Financial Services (Investment and Fiduciary Services)
FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007
(2) An investment firm shall maintain systems to ensure that any transfer which has the effect referred to in sub-regulation (1) is immediately reported to the Authority.
(3) The Authority may authorise an investment firm which is allowed to use the alternative determination of own funds under regulation 10(2) to use that determination for the purposes of regulations 26(3) to (5) and 27:
Provided that the applicant meets all of the obligations set out in regulations 63 to 70 of the FSCACI Regulations, in respect of the exposures which arise outside its trading book by using own funds.
PART IX Miscellaneous
Valuation of positions for reporting purposes.
29.(1) Trading book positions shall be subject to the prudent valuation rules in Part B of Schedule 7.
(2) An investment firm shall ensure that the value applied to each of its trading book positions appropriately reflects the current market value and that it contains an appropriate degree of certainty having regard to the dynamic nature of trading book positions, the demands of prudential soundness, the mode of operation and purpose of capital requirements in respect of trading book positions.
Trading book positions shall be re-valued at least daily.
The Authority may in the absence of readily available market prices,
waive the requirement imposed by this regulation and if so shall require the investment firm to use alternative methods of valuation approved by the Authority.
Risk management and capital assessment.
30. An investment firm shall, in addition to meeting the requirements in Article 13 of Directive 2004/39/EC, meet the requirements in regulation 79 of the FSCACI Regulations, subject to the provisions on level of application in regulations 16 to 21 of the those Regulations.
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Repealed Subsidiary 2007/002