Related provisions for IFPRU 11.2.12

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IFPRU 11.3.4RRP
A firm or qualifying parent undertaking must draw up and maintain a group recovery plan.[Note: article 7(1) of RRD]
IFPRU 11.3.5RRP
The group recovery plan must: (1) consist of a plan for the recovery of the RRD group as a whole; and(2) identify measures the group may need to implement at the level of:(a) the EEA parent undertaking; and(b) each individual subsidiary.[Note: article 7(1) of RRD]
IFPRU 11.3.6RRP
The group recovery plan must include arrangements to ensure the coordination and consistency of measures for each RRD group member, including, where applicable, each significant branch.[Note: article 7(4) of RRD]
IFPRU 11.3.7RRP
The group recovery plan must:(1) aim to stabilise the RRD group as a whole and each RRD institution in the group, when the group, or any RRD institution in the group, is under financial stress;(2) aim to address or remove the causes of the financial stress and restore the financial position of the group or the RRD institution in question; and(3) at the same time consider the financial position of other group members.[Note: article 7(4) of RRD]
IFPRU 11.3.8RRP
The group recovery plan must include the information in IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) if the RRD group:(1) includes an IFPRU 730k firm that is a significant IFPRU firm; or(2) does not include an IFPRU 730k firm.[Note: articles 5(5) and 7(5) of RRD]
IFPRU 11.3.9RRP
If the RRD group includes an IFPRU 730k firm that is not a significant IFPRU firm (and does not include an IFPRU 730k firm that is a significant IFPRU firm) the group recovery plan must include:(1) a summary of the key elements of the group recovery plan;(2) information on the governance of the group, including: (a) how the group recovery plan is integrated into the corporate governance of the group; and (b) the group's overall risk management framework;(3) a description of the
IFPRU 11.3.10GRP
A firm or qualifying parent undertaking should include additional information from IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) in its group recovery plan where this information is material to the business of the group.[Note: article 5(5) of RRD]
IFPRU 11.3.11GRP
(1) When identifying recovery options, a firm or qualifying parent undertaking should consider a range of scenarios of severe macroeconomic and financial stress relevant to the group's specific conditions.(2) The range of scenarios should include system-wide events and stress specific to individual legal persons and groups.(3) For each of the scenarios in (1), a group recovery plan should identify whether there are:(a) obstacles to implementing recovery measures within the group,
IFPRU 11.3.12RRP
A firm or qualifying parent undertaking must not assume any access to, or receipt of, extraordinary public financial support in its group recovery plan.[Note: articles 5(3) and 7(5) of RRD]
IFPRU 11.3.13RRP
If the group recovery plan includes the use of central bank facilities, the firm or qualifying parent undertaking must: (1) include an analysis of how and when members of the group may apply for the use of central bank facilities; and(2) identify those assets which would be expected to qualify as collateral.[Note: articles 5(4) and 7(5) of RRD]
IFPRU 11.3.14RRP
A firm or qualifying parent undertaking must:(1) include a framework of indicators in its group recovery plan which identify when it, or another group member, may take appropriate actions in the plan;(2) ensure the group recovery plan indicators can be monitored easily; and(3) have arrangements to monitor the group recovery plan indicators regularly.
IFPRU 11.3.15GRP
The group recovery plan indicators may relate to the group's financial position and may be of a qualitative or a quantitative nature.
IFPRU 11.3.16RRP
Where the relevant indicator has not been met, a firm or qualifying parent undertaking must decide whether or not it is appropriate to take action under the group recovery plan.
IFPRU 11.3.17RRP
A firm or qualifying parent undertaking must notify the FCA without delay of a decision to take an action referred to in the group recovery plan or of a decision not to take action.[Note: article 9(1) of RRD]
IFPRU 11.3.18RRP
(1) A firm that is an EEA parent undertaking or a qualifying parent undertaking must ensure that its management body assesses and approves the group recovery plan before sending it to its consolidating supervisor.(2) An IFPRU 730k firm that is not an EEA parent undertaking must ensure the management body of its EEA parent undertaking assesses and approves the group recovery plan before the IFPRU 730k firm sends it to its consolidating supervisor.[Note: article 7(7) of RRD]
IFPRU 11.3.19RRP
A firm or qualifying parent undertaking must demonstrate to its consolidating supervisor that:(1) carrying out its group recovery plan is reasonably likely to maintain or restore the viability and financial position of RRD institutions in the group, taking into account the preparatory measures that the group has taken, or plans to take; and(2) its group recovery plan: (a) is reasonably likely to be carried out quickly and effectively in situations of financial stress; and(b) avoids,
IFPRU 11.3.20RRP
(1) A firm or qualifying parent undertaking must update the group recovery plan at least:(a) annually, if the group: (i) includes an IFPRU 730k firm that is a significant IFPRU firm; or(ii) does not include an IFPRU 730k firm; or(b) once every two years, if the group includes an IFPRU 730k firm that is not a significant IFPRU firm.(2) A firm or qualifying parent undertaking must also update its group recovery plan after a change to any of the following which could materially affect
IFPRU 11.3.21RRP
(1) A firm or qualifying parent undertaking must send the group recovery plan to its EEAconsolidating supervisor.(2) Where the consolidating supervisor is the FCA, a firm or qualifying parent undertaking must send the group recovery plan in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: articles 6(1) and 7(1) of RRD]
IFPRU 11.2.4RRP
A firm must draw up and maintain a recovery plan.[Note: article 5(1) of RRD]
IFPRU 11.2.5GRP
A recovery plan is a governance arrangement for the purposes of SYSC 4.1.1 R (General requirements).
IFPRU 11.2.6RRP
If a firm is a significant IFPRU firm, its recovery plan must include the information in IFPRU 11 Annex 1R (Contents of recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms).[Note: article 5(5) of RRD]
IFPRU 11.2.7RRP
