Related provisions for IFPRU 6.3.12

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IFPRU 10.6.5GRP
If this chapter applies to a firm on a consolidated basis on a sub-consolidated basis, the firm must carry out consolidation to the extent and in the manner prescribed in Part One, Title II, Chapter 2, Section 2 (Methods for prudential consolidation) and Section 3 (Scope of prudential consolidation) of the EU CRR and IFPRU 8.1 (Prudential consolidation).
BIPRU 11.1.2GRP
Pursuant to the third paragraph of article 95(2) of the EU CRR, the2 purpose of BIPRU 11 is to implement:2(1) (a) Article 68(3);(b) Article 72;(c) Articles 145 to 149; and(d) Annex XII;of the Banking Consolidation Directive; and(2) (a) Article 2, in part;(b) Point 3 of Article 23, in part; and(c) Article 39;of the Capital Adequacy Directive.
IFPRU 5.2.2GRP
A firm may use an AMA in combination with the BIA or TSA, provided it obtains permission from the FCA. In granting such permission, the FCA is required by article 314(3) of the EU CRR (Combined use of different approaches) to impose the following conditions when the AMA is used in combination with BIA or TSA:(1) on the date of first implementation of the AMA, a 'significant' part of the institution's operational risk are captured by that approach; and(2) the institution to commit
IFPRU 10.4.1RRP
A firm does not meet the combined buffer if the common equity tier 1 capital maintained by the firm which is not used to meet the own funds requirement under article 92(1)(c) of the EU CRR (Total capital ratio) does not meet the combined buffer.[Note: articles 129(1) (part) and 130(5) (part) of CRD]
COLL 6.6B.7GRP
A depositary appointed in accordance with COLL 6.6A.8R(3) needs to satisfy the capital requirements in either:(1) IPRU(INV) 5; or(2) IFPRU and the EU CRR.
COLL 6.6B.9GRP
(1) If the depositary is a full-scope IFPRU investment firm, it is subject to the capital requirements of IFPRU and the EU CRR.(2) However, these requirements are not in addition to COLL 6.6B.8R and therefore that firm may use the own funds required under IFPRU and the EU CRR to meet the £4million requirement.
BIPRU 4.1.2GRP
3Pursuant to the third paragraph of article 95(2) of the EUCRR, BIPRU 4 implements the following provisions of the Banking Consolidation Directive:(1) Articles 84 - 89; and(2) Annex VII.
BIPRU 4.1.3GRP
3Pursuant to the third paragraph of article 95(2) of the EUCRR, BIPRU 4 also implements Annex VIII of the Banking Consolidation Directive so far as it applies to the IRB approach. In particular, it implements (in part):(1) from Part 1 of that Annex, points 12-16, 19-22, 26(g)(ii) and 27;(2) from Part 2 of that Annex, points 8-11; and(3) from Part 3 of that Annex, points 1, 11, 20, 23-24, 58(h), 61, 64-79 and 90-93.
SYSC 4.7.5RRP
(1) A firm must allocate each of the FCA-prescribed senior management responsibilities in Part 1 of the table in SYSC 4.7.7R to one or more SMF managers of the firm.(2) Except as described in (3), a firm must allocate each of the FCA-prescribed senior management responsibilities in Part 2 of the table in SYSC 4.7.7R to one or more SMF managers of the firm.(3) Paragraph (2) does not apply to:(a) a firm that is a small CRR firm as defined in the part of the PRA's rulebook called
SYSC 4.7.7RRP

Table: FCA-prescribed senior management responsibilities

FCA-prescribed senior management responsibility

Explanation

Equivalent PRA-prescribed senior management responsibility

Part One (applies to all firms)

(1) Responsibility for the firm's performance of its obligations under the senior management regime

The senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as they relate to SMF managers performing designated senior management functions, including SUP 10C (FCA senior management regime for approved persons in relevant authorised persons).

