Related provisions for REC 3.14.9
101 - 120 of 257 items.
(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
For an originator, a sponsor, or for other firms which can calculate KIRB, the risk weighted exposure amounts calculated in respect of its positions in a securitisation may be limited to that which would produce an amount in respect of its credit risk capital requirement equal to the sum of 8% of the risk weighted exposure amount which would be produced if the securitised assets had not been securitised and were on the balance sheet of the firm plus the expected loss amounts of
(1) If:(a) a firm'sIRB permission allows it to use this treatment; and(b) the conditions in (2)(16) are satisfied,a firm may attribute to an unrated position in an asset backed commercial paper programme a derived rating as laid down in (3).(2) Positions in the commercial paper issued from the programme must be rated positions.(3) Under the ABCP internal assessment approach, the unrated position must be assigned by the firm to one of the rating grades described in (5). The position
Subject to BIPRU 13:(1) the exposure value of an asset item must be its balance-sheet value, subject to any value adjustments required by GENPRU 1.3; and(2) the exposure value of an off-balance sheet item listed in the table in BIPRU 3.7.2 R must be the percentage of its value set out in that table.[Note: BCD Article 78(1) part]
In relation to a core concentration risk group counterparty, an 2undertaking is included within the scope of consolidation of a group on a full basis if it is at the head of the group or if its assets and liabilities are taken into account in full as referred to in BIPRU 8.5.2 G (Basis of inclusion of undertakings in consolidation).22
The management report required by DTR 4.1.8 R must also give an indication of:(1) any important events that have occurred since the end of the financial year unless those events are:4(a) 4reflected in the issuer’s profit and loss account or balance sheet; or(b) 4disclosed in the notes to the issuer’s audited financial statements;(2) the issuer's likely future development;(3) activities in the field of research and development;(4) the information concerning acquisitions of own
(1) Responsibility statements must be made by the persons responsible within the issuer.(2) The name and function of any person who makes a responsibility statement must be clearly indicated in the responsibility statement.(3) For each person making a responsibility statement, the statement must set out that to the best of his or her knowledge:(a) the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the
In LR, a "related party transaction" means:(1) a transaction (other than a transaction in the ordinary course of business) between a listed company and a related party; or6(2) an arrangement (other than an arrangement in the ordinary course of business)6 pursuant to which a listed company and a related party each invests in, or provides finance to, another undertaking or asset; or(3) any other similar transaction or arrangement (other than a transaction in the ordinary course
3Where a firm obtains credit protection for a number of reference entities underlying a credit derivative under the terms that the first default among the assets will trigger payment and that this credit event will terminate the contract, the firm may off-set specific risk for the reference entity to which the lowest specific risk percentage charge among the underlying reference entities applies according to the Table in BIPRU 7.2.44R.[Note:CAD Annex I point 8.B]
(1) A firm may take partial allowance when the value of two legs usually move in the opposite direction. This would be the case in the situations set out in (2) - (4).(2) The first situation referred to in (1) is that the position falls under BIPRU 7.11.16 R (2)(b) but there is an asset mismatch between the reference obligation and the underlying exposure. However, the positions meet the following requirements:(a) the reference obligation ranks pari passu with or is junior to
(1) The authorised fund manager of a UCITS scheme that is a merging UCITS or a receiving UCITS in a proposed UCITS merger, must in conjunction with any other authorised fund manager 6draw up common draft terms of the proposed UCITS merger.(2) The common draft terms in (1) must set out the following particulars:(a) 6the UCITS involved;(b) the background to and the rationale for the proposed UCITS merger;(c) the expected impact of the proposed UCITS merger on the unitholders of
(1) In a domestic UCITS merger, the effective date of the merger will be the date specified by the FCA in its order authorising the proposed merger in accordance with regulation 9 of the UCITS Regulations 2011.(2) [deleted]6(3) For the receiving UCITS in a domestic UCITS merger6:(a) the date for calculating the exchange ratio of units of the merging UCITS into units of the receiving UCITS and, where applicable, for determining the relevant net asset value for cash will be the
(1) Details of any initial offer period must be provided in the relevant prospectus as described in COLL 4.2.5R (17)(h) (Table: contents of the prospectus).(2) It may be appropriate that the initial offer for a scheme operating limited issue or limited redemption arrangements, or intending to invest in illiquid assets, is longer than one for a scheme which does not have these features.