If a firm is not a significant IFPRU firm its recovery plan must include:(1) a summary of the key elements of the recovery plan;(2) information on the governance of the firm, including: (a) how the recovery plan is integrated into the corporate governance of the firm; and (b) the firm's overall risk management framework;(3) a description of the legal and financial structures of the firm, including:(a) the core business lines; and(b) critical functions;(4) recovery options, including:(a)
IFPRU 11.2.8GRP
A firm should include additional information from IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) in its recovery plan where this information is material to its business.[Note: article 5(5) of RRD]
IFPRU 11.2.10RRP
A firm must not assume any access to, or receipt of, extraordinary public financial support in its recovery plan.[Note: article 5(3) of RRD]
IFPRU 11.2.11RRP
If the recovery plan includes the use of central bank facilities, the firm must: (1) include an analysis of how and when the firm may apply for the use of central bank facilities; and(2) identify those assets which would be expected to qualify as collateral.[Note: article 5(4) of RRD]
IFPRU 11.2.13GRP
The recovery plan indicators may relate to the firm's financial position and may be of a qualitative or a quantitative nature.
IFPRU 11.2.14RRP
Where the relevant indicator has not been met, a firm must decide whether or not it is appropriate to take action under its recovery plan.
IFPRU 11.2.15RRP
A firm must notify the FCA without delay of a decision to take an action referred to in its recovery plan or of a decision not to take action.[Note: article 9(1) of RRD]
IFPRU 11.2.16RRP
A firm must ensure its management body assesses and approves the recovery plan before sending it to the FCA.[Note: article 5(9) of RRD]
IFPRU 11.2.17RRP
A firm must demonstrate to the FCA that:(1) carrying out its recovery plan is reasonably likely to maintain or restore the viability and financial position of the firm, taking into account the preparatory measures that the firm has taken, or plans to take; and(2) its recovery plan: (a) is reasonably likely to be carried out quickly and effectively in situations of financial stress; and(b) avoids, to the maximum extent possible, any significant adverse effect on the financial system,
IFPRU 11.2.18RRP
(1) A significant IFPRU firm must update its recovery plan at least annually.(2) A firm that is not a significant IFPRU firm must update its recovery plan at least once every two years.(3) A firm must also update its recovery plan after a change to any of the following which could materially affect its recovery plan:(a) its legal or organisational structure; (b) its business; or(c) its financial situation.[Note: articles 4(1)(b) and 5(2) RRD]
IFPRU 11.2.19RRP
A firm must send its recovery plan to the FCA in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: article 6(1) of RRD]
IFPRU 11.5.14RRP
A firm or qualifying parent undertaking must not give financial support using an RRD group financial support agreement unless it is satisfied that:(1) there is a reasonable prospect that giving the support will significantly redress the financial difficulties of the group member receiving the support;(2) the support has the objective of preserving or restoring the financial stability of:(a) the group as a whole; or(b) any members of the group;(3) the support is in the interests
IFPRU 11.5.16RRP
A firm or qualifying parent undertaking intending to give financial support must ensure that:(1) its management body takes the decision to give group financial support using an RRD group financial support agreement; and (2) it is a reasoned decision that sets out:(a) the objective of the proposed support; and(b) how the support complies with the conditions for giving group financial support using an RRD group financial support agreement in IFPRU 11.5.14 R.
IFPRU 11.5.17RRP
A firm or qualifying parent undertaking intending to receive financial support must ensure that its management body takes the decision to accept the support using an RRD group financial support agreement.[Note: article 24 of RRD]
IFPRU 11.5.18RRP
A firm or a qualifying parent undertaking intending to give financial support using an RRD group financial support agreement must ensure that its management body notifies: (1) its competent authority;(2) where different, its consolidating supervisor; (3) where different, the competent authority of the group member receiving the financial support; and(4) the EBA.
IFPRU 11.5.19RRP
A firm or a qualifying parent undertaking must: (1) send a notice of an intention to give financial support before the financial support is given; and(2) include in the notice:(a) the reasoned decision referred to in IFPRU 11.5.16 R of the management body of the group member intending to give the support; and(b) details of the proposed financial support including a copy of the RRD group financial support agreement.[Note: article 25(1) of RRD]
IFPRU 11.5.20RRP
An RRD group member may only give financial support using an RRD group financial support agreement if the FCA has:(1) agreed to the giving of the support with restrictions; or(2) agreed to the giving of the support without restrictions; or(3) not prohibited the support within five business days of receiving a notice of intention to give financial support.[Note: article 25(2) and (5) of RRD]
IFPRU 11.5.21RRP
An IFPRU 730k firm must ensure it sends the decision of its management body to give financial support to:(1) its competent authority;(2) where different, its consolidating supervisor; (3) where different, the competent authority of the group member receiving the support; and(4) the EBA.[Note: article 25(6) of RRD]
IFPRU 11.5.22RRP
A firm or qualifying parent undertaking must: (1) make public:(a) whether or not they have entered into an RRD group financial support agreement; (b) a description of the general terms of any RRD group financial support agreement; and(c) the names of the group members that are a party to the RRD group financial support agreement; and (2) update the information in (1) at least annually.[Note: article 26 of RRD]
SUP 16.20.1RRP
1This section applies to a firm or qualifying parent undertaking who is required to send any of the following types of information to the FCA: (1) recovery plans in line with IFPRU 11.2 (Individual recovery plans); or(2) group recovery plans in line with IFPRU 11.3 (Group recovery plans); or(3) information required for resolution plans in line with IFPRU 11.4 (Information for resolution plans).
SUP 16.20.2RRP

