Of Relevance to: Managers of open-ended investment funds Liquidity Management in Funds The FCA has published comments – there is no stand-alone paper as such – on ‘Liquidity management for investment firms: good practice’. The comments arise from work undertaken in conjunction with the Bank of England to assess risks [...]
Non-ILAS BIPRU firms, a term which also captures IFPRU limited-licence and limited activity firms, will be familiar with the FSA055 Systems and Controls Questionnaire which is required to be submitted to the FCA on an annual basis and within 15 business days of the calendar year end, regardless of the [...]
A reminder to firms that the large exposures regime no longer applies to BIPRU limited licence/activity firms-see BIPRU 10.1.1R and Regulatory Roundup 19 for details. Firms that are still subject to the large exposure rules may wish to review the revisions to BIPRU 10, including the move of the requirement [...]
A reminder that following the expiry of a transitional provision on 31 October, BIPRU 12.2 (‘Adequacy of liquidity resources’) now also applies to a non-ILAS BIPRU firm (see Regulatory Roundup 4 for details). For such firms the Overall Liquidity Adequacy Rule (OLAR) has come into force. During the transitional period [...]
As mentioned in Regulatory Roundup 19, the Large Exposure regime in BIPRU 10.5 will change from 31 December 2010. The amended Rules can be seen in the recently published FSA Instrument FSA 2010/41. As will be seen from page 21, BIPRU 10 will no longer apply to a BIPRU limited [...]
As you will know, BIPRU 12.1 – 12.4 (and 12.8 where relevant) applies to all BIPRU firms, whilst the remaining BIPRU 12 chapters only apply to ILAS BIPRU firms (limited scope and limited activity BIPRU firms are not ILAS firms; full scope BIPRU investment firms that meet the exemption in [...]
Although Christmas seems a long way off, relevant BIPRU firms may wish to ensure that they are on track to meet the reverse stress testing requirements that come into force on the 14 December and which was originally flagged up in Regulatory Roundup 6 from 18 December last year. Reverse stress [...]
The FSA has released a 122 page bumper edition of the latest Quarterly Consultation (CP10/10). Proposed changes in SUP include a rewording to SUP 10 Annex1 (FAQs) so removing the reference to up to seven business days the FSA allows itself to process an application for approved person status; guidance [...]
And third, and finally, we have PS09/20 “Stress and Scenario Testing Feedback on CP08/24 and final rules”. This CP is actually linked to CP03/30 (‘Buffers’),as both emanate from CP08/24 (“Stress and Scenario Testing”) issued in December 2008, and focuses primarily on improvements that the FSA expects to see in a [...]
A previous Regulatory Roundup included an article on the new liquidity rules affecting BIPRU firms (BIPRU 12). A reminder that although there are some transitional provisions, the majority of the rules come into force on 1 December 2009. If you have not yet given consideration to the issue then reference [...]
If your firm is a BIPRU firm then the following should assist in complying with the new liquidity rules coming into force this December. If your firm is not a BIPRU firm (e.g. an exempt CAD) then this is for information purposes only. The liquidity requirements contained in the new [...]
This week the FSA published PS09/16 (‘Strengthening liquidity standards’) which, for the immediate future, should be the final word on liquidity following three Consultation Papers. The liquidity requirements are contained in a new BIPRU chapter (BIPRU 12). Fortunately the regime for ‘non-ILAS’ firms (basically BIPRU limited licence; BIPRU limited activity; [...]
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