table below:

Description of data item

Firms prudential category and applicable data items (note 1)

BIPRU firms (note 17)2

Firmsother thanBIPRU firms

730K

125K and UCITS investment firms

50K

IPRU(INV)2Chapter 3

IPRU(INV)2Chapter 5

IPRU(INV)2Chapter 9

IPRU(INV)2Chapter 13

UPRU

Annual accounts

No standard format

No standard format (note 19)2

No standard format2

No standard format (note 21)3

No standard format3

Annual accounts of the mixed-activity holding company (note 10)

No standard format

Solvency statement

No standard format (note 11)

No standard format (note 20)

No standard format (note 11)2

No standard format (note 11)5

Balance sheet

FSA001 (note 2)

FSA001 (note 2)

FSA001 (note 2)

FSA029 (note s 16 and 18)2

FSA029 (note 16)2

FSA0292

FSA029 (note 16)2 or Section A RMAR (note 21)3

FSA029 (note 16)2

Income statement

FSA002 (note 2)

FSA002 (note 2)

FSA002 (note 2)

FSA030 (notes 16 and 18)2

FSA030 (note 16)2

FSA0302

FSA030 (note 16)2 or Section B RMAR (note 21)3

FSA030 (note 16)2

Capital adequacy

FSA003 (note 2)

FSA003 (note 2)

FSA003 (note 2)

FSA033 (notes 16 and 18)2

FSA034 or FSA035 (note 14 and 16)2

FSA0312

FSA032 (note 15) or FSA037 (note 15 and 16)2 or Sections D1 and D2 RMAR (note 21)3

FSA036 (note 16)2

Credit risk

FSA004 (notes 2, 3)

FSA004 (notes 2, 3)

FSA004 (notes 2, 3)

Market risk

FSA005 (notes 2, 4)

FSA005 (notes 2, 4)

FSA005 (notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (note 5)

FSA006 (note 5)

Operational risk

FSA007 (notes 2, 6, 7)

FSA007 (notes 2, 6, 7)

FSA007 (notes 2, 6, 7)

Large exposures

FSA008 (note 2)

FSA008 (note 2)

FSA008 (note 2)

UK integrated group large exposures

FSA018 (note 12)

FSA018 (note 12)

FSA018 (note 12)

Solo consolidation data

FSA016

FSA016

FSA016

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (note 8)

FSA019 (note 8)

Non-EEA sub-group

FSA028 (note 9)

FSA028 (note 9)

FSA028 (note 9)

3Threshold conditions

Section F RMAR (note 21)

3

2Client money and client assets

FSA039

FSA039

FSA039

FSA039 (note 18)

FSA039

FSA039

Section C RMAR (note 21) or 3FSA039

FSA039

2CFTC

FSA040

FSA040

FSA040

FSA040

FSA040

FSA040

FSA040

FSA0403

6IRB portfolio risk

FSA045 (note 22)

FSA045 (note 22)

FSA045 (note 22)

6Securitisation

FSA046 (note 23)

FSA046 (note 23)

FSA046 (note 23)

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24. Guidance notes for completion of the data items are contained in SUP 16 Annex 25.

Note 2

Firms that are members of a UK consolidation groupsubject to the capital resources requirement at stages 2, 3 or 4 of BIPRU 8 Annex 5 are also required to submit this report on a UK consolidation group basis.

Note 3

This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date,

(a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two quarterly submissions in the previous year show that the threshold was exceeded; or

(b) for a firm that was not reporting this data item or similar in the previous year, both of the last two quarterly submissions in the previous year show that the threshold was exceeded;

and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above.In both cases, the threshold is exceeded ifdata element 77A in data item FSA003 (or similar) is greater than £10 million, or its currency equivalent, at the reporting date.

Note 4

This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date,

(a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two quarterly submissions in the previous year show that the threshold was exceeded; or

(b) for a firm that was not reporting this data item or similar in the previous year, both of the last two quarterly submissions in the previous year show that the threshold was exceeded;

and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above.In both cases, the threshold is exceeded if data element 93A in data item FSA003 (or similar) is greater than £50 million, or its currency equivalent, at the reporting date.

Note 5

Only applicable to firms with a CAD2 waiver under GENPRU 2.1.52 R.

Note 6

This will not be applicable to BIPRU limited activity firms or BIPRU limited licence firms unless they have a waiver under BIPRU 6.1.2 G.

Note 7

This is only applicable to a firm that has adopted, in whole or in part, either the Standardised Approach, Alternative Standardised Approach, or Advanced Modelling Approaches under BIPRU 63.

Note 8

Only applicable to BIPRU investment firms5 that are:

(a) subject to consolidated supervision under BIPRU 8, except those that are either included within the consolidated supervision of a group that includes a UK credit institution, or that have been granted an investment firm consolidation waiver;

(b) subject to consolidated supervision under BIPRU 8 that have been granted an investment firm consolidation waiver; and

(c) not subject to consolidated supervision under BIPRU 8.

A BIPRU investment firm5 under (a) shouldcomplete the report on the basis of its UK consolidation group. A BIPRU investment firm5 under (b) or (c) shouldcomplete the report on the basis of its solo position.