A firm or qualifying parent undertaking must send its recovery plan or group recovery plan to the FCA within three months of the reporting reference dates specified in the table below:

Type of firm or qualifying parent undertaking

Type of plan

Total balance sheet assets (see SUP 16.20.3 G)

First reporting reference date

Ongoing reporting reference date

firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm

group recovery plan

More than £2.5 billion

30 June 2015

Every year on the same date as the first reporting reference date.

More than £1 billion and less than £2.5 billion

30 September 2015

More than £500 million and less than £1 billion

31 December 2015

Less than £500 million

31 March 2016

significant IFPRU firm

recovery plan

More than £2.5 billion

30 June 2015

Every year on the same date as the first reporting reference date.

More than £1 billion and less than £2.5 billion

30 September 2015

More than £500 million and less than £1 billion

31 December 2015

Less than £500 million

31 March 2016

firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm (but does not include an IFPRU 730k firm that is a significant IFPRU firm)

group recovery plan

More than £50 million and less than £500 million

30 September 2015

Every two years on the same date as the first reporting reference date.

More than £15 million and less than £50 million

31 December 2015

More than £5 million and less than £15 million

31 March 2016

Less than £5 million

30 June 2016

non-significant IFPRU firm

recovery plan

More than £50 million and less than £500 million

30 September 2015

Every two years on the same date as the first reporting reference date.

More than £15 million and less than £50 million

31 December 2015

More than £5 million and less than £15 million

31 March 2016

Less than £5 million

30 June 2016

[Note: articles 4(1)(b) and 6(1) of RRD]

SUP 16.20.3GRP
(1) The calculation of total balance sheet assets for SUP 16.20.2 R should be consistent with the way this figure is calculated for determining whether a firm is a significant IFPRU firm.(2) For group recovery plans, the calculation of total balance sheet assets should be based on the assets of the largest RRD institution in the group.
SUP 16.20.4RRP

A firm or qualifying parent undertaking must send the information required for a resolution plan to the FCA within three months of the reporting reference dates specified in the table below:

Type of firm or qualifying parent undertaking

First reporting reference date

Ongoing reporting reference date

firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm

30 June 2015

Every two years on the same date as the first reporting reference date.

significant IFPRU firm

30 June 2015

Every two years on the same date as the first reporting reference date.

firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm (but does not include an IFPRU 730k firm that is a significant IFPRU firm)

31 December 2015

Every three years on the same date as the first reporting reference date.

non-significant IFPRU firm

31 December 2015

Every three years on the same date as the first reporting reference date.

