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Repealed by LN. 2013/198 as from 1.1.2014 - page 33 / 94

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Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007

    • (d)

      the investment firm has a documented strategy for managing, controlling and limiting risks arising from the concentration of exposures.

  • (5)

    The investment firm shall inform the Authority of the strategy it has

adopted in compliance with sub-regulation (4)(d) and of any changes the investment firm effects to it, without delay.

(6) The investment firm shall continuously monitor the creditworthiness of borrowers, according to their impact on concentration risk which shall enable the investment firm to react adequately and sufficiently promptly to any deterioration in that creditworthiness.

(7) Where the investment firm exceeds the internal limits set according to the strategy referred to in sub-regulation (4)(d) it shall report to the Authority without delay of the size and nature of the excess and the counter party.

(8) Notwithstanding regulation 16(1), the Authority may choose, until 31 December 2011, not to apply the capital requirements arising from regulation 23(d) of the FSCACI Regulations in respect of an investment firm to which regulation 16(2) and (3) do not apply and whose total trading book positions never exceed EUR 50 million and whose average number of relevant employees during the financial year does not exceed 100.

(9) Where the Authority postpones the application of sub-regulation (8) it shall apply capital requirements amounting to the lower of

(a)

the capital requirements arising FSCACI Regulations; and

from Regulation 23(d) of the

  • (b)

    12/88 of the higher of

  • (i)

    the sum of the capital requirements contained in regulation 23(a) to (c) of those Regulations; and

    • (ii)

      the amount laid down in regulation 17, notwithstanding regulation 17(1).

  • (10)

    Where the Authority applies sub-regulation (9)(b), an incremental

increase shall be applied on at least an annual basis.

(11) The Authority’s postponement of the application of sub-regulation (8) shall be applied in a way that does not result in a decrease in the overall level of capital requirements for an investment firm, in comparison to the

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

1989-47

Repealed Subsidiary 2007/002

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