This responsibility includes:

(1) compliance with conditions and time limits on approval;

(2) compliance with the requirements about the statements of responsibilities (but not the allocation of responsibilities recorded in them);

and

(3) compliance by the firm with its obligations under section 60A of the Act (Vetting of candidates by relevant authorised

persons).

PRA-prescribed senior management responsibility 4.1(1)

(2) Responsibility for the firm's performance of its obligations under the employee certification regime

The employee certification regime means the requirements of sections 63E and 63F of the Act (Certification of employees) and all other requirements of the regulatory system about the matters dealt with in those sections, including SYSC 5.2 (Certification Regime) and the corresponding PRA requirements.

PRA-prescribed senior management responsibility 4.1(2)

(3) Responsibility for compliance with the requirements of the regulatory system about the management responsibilities map

This responsibility does not include allocating responsibilities recorded in it

PRA-prescribed senior management responsibility 4.1(3)

(4) Overall responsibility for the firm's policies and procedures for countering the risk that the firm might be used to further financial crime

(1)2 This includes the function in SYSC 6.3.8R (firm must allocate to a director or senior manager overall responsibility within the firm for the establishment and maintenance of effective anti-money laundering systems and controls), if that rule applies to the firm.

(2)2 The firm may allocate this FCA-prescribed senior management responsibility to the MLRO but does not have to.

(3)2 If the firm does not allocate this FCA-prescribed senior management responsibility to the MLRO, this FCA-prescribed senior management responsibility includes responsibility for supervision of the MLRO.

None

2(4A) Acting as the firm’swhistleblowers’ champion

The whistleblowers’ champion’s allocated responsibilities are set out in SYSC 18.4.4R

Part Two (applies to all firms except for small CRR firms and credit unions)

(5) Responsibility for:

(a) leading the development of; and

(b) monitoring the effective implementation of;

policies and procedures for the induction, training and professional development of all members of the firm'sgoverning body.

PRA-prescribed senior management responsibility 4.1(13)

(6) Responsibility for monitoring the effective implementation of policies and procedures for the induction, training and professional development of all persons performing designated senior management functions on behalf of the firm other than members of the governing body.

PRA-prescribed senior management responsibility 4.1(5)

(7) Responsibility for:

(a) safeguarding the independence of; and

(b) oversight of the performance of;

the internal audit function, in accordance with SYSC 6.2 (Internal Audit)

This responsibility includes responsibility for:

(a) safeguarding the independence of; and

(b) oversight of the performance of;

a person approved to perform the PRA's Head of Internal Audit designated senior management function for the firm.

PRA-prescribed senior management responsibility 4.1(15)

(8) Responsibility for:

(a) safeguarding the independence of; and

(b) oversight of the performance of;

the compliance function in accordance with SYSC 6.1 (Compliance

).

This responsibility includes responsibility for:

(a) safeguarding the independence of; and

(b) oversight of the performance of;

the person performing the compliance oversight function for the firm.

PRA-prescribed senior management responsibility 4.1(16)

(9) Responsibility for:

(a) safeguarding the independence of; and

(b) oversight of the performance of;

the risk function, in accordance with SYSC 7.1.21R and SYSC 7.1.22R (Risk control).

This responsibility includes responsibility for:

(a) safeguarding the independence of; and

(b) oversight of the performance of;

a person approved to perform the PRA's Chief Risk designated senior management function for the firm.

PRA-prescribed senior management responsibility 4.1(17)

(10) Responsibility for overseeing the development of and implementation of the firm's remuneration policies and practices in accordance with SYSC 19D (Remuneration Code)

PRA-prescribed senior management responsibility 4.1(18)

Part Three (applies in specified circumstances)

(11) Overall responsibility for the firm's compliance with CASS

(A) This responsibility only applies to a firm to which CASS applies.

(B) A firm may include in this FCA-prescribed senior management responsibility whichever of the following functions apply to the firm:

(a) CASS 1A.3.1R (certain CASS compliance functions for a CASS small firm);

(b) CASS 1A.3.1AR (certain CASS compliance functions for a CASS medium firm or a CASS large firm);

(c) CASS 11.3.1R (certain CASS compliance functions for certain CASS small debt management firms); or

(d) CASS 11.3.4R (certain CASS compliance functions for a CASS large debt management firm);

but it does not have to.