[Note:articles 4(1)(b), 11(1) and 13(1) of RRD]

SUP 16.20.5RRP
Where an RRD institution is authorised or an RRD group is created after the first reporting reference date that would have applied to that firm or qualifying parent undertaking in line with SUP 16.20.2 R and SUP 16.20.4 R, the firm or qualifying parent undertaking must: (1) send its first recovery plan or group recovery plan and resolution plan information within three months of the first quarter end date which falls after six months of the date of the authorisation of the RRD
SUP 16.20.6RRP
2A firm must submit its recovery plan and the information required for its resolution plan to the FCA online through the appropriate systems accessible from the FCA’s website, using the forms specified in SUP 16 Annex 40R.
IFPRU 11.4.3RRP
A firm or qualifying parent undertaking must send the information in IFPRU 11 Annex 2R (Resolution plan information) to the FCA in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: article 11(1)(b) of RRD]
IFPRU 11.4.4RRP
A firm or qualifying parent undertaking must notify the FCA without delay of a change to any of the following which could have materially affect the information in IFPRU 11 Annex 2R (Resolution plan information):(1) its legal or organisational structure; (2) its business; or(3) its financial situation.[Note: article 10(6) second paragraph of RRD]
CONC 7.3.11RRP
A firm must suspend the active pursuit of recovery of a debt from a customer for a reasonable period where the customer informs the firm that a debt counsellor or another person acting on the customer's behalf or the customer is developing a repayment plan.[Note: paragraphs 7.12 of ILG and 3.7m of DCG]
CONC 7.3.13GRP
A firm seeking to recover debts should have regard, where appropriate, to the provisions in the Common Financial Statement or equivalent guidance.[Note: paragraphs 7.16 (box) of ILG and 3.7k of DCG]
CONC 7.3.15GRP
A firm should not make undue, excessive or otherwise unfair use of statutory demands (within the meaning of section 268 of the Insolvency Act 1986) when seeking to recover a debt from a customer.[Note: paragraphs 7.10 of ILG and 3.7n of DCG]
SYSC 8.1.8RRP
A common platform firm must in particular take the necessary steps to ensure that the following conditions are satisfied:(1) the service provider must have the ability, capacity, and any authorisation required by law to perform the outsourced functions, services or activities reliably and professionally;(2) the service provider must carry out the outsourced services effectively, and to this end the firm must establish methods for assessing the standard of performance of the service provider;(3)
SYSC 12.1.11RRP
Where this section applies with respect to a financial conglomerate, the risk management processes referred to in SYSC 12.1.8R (2) or, for a Solvency II firm, the risk management system referred to in the PRA Rulebook: Solvency II firms: Conditions Governing Business, rule 3,12 must include:(1) sound governance and management processes, which must include the approval and periodic review by the appropriate managing bodies within the financial conglomerate of the strategies and
BIPRU 12.4.11RRP
A4firm must have in place liquidity recovery4plans setting out adequate strategies and proper implementation measures in order to address possible liquidity shortfalls, including in relation to branches established in another EEA State.4 Those plans must be tested at least annually,4 updated on the basis of the outcome of the alternative scenarios set out in BIPRU 12.4.-1 R, and be reported to and approved by the firm'sgoverning body, so that internal policies and processes can
SYSC 4.1.8GRP
The matters dealt with in a business continuity policy should include:(1) resource requirements such as people, systems and other assets, and arrangements for obtaining these resources;(2) the recovery priorities for the firm's operations; (3) communication arrangements for internal and external concerned parties (including the appropriate regulator, clients and the press);(4) escalation and invocation plans that outline the processes for implementing the business continuity
SUP 16.1.3RRP

Application of different sections of SUP 16 (excluding SUP 16.13, SUP 16.15, SUP 16.16 and SUP 16.17)6627

8889999

(1) Section(s)

(2) Categories of firm to which section applies

(3) Applicable rules and guidance

SUP 16.1,SUP 16.2andSUP 16.3

All categories of firm except:

Entire sections

(a)

an ICVC;

(b)

an incoming EEA firm or incoming Treaty firm, which is not:

(i)

a firm of a type to which SUP 16.6 or 20SUP 16.1220 applies; or

(ii)

an insurer with permission to effect or carry outlife policies; or

(iii)3

a with to establish, operate or wind up a stakeholder pension scheme;14a firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme;14

(c)

a UCITS qualifier.

