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Repealed by LN. 2013/198 as from 1.1.2014 - page 23 / 94

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Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

(5)

FIRMS) REGULATIONS 2007 Where the Authority waives the application of capital requirements

on a consolidated basis provided European Commission and EBA.

for

in

this

regulation,

it

shall

notify

the

Reporting of risks.

19.(1) An investment firm in a group which has been granted a regulation 18 waiver shall report to the Authority the risks which could undermine its financial positions, including those associated with the composition and sources of its capital and funding.

(2)

The

Authority

shall

require

the

including, if necessary, limitations on the

investment firm to take measures transfer of capital from such firm to

group entities if it considers is not adequately protected.

that

the

financial

position

of

the

investment

firm

(3)

Where the Authority waives the obligation of supervision on a

consolidated basis provided for in regulation 18 it shall take appropriate measures to monitor the risks, namely large exposures, whole group, including any undertakings not located in an EEA State.

other of the

(4) Where the Authority waives the application of capital requirements on a consolidated basis provided for in regulation 18, the requirements of regulations 79 and 87 to 90 of the FSCACI Regulations shall apply on an individual basis and the requirements of regulation 80 of those Regulations shall apply to the supervision of investment firms on an individual basis.

Exemption from consolidated capital requirements.

20.(1) An investment firm may apply to the Authority to be exempted from the consolidated capital requirement in regulation 3(6), provided that all the investment firms in the group fall within regulation 16(2) and the group does not include a credit institution.

(2)

Where

the

investment firm in level of an amount

requirements of sub-regulation (1) are met, a parent an EEA State shall provide own funds at a consolidated which is at least equal to the greater of the following two

amounts, calculated on the basis of the parent investment firm’s financial position and in accordance with regulations 22 and 23

consolidated

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

(b)

the amount prescribed in regulation 17.

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

1989-47

Repealed Subsidiary 2007/002

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