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

FCA 2013/xx
through the parent financial holding company in a Member State's holding
in the insurer. However it will not include the insurer itself.
…
Basis of inclusion of collective portfolio management investment firms in
consolidation
8.5.7 R GENPRU 2.1.46R (Adjustment of the variable requirement calculation for
collective portfolio management investment firms) does not apply for the
purpose of this chapter. [deleted]
8.5.8 G In general a collective portfolio management investment firm only calculates
the capital and concentration risk requirements in relation to its designated
investment business and does not calculate them with respect to managing
an AIF or managing a UCITS. The effect of BIPRU 8.5.7R is that this does
not apply on a consolidated basis. For the purpose of this chapter the
calculations are carried with respect to the whole of the activities of a
collective portfolio management investment firm. [deleted]
8.5.9 R A firm may, having first notified the appropriate regulator in writing in
accordance with SUP 15.7 (Form and method of notification), exclude an
institution, a BIPRU firm, asset management company, financial institution
or ancillary services undertaking that is a subsidiary undertaking in, or an
undertaking in which a participation is held by, the UK consolidation group
or non-EEA sub-group if the balance sheet total of that undertaking is less
than the smaller of the following two amounts:
…
…
8.5.11 G Article 73(1) of the Banking Consolidation Directive allows the appropriate
regulator to decide to exclude an institution a BIPRU firm, financial
institution, asset management company or ancillary services undertaking
that is a subsidiary undertaking in, or an undertaking in which a
participation is held by, the UK consolidation group or non-EEA sub-group
for the purposes of this chapter in the following circumstances:
…
(2) where, in the opinion of the appropriate regulator, the
undertaking concerned is of negligible interest only with
respect to the objectives of monitoring institutions BIPRU
firms; or
(3) where, in the opinion of the appropriate regulator, the
consolidation of the financial situation of the undertaking
concerned would be inappropriate or misleading as far as the
objectives of the supervision of institutions BIPRU firms are
concerned.
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