Financial Services (Investment and Fiduciary Services)
FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007
loans and other amounts due which are not due for repayment within 90 days;
physical stocks which are not subject to capital requirements at least as stringent as those set out in regulations 14 and 16.
(2) An investment firm may apply to the Authority for it to waive the application of sub-regulation (1)(b) for the purposes of this regulation–
where shares in a credit or financial institution are held temporarily for the purpose of a financial assistance operation designed to reorganise and save that institution; or
in respect of those shares which are included in an investment firm’s trading book.
Other provisions concerning own funds.
12. An investment firm which is part of a group which has been granted the waiver provided for in regulation 18 shall calculate its own funds in accordance with regulations 9 to 11 subject to the following variations–
the illiquid deducted;
the exclusion referred to in regulation 9(3)(a) shall not cover those components referred to in regulation 7(1)(k) to (p) of the FSCACI Regulations which an investment firm holds in respect of undertakings included in the scope of consolidation;
the limits referred to in regulation 15(1)(a) and (b) of the FSCACI Regulations shall be calculated with reference to the original own funds less the components of regulation 7(1)(k) to
of those Regulations which are elements of the original own funds of the undertakings referred to in paragraph (b);
the components of regulation 7(1)(k) to (p) of the FSCACI Regulations shall be deducted from the original own funds and not from the total of all items mentioned in regulation 15(2) of those Regulations for the purposes of regulations 9(5) and (6) and 10.
PART V Provisions against risks
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Repealed Subsidiary 2007/002