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

FCA 2013/xx
1.3.36 R …
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[deleted]
Specific requirements: BIPRU firms
(3) A BIPRU investment firm must deduct any asset in respect of
deferred acquisition costs and add back in any liability in respect of
deferred income (but exclude from the deduction or addition any
asset or liability which will give rise to future cash flows), together
with any associated deferred tax.
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2 Capital
2.1 Calculation of capital resources requirements
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2.1.8 G (1) This section implements minimum EC standards for the capital
resources required to be held by an insurer undertaking business that
falls within the scope of the Consolidated Life Directive
(2002/83/EC), the Reinsurance Directive (2005/68/EC) or the First
Non-Life Directive (1973/239/EEC) as amended. [deleted]
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(2) This section also implements the third paragraph of article 95(2) of
the EU CRR applying the provisions of the Capital Adequacy
Directive and Banking Consolidation Directive concerning the level
of capital resources which a BIPRU firm is required to hold. In
particular it implements (in part) Articles 9, 10 and article 75 of the
Banking Consolidation Directive and Articles 5, 9, 10 and 18 of the
Capital Adequacy Directive.
(3) In the case of a collective portfolio management investment firm this
section implements article 9 of AIFMD and (in part) Article 7 of the
UCITS Directive. [deleted]
Main requirement: BIPRU firms
2.1.42 R At the time that it first becomes a bank, building society or BIPRU
investment firm, a firm must hold initial capital of not less than the base
capital resources requirement applicable to that firm.
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