Note 9

This will be applicable to firms that are members of a UK consolidation group4 on the reporting date. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group.

Note 10

Only applicable to a firm whose ultimate parent is a mixed activity holding company.

Note 11

Only applicable to a firm that is a sole trader or a partnership, when the report must be submitted by each partner.

Note 12

Members of a UK integrated group should only submit this data item at the UK integrated group level. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group.

2Note 13

This does not apply to a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm.

2Note 14

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.2.3(2)R.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.2.3(2)R.

2Note 15

FSA032 must be completed by a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm.

FSA037 must be completed by any other firm subject to IPRU(INV) Chapter 13 carrying out RAG 3 activities.

2Note 16

The annual data item to be submitted is additional to the fourth quarterly return to be submitted. The information to be submitted in the annual data item must (except for exempt CAD firms or firms subject to the small firms audit exemption) be audited before it is submitted.

2Note 17

An exempt BIPRU commodity firm will, by virtue of the definition of BIPRU TP 15, be exempt from completing FSA003 (and thus FSA004, FSA005, FSA006 and FSA007) for the duration of the transitional provision. It is however required to submit all other data items applicable according to the firm's BIPRU classification including, for the avoidance of doubt, BIPRU TP 16.

2Note 18

Except if the firm is an adviser, local or traded options market maker (as referred to in IPRU(INV) 3-60(4)R.

2Note 19

In the case of an adviser, local or traded options market maker (as referred to in IPRU(INV) 3-60(4)R), it is only required from partnerships and bodies corporate, and then only if the report was audited as a result of a statutory provision other than under the Act.

2Note 20

Only required in the case of an adviser, local or traded options market maker (as referred to in IPRU(INV) 3-60(4)R) that is a sole trader.

3Note 21

This is only applicable to a firm subject to IPRU(INV) Chapter 13 which is not an exempt CAD firm.

6Note 22

Only applicable to firms that have an IRB permission to use the IRB approach and BIPRU 4.

6Note 23

Only applicable to firms that undertakesecuritisations.
SUP 16.12.25ARRP

2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:

Description of data item

Firms prudential category and applicable data item (note 1)

BIPRU

Firmsother thanBIPRU firms

730K

125K

50K

IPRU(INV)Chapter 3

IPRU(INV)Chapter 5

IPRU(INV)Chapter 9

IPRU(INV)Chapter 133

UPRU

Annual accounts

No standard format8

Annual accounts of the mixed-activity holding company (note 10)

No standard format

Solvency statement (note 11)

No standard format

No standard format5

Balance sheet

FSA001 (note 2)

FSA001 (note 2)

FSA001 (note 2)

FSA029 (note 16)

FSA029 (note 16)

FSA029

FSA029 (note 16) or Section A RMAR (note 17)5

FSA029 (note 16)

Income statement

FSA002 (note 2)

FSA002 (note 2)

FSA002 (note 2)

FSA030 (note 16)

FSA030 (note 16)

FSA030

FSA030 (note 16) orSection B RMAR (note 17)5

FSA030 (note 16)

Capital adequacy

FSA003 (note 2)

FSA003 (note 2)

FSA003 (note 2)

FSA033 (note 16)

FSA034 or FSA035 (note 14 and 16)

FSA033

FSA032 (note 15 or 5Section D1 and D2 RMAR (note 17)5

FSA036 (note 16)

Credit risk

FSA004 (note 2, 3)

FSA004 (note 2, 3)

FSA004 (note 2, 3)

Market risk

FSA005 (notes 2, 4)

FSA005 (notes 2, 4)

FSA005 (notes 2, 4)

Market risk - supplementary

FSA006 (note 5)

FSA006 (note 5)

FSA006 (note 5)

Operational risk

FSA007 (notes 2, 6, 7)

FSA007 (notes 2, 6, 7)

FSA007 (notes 2, 6, 7)

Large exposures

FSA008 (note 2)

FSA008 (note 2)

FSA008 (note 2)

UK Integrated group large exposures

FSA018 (note 12)

FSA018 (note 12)

FSA018 (note 12)

Solo consolidation data

FSA016

FSA016

FSA016

Pillar 2 questionnaire

FSA019 (note 8)

FSA019 (note 8)

FSA019 (note 8)

Non-EEA sub-group

FSA028 (note 9)

FSA028 (note 9)

FSA028 (note 9)3

5Threshold conditions

Section F RMAR (note 17)

Client money and client assets

FSA039

FSA039

FSA039

FSA039

FSA039

FSA039

FSA039

FSA039 or Section C RMAR (note 17)

CFTC

FSA040

FSA040

FSA040

FSA040

FSA040

FSA040

FSA040

FSA0403

6IRB portfolio risk

FSA045 (note 18)

FSA045 (note 18)

FSA045 (note 18)

6Securitisation

FSA046 (note 19)

FSA046 (note 19)

FSA046 (note 19)

Note 1:

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24 R. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G.

Note 2

Firms that are members of a UK consolidation groupsubject to the capital resources requirement at stages 2, 3 or 4 of BIPRU 8 Annex 5 are also required to submit this report on a UK consolidation group basis.

