Related provisions for BIPRU 12.2.2

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MIPRU 4.2D.2RRP
A firm must at all times maintain liquidity resources which are adequate, both as to amount and quality, to ensure that there is no significant risk that its liabilities cannot be met as they fall due.
MIPRU 4.2D.3GRP
In assessing the adequacy of liquidity resources, a firm should have regard to the overall character of the resources available to it, which enable it to meet its liabilities as they fall due. A firm should ensure that:(1) it holds sufficient assets which are marketable, or otherwise realisable;(2) it is able to generate funds from those assets in a timely manner; and(3) it maintains a prudent funding profile in which its assets are of appropriate maturities, taking into account
MIPRU 4.2D.4RRP
A firm must have in place robust strategies, policies, processes and systems that enable it to identify, measure, manage and monitor liquidity risk over the appropriate set of time horizons for its business activities, to ensure that it maintains adequate levels of liquidity resources. These strategies, policies, processes, and systems must be appropriate to the firm's business lines, currencies in which it operates, and its group companies and must include adequate allocation
MIPRU 4.2D.6RRP
A firm must have in place reliable management information systems to provide its governing body, senior managers and other appropriate personnel with timely and forward-looking information on the liquidity position of the firm.
MIPRU 4.2BA.50RRP
(1) A conversion factor of 100% must be applied to the nominal amount of unrated liquidity facilities unless the conditions in MIPRU 4.2BA.51 R or MIPRU 4.2BA.53 R for a conversion factor of 50% or 0% are met. (2) The risk weight to be applied is the highest risk weight that would be applied to any of the securitised exposures by a firm holding those exposures.
MIPRU 4.2BA.51RRP
(1) A conversion factor of 50% may be applied to the nominal amount of an unrated liquidity facility where all the conditions in MIPRU 4.2BA.52 R are met. (2) The risk weight to be applied is the highest risk weight that would be applied to any of the securitised exposures by a firm holding those exposures.
MIPRU 4.2BA.52RRP
The conditions for the application of a conversion factor of 50% are:(1) the liquidity facility documentation must clearly identify and limit the circumstances under which the facility may be drawn;(2) it must not be possible for the facility to be drawn so as to provide credit support by covering losses already incurred at the time of drawdown, for example by providing liquidity for exposures in default at the time of drawdown or by acquiring assets at more than fair value;(3)
MIPRU 4.2BA.53RRP
A conversion factor of 0% may be applied to the nominal amount of an unrated liquidity facility where the following conditions are met: (1) the conditions for a conversion factor of 50% in MIPRU 4.2BA.52 R are met;(2) the liquidity facility is unconditionally cancellable; and(3) repayment of any drawings on the facility are senior to any other claims on the cashflows arising from the securitised exposures.
IFPRU 7.1.3GRP
The FCA's liquidity regime and liquidity reporting in BIPRU 12 (Liquidity standards) and SUP 16 (Reporting requirements) continue to apply to an IFPRU investment firm until the liquidity coverage requirement in article 412 of the EU CRR becomes applicable in 2015.
IFPRU 7.1.4GRP
Pending specification of a uniform definition under article 460 of the EU CRR (Liquidity) of high and extremely high liquidity and credit quality, a firm should be guided by BIPRU 12 (Liquidity standards) when complying with article 416 of the EU CRR (Reporting on liquid assets).
BIPRU 12.2.10GRP
The appropriate regulator recognises, however, that it may take time for a firm to build a buffer which is of a sufficient size and quality to help reduce the effect of periods of stress on the firm. In particular, the appropriate regulator recognises that the transition from the appropriate regulator's liquidity regime in force immediately prior to the BIPRU 12 regime is likely to be a gradual one for many firms. The appropriate regulator will seek to agree with a firm an appropriate
IFPRU 2.2.2GRP
BIPRU 12 contains rules and guidance relating to the adequacy of a firm's liquidity resources. In assessing the adequacy of its liquidity resources, a firm should do so by reference to the overall liquidity adequacy rule, rather than the overall financial adequacy rule.
IFPRU 2.2.27RRP
A firm must take measures against the risk of a shortage of liquidity if the short position falls2 due before the long position.[Note: article 83(2) of CRD]
IFPRU 2.1.3GRP
This section amplifies Principle 4, under which a firm must maintain adequate financial resources. It is concerned with the adequacy of the financial resources that a firm needs to hold in order to meet its liabilities as they fall due. These resources include both capital and liquidity resources.
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)
GENPRU 2.1.12GRP
The FCA14 may impose a higher capital requirement than the minimum requirement set out in this section as part of the firm's Part 4A permission (see GENPRU 1.2 (Adequacy of financial resources) and14BIPRU 2.2 (Internal capital adequacy standards)14).
BIPRU 13.7.6RRP
A firm may treat contractual netting as risk-reducing only under the following conditions:(1) the firm must have a contractual netting agreement with its counterparty which creates a single legal obligation, covering all included transactions, such that, in the event of a counterparty's failure to perform owing to default, bankruptcy, liquidation or any other similar circumstance, the firm would have a claim to receive or an obligation to pay only the net sum of the positive and
BIPRU 1.1.1GRP
1There is no overall application statement for BIPRU. Each chapter or section has its own application statement. Broadly speaking however, BIPRU applies in the following manner8:8(1) [deleted]88(2) [deleted]8(3) to a BIPRU firm;88(3A) to an IFPRU investment firm, only BIPRU 12 (Liquidity standards); and8(4) in relation to8groups containing such firms:8(a) only BIPRU 12 (Liquidity standards) applies to the group containing any of the firms in (3) and (3A); and8(b) BIPRU as a whole
GENPRU 1.2.13GRP
This section amplifies Principle 4, under which a firm must maintain adequate financial resources. It is concerned with the adequacy of the financial resources that a firm needs to hold in order to be able to meet its liabilities as they fall due. These resources include both capital and liquidity resources.121212512
COLL 4.2.5CEURP

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Information to be included in the UCITS Prospectus and AIF disclosure to investors:

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General description of the SFTs and total return swaps used by the collective investment undertaking and the rationale for their use.

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Overall data to be reported for each type of SFTs and total return swaps

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Types of assets that can be subject to them.

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Maximum proportion of AUM that can be subject to them.

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Expected proportion of AUM that will be subject to each of them.

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Criteria used to select counterparties (including legal status, country of origin, minimum credit rating).

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Acceptable collateral: description of acceptable collateral with regard to asset types, issuer, maturity, liquidity as well as the collateral diversification and correlation policies.

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Collateral valuation: description of the collateral valuation methodology used and its rationale, and whether daily mark-to-market and daily variation margins are used.

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Risk management: description of the risks linked to SFTs and total return swaps as well as risks linked to collateral management, such as operational, liquidity, counterparty, custody and legal risks and, where applicable, the risks arising from its reuse.

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Specification of how assets subject to SFTs and total return swaps and collateral received are safe-kept (e.g. with fund custodian).

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Specification of any restrictions (regulatory or self-imposed) on reuse of collateral.

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Policy on sharing of return generated by SFTs and total return swaps: description of the proportions of the revenue generated by SFTs and total return swaps that is returned to the collective investment undertaking, and of the costs and fees assigned to the manager or third parties (e.g. the agent lender). The prospectus or disclosure to investors shall also indicate if these are related parties to the manager.

[Note: section B of the annex to the Securities Financing Transactions Regulation and article 3 for relevant definitions.]

[Note: AUM means assets under management.]