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Repealed by LN. 2013/198 as from 1.1.2014 - page 24 / 94

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1989-47

Financial Services (Investment and Fiduciary Services)

Repealed Subsidiary 2007/002

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

FIRMS) REGULATIONS 2007 (3) Where the requirements of sub-regulation (1) are met, an investment firm controlled by a financial holding company shall provide own funds at a consolidated level which are at least equal to the greater of the following two amounts, calculated on the basis of the financial holding company’s consolidated 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

(b)

the amount prescribed in regulation 17.

Further exemption from consolidated capital requirements.

21.(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) to (4) and the group does not include a credit institution.

(2)

Where the requirements of sub-regulation (1) are met, a parent

investment firm in an EEA State level which are at least equal to regulation 23(a) to (c) of the

shall provide own funds at a consolidated the amount calculated in accordance with FSCACI Regulations and the amount

prescribed in regulation 17, calculated on firm’s consolidated financial position and and 23.

the basis of the parent investment in compliance with regulations 22

(3) Where the requirements of sub-regulation (1) are met, an investment firm controlled by a financial holding company shall provide own funds at a consolidated level which are at least equal to the amount calculated in accordance with regulation 23(a) to (c) of the FSCACI Regulations and the amount prescribed in Regulation 17, calculated on the basis of the financial holding company’s consolidated financial position and in compliance with regulations 22 and 23.

PART VII Calculation of Consolidated Requirements

Offsetting of trading book etc.

22.(1) Where a regulation 18 waiver is not exercised, the Authority may, for the purposes of calculating the capital requirements set out in Schedules 1 and 5 and the exposures to clients set out in regulations 24 to 28 and Schedule 6 on a consolidated basis, permit positions in the trading book of an investment firm to offset positions in the trading book of another

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

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