Financial Services (Investment and Fiduciary Services)
Repealed Subsidiary 2007/002
FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT
FIRMS) REGULATIONS 2007 requirements at 31 December 2006, unless such a reduction is prudentially justified by a reduction in the size of the investment firm’s business.
(13) The provisions on capital requirements in these Regulations and the FSCACI Regulations shall not apply to investment firms whose main business consists exclusively of the provision of investment services or activities in relation to the financial instruments set out in sub-regulation (16) and to whom Directive 93/22/EEC did not apply on 31 December 2006.
(14) The exemption in sub-regulation (13) is available until 31 December 2014 or the date of coming into operation of any modifications pursuant to sub-regulations (15) and (16), whichever is the earlier.
The relevant indicator for an investment firm’s trading and sales
business line indicators for
which represents not less than 50% of the total relevant all its business lines calculated in accordance with regulation
16 and paragraphs 1 to 4 of Part 2 of Schedule 10 Regulations, may until 31 December 2012 apply 15% to the business line.
to the trading
FSCACI and sales
The financial instruments referred to in sub-regulation (4)(a) are–
options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities which are to be settled in cash or may be so settled at the option of one of the parties (otherwise than by reason of a default or other termination event);
options, futures, swaps and any other derivative contracts relating to commodities which can be physically settled provided that they are traded on a regulated market or an MTF;
options, futures, swaps, forwards and any other derivative contracts relating to commodities which can be physically settled not included in paragraph (b) and not being for commercial purposes which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are cleared and settled through recognised clearing houses or are subject to regular margin calls;
financial contracts for differences; and