SUP 16.4 and SUP 16.52

All categories of firm except:

Entire sections

(-a)

a credit union;2

(a)

an ICVC;

(b)

an incoming EEA firm;

(c)

an incoming Treaty firm;

(d)

a non-directive friendly society;

(e)4

[deleted]4

(f)

a sole trader;

(g)

a service company;

(h)

a UCITS qualifier;8

8

(i)8

a firm with permission to carry on only retail investment activities;8

(j)8

a firm with permission to carry on only insurance mediation activity, home finance mediation activity,16 or both;8

16

(ja)30

an FCA-authorised person with permission to carry on only credit-related regulated activity;

(k)8

a firm falling within a combination of (i), (j) and (ja). 30

30

SUP 16.6

Bank

27

SUP 16.6.4 R to SUP 16.6.5 R

Depositary of an ICVC

SUP 16.6.6 R to SUP 16.6.9 G

36

Trustee of an AUT

SUP 16.6.6 R to SUP 16.6.9 G2628

Depositary of an ACS28

SUP 16.6.6 R to SUP 16.6.9 G28

33SUP 16.7A

A firm subject to the requirement in SUP 16.7A.3 R or SUP 16.7A.5 R

Sections as relevant

SUP 16.8

Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society3

Entire section

3Firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme14

14

Entire section3

SUP 16.95

Firm with permission to advise on investments; arrange (bring about) deals in investments; make arrangements with a view to transactions in investments; or arrange safeguarding and administration of assets5

Entire section5

SUP 16.109

All categories of firm except:9

Entire section9

(a)9

an ICVC;9

(b)9

a UCITS qualifier; 21

(c)9

a credit union; and219

21(d)

a dormant account fund operator.

32SUP 16.11

(1)

A firm, other than a managing agent, which is:

(a)

a home finance provider; or

Entire section

(b)

an insurer; or

Entire section

(c)

the operator of a regulated collective investment scheme or an investment trust savings scheme; or

Entire section

(d)

a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product; or

Entire section

(e)

a firm with permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or

(2)

a firm in whom the rights and obligations of the lender under a regulated mortgage contract are vested.

The provisions governing performance data reports in SUP 16.11 and SUP 16 Annex 21

17SUP 16.12

A firm undertaking the regulated activities as listed in SUP 16.12.4 R, unless exempted in SUP 16.12.1 G

Sections as relevant to regulated activities as listed in SUP 16.12.4 R23

232425SUP 16.14

A CASS large firm and a CASS medium firm

Entire section29

29SUP 16.18

A full-scope UK AIFM and a small authorised UK AIFM

SUP 16.8.3 R

34SUP 16.20

An IFPRU 730k firm and a qualifying parent undertaking that is required to send a recovery plan, a group recovery plan or information for a resolution plan to the FCA.

Entire Section

27Note 2 = The application of SUP 16.13 is set out under SUP 16.13.1 G;66 the application of SUP 16.15 is set out under SUP 16.15.1 G; the application of SUP 16.16 is set out SUP 16.16.1 R and SUP 16.16.2 R and the application of SUP 16.17 is set out in SUP 16.17.3 R and SUP 16.17.4 R66.

66

29Note 3 = The application of SUP 16.18 for the types of AIFMs specified in SUP 16.1.1C G is set out in SUP 16.18.2 G.
IFPRU 11.7.4RRP
A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.
SYSC 19A.3.55GRP
(1) Sections 137H and 137I of the Act enables the appropriate regulator to make rules that render void any provision of an agreement that contravenes specified prohibitions in the Remuneration Code, and that provide for the recovery of any payment made, or other property transferred, in pursuance of such a provision. SYSC 19A.3.53A R and1SYSC 19A.3.54 R (together with SYSC 19A Annex 1) are such rules1 and render1 void provisions of an agreement that contravene the specified
SUP 18.2.25GRP
(1) If the transferee is (or will be) an EEA firm (authorised in its Home State to carry on insurance business under the Solvency II Directive6) or a Swiss general insurance company, then the appropriate regulator8 has to consult the transferee's Home State regulator, who has 3 months to respond. It will be necessary for the appropriate regulator8 to obtain from the transferee's Home State regulator a certificate confirming that the transferee will meet the Home State's solvency
SYSC 19D.3.68GRP
(1) Sections 137H and 137I of the Act enable the FCA to make rules that render void any provision of an agreement that contravenes specified prohibitions in the dual-regulated firms Remuneration Code, and that provide for the recovery of any payment made, or other property transferred, in pursuance of such a provision.(2) SYSC 19D.3.66R and SYSC 19D.3.67R (together with SYSC 19D Annex 1) are:(a) rules referred to in (1) that render void provisions of an agreement that contravene