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

CRD IV for Investment Firms
CP13/6
Annex 3:
List of national discretions and FCA’s approach to
their application
1. Tables 20 and 21:
• show the areas of national discretions in the Regulation and the Directive; and
• indicate the FCA’s proposal to exercise or not the relevant discretion.
Table 20: Capital Requirements Regulation: Areas of national discretion
CRR
article
FCA
Handbook
reference –
if existing
discretion
Area of national discretion
Does the
FCA intend
to exercise
the relevant
discretion from
1 January 2014?
4(2) FCA may allow shares constituting an equivalent
indirect holding of real estate to be treated as a direct
holding of real estate, subject to certain conditions.
6(4) FCA may exempt investment firms from complying with
liquidity rules taking into account the nature, scale and
complexity of investment firms’ activities.
7 FCA may give a direction to a firm to exempt it from
solo capital requirements in accordance with this article.
8(1) BIPRU 12.8 FCA may waive collection of liquidity data on an
individual/solo basis and collect on a sub-consolidated
basis for liquidity sub-groups containing only EU firms.
8(2) BIPRU 12.8 FCA may waive collection of liquidity data on an
individual/solo basis and collect on a sub-consolidated
basis for liquidity sub-groups containing only UK
authorised firms
8(5) In instances where 8(1) or 8(2) have been applied the
FCA may apply Article 86 of the Directive, or parts
thereof, at the level of the liquidity sub-group as
opposed to on an individual basis.
9 BIPRU 2.1 FCA may issue solo consolidation directions to replace
existing waivers.
11(3) FCA may exempt groups comprising only investment
firms from complying with liquidity rules taking into
account the nature, scale and complexity of investment
firms’ activities.
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Financial Conduct Authority July 2013
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