Related provisions for BIPRU 12.4.11A
41 - 60 of 118 items.
(1) The condition referred to in IFPRU 10.7.1 R is that the firm is a small and medium-sized investment firm.(2) For this purpose, a firm is categorised as small and medium-sized in accordance with the European Commission Recommendation 2003/361/EC concerning the definition of micro, small and medium-sized enterprises.[Note: articles 129(4) and 130(4) of CRD]
2The FCA's powers to vary a firm’s Part 4A permission or to impose requirements under sections 55J and 55L of the Act have been extended under these Regulations. The FCA is able to use these powers where it is desirable to do so for the purpose of: supervision in accordance with the Financial Conglomerates Directive;acting in accordance with specified provisions of the Capital Requirements Directive; andacting in accordance with specified provisions of the Solvency II Directi
If this rule applies under SYSC 12.1.14 R to a firm, the firm must:(1) comply with SYSC 12.1.8R (2) in relation to any UK consolidation group or non-EEAsub-group of which it is a member, as well as in relation to its group; and(2) ensure that the risk management processes and internal control mechanisms at the level of any consolidation group or non-EEAsub-group of which it is a member comply with the obligations set out in the following provisions on a consolidated (or sub-consolidated)
If the firm is an exempt CAD
firm that maintains professional indemnity insurance under 13.1A.3(1)(b), the appropriate minimum limits of indemnity per year are no lower than: (1) EUR 1,000,000 for a single claim against the firm; and(2) EUR 1,500,000 in the aggregate.[Note: 3article 31(1) of the CRD (see also IPRU-INV 13.1A.3R2)]
If the firm is both an IDD insurance intermediary4 and an exempt CAD
firm that maintains professional indemnity insurance under IPRU(INV) 13.1A.4(1)(b)4 , the appropriate additional limits of indemnity to IPRU(INV) 13.1.10R4 per year are no lower than: (1) EUR 500,000 for a single claim against the firm; and (2) EUR 750,000 in the aggregate. [Note: 3article 31(2) of the CRD (see also IPRU-INV 13.1A.4R2)]
6If a mixed financial holding company is subject to equivalent provisions under this Chapter and under EEA prudential sectoral legislation in relation to the insurance sector as implemented in the United Kingdom and the FCA is the coordinator, the FCA may, on application by the firm and after consulting other relevant competent authorities, disapply such provisions of the EEA prudential sectoral legislation as implemented in the United Kingdom with regard to that undertaking which
Table: application of sectoral rules
This table belongs to GENPRU 3.1.35 R
The most important financial sector |
Applicable sectoral rules |
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Risk concentration |
Intra-group transactions |
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| 344 | 4344 | ||
PRA Rulebook7: Solvency II Firms Group Supervision 16.18 7 |
PRA Rulebook: Solvency II Firms: Groups: 16.28 7 |
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Note |
Any waiver, approval or permission8 granted to a member of the financial conglomerate, on a solo (or individual for the purposes of the EU CRR)8 or consolidated basis, shall not apply in respect of the financial conglomerate for the purposes of GENPRU 3.1.36 R. For this purpose, “permission” refers to a consent, approval or agreement conferred on the appropriate regulator as competent authority. under the EU CRR.8 |
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(1) Where a UK firm is exercising an EEA right, other than under 16the CRD, and has established a branch in another EEA State, any changes to the details of the branch are governed by the EEA Passport Rights Regulations.15(2) References to regulations in this section are to the EEA Passport Rights Regulations.15(3) (a) A UK firm which is not an authorised person should note that, under regulation 18, contravention of the prohibition imposed by regulation 11(1), 13(1) or 15(1)
If a UK firm has exercised an EEA right, under the CRD9 or the UCITS Directive, and established a branch in another EEA State, regulation 11(1) states that the UK firm must not make a change in the requisite details of the branch (see SUP 13 Annex 1), unless it has satisfied the requirements of regulation 11(2), or, where the change arises from circumstances beyond the UK firm's control, regulation 11(3) (see SUP 13.6.10 G).479
(1) A transaction in a derivative must:(a) be in an approved derivative; or(b) be one which complies with COLL 5.2.23 R (OTC transactions in derivatives).(2) The underlying of a transaction in a derivative must consist of any one or more of the following to which the scheme is dedicated:(a) transferable securities permitted under COLL 5.2.8 R (3)(a) to (c) and COLL 5.2.8 R (3)(e)7;(b) approved money-market instruments7 permitted underCOLL 5.2.8 R (3)(a) to COLL 5.2.8 R (3)(d)7;77(c)
A transaction in an OTC derivative under COLL 5.2.20 R (1) (b) or, for the purposes of (1) only, executed by or on behalf of a regulated money market fund,23 must be:(1) with an approved counterparty; a counterparty to a transaction in derivatives is approved only if the counterparty is:(a) an eligible institution or an approved bank; 26(b) a person whose permission (including any requirements or limitations), as published in the Financial Services Register, or whose Home State
(1) 18The exclusion for overseas persons described in PERG 2.9.17G does not apply to an investment firm or credit institution set up in a third country that has been found equivalent under article 46 or 47 of MiFIR, as described in more detail in the rest of this paragraph.(2) Article 46 of MiFIR has a mechanism under which ESMA may register a third country investment firm or a third country credit institution without a branch in the EEA. Registration allows the third country
(1) In accordance with article 3(2) of the E-Commerce Directive, all requirements on persons providing electronic commerce activities into the United Kingdom from the EEA are lifted, where these fall within the co-ordinated field and would restrict the freedom of such a firm to provide services. The coordinated field includes any requirement of a general or specific nature concerning the taking up or pursuit of electronic commerce activities. Authorisation requirements fall within
(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
A UK firm which, as well as applying to vary or cancel its Part 4A permission,8 wishes to vary or terminate any business which it is carrying on in another EEA State under one of the Single Market Directives, should follow the procedures in SUP 13 (Exercise of passport rights by UK firms) on varying or terminating its branch or cross border services business.8
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
If a person established in the EEA: (1) does not have an EEA right; (2) does not have permission as a UCITS qualifier; and(3) does not have, or does not wish to exercise, a Treaty right (see SUP 13A.3.4 G to SUP 13A.3.11 G);to carry on a particular regulated activity in the United Kingdom, it must seek Part 4A permission from the appropriate UK regulator3 to do so (see the appropriate UK regulator's website: www.fca.org.uk/firms/authorisation/apply-authorisation for the FCA and
(1) The aim of the dual-regulated firms Remuneration Code is to ensure that firms have risk-focused remuneration policies, which are consistent with and promote effective risk management and do not expose them to excessive risk. It expands upon the general organisational requirements in SYSC 4.(2) The dual-regulated firms Remuneration Code implements the main provisions of the CRD which relate to remuneration. In applying the rules in the dual-regulated firms Remuneration Code,