Related provisions for REC 3.14.9

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LR 15.4.2RRP
A closed-ended investment fund must, at all times, invest and manage its assets: (1) in a way which is consistent with its object of spreading investment risk; and(2) in accordance with its published investment policy.
SYSC 20.1.1ARRP
(1) 4SYSC 20 applies to:(a) an IFPRU investment firm; and(b) a BIPRU firm which meets any of the criteria in (2) on an individual basis, or in (3) on a consolidated basis.(2) Subject to (4), SYSC 20 applies to a BIPRU firm if:(a) it has assets under management or administration of at least £10 billion (or the equivalent amount in foreign currency); or(b) the total annual fee and commission arising from regulated activities is at least £250 million (or the equivalent amount in
IPRU-INV 5.9.1RRP

1Liquid Capital Requirement = Initial Capital Requirement + Capital Surcharge

Calculation of Initial Capital Requirement

ICR = (√AUA) x K1

Where

ICR

means Initial Capital Requirement

AUA

means Assets Under Administration calculated as the sum of the most recent annual valuations over the preceding 12 months of the personal pension schemes administered by the firm, and adjusted to include any revaluation of assets that may occur between the date of the most recent annual valuation and the date when the firm must calculate its AUA.

A firm must calculate its AUA quarterly in line with the dates when it has to submit its regulatory capital reporting form in accordance with SUP 16.12 (Integrated Regulatory Reporting).

Where it is not possible to value an asset (for example because there is no readily available market price), the most recent market valuation should be used.

Where it would be reasonable to assume that the value of the asset has changed by more than 15% since the most recent market valuation, a firm should instead use a reasonable estimate. This is without prejudice to any requirement on a firm to provide a personal pension scheme member with accurate and timely valuations of their portfolios.

K1

is set subject to the firm’s AUA as specified in the below table:

AUA

K1 constant to be applied

<£100m

10

£100-£200m

15

>£200m

20

When K1 changes due to an increase in AUA, in accordance with the thresholds in this table, the firm must apply the new K1 value within six months following the date on which its AUA exceeded the threshold of its previous K1 value.

Calculation of Capital Surcharge

CS =(√P) x K2 x ICR

Where

CS

means Capital Surcharge

P

means the fraction of personal pension schemes administered by the firm which contain one or more asset types which do not appear in the list of Standard Assets below, at the most recent quarter end. For example, if a quarter of personal pensions contained non-Standard Assets, this would be inputted in to the formula as 0.25.

K2

is set at 2.5.

ICR

means the Initial Capital Requirement calculated as above.

Standard Assets

The List of Standard Assets is as follows (subject to Note 1):

Cash

Cash funds

Deposits

Exchange traded commodities

Government & local authority bonds and other fixed interest stocks

Investment notes (structured products)

Shares in Investment trusts

Managed pension funds

National Savings and Investment products

Permanent interest bearing shares (PIBs)

Physical gold bullion

Real estate investment trusts (REITs)

Securities admitted to trading on a regulated venue

UK commercial property

Units in Regulated collective investment schemes

NOTE 1:

A Standard Asset must be capable of being accurately and fairly valued on an ongoing basis and readily realised within 30 days, whenever required.

NOTE 2:

In addition to complying with the provisions of IPRU-INV 5.8, in accordance with IPRU-INV 5.3.2R, a firm must hold its liquid capital in financial resources as follows:

