Other waivers
Information and guidelines are available for certain waivers. Please use the hyperlinks provided in the table below.
Embedded waivers |
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|---|---|---|
| Waivers | Rule reference | Description/comments (please refer to the rule for the precise details) |
| Solo consolidation waiver | BIPRU 2.1.3 G and BIPRU 1.3.20 D |
A waiver will be required for all subsidiaries that are to be solo consolidated for the first time on or after 1 January 2007. When applying for a solo consolidation waiver, firms must submit the information required by BIPRU 1.3.20D, as well as the usual waiver application. |
| Operational risk – waiver to allow firms to switch from TSA to BIA | BIPRU 6.2.6 G | Apply using the normal FSA waiver application procedures. |
| Operational risk – waiver to allow firms to use combinations of methodologies in some circumstances | BIPRU 6.2.13 G | Apply using the normal FSA waiver application procedures. |
| Securitisations – conversion factors for excess spread on securitisations of revolving exposures with early amortisation provisions. | BIPRU 9.13.18 G | Apply using the normal FSA waiver application procedures. |
| Pillar 3 for non EEA group | BIPRU 11.2.6 G | Information on the Pillar 3 waiver and guidance on how to apply. |
| Wider integrated group waiver | BIPRU 10.9 and BIPRU 8.9.16 R (for groups) |
Permits a firm meeting the conditions in 10.9 and/or 8.9 to make use of diverse blocks when calculating large exposure limits.
Information and guidelines on the wider integrated waiver. |
| BIPRU TP25 expires on 1 January 2008 | BIPRU 8.5.12 G |
BIPRU TP25 enabled firms (who previously excluded an entity from the scope of consolidation under the relevant Interim Prudential sourcebooks (IPRUs)) notifying FSA by 31 December 2006 to continue excluding an entity that the rules would otherwise require consolidation on the basis of:
This transitional provision ended on 1 January 2008. Firms now need to apply for a waiver as explained in BIPRU 8.5.12 G. Applications should be made using the normal FSA procedures. Please note that TP25.8R continues in force until it is revoked. Therefore any firm which notified the FSA under TP25.8R prior to 29 December 2006 that it was excluding an entity under the de minimis criteria in the relevant IPRU does not need to take any action. If a firm would like to exclude an entity under the de minimis criteria after 30 December 2006 but has not notified the FSA under TP 25.8R, BIPRU 8.5.9R applies. The firm may exclude an entity after having first notified the FSA in writing under BIPRU 8.5.9R. |
| Investment firm consolidation waiver | BIPRU 8.4.2 G | Waives the requirement for the group to meet the consolidated capital resource requirement, instead requiring the parent to have capital before deductions greater than the sum of the individual entity requirements and group contingent liabilities. |
| Operational Risk – waiver for limited licence and limited activity firms to be treated as full scope firms for operational risk charge | BIPRU 6.1.2 G | Permits limited licence and limited activity firms to calculate operational risk charge instead of the fixed overheads requirement. |
