X hits on this document

PDF document

Repealed by LN. 2013/198 as from 1.1.2014 - page 20 / 94

232 views

0 shares

0 downloads

0 comments

20 / 94

(2) An investment firm which is not authorised to deal on own account or to underwrite financial instruments or place financial instruments on a firm commitment basis, may apply to the Authority to be authorised to provide own funds which are at least equal to the higher of

(a)

the sum of the capital requirements in accordance with regulation 23(a) to (c) of the FSCACI Regulations; or

(b)

the amount laid down in regulation 17.

(3) An investment firm which holds initial capital as set out in regulation 5(8) and to which sub-regulation (4) applies, may apply to the Authority to be authorised to provide own funds which are at least equal to the sum of the capital requirements calculated in accordance with regulation 23(a) to (c) of the FSCACI Regulations and the amount prescribed in regulation 17.

(4) The investment firm referred to in sub-regulation (3) is

(a)

one which deals on its own account only for the purpose of fulfilling or executing a client order or for the purpose of gaining entrance to a clearing and settlement system or a recognised exchange when acting in an agency capacity or executing a client order;

(b)

one

  • (i)

    which does not hold clients’ money or securities;

  • (ii)

    which undertakes only dealing on own account;

  • (iii)

    which has no external customers;

© Government of Gibraltar (www.gibraltarlaws.gov.gi)

1989-47

Financial Services (Investment and Fiduciary Services)

Repealed Subsidiary 2007/002

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

FIRMS) REGULATIONS 2007 the specific risk requirement for a qualifying item with the same residual maturity as such a bond, reduced in accordance with the percentages given in paragraph 71 of that Part.

Exemption concerning own funds.

(3) If, in accordance with paragraph 52 of Schedule 1, an EEA State approves a non-European collective investment undertaking as eligible, the Authority may make use of this recognition without conducting its own assessment.

16.(1)

Subject to sub-regulations (2) to (5) and regulation 30, the

to

apply

shall

Regulations

of

the

FSCACI

requirements in regulation investment firms.

23

Document info
Document views232
Page views232
Page last viewedWed Dec 07 21:05:23 UTC 2016
Pages94
Paragraphs2606
Words31302

Comments