Related provisions for IFPRU 4.12.29

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

APER 4.6.12GRP
(1) It is important for the approved person performing an accountable higher management function1 to understand the business for which they are1 responsible (APER 4.6.4G1). An approved person performing an accountable higher management function1 is unlikely to be an expert in all aspects of a complex financial services business. However, they1 should understand and inform themselves1 about the business sufficiently to understand the risks of its trading, credit or other business
MIPRU 4.2C.12RRP
1Even where a firm recognises credit risk mitigation when calculating risk weighted exposure amounts, it must: (1) continue to undertake full credit-risk assessment of the underlying exposure; and(2) demonstrate to the FCA the fulfilment of the requirement in (1).
DTR 8.4.32GRP
In considering whether a primary information provider satisfies the requirements of DTR 8.4.31 R, the FCA will consider, among other things, whether the primary information provider has in place appropriate measures to identify new and emerging risks which would be likely to prevent its compliance with DTR 8.4.11 R, DTR 8.4.19 R or DTR 8.4.20 R.
BIPRU 2.3.10GRP
Under GENPRU 1.2.60 R, a firm is required to make a written record of its assessments made under GENPRU 1.2. A firm's record of its approach to evaluating and managing interest rate risk as it affects the firm's non-trading activities should cover the following issues:(1) the internal definition of and boundary between "banking book" and "trading activities" (see BIPRU 1.2);(2) the definition of economic value and its consistency with the method used to value assets and liabilities
SYSC 20.1.3GRP
This chapter contains rules on reverse stress testing, which require a firm to identify and assess events and circumstances that would cause its business model to become unviable. This chapter also requires the firm's senior management or governing body to review and approve the results of the reverse stress testing exercise. This should help the firm's senior management to identify the firm's vulnerabilities and design a strategy to prevent or mitigate the risk of business f
COLL 6.6B.11RRP
A depositary appointed under COLL 6.6A.8R(3) must: (1) ensure that it has the infrastructure necessary to keep in custody UCITS custodial assets that can be registered in a financial instruments account opened in the depositary’s books; (2) establish adequate policies and procedures sufficient to ensure the compliance of the depositary, including its managers and employees, with its obligations under the regulatory system; (3) have: (a) sound administrative and accounting procedures
BIPRU 3.2.14GRP
A key driver of the preferential risk weight afforded retail exposures is the lower correlation and systematic risk associated with such exposures. This aspect is unrelated to the absolute number of retail exposures. Accordingly in defining what constitutes a significant number of retail exposures for the purpose of BIPRU 3.2.10 R (2), a firm need only satisfy itself that the number of retail exposures is sufficiently large to diversify away idiosyncratic risk. This assessment
EG 2.2.3RP
3One way in which the FCA focuses on priority areas is through its thematic work. This work involves the FCA looking at a particular issue or set of issues across a sample of firms. Themes are, in general, selected to enable the FCA to improve its understanding of particular industry areas or to assess the validity of concerns the FCA has about risks those areas may present to the statutory objectives. Thematic work does not start with the presumption that it will ultimately lead
BIPRU 9.10.7RRP
For the purposes of BIPRU 9.10.2 R (as it applies to the IRB approach):(1) the exposure value of the position may be derived from the risk weighted exposure amounts taking into account any reductions made in accordance with BIPRU 9.10.4 RBIPRU 9.10.6 R;(2) where the supervisory formula method is used to calculate risk weighted exposure amounts and L KIRBR and [L+T] > KIRBR the position may be treated as two positions with L equal to KIRBR for the more senior of the positions.[Note:BCD
IFPRU 11.7.4RRP
A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.
BIPRU 4.10.48RRP
The criteria applied by BIPRU 4.10.47 R must address the payout structure of the credit derivative and conservatively assess the impact this has on the level and timing of recoveries. A firm must consider the extent to which other forms of residual risk remain.[Note: BCD Annex VII Part 4 point 104]
DEPP 6.2.9-EGRP
9When determining under section 66A(5)(d) of the Act whether or not an SMF manager has taken such steps as a person in their position could reasonably be expected to take to avoid the contravention of a relevant requirement by the firm occurring (or continuing), additional considerations to which the FCA would expect to have regard include, but are not limited to:(1) the role and responsibilities of the SMF manager (for example, such steps as an SMF manager in a non-executive
SYSC 19A.3.22RRP
(1) A firm must ensure that any measurement of performance used to calculate variable remuneration components or pools of variable remuneration components:(a) includes adjustments for all types of current and future risks and takes into account the cost and quantity of the capital and the liquidity required; and(b) takes into account the need for consistency with the timing and likelihood of the firm receiving potential future revenues incorporated into current earnings.(2) A
SUP 16.12.33RRP

