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14 July 2021 Supervision Supervision label Supervision Q&A

Question 1:

Can investment firms be exempted from meeting the IFR requirements at the individual level?

Answer:

Yes, investment firms can be exempted (solo exemption) from meeting the requirements related to own funds, capital, concentration risk, disclosure and reporting at the individual level, provided they meet the conditions as meant in Article 6(1) of the IFR. They can apply for exemption and the documents they need to submit to this end are set out in the next question.

Question 2:

How can investment firms apply for exemption from meeting the IFR requirements at the individual level, as meant in Article 6(1) of the IFR?

Answer:

Investment firms wishing to apply for exemption from Article 6(1) of the IFR must meet the conditions specified in that paragraph. They need to submit the following information to us for assessment:

  1. A recent organisation chart, specifying the reporting lines between the investment firm and its parent company and the board positions of both.

  2. Formal confirmation by the boards of the parent company and the investment firm that all conditions of Article 6(1) of the IFR are met. The formal confirmation must explicitly address all conditions of Article 6(1) of the IFR.

  3. The articles of association and any contracts providing for the prompt transfer of capital between the parent company and the investment firm.

  4. Recent Chamber of Commerce extract of the parent company and the investment firm.

  5. Section 403 guarantee of the parent company, including proof that it is included in the Chamber of Commerce register.

  6. Confirmation by the board of the parent company that the investment firm is fully integrated into the parent company's systems and internal control processes.

We will then assess whether the application meets the conditions of Article 6(1) of the IFR and the exemption can be granted.

Question 3:

Can investment firms be exempted from meeting the IFR disclosure requirements at the individual level?

Answer:

Yes, investment firms can be exempted (disclosure exemption) from meeting the disclosure requirements at the individual level, provided they meet the conditions as meant in Article 6(2) of the IFR. They can apply for exemption, and the documents they need to submit to this end are set out in the next question.

Question 4:

How can investment firms apply for exemption from meeting the disclosure requirements at the individual level, as meant in Article 6(2) of the IFR?

Answer:

Investment firms wishing to apply for exemption from Article 6(2) of the IFR must meet the conditions specified in that paragraph. They need to submit the following information to us for assessment:

  1. A recent organisation chart, specifying the reporting lines between the investment firm and its parent company and the board positions of both.

  2. Formal confirmation by the boards of the parent company and the investment firm that all conditions of Article 6(2) of the IFR are met. The formal confirmation must explicitly address all conditions of Article 6(2) of the IFR.

  3. The articles of association and any contracts providing for the prompt transfer of capital between the parent company and the investment firm.

  4. Recent Chamber of Commerce extract of the parent company and the investment firm.

  5. Section 403 guarantee of the parent company, including proof that it is included in the Chamber of Commerce register.

  6. Confirmation by the board of the parent company that the investment firm is fully integrated into the parent company's systems and internal control processes.

We will then assess whether the application meets the conditions of Article 6(2) of the IFR and the exemption can be granted.

Sector(s)

  • Investment firms