Note 3

This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date,

(a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two submissions in the previous year show that the threshold was exceeded; or

(b) for a firm that was not reporting this data item or similar in the previous year, both of the last two submissions in the previous year show that the threshold was exceeded;

and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above.

In both cases, the threshold is exceeded if data element 77A in data item FSA003 (or similar) is greater than £10 million, or its currency equivalent at the reporting date.

Note 4

This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date,

(a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two submissions in the previous year show that the threshold was exceeded; or

(b) for a firm that was not reporting this data item or similar in the previous year, both of the last two submissions in the previous year show that the threshold was exceeded;

and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above.

In both cases, the threshold is exceeded if data element 93A in data item FSA003 (or similar) is greater than £50 million, or its currency equivalent at the reporting date.

Note 5

Only applicable to firms with a CAD2 waiver under GENPRU 2.1.52 R.

Note 6

This will not be applicable to BIPRU limited activity firms or BIPRU limited licence firms unless they have a waiver under BIPRU 6.1.2 G.

Note 7

This is only applicable to a firm that has adopted, in whole or in part, either the Standardised Approach, Alternative Standardised Approach, or Advanced Modelling Approachesunder BIPRU 6.3

Note 8

Only applicable to BIPRU investment firms5that are:

(a) subject to consolidated supervision under BIPRU 8, except those that are either included within the consolidated supervision of a group that includes a UK credit institution, or that have been granted an investment firm consolidation waiver;

(b) subject to consolidated supervision under BIPRU 8 that have been granted an investment firm consolidation waiver; and

(c) not subject to consolidated supervision under BIPRU 8.

A BIPRU investment firm5under (a) should complete the report on the basis of its UK consolidation group. A BIPRU investment firm5 under (b) or (c) should complete the report on the basis of its solo position.

Note 9

This will be applicable to firms that are members of a UK consolidation group4 on the reporting date. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group.

Note 10

Only applicable to a firm whose ultimate parent is a mixed-activity holding company.

Note 11

Only applicable to a firm that is a sole trader or a partnership, when the report must be submitted by each partner.

Note 12

Members of a UK integrated group should only submit this data item at the UK integrated group level. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group.

Note 13

This does not apply to firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm.

Note 14

FSA034 must be completed by a firm not subject to the exemption in IPRU(INV) 5.2.3(2)R.

FSA035 must be completed by a firm subject to the exemption in IPRU(INV) 5.2.3(2) R.

Note 15

FSA032 must be completed by a firm subject to IPRU(INV) Chapter 13 which is an exempt CAD firm.

5

Note 16

The annual data item to be submitted is additional to the fourth quarterly return to be submitted. The information to be submitted in the annual data item must (except for exempt CAD firms or firms subject to the small firms audit exemption) be audited before it is submitted.

5Note 17

This is only applicable to a firm subject to IPRU(INV) Chapter 13 that is not an exempt CAD firm.

6Note 18

Only applicable to firms that have an IRB permission to use the IRB approach and BIPRU 4.

6Note 19

Only applicable to firms that undertakesecuritisations.
REC 6.7.13GRP
Overseas recognised bodies may apply to the FSA for a waiver of any of the notification rules. The procedure is the same as that for applications from UK recognised bodies. Guidance on the procedure is given in REC 3.3.
MCOB 9.3.2RRP

Table of modified cross-references to other rules.

This table belongs to MCOB 9.3.1 R.

Subject

Rule or guidance

Reference in rule or guidance

To be read as a reference to:

Variations

MCOB 5.1.3R(2)

MCOB 7

MCOB 7 as modified by MCOB 9

Part of loan not an equity release transaction2

2

MCOB 5.1.9G

MCOB 5.6.6R(2)

MCOB 9.4.6R(2)

Waiver of provisions

MCOB 5.1.10G

MCOB 5.6

MCOB 9.4.

Purpose

MCOB 5.2.1G

MCOB 5

MCOB 5 as modified by MCOB 9

Applying for a lifetime mortgage2

2

MCOB 5.3.2G

MCOB 5.6.26R and MCOB 5.6.27R

MCOB 9.4.26R and MCOB 9.4.27R

Tied products

MCOB 5.4.24G

MCOB 5.6.74R

MCOB 9.4.73R or MCOB 9.4.160R3

Issue of offer document in place of illustration

MCOB 5.5.3G

MCOB 6.4 and MCOB 6.6

MCOB 6.4 and MCOB 6.6 as modified by MCOB 9

Customer's credit record

MCOB 5.5.16R

MCOB 5.5.15R(4)

MCOB 9.3.12R(3)
SUP 13A.9.5GRP
(1) The purpose of the precautionary measure rule is to ensure that an incoming EEA firm is subject to the standards of MiFID and the MiFID implementing Directive to the extent that the Home State has not transposed MiFID or the MiFID implementing Directive by 1 November 2007. It is to 'fill a gap'.(2) The rule is made in the light of the duty of the United Kingdom under Article 62 of MiFID to adopt precautionary measures to protect investors. (3) The rule will be effective for