The depositary may take into or pay out of scheme property assets other than cash2 as payment for the issue or cancellation of units2 but only if:(1) it has taken reasonable care to ensure that the property concerned would not be likely to result in any material prejudice to the interests of unitholders; and(2) the instrument constituting the fund8 so provides.8
(1) 13The management body of a CRR firm has overall responsibility for risk management. It must devote sufficient time to the consideration of risk issues.(2) The management body of a CRR firm must be actively involved in and ensure that adequate resources are allocated to the management of all material risks addressed in the rules implementing the CRD and in the UK CRR22 as well as in the valuation of assets, the use of external ratings and internal models related to those risks.
(1) 13A CRR firm that is significant must establish a risk committee composed of members of the management body who do not perform any executive function in the firm. Members of the risk committee must have appropriate knowledge, skills and expertise to fully understand and monitor the risk strategy and the risk appetite of the firm.(2) The risk committee must advise the management body on the institution’s overall current and future risk appetite and assist the management body
Generally, for the purpose of the definition of CRD financial instrument:(1) a financial asset means cash, the right to receive cash or another financial asset, the contractual right to exchange financial assets on potentially favourable terms or an equity instrument; and(2) a financial liability means the contractual obligation to deliver cash or another financial asset or to exchange financial liabilities under conditions that are potentially unfavourable.
(1) The scheme property of a non-UCITS retail scheme operating as a FAIF may, subject to the rules in this section, comprise any assets or investments to which it is dedicated.(2) For an ICVC, the scheme property may also include movable or immovable property that is necessary for the direct pursuit of the ICVC's business of investing in those assets or investments.(3) The scheme property must be invested only in accordance with the relevant provisions in this section that are
An authorised fund manager carrying out due diligence for the purpose of the rules in this section should make enquiries or otherwise obtain information needed to enable him properly to consider:(1) whether the experience, expertise, qualifications and professional standing of the second scheme's investment manager is adequate for the type and complexity of the second scheme;(2) the adequacy of the regulatory, legal and accounting regimes applicable to the second scheme and its
(1) 3(a) An authorised fund manager of a UCITS scheme 6 must use a risk management process enabling it to monitor and measure at any time the risk of the scheme's positions and their contribution to the overall risk profile of the scheme.3(b) In particular, an authorised fund manager of a UCITS scheme 6 must not solely or mechanistically rely on credit ratings issued by credit rating agencies, as defined in article 3(1)(b) of Regulation (EC) No 1060/2009 of the European Parliament
(1) The risk management process in COLL 6.12.3 R should take account of the investment objectives and policy of the scheme as stated in the most recent prospectus.(2) The depositary of a UCITS scheme should take reasonable care to review the appropriateness of the risk management process in line with its duties under COLL 6.6.4 R (General duties of the depositary) and COLL 6.6.14 R (Duties of the depositary and authorised fund manager: investment and borrowing powers), as appropriate.
(1) The firm must:(a) give the relevant credit union client a statement in the form in (2) on paper or another durable medium; and(b) obtain confirmation in writing from the relevant credit union client that the relevant credit union client has signed it,in good time before the relevant credit union client has committed to buy the deferred share.(2) “I make this statement in connection with my proposed investment in deferred shares issued by a credit union. I have been made aware
(1) The firm must:(a) include a statement in the form in (2) in any direct offer financial promotion to a relevant credit union client relating to credit union subordinated debt; and(b) obtain confirmation in writing from the relevant credit union client that the relevant credit union client has signed the statement,in good time before the relevant credit union client makes the subordinated loan to the credit union.(2) “I make this statement in connection with my proposed making
(1) This section deals with the circumstances and manner in which an AUT is to be wound up or a sub-fund of an AUT is to be terminated. Under section 256 of the Act (Requests for revocation of authorisation order), the manager or trustee of an AUT may request the FCA to revoke the authorisation order in respect of that AUT. Section 257 of the Act (Directions) gives the FCA the power to make certain directions.(2) The termination of a sub-fund under this section will be subject
(1) 1The effect of COLL 7.4.5R2 is that the manager must continue to prepare annual and half-yearly long reports and to make them available to unitholders in accordance with COLL 4.5.14 R.(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates to unitholders at six-monthly or more frequent intervals.
