Financial Services (Investment and Fiduciary Services)
FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007
an investment firm shall monitor and control its underwriting exposures between the time of the initial commitment and working day one in the light of the nature of the risks incurred in the markets.
For the purposes of sub-regulation (1)(c), regulations 34 to 39 of the
FSCACI Regulations shall be excluded from the reference in paragraph 6 of Schedule 2.
(4) The exposures to an investment firm’s groups of connected clients on the trading book shall be calculated in accordance sub-regulation (1) by aggregating the exposures to individual clients in a group.
Overall exposure to individual clients.
26.(1) An investment firm’s overall exposures to individual clients or groups of connected clients shall be calculated by aggregating the exposures which arise on the trading book and the exposures which arise on the non-trading book, taking into account regulations 65 to 70 of the FSCACI Regulations.
An investment firm’s exposure on the non-trading book shall be
calculated by taking the exposure arising from assets which from own funds by virtue of regulation 9(3)(d) to be zero.
(3) An investment firm shall report to the Authority in accordance with Regulation 63 of the FSCACI Regulations, its overall exposures to individual clients and groups of connected clients calculated in accordance with sub- regulation (6).
commodities lending or borrowing transactions, the calculation of large exposures to clients and groups of connected clients for reporting purposes
under sub-regulation mitigation.
(5) The sum of the exposures to an individual client or group of connected clients in sub-regulation (1) shall be limited in accordance with regulations 64 to 70 of the FSCACI Regulations.
The Authority may allow assets constituting claims
and other recognised
clearing houses and exchanges in financial instruments same treatment accorded to those investment firms in and 64(1) of the FSCACI Regulations.
to be subject to the regulations 57(4)(c)
Exposure on the non-trading book.
© Government of Gibraltar (www.gibraltarlaws.gov.gi)
Repealed Subsidiary 2007/002