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

CP13/6
CRD IV for Investment Firms
CRD
article
FCA
Handbook
reference
–if existing
discretion
Area of national discretion
Does the
FCA intend
to exercise
the relevant
discretion from
1 January 2014?
88(1) (e) An individual will not be allowed to simultaneously
carry out the CEO and chairperson function within
an institution, unless explicitly authorised to do so by
the FCA.
88(2) Discretion for Member States to allow a firm that is not
considered ‘significant’ not to establish a nominations
committee.
91 FCA may authorise members of the management body
to hold one additional non-executive directorship.
The number of directorships a member of the
management body can hold at the same time shall take
into account individual circumstances and the nature,
scale and complexity of the institution’s activities.
95 FCA may allow a firm that is not considered ‘significant’
not to establish a remuneration committee.
127(3) In the absence of equivalent supervision, the FCA
may require the establishment of a financial holding
company or mixed financial holding company which
has its head office in the EU, and apply the provisions
on consolidated supervision to the consolidated
position of that financial holding company or the
consolidated position of the institutions of that mixed
financial holding company.
129(2) This allows member states to exempt SMEs from the
capital conservation buffer requirement, provided that
they do not pose a risk to the financial stability of the
respective member state.
130 This allows member states to exempt SMEs from the
capital conservation buffer requirement provided that
they do not pose a risk to the financial stability of the
respective member state.
Yes
Yes (subject to
HMT’s decision)
Yes
Yes
Yes
Yes (subject to
HMT decision,
if the FCA were
to be made
the designated
authority, then
based on our
analysis on the
definition of
significance (see
Chapter 5), we
would be minded
to propose that
we exercise these
discretions)
Q29: Do you agree with our proposed approach to the
national discretions? If not, please indicate the areas of
national discretion where you disagree with the FCA
proposal stating your reasons and alternative proposal.
Q30: Do you believe that there are any articles in the Directive
or in the Regulation –not covered in Annex 3 – which
would require the FCA to exercise its discretion as a CA?
If so, what articles would you suggest and why?
90 July 2013
Financial Conduct Authority