FCA updates on IFPR

The FCA has published the following additional MIFIDPRU applications forms under IFPR:

• Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (disclosure by investment firms) for SNI firms in consolidated insurance groups;
• Application under MIFIDPRU 3.3.2R for permission to include interim or year-end profits as CET1 capital before the firm has taken a formal decision confirming the final profit and loss for the year;
• Application under MIFIDPRU 3.6.2R for permission to reduce own funds instruments where neither condition in MIFIDPRU 3.6.3R applies;
• Application under MIFIDPRU 4.5.9R for permission to rebase fixed overhead requirement to a lower amount where a firm or group’s projected relevant expenditure decreases by a material amount;
• Application under MIFIDPRU 4.11.9R for permission to exclude positions taken to hedge against the adverse effect of the exchange rate on own funds or an item deducted from capital from net open currency position for the purpose of Article 352 of UK CRR;
• Application for a permission under MIFIDPRU for which there is no dedicated application form;
• Application under MIFIDPRU 4.12.4R for permission to use an advanced internal market risk model;
• Application under MIFIDPRU 4.12.6R for permission to make a material change or a material extension to the use of an advanced internal market risk model; and
• Application under MIFIDPRU 4.12.66R for permission to use sensitivity models to calculate interest rate risk on derivative instruments in accordance with Article 331(1) of UK CRR.