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

CP13/6
CRD IV for Investment Firms
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?
14(3) Where subsidiaries which are not subject to CRD
IV are affected by Part V of CRR, which concerns
securitisation, if the UK regulated firm can demonstrate
to the FCA that the application of Part V is unlawful
in the third country where the subsidiaries (or multiple
thereof) are incorporated, the FCA should waive the
application of Part V.
Yes
15, 16
and 17
BIPRU 8.4 FCA may issue investment firm consolidation waivers. Yes
18(2) FCA may give a direction to permit proportional
consolidation on a case by case basis if the conditions in
this article are met.
Yes
18(3)
and
18(6)
BIPRU
8.5.6(2)R
FCA to determine how consolidation should occur
for organisations related within the meaning of a
consolidation Article 12(1) (of Directive 83/349/EC)
relationship.
Yes
18(5) BIPRU
8.5.5R(3)
BIPRU
8.5.6R(1
19 BIPRU 8.5.9
R
BIPRU
8.5.10 R
BIPRU
8.5.11 G
26(2) GENPRU
2.2.102R -
103R
FCA may determine whether and how consolidation is
to be carried out in the case of participations or capital
ties different from those set out in art. 18(1) and 18(2).
FCA may permit that a subsidiary need not be included
in the consolidated group provided that certain
conditions are met.
This provision requires the FCA to consent to a firm
including interim or year-end profits in CET1 before the
firm has taken a formal decision to confirm the yearend
profit or loss, provided that the conditions in art.
26(2) are met.
Yes
Yes
Yes
26(3) The FCA must evaluate whether CET 1 issuances meet
the criteria in art 28 or 29, as appropriate.
Yes
76 July 2013
Financial Conduct Authority