The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014
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Change 1
12 Derivatives: general conditions
(1) The conditions in this article are that— (a) the relevant risk requirement attributable— (i) to all transactions entered into which meet the conditions in articles 9 to 11, and (ii) to any investments traded by the ring-fenced body under article 6(1) for the purpose of hedging risks arising in relation to the transactions referred to in paragraph (i) (provided that those investments are hedged separately from any other investments entered into by the ring-fenced body under article 6(1)), is at all times less than 0.5% of the ring-fenced body's own funds; (b) the sum of the relevant risk requirements attributable to each individual transaction with an account holder under articles 9 to 11 is at all times less than 25% of the credit risk capital requirement of the ring-fenced body; and in calculating the sum of the relevant risk requirements, no relevant risk requirement may be set off against any other relevant risk requirement; (c) the sum of the relevant risk requirements attributable to the transactions entered into by the ring-fenced body under article 11 is at all times less than 20% of the sum of the relevant risk requirements attributable to the transactions entered into by the ring-fenced body under articles 9 to 11; (d) there is evidence available on the material date to assess the fair value of the investment concerned in accordance with international financial reporting standard 13 (“IFRS 13”) on fair value measurement issued by the International Accounting Standards Board, as that reporting standard is amended from time to time, and that evidence would be considered to constitute a level 1 input within the meaning of paragraph 76 of IFRS 13, or a level 2 input within the meaning of paragraphs 81 and 82 of IFRS 13 ; (e) on the material date, the investments traded under article 10 or 11 fall within a class of derivatives that are traded on— (i) a UK trading venue, (ii) a trading venue in the EEA, or (iii) a non-EEA trading venue. (2) For the purposes of this article— (a) subject to sub-paragraph (aa) the relevant risk requirement is the sum of the own funds requirements for— (i) position risk calculated in accordance with Chapter 2 of Title IV of Part Three of the prudential requirements regulation; (ii) foreign-exchange risk calculated in accordance with Chapter 3 of Title IV of Part Three of the prudential requirements regulation; and (iii) commodities risk calculated in accordance with Chapter 4 of Title IV of Part Three of the prudential requirements regulation; (aa) the calculations referred to in sub-paragraph (a) are to be carried out as if the positions associated with the investments referred to in the relevant Chapters are all held in the trading book of the ring-fenced body; (b) “credit risk capital requirement” means the own funds requirements set out in Article 92.3(a) of the prudential requirements regulation, excluding the risk-weighted exposure amounts determined in accordance with Title II of Part Three of that regulation for counterparty risk arising from positions which are not included in the trading book; (c) “trading venue” has the meaning given in Article 2.1(16) of the markets in financial instruments regulation; (ca) “non-EEA trading venue” means a trading venue— (i) which is not a UK trading venue or a trading venue in the EEA, and (ii) which satisfies paragraph 1(d) of Article 28 of the markets in financial instruments regulation; (cb) “UK trading venue” has the meaning given in Article 2.1(16A) of the markets in financial instruments regulation; (d) the material date is to be determined as follows— (i) in the case of a transaction entered into by a ring-fenced body, the material date is the date upon which the transaction is entered into; and (ii) in the case of a transaction entered into by a body (“A”) before A became a ring-fenced body, the material date is the date upon which A became a ring-fenced body. (e) “trading book” has the meaning given in Article 4.1(86) of the prudential requirements regulation.
12 Derivatives: general conditions
(1) The conditions in this article are that— (a) the relevant risk requirement attributable— (i) to all transactions entered into which meet the conditions in articles 9 to 11, and (ii) to any investments traded by the ring-fenced body under article 6(1) for the purpose of hedging risks arising in relation to the transactions referred to in paragraph (i) (provided that those investments are hedged separately from any other investments entered into by the ring-fenced body under article 6(1)), is at all times less than 0.5% of the ring-fenced body's own funds; (b) the sum of the relevant risk requirements attributable to each individual transaction with an account holder under articles 9 to 11 is at all times less than 25% of the credit risk capital requirement of the ring-fenced body; and in calculating the sum of the relevant risk requirements, no relevant risk requirement may be set off against any other relevant risk requirement; (c) the sum of the relevant risk requirements attributable to the transactions entered into by the ring-fenced body under article 11 is at all times less than 20% of the sum of the relevant risk requirements attributable to the transactions entered into by the ring-fenced body under articles 9 to 11; (d) there is evidence available on the material date to assess the fair value of the investment concerned in accordance with international financial reporting standard 13 (“IFRS 13”) on fair value measurement issued by the International Accounting Standards Board, as that reporting standard is amended from time to time, and that evidence would be considered to constitute a level 1 input within the meaning of paragraph 76 of IFRS 13, or a level 2 input within the meaning of paragraphs 81 and 82 of IFRS 13 ; (e) on the material date, the investments traded under article 10 or 11 fall within a class of derivatives that are traded on— (i) a UK trading venue, (ii) a trading venue in the EEA, or (iii) a non-EEA trading venue. (2) For the purposes of this article— (a) subject to sub-paragraph (aa) the relevant risk requirement is the sum of the own funds requirements for— (i) position risk calculated in accordance with Chapter 2 of Title IV of Part Three of the prudential requirements regulation; (ii) foreign-exchange risk calculated in accordance with Chapter 3 of Title IV of Part Three of the prudential requirements regulation; and (iii) commodities risk calculated in accordance with Chapter 4 of Title IV of Part Three of the prudential requirements regulation; (aa) the calculations referred to in sub-paragraph (a) are to be carried out as if the positions associated with the investments referred to in the relevant Chapters are all held in the trading book of the ring-fenced body; (b) “credit risk capital requirement” means the own funds requirements set out in Article 92.3(a) of the prudential requirements regulation, excluding the risk-weighted exposure amounts determined in accordance with Title II of Part Three of that regulation for counterparty risk arising from positions which are not included in the trading book; (c) “trading venue” has the meaning given in Article 2.1(16) of the markets in financial instruments regulation; (ca) “non-EEA trading venue” means a trading venue— (i) which is not a UK trading venue or a trading venue in the EEA, and (ii) which satisfies paragraph 1(d) of Article 28 of the markets in financial instruments regulation; (cb) “UK trading venue” has the meaning given in Article 2.1(16A) of the markets in financial instruments regulation; (d) the material date is to be determined as follows— (i) in the case of a transaction entered into by a ring-fenced body, the material date is the date upon which the transaction is entered into; and (ii) in the case of a transaction entered into by a body (“A”) before A became a ring-fenced body, the material date is the date upon which A became a ring-fenced body. (e) “trading book” has the meaning given in Article 4.1(86) of the prudential requirements regulation.
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