Regulation 104 Article 96 (own funds requirements for investment firms which hold initial capital)

In Article 96 (own funds requirements for investment firms which hold initial capital)—

(a)

for the heading substitute “Own funds requirements for IFPRU 730K firms”;

(b)

in paragraph 1—

(i)

the existing wording becomes the first sub-paragraph of paragraph 1;

(ii)

in the first sub-paragraph for “the following categories of investment firm which hold initial capital in accordance with Article 28(2) of Directive 2013/36/EU” substitute “the following categories of IFPRU 730K firms”;

(iii)

after the first sub-paragraph insert a second sub-paragraph—

“In the first sub-paragraph “IFPRU 730K firm” has the meaning given in rule 1.1.11 of the FCA’s Prudential sourcebook for Investment Firms.”;

(c)

In paragraph 3, for the words from “laid down in” to the end substitute “provided in rules 2.2.32 and 2.2.33 of the FCA’s Prudential sourcebook for Investment Firms”.