Application and Definitions


Unless otherwise stated, this Part applies to a third country CRR firm;

(1) with respect to the carrying on of the following from an establishment in the UK:

(a) regulated activities except auction regulated bidding;

(b) activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of Regulated Activities Order;

(c) ancillary activities;

(d) in relation to MiFID business, providing ancillary services; and

(e) unregulated activities in a prudential context; and

(2) in a prudential context with respect to activities wherever they are carried on; and

(3) taking into account any activity of other members of a group of which the firm is a member.


A reference to a firm in this Part is to a firm within the scope of 1.1.


The changes to this rule are effective from 23:00 on 31/12/2020.

In this Part, the following definitions shall apply:

auction platform

means a platform on which auctions of allowances are held in accordance with the auction regulation.

auction regulation

Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community.

auction regulation bidding

means the regulated activity of bidding in emissions auctions where it is carried on by:

    1. (a) collective investment undertakings and pension funds and the depositaries and managers of such undertakings; or
    2. (b) a MiFID investment firm (other than a UCITS investment firm) on behalf of its clients in relation to a two-day emissions spot.


means authorisation as an authorised person for the purposes of FSMA.

protected disclosure

means a qualifying disclosure as defined in section 43B of the Employment Rights Act 1996 made by a worker in accordance with sections 43C to 43H of the Employment Rights Act 1996.

staff disclosure channel

means the arrangements described in General Organisational Requirements 2A.2.

two-day emissions spot

means an allowance where delivery is to be made at an agreed date no later than the second trading day from the day of an auction on an auction platform (within the meaning of article 3(3) of the auction regulation).

UCITS investment firm

means a firm which:

(a) is a management company (whether or not it is also the operator of other collective investment schemes); and

(b) has a Part 4A permission (or an equivalent permission from its Home State regulator) to manage investments where:

(i) the investments managed include one or more of the instruments listed in Section C of Annex 1 to MiFID; and

(ii) the permission extends to activities permitted by article 6(3) of the UCITS Directive as well as those permitted by article 6(2).


has the meaning as defined by section 230(3) of the Employment Rights Act 1996 and as extended under section 43K of the Employment Rights Act 1996.


In this Part, a reference to a provision of the Employment Rights Act 1996 includes a reference to the corresponding provision of the Employment Rights (Northern Ireland) Order 1996.