(C) If the firm does not include the functions in (B) in this FCA-prescribed senior management responsibility, this FCA-prescribed senior management responsibility includes responsibility for supervision of the person performing the functions in (B) that apply to the firm.

None

Allocation of overall responsibility for a firm’s activities, business areas and management functions

SYSC 19A.3.32RRP
A firm must ensure that variable remuneration is not paid through vehicles or methods that facilitate 3non-compliance with the Remuneration Code.3[Note:3article 94(1)(q) of CRD]3
SYSC 19A.3.44BRRP
A firm must ensure that any approval by the its shareholders or owners or members for the purposes of SYSC 19A.3.44AR is carried out in accordance with the following procedure:535(1) the firm must give reasonable notice to all its shareholders or owners or members of its intention to seek approval of the proposed higher ratio;55(2) the firm must make a detailed recommendation to all its shareholders or owners or members that includes:(a) the reasons for, and the scope of, the
SYSC 19D.3.34RRP
A firm must ensure that variable remuneration is not paid through vehicles or methods that facilitate non-compliance with obligations arising from the Remuneration Code, the EU CRR or the CRD.[Note: article 94(1)(q) of the CRD]
SYSC 19D.3.50RRP
A firm must ensure that any approval by its shareholders or owners or members, for the purposes of SYSC 19D.3.49R, is carried out in accordance with the following procedure: (1) the firm must give reasonable notice to all its shareholders or owners or members of its intention to seek approval of the proposed higher ratio;(2) the firm must make a detailed recommendation to all its shareholders or owners or members that includes:(a) the reasons for, and the scope of, the approval
GENPRU 2.1.49GRP
The Capital Adequacy Directive sets out various categories of investment firms subject to differing levels of initial capital. For the purpose of the third paragraph of article 95(2) of the EU CRR, a BIPRU firm falls into the category in article 5(3) of the Capital Adequacy Directive. In summary, a BIPRU firm: 1212(1) does not provide the ancillary service of safekeeping and administration of financial instruments for the account of clients, including custodianship and related
IPRU-INV 11.1.4GRP
(1) This chapter amplifies threshold condition 2D (Appropriate resources) by providing that a firm must meet, on a continuing basis, a minimum capital resources requirement. This chapter also amplifies Principles 3 and 4 which require a firm to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems, and to maintain adequate financial resources by setting out a capital resources requirement for a firm according
BIPRU 1.2.2GRP
Pursuant to the third paragraph of article 95(2) of the EU CRR, the2 section implements certain provisions of the Capital Adequacy Directive and the Banking Consolidation Directive relating to the trading book. The precise provisions being implemented are listed as a note after each rule.2
BIPRU 8.4.9RRP
(1) A CAD Article 22 group means a UK consolidation group or non-EEA sub-group that meets the conditions in this rule.(2) There must be no bank, building society or2credit institution2 in the UK consolidation group or non-EEA sub-group and any investment firm in the UK consolidation group or non-EEA sub-group must not be subject to consolidated supervision under the EU CRR2.11(3) Each CAD investment firm in the UK consolidation group or non-EEA sub-group which is an EEA firm
SYSC 1.4.2RRP
A contravention of a rule in SYSC 11 to 2SYSC 213 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action). 344
IPRU-INV 11.2.1RRP
A firm must: (1) when it first becomes a collective portfolio management firm or a collective portfolio management investment firm, hold initial capital of not less than the applicable base own funds requirement (in line with IPRU-INV 11.3.1R);(2) at all times, maintain own funds which equal or exceed:(a) the higher of:(i) the funds under management requirement (in line with IPRU-INV 11.3.2R); and(ii) the amount specified in article 97 of the EU CRR (Own funds based on fixed
RCB 1.1.6GRP
IFPRU investment firms3which have exposures to covered bonds which meet the requirements set out in the provisions of 9article 129 of the EU CRR3 may benefit from reduced risk weights as set out in article 129 of the EUCRR3.333333
PERG 1.4.2GRP

Table: list of general guidance to be found in PERG.

