Related provisions for BIPRU 9.4.14
41 - 60 of 66 items.
If the Part 4A permission of a firm contains a requirement obliging it to comply with this rule with respect to a third-country banking and investment group of which it is a member, it must comply, with respect to that third-country banking and investment group, with the rules in Part 2 of GENPRU 3 Annex 2, as adjusted by Part 3 of that annex.
The appropriate regulator will ordinarily not expect to give individual liquidity guidance to a simplified ILAS BIPRU firm. However, if after review of such a firm'sILSA, the appropriate regulator is not satisfied that the simplified buffer requirement delivers an adequate amount and quality of liquidity resources for that firm, having regard to its liquidity risk profile, the appropriate regulator will issue the firm with individual liquidity guidance and may also consider revoking
The starting point, therefore, is that each firm, or where relevant its UK branch, must be self-sufficient in terms of its own liquidity adequacy. The appropriate regulator does, however, recognise that there are circumstances in which it may be appropriate for a firm or branch to rely on liquidity support provided by other entities in its group or from elsewhere within the firm. A firm wishing to rely on support of this kind, whether for itself or for its UK branch, may only
1The FCA will expect a firm which
seeks to rely upon the waiver in SUP 17.2.3 R to take reasonable steps
to verify that transaction reports
will be made in accordance with the standards laid down in this chapter and
in particular should ascertain and remain satisfied that:(1) the provider of the transaction reporting facility maintains
an automated reporting system which the firm is
able to access through the efficient inputting of transactions into
the system;(2) the terms of
Under section 60(3) of the CCA, if, on an application made to the FCA by a firm carrying on a consumer credit business or a consumer hire business, it appears to the FCA impracticable for the firm to comply with any requirement of the Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553) or the Consumer Credit (Agreements) Regulations (SI 2010/1014) in a particular case, it may direct that the requirement be waived or varied in relation to the regulated agreement and subject
1A firm that sells:(1) a packaged product to a retail client, must provide a key features document and a key features illustration2 to that client (unless the packaged product is a unit in a UCITS scheme,7simplified prospectus scheme or an EEA UCITS scheme which is a recognised scheme);77(2) a life policy that is not a reinsurance contract to a client, must provide the Consolidated Life Directive information to that client;(3) the variation of a life policy or personal pension
A waiver of the right to future margin income may not breach the prohibition against implicit support:(1) the degree of support that can be given can be defined precisely by reference to the securitisation contractual documentation , albeit the amount of support may not be ascertainable in absolute monetary terms; and(2) no adjustment to the firm'scapital resources or capital resources requirement is required, as a firm should not in any case reflect future margin income in its
Where a firm considers that the capital resources requirements of GENPRU 2.1 require the holding of more capital than is needed for the firm to comply with GENPRU 1.2.26 R then the firm may apply to the appropriate regulator for a waiver of the requirements in GENPRU 2.1 under sections 138A and 138B of the Act. In addition to the statutory tests under sections 138A and 138B in deciding whether to grant a waiver and, if granted, its terms, the appropriate regulator will consider
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 |
|
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 |
|
Applying for a lifetime mortgage2 2 |
MCOB 5.3.2G |
||
4Messages to be given when providing information on equity release transactions |
MCOB 4.4A.1R (1), MCOB 4.4A.2 R and MCOB 4.4A.4R (1), each as applied by MCOB 8.3.1 R in modified form |
||
4Messages to be given when customer requests an execution-only sale |
|||
MCOB 9 Annex 1 R for a lifetime mortgage; MCOB 9 Annex 2 R for a home reversion plan. |
|||
MCOB 5.4.24G |
MCOB 5.6.74R |
||
4Provision of illustrations: timing |
MCOB 4.8A.14R (1), (2) or (3) |
||
Issue of offer document in place of illustration |
MCOB 5.5.3G |
||
Customer's credit record |
MCOB 5.5.16R |
MCOB 5.5.15R(4) |
MCOB 9.3.12R(3) |
A firm which has been granted a VaR modelwaiver will still need to make an application to the appropriate regulator for a master netting agreement internal models approach permission. However, the application should generally be straightforward as a firm which is able to satisfy the requirements for a VaR modelwaiver should usually also be able to satisfy the requirements for a master netting agreement internal models approach permission.[Note: BCD Annex VIII Part 3 point 14]
(1) A firm may apply to the FCA under section 138A of the Act to waive any one or more of the conditions in IFPRU 1.2.3 R if it believes that one or more of the governance requirements in (2) that apply to a significant IFPRU firm may be disproportionate to it. In its application for such waiver, the FCA expects the firm to demonstrate, taking into account size, nature, scope and complexity of its activities in the context of it being a member of a group and the internal organisation
If a firm ceases to be a participant firm or carry out activities within one or more classes54 part way through a financial year4 of the compensation scheme:4(1) it will remain liable for any unpaid levies which the FSCS has already made on the firm; and41(2) the FSCS may make one or more levies4 upon it (which may be before or after the firm5 has ceased to be a participant firm or carry out activities within one or more classes5,4 but must be before it ceases to be an authorised
Table: application of sectoral rules
This table belongs to GENPRU 3.1.35 R
The most important financial sector |
Applicable sectoral rules |
||
Risk concentration |
Intra-group transactions |
||
| 344 | 4344 | ||
None |
|||
Note |
Any waiver granted to a member of the financial conglomerate, on a solo or consolidated basis, shall not apply in respect of the financial conglomerate for the purposes of GENPRU 3.1.36 R. |
||
A firm may include amounts recoverable from an ISPV in the cash flows to be valued in a prospective valuation if it obtains a waiver of INSPRU 1.2.28 R under sections 138A and 138B of the Act. The conditions that will need to be met, in addition to the statutory tests under section 138A(4) of the Act, before the PRA will consider granting such a waiver are set out in INSPRU 1.6.13 G to INSPRU 1.6.18 G.