Fixed Overheads Calculation

Under CRD 4  certain firms are required to calculate their Own Funds requirements by reference to fixed overheads in line with Capital Requirements Regulation, Article 97.  In addition, full-scope AIFMs and UCITS firms are also required to ensure minimum Own Funds based upon Article 97 – see Regulatory Roundup 53 [...]

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Fixed Overheads

Regulatory Roundup 53 advised that the EBA had published draft Regulatory Technical Standards (RTS) relating to the calculation of own funds based upon fixed overheads required under CRR Article 97. Although possibly of little more than passing interest to BIPRU firms, the RTS is very relevant to UCITS firms, full-scope [...]

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Remuneration under CRD 4

As will be known, SYSC 19A concerns the ‘CRD 4 Remuneration Code’ which applies to the category of staff set out in SYSC19A.3.4 e.g. staff engaged in control functions – not to be confused with the approved persons control functions regime in SUP 10A – or those whose total remuneration [...]

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CRD IV: COREP Reporting

Those firms that fall within CRD IV should have received a FCA notification concerning a delay in the final submission date for the first quarterly COREP report by a month to 30 June. Changes have also been made to the submission dates in respect of the reporting of liquidity and [...]

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Fixed Overheads

Those firms that remain categorised as BIPRU firms, as opposed to those subject to IFPRU, (see e.g. Regulatory Roundup 51) will be aware that calculation of the fixed overheads requirement (FOR) is a component in the calculation of the variable capital requirement (GENPRU 2.1.45). The FOR is based upon one-quarter [...]

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CRD IV: Remuneration and Risk Takers

The European Commission has adopted Regulatory Technical Standards on the identification of ‘material risk takers’, being those staff whose professional activities have a material impact on a firm’s risk profile – see ‘Remuneration code staff’ in SYSC 19A.3.4 and which is effectively a copy-out of Article 92(2) of the CRD. [...]

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CRD IV: Country by Country Reporting

HM Treasury has published ‘The Capital Requirements (Country by Country Reporting) Regulations 2013’. The draft stems from Article 89 of the Capital Requirements Directive and impacts on all ‘institutions’ – basically investment firms and credit institutions that are subject to CRD IV. The Regulations require each institution to publicly disclose [...]

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COREP Reporting

Firms that will fall under IFPRU will need to submit COREP reporting (see article ‘CRD III or CRD IV?’ above and Regulatory Roundup 48). For the frequency of submission of COREP reporting, reference needs to be made to the Supervisory Reporting Implementing Technical Standards (ITS) published by the EBA (see [...]

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CRD III or CRD IV?

As will be known (see e.g. Regulatory Roundup 50), CRD IV comes into force on 1 January, although certain BIPRU firms will be able to remain on the current GENPRU/BIPRU (CRD III) regime. The FCA has recently contacted a number of firms to provide them with the opportunity to apply [...]

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CRD IV

As a result of intensive – and prolonged – negotiations between the European Council of Ministers, European Parliament and European Commission the 1 January 2013 implementation date of CRD IV came and went. An EU press release advises us that CRD IV is now back on (albeit delayed) track following [...]

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