ICR

realisable within 12 months; and

CS

realisable within 30 days
BIPRU 12.1.4RRP
(1) An exempt full scope IFPRU investment firm2 is a full-scope IFPRU investment firm2 that at all times has total net assets which are less than or equal to £50 million.22(2) In this rule, total net assets are the sum of a firm's total trading book assets and its total non-trading book assets, less the sum of its called up share capital, reserves and minority interests.(3) For the purpose of (2), the value attributed to each of the specified balance sheet items must be that which
IPRU-INV 9.2.7RRP
(a) If another authorised person which has net tangible assets of more than £10 million provides a comparable guarantee, an exempt CAD firm can treat it as an alternative to effecting or maintaining professional indemnity insurance pursuant to the rules relating to professional indemnity insurance above. (b) If the exempt CAD firm is a member of a group in which there is an authorised person with net tangible assets of more
PERG 2.2.3GRP
Any person who is concerned that his proposed activities may require authorisation will need to consider the following questions (these questions are a summary of the issues to be considered and have been reproduced, in slightly fuller form in the decision tree in PERG 2 Annex 1 G):(1) Will I be carrying on my activities by way of business (see PERG 2.3)?(2) Will I be managing the assets of an occupational pension scheme (see PERG 2.3.2G (3))?(3) If the answer is 'Yes' to (1)
INSPRU 1.1.27RRP
A firm carrying on long-term insurance business must ensure that it has admissible assets in each of its with-profits funds of a value sufficient to cover:(1) the technical provisions in respect of all the business written in that with-profits fund; and(2) its other long-term insurance liabilities in respect of that with-profits fund.
CONC 10.2.3RRP
A firm must recognise an asset or liability, and measure its amount, in accordance with the relevant accounting principles applicable to it for the purpose of preparing its annual financial statements unless a rule requires otherwise.
CASS 1.2.12GRP
2The purpose of the rules regarding the segregation of investments and money held under different regimes is to reduce the risk of confusion between assets held under different regimes either on an on-going basis or on the failure of a firm or a third party holding those assets.
SYSC 14.1.28GRP
The precise role and organisation of internal controls can vary from firm to firm. However, a firm'sinternal controls should normally be concerned with assisting its governing body and relevant senior managers to participate in ensuring that it meets the following objectives:(1) safeguarding both the assets of the firm and its customers, as well as identifying and managing liabilities;(2) maintaining the efficiency and effectiveness of its operations;(3) ensuring the reliability
LR 13.8.18RRP
8In relation to a listed company which did not previously have a controlling shareholder, LR 13.8.17 R does not apply to a circular sent to shareholders within a period of 3 months from the event that resulted in a person becoming a controlling shareholder of the listed company.
DEPP 2.5.8GRP
A fundamental variation or requirement means:66(1) removing a type of activity or investment from the firm'spermission; or(2) refusing an application to include a type of activity or investment; or(3) [deleted]66(4) imposing or varying an assets requirement (as defined in section 55P6 of the Act (Prohibitions and restrictions)), or refusing an application to vary or cancel such a requirement.6
COLL 7.6.1GRP
(1) A proposal that an authorised fund should be involved in a scheme of arrangement is subject to written notice to and approval by the FCA under section 251 of the Act (Alteration of schemes and changes of manager or trustee), section 261Q of the Act (Alteration of contractual schemes and changes of operator or depositary)2 or regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company). Effect cannot be given to such a change
SYSC 4.1.1BRRP
14A full-scope UK AIFM must, in particular:(1) have rules for personal transactions by its employees or for the holding or management of investments it invests on its own account;(2) ensure that each transaction involving the AIFs may be reconstructed according to its origin, the parties to it, its nature, and the time and place at which it was effected; and(3) ensure that the assets of the AIFs managed by the AIFM are invested in accordance with the instrument constituting the
COLL 11.4.2RRP
(1) The information-sharing agreement referred to in COLL 11.4.1R (2) must include:(a) identification of the documents and categories of information which are to be routinely shared between both depositaries, and whether that information or those documents are provided by one depositary to the other or made available on request;(b) the manner and timing, including any applicable deadlines, of the transmission of information by the depositary of the master UCITS to the depositary
IFPRU 1.2.4RRP
(1) This rule defines some of the terms used in IFPRU 1.2.3 R.(2) "Total assets" means the firm's total assets(a) set out in the most recent relevant report submitted to the FCA under SUP 16.12 (Integrated regulatory reporting); or (b) (where the firm carries out the assessment under this rule at any time after the date of its most recent report in (a)) as the firm would report to the FCA in accordance with the relevant report, as if the reporting period for that report ends on
COLL 5.5.9RRP
(1) An ICVC or a depositary for the account of an authorised fund must not provide any guarantee or indemnity in respect of the obligation of any person.(2) None of the scheme property of an authorised fund may be used to discharge any obligation arising under a guarantee or indemnity with respect to the obligation of any person.(3) Paragraphs (1) and (2) do not apply to:(a) any indemnity or guarantee given for margin requirements where the derivatives or forward transactions