IFPR deadline reminder - TP 7

View in browser

financial conduct authority

IFPR Newsletter

Notification deadline reminder - TP 7

Current non-CRR firms: act by 1 January

FCA investment firms (including BIPRU, exempt CAD firms, local firms and exempt commodities firms) and their parent undertakings who have not been subject to the UK CRR definition of capital and wish to count their existing instruments as own funds for the purpose of MIFIDPRU 3, must notify us via Connect no later than 1 January 2022.

The notification should be made for individual entities and, where relevant, on behalf of a UK parent entity or other parent undertaking in accordance with TP 7.4R.

Firms should note that for groups that intend to use the group capital test (including groups that will be relying on the deemed permission under MIFIDPRU TP 3.3R), each GCT parent undertaking that is not currently subject to the UK CRR definition of capital will need to make this notification (see MIFIDPRU 3.7.4R and MIFIDPRU TP 7.4R).

The benefit to firms and parent undertakings of this notification is that if the instruments meet the relevant conditions and the FCA has been notified of that fact by no later than 1 January 2022, the firm or parent undertaking will not require separate permission from us to classify their pre-MIFIDPRU capital instruments as own funds under MIFIDPRU 3.