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Repealed by LN. 2013/198 as from 1.1.2014 - page 22 / 94

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any parent financial holding company in an EEA State of an investment firm in such a group holds at least as much capital as the amount of the items in regulation 7(1)(a) to (g) of the FSCACI Regulations, as the sum of

(i)

the full book value of any holdings, subordinated claims, and instruments referred to in regulation 7 of those Regulations in investment firms, financial institutions, asset management companies and ancillary services undertakings which would otherwise be consolidated; and

(ii)

the total amount of any contingent liability in favour of investment firms, financial institutions, asset management companies and ancillary services undertakings which would otherwise be consolidated.

1989-47

Financial Services (Investment and Fiduciary Services)

Repealed Subsidiary 2007/002

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007

(d)

(2) Where the criteria in sub-regulation (1) are met, a European investment firm shall monitor and control the sources of capital and funding of all financial holding companies, investment firms, financial institutions, asset management companies and ancillary services undertakings within the group.

(3) A parent financial holding company in an EEA State of an investment firm in such a group, may apply to the Authority to be authorised to use a value lower than the value calculated in accordance with sub-regulation (1)(d):

Provided that the value is not lower than the sum of

  • (i)

    the requirements imposed in regulations 19 and 21 on an individual basis to investment firms, financial institutions, asset management companies and ancillary services undertakings which would otherwise be consolidated; and

  • (ii)

    the total amount of any contingent liability in favour of investment firms, financial institutions, asset management companies and ancillary services undertakings which would otherwise be consolidated.

(4) For the purposes of sub-regulation (3), the capital requirement for a non-European investment firm, financial institution, asset management company and ancillary services undertaking shall be a notional capital requirement.

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

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