A firm's run-off plan should include an explanation of its future investment strategy, including:(1) its strategy for matching the with-profits fund's liabilities with appropriate assets; and(2) any changes it expects to make to the with-profits fund's investment strategy as a result of the closure of the with-profits fund, including any changes to the proportions of different types of investments.
These tables belong to SUP App 2.15.8 G
Table 1 - forecast summary revenue account for the relevant with-profits fund |
|
(1) |
Premiums and claims (gross and net of reinsurance) analysed by major class of insurance business |
(2) |
Investment return |
(3) |
Expenses |
(4) |
Other charges and income |
(5) |
Taxation |
(6) |
Increase (decrease) in fund in financial year |
(7) |
Fund brought forward |
(8) |
Fund carried forward |
Table 2 - forecast summary balance sheet and statement of solvency for the relevant with-profits fund |
|
Assets analysed by type (excluding implicit items): |
|
(1) |
Equities |
(2) |
Land and buildings |
(3) |
Fixed interest investments |
(4) |
All other assets |
(5) |
Total assets (excluding implicit items) |
(6) |
Policyholder liabilities |
(7) |
Other liabilities |
(8) |
Total liabilities |
(9) |
Excess/(deficiency) of assets over liabilities before implicit items |
(10) |
Implicit items allocated to the with-profits fund |
(11) |
Long-term insurance capital requirement for the with-profits fund |
(12) |
|
(13) |
[deleted]4 4 |
(14) |
Net excess/(deficiency) of assets in the with-profits fund |
Table 3 - forecast summary balance sheet and statement of solvency for the firm |
||
L1 |
||
L2 |
||
L3 |
L1+L2 |
|
L4 |
Total long-term insurance liabilities (excluding resilience capital requirement) |
|
L5 |
Total long-term insurance fund surplus |
L3-L4 |
L6 |
Shareholder fund assets |
|
L7 |
||
L8 |
||
L9 |
Excess of regulatory assets over long-term insurance capital requirement |
L5+L6+L7-L8 |
L10 |
[deleted]4 4 |
4 |
L11 |
||
L12 |
Net excess assets |
L9-L10-L11 |
L13 |
FTSE level at which the long-term insurance capital requirement would be breached |
|
A debt security is a qualifying debt security if:(1) it qualifies for a credit quality step under the standardised approach to credit risk corresponding at least to investment grade; or(2) it has a PD which, because of the solvency of the issuer, is not higher than that of the debt securities referred to under (1) under the IRB approach; or(3) it is a debt security for which a credit assessment by a nominated ECAI is unavailable and which meets the following conditions:(a) it
The main reasons why a credit union should maintain adequate accounting and other records are:(1) to provide the governing body5 with adequate financial and other information to enable it to conduct its business in a prudent manner on a day-to-day basis;(2) to safeguard the assets of the credit union and the interests of members and persons too young to be members; (3) to assist officers of the credit union to fulfil their regulatory and statutory duties in relation to the preparation
The internal audit work programme should include items such as:(1) verification of cash (counting and reconciliation) without prior notification;(2) bank reconciliation (checking records against bank statements);(3) verification of passbooks or account statements;(4) checking for compliance with policies and procedures;(5) checking for compliance with relevant Acts, secondary legislation and rules;(6) checking minutes and reports of the governing body5 and other sub-committees
This paragraph provides further guidance on BIPRU 4.2.2 R and in particular BIPRU 4.2.2 R (2). In the appropriate regulator's view risk management has an essential role in informing risk decisions. However, an essential role does not necessarily mean an exclusive role or even always a primary role. There may be justifiable differences between the IRB approach and the firm's use of rating systems for its internal purposes as referred to in BIPRU 4.2.2 R (2). For example, internal