BIPRU embedded waivers
This page sets out some practical information for firms in relation to the rules in the new BIPRU text where waivers are explicitly 'embedded' in the text.
In the new BIPRU rules that implement the Capital Requirements Directive in the UK, there are some provisions that explicitly make an alternative treatment available via a waiver. Those provisions and the BIPRU references are listed on the following two pages:
- Waivers relevant to firms planning to adopt an advanced prudential calculation approach
- Other waivers embedded in BIPRU
The full BIPRU text for each reference can be found in the BIPRU rules.
To apply for a waiver, firms should follow the standard FSA waiver procedure (see Applying for a Waiver) or follow the specific arrangements in place for applications for the advanced prudential calculation approach waivers.
Before applying for a waiver or modification of a BIPRU rule that does not contain an explicit reference to a waiver, firms should note that FSA cannot waive rules that implement Directive requirements.
Firms should note that there are some 'embedded' waivers in GENPRU for example relating to capital definitions for insurance firms. GENPRU embedded waivers are not included in the lists.
Some 'embedded' waivers are dealt with explicitly at both firm and group level in the Handbook. Some others, by definition, will be relevant only at either firm or group level, but not both. Firms should note that waivers granted at the firm level will only apply in consolidated calculations if the waiver explicitly permits it.