CP13/6 - CRD IV for Investment Firms - Financial Conduct Authority

FCA 2013/xx
given or requirement imposed in relation to a rule listed in column A of the
table in IFPRU 1.5R has effect.
Duration of transitional
1.3 R This section applies to each waiver or requirement in IFPRU 1.2R, until the
direction given in respect of that waiver or requirement ceases to have effect
on its terms, or is revoked, whichever is the earlier.
Transitional
1.4 R Subject to IFPRU TP 1.7R and TP 1.8R, each waiver given or a requirement
imposed in relation to a FCA rule listed in column A of the tables in IFPRU
TP 1.10R (Internal model waivers) and TP 1.11R (Other waivers) is to be
treated as a permission given by the FCA to the firm under the EU CRR
article listed in the same row in column B of those tables.
1.5 R Each permission given in accordance with IFPRU TP 1.4R shall continue in
force and effect until the expiry date specified in the direction of the relevant
waiver or in the written notice of the requirement issued under section 55L
of the Act.
1.6 Where a waiver listed in IFPRU TP 1.10R (Internal model waivers) and TP
1.11R (Other waivers) specifies that it applies to a firm on a consolidated
basis in accordance with a relevant provision in BIPRU 8 (Group risk
consolidation), the permission shall apply to the firm on the basis of its
consolidated situation in accordance with article 11 of the EU CRR
(Application of requirements on a consolidated basis: general treatment).
1.7 R A waiver listed in IFPRU TP 1.10R (Internal model waivers) only has effect
in accordance with this TP where the firm has confirmed to the FCA that it
materially complies with the requirements relevant to the rules listed in
Column A of the table, as waived or modified by the waiver, and any
conditions relevant to the application of the waiver.
1.8 R A waiver listed in IFPRU TP 1.11R (Other waivers) does not have effect in
accordance with this TP if the firm ceased to comply with the rules listed in
Column A of the table, as modified or waived by the waiver, or any
conditions relevant to the application of the waiver.
Meaning of permission
1.9 R For the purpose of IFPRU TP 1, “permission” means a direction given by the
FCA under any EU CRR article listed in column B of the tables in IFPRU
1.9R (Internal waivers) and IFPRU TP 1.10R (Other waivers) in the exercise
of the discretion afforded to it as a competent authority.
Tables
1.10 R Table on internal model waivers
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