Chapter:

Applicable to:

About:

PERG 2:

Authorisation and regulated activities

PERG 3A:8

Guidance on the scope of the Electronic Money Regulations8

88

a person who needs to know

PERG 4:

Regulated activities connected with mortgages

any person who needs to know whether the activities he conducts in relation to mortgages are subject to FCA regulation. This is likely to include:

  • lenders
  • administration service providers
  • mortgage brokers and advisers

the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages

PERG 5:

Insurance

mediation

activities

any person who needs to know whether he carries on insurance mediation activities and is, thereby, subject to FCA regulation. This is likely to include:

the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance

PERG 6:

Identification of contracts of insurance

any person who needs to know whether a contract with which he is involved is a contract of insurance

the general principles and range of specific factors that the FCA regards as relevant in deciding whether any arrangement is a contract of insurance

PERG 7:

Periodical publications, news services and broadcasts: application for certification

any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service

PERG 8:

Financial promotion and related activities

any person who needs to know

PERG 9:

Meaning of open-ended investment company

any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme.

the circumstances in which a body corporate will be an open-ended investment company

PERG 10:

Activities related to pension schemes

Any person who needs to know whether his activities in relation to pension schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.1

1

  • the regulated activities that arise in connection with the establishment and operation of pension schemes and any exclusions that may be relevant
  • the circumstances in which financial promotions about pension schemes may be exempt from the restriction in section 21 of the Act1

4PERG 11:

Property investment clubs and land investment schemes

Any person who needs to know whether his activities in relation to property investment clubs and land investment schemes will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.

  • the regulated activities that may arise in connection with the establishment and operation of property investment clubs and land investment schemes and any exclusions that may be relevant
  • the extent to which the financial promotion restriction in section 21 of the Act applies

2PERG 12:

Running or advising on personal pension schemes

any person who needs to know whether his activities in relation to establishing, running, advising on or marketing personal pension schemes will amount to regulated activities

the regulated activities that arise in connection with establishing, running, advising on or marketing personal pension schemes and any exclusions that may be relevant

3PERG 13:

Guidance on the scope of MiFID and CRD IV12

9125

Any UK person who needs to know whether MiFID or the CRD and EUCRR (which allow the recast CAD to continue to apply to certain firms)9as implemented in the UK apply to him5

9

the scope of MiFID and the CRD and EUCRR.5

9

3PERG 14:

Home reversion,7 home finance and regulated sale and rent back 7activities

7

Any person who needs to know whether his activities in relation to home reversion plans,7home purchase plans or regulated sale and rent back agreements7will amount to regulated activities or whether the restriction in section 21 of the Act will apply to any financial promotions he may make.

7

6PERG 15: Guidance on the scope of the Payment Services Regulations 2009

Any person with an establishment in the UK who needs to know whether the Payment Services Directive, as transposed in UK legislation by the Payment Services Regulations 2009, applies to him.

Q46 applies specifically to persons providing payment services from an establishment outside the EEA to persons located in the UK.

the scope of the PSD Regulations 2009.11

11PERG 16: Scope of the Alternative Investment Fund Managers Directive

any person who needs to know whether a collective investment undertaking is an AIF.

the scope of the regulated activities of managing an AIF and acting as trustee or depositary of an AIF.10

10PERG 17: Consumer credit debt counselling

Any person who needs to know whether his activities in relation to debts will amount to debt counselling.

The scope of the regulated activities relating to consumer credit debt counselling.
RCB 2.3.13GRP
In assessing whether the asset pool is of sufficient quality, the FCA will have regard to the requirements in relation to the collateralisation of real estate2referred to in article 208 of the EUCRR2 and the valuation rules in article 229(1) of the EUCRR2. 22