Financial Services (Investment and Fiduciary Services)
FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT
FIRMS) REGULATIONS 2007 Where the Authority waives the application of capital requirements
on a consolidated basis provided European Commission and EBA.
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.
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.
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.
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–
(a) the sum of the capital requirements in accordance with regulation 23(a) to (c) of the FSCACI Regulations; or
the amount prescribed in regulation 17.
© Government of Gibraltar (www.gibraltarlaws.gov.gi)
Repealed Subsidiary 2007/002