X hits on this document

PDF document

Repealed by LN. 2013/198 as from 1.1.2014 - page 25 / 94

191 views

0 shares

0 downloads

0 comments

25 / 94

Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

FIRMS) REGULATIONS 2007 investment firm in accordance with regulations 24 to 28 and Schedules 1, 5 and 6.

(2) The Authority may allow foreign-exchange positions in an investment firm to offset foreign-exchange positions in another investment firm in accordance with Schedule 3 or 5.

(3) The Authority may allow commodities positions in an investment firm to offset commodities positions in another investment firm in accordance with Schedule 4 or 5.

(4) The Authority may allow offsetting of the trading book and of the foreign-exchange and commodities positions, respectively, of an investment firm located in a non-EEA State, if the following conditions are met

  • (a)

    the investment firm has been authorised in such a State and is a recognised non-European investment firm;

  • (b)

    the investment firm complies, on an individual basis, with capital adequacy rules equivalent to those laid down in these Regulations;

  • (c)

    no regulations exist in such a State which might significantly affect the transfer of funds within the group.

    • (5)

      The Authority may allow the offsetting in sub-regulation (1) between

investment firms within a group that have been authorised in an EEA State if

  • (a)

    there is a satisfactory allocation of capital within the group;

  • (b)

    the regulatory, legal or contractual framework in which the investment firm operates is such as to guarantee mutual financial support within the group.

(6) The Authority may allow the offsetting in sub-regulation (1) between investment firms within a group that fulfil the conditions imposed in sub- regulation (5) and any investment firm included in the same group which has been authorised in an EEA State provided that the investment firm meets the capital requirements in regulations 14, 16 and 24 on an individual basis.

Discretion relating to own funds.

of

the FSCACI

Regulations

on

a consolidated

basis.

23(1)

Regulation

14

calculation of own funds

shall

apply

in

the

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

1989-47

Repealed Subsidiary 2007/002

Document info
Document views191
Page views191
Page last viewedSat Dec 03 01:10:54 UTC 2016
Pages94
Paragraphs2606
Words31302

Comments