Financial reports from a member of a financial conglomerate (see SUP 16.12.32 R)

Content of Report

Form (Note 1)

Frequency

Due Date

Calculation of supplementary capital adequacy requirements in accordance with one of the three42 technical calculation methods

42

Note 2

Note 5

Yearly42

Note 5

Identification of significant risk concentration levels

Note 3

Yearly

4 months after year end

Identification of significant intra-group transactions

Note 4

Yearly

4 months after year end

Report on compliance with GENPRU 3.1.35 R where it applies

11

Note 6

Note 5

Note 5

Note 1

When giving the report required, a firm must use the form indicated, if any.

Note 2

In respect of FCA-authorised persons, if39 Part 1 of GENPRU 3 Annex 1 (method68 1), or42 Part 2 of GENPRU 3 Annex 1 (method 2), or Part 3 of GENPRU 3 Annex 1 (method 3) applies, there is no specific form. Adequate information must be provided, specifying the calculation method used42 and each financial conglomerate for which the FCA68 is the co-ordinator must discuss with the FCA68 the form which this reporting will take and the extent to which verification by an auditor will be required.42

119898989842
42
42

For the purposes of the above, where relevant to the agreed reporting arrangements,42rules 9.40(1), 9.40(1A), 9.40(3) and 9.40(4) of IPRU(INS) apply as they would if the financial conglomerate42 were an insurance group.

4242

Note 3

Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the FCA68 is the co-ordinator must discuss with the FCA68 the form of the information to be reported. This should mean that usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.

When reviewing the risk concentration levels, the FCA68 will in particular monitor the possible risk of contagion in the financial conglomerate, the risk of a conflict of interests, the risk of circumvention of sectoral rules68, and the level or volume of risks.

989898989898

Note 4

For the purposes of this reporting requirement, an intra-group transaction will be presumed to be significant if its amount exceeds 5% of the total amount of capital adequacy requirements at the level of the financial conglomerate.

Rather than specifying a standard format for each financial conglomerate to use, each financial conglomerate for which the FCA68 is the co-ordinator must11 discuss with the FCA68 the form of the information to be reported. This should mean that the68 usual information management systems of the financial conglomerate can be used to the extent possible to generate and analyse the information required.

When reviewing the intra-group transactions, the FCA68 will in particular monitor the possible risk of contagion in the financial conglomerate, the risk of a conflict of interest11, the risk of circumvention of sectoral rules, and the level or volume of risks.

98981198989898

Note 5

The frequency and due date will be as follows:

(1) banking and investment services conglomerate68:11 frequency is yearly68 with due date 45 business days after period end;42 and68

(2) insurance conglomerate: frequency is yearly with due date four months after period end for the capital adequacy return and three months after period end for the report on compliance with GENPRU 3.1.35 R where it applies.

114242

Note 6

Adequate information must be added as a separate item to the relevant form for sectoral reporting.
CREDS 2.2.46GRP
The key elements of a satisfactory system of internal audit include the following:(1) Terms of reference. These should be specified with precision and include, amongst other things, scope and objectives of the audit committee and the internal audit function (see CREDS 2.2.11G), access to records, powers to obtain information and explanations for officers, and reporting requirements. These should be approved by the governing body5. (2) Risk analysis. Key risks in each area of the