{"id":73,"date":"2023-10-17T14:24:04","date_gmt":"2023-10-17T14:24:04","guid":{"rendered":"https:\/\/iqeq.com\/gb\/2023\/10\/17\/crossing-the-ifpr-threshold-a-guide-to-navigating-the-transition-to-non-sni-classification\/"},"modified":"2024-08-07T14:07:27","modified_gmt":"2024-08-07T14:07:27","slug":"crossing-the-ifpr-threshold-a-guide-to-navigating-the-transition-to-non-sni-classification","status":"publish","type":"post","link":"https:\/\/iqeq.com\/gb\/insights\/crossing-the-ifpr-threshold-a-guide-to-navigating-the-transition-to-non-sni-classification\/","title":{"rendered":"Crossing the IFPR threshold: A guide to navigating the transition to non-SNI classification"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <p><em>By Katrina Cockram, Senior Compliance Consultant, UK<\/em><\/p>\n<p><strong>The FCA\u2019s Investment Firm Prudential Regime (IFPR) introduced three new prudential categories of firms: small and non-interconnected (SNI), non-SNI, and large non-SNI. Since IFPR came into force on 1 January 2022, we\u2019re seeing more and more firms approach the threshold that separates SNI and non-SNI firms. In this article, we\u2019ll outline the steps a firm should take when they know they\u2019re going to cross the threshold and need to reclassify to ensure continued compliance.<\/strong><\/p>\n<h2>IFPR thresholds: a summary<\/h2>\n<p>As set out in the MIFIDPRU 1 rule, to be classified as an SNI a firm must not have permission to deal on its own account, not be appointed as a depositary, and operate below each of the following thresholds, failing which the firm would be classed as a non-SNI firm:<\/p>\n<div class=\"table-wrapper\"><table style=\"width: 100%;border-style: solid;height: 232px\">\n<tbody>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\"><strong>Measure<\/strong><\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\"><strong>Threshold<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">Assets under management (AUM)<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">\u00a31.2bn<\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">Client orders handled (COH &#8211; cash trades)<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">\u00a3100m per day<\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">Client orders handled (COH &#8211; derivatives)<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">\u00a31bn per day<\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">Assets safeguarded and administered<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">Zero<\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">Client money held<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">Zero<\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">On- and off-balance sheet total<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">\u00a3100m<\/td>\n<\/tr>\n<tr style=\"height: 29px\">\n<td style=\"width: 65.1888%;height: 29px\" width=\"397\">Annual gross revenue from investment services\/activities<\/td>\n<td style=\"width: 33.4975%;height: 29px\" width=\"204\">\u00a330m<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>Firms within an \u2018Investment Firm Group\u2019 should apply some of the above thresholds on a consolidated basis when determining their IFPR classification. The thresholds to be considered on a consolidated basis are:<\/p>\n<ul>\n<li>AUM<\/li>\n<li>COH<\/li>\n<li>On- and off-balance sheet total<\/li>\n<li>Annual gross revenue<\/li>\n<\/ul>\n<p>In addition, a firm will be deemed a \u2018large\u2019 non-SNI firm if the value of its balance sheet assets and off-balance sheet items over four years represents a rolling average of more than \u00a3300m (for firms without a trading book) \u2013 or more than \u00a3100m but less than \u00a3300m if it has trading book business of over \u00a3150m and\/or derivatives business of over \u00a3100m. This drives additional reporting and disclosure obligations, which we touch on below.<\/p>\n<h2>Notification requirements<\/h2>\n<p>When a firm is aware that they no longer qualify to be classified as non-SNI, a notification should be made to the FCA under <a href=\"https:\/\/www.handbook.fca.org.uk\/handbook\/MIFIDPRU\/1\/Annex4.html\">MIFIDPRU 1 Annex 4R<\/a> as soon as possible. This should be submitted though the Connect system.<\/p>\n<p>A firm will cease to be classified as SNI <strong>three months<\/strong> after the crossed threshold was first exceeded if the threshold crossed is AUM, COH, balance sheet and\/or revenue.<\/p>\n<p>The crossing of any of the other thresholds may mean an <strong>immediate<\/strong> transition from SNI to non-SNI classification.<\/p>\n<p>The firm will need to confirm they are aware of the additional requirements they will be subject to as a non-SNI firm, and that, from the date of ceasing, they have <strong>12 months to comply<\/strong> with the conditions of a non-SNI firm.<\/p>\n<h2>Additional and ongoing requirements<\/h2>\n<p>As stated above, a firm moving classification from SNI to non-SNI has 12 months to meet the additional requirements applied to non-SNI firms. These are summarised below:<\/p>\n            <\/div>\n<\/section>\n\n<section class=\"accordion standard-spacing\">\n    <div class=\"container\">\n                    <div class=\"accordion\">\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>K-factor requirements<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Non-SNI firms will be required to maintain an amount of \u2018own funds\u2019; the amount being the higher of their permanent minimum requirement (PMR), fixed overhead requirement (FOR) or a <a href=\"https:\/\/www.handbook.fca.org.uk\/handbook\/MIFIDPRU\/4\/6.html\">K-factor requirement<\/a> (KFR) that involves a specific methodology and calculation relevant to the firm.<\/p>\n<p>The overall KFR of a non-SNI firm is the sum of each of the K-factors applicable to its MiFID activities. For most non-SNI investment management firms, K-AUM (assets under management) and K-COH (client orders handled) are likely to be the most relevant K-factors. However, it is worth noting the interaction between these two specific K-factors and the FCA guidance to avoid double counting, as explained in <a href=\"https:\/\/www.handbook.fca.org.uk\/handbook\/MIFIDPRU\/4\/10.html\">MIFIDPRU 4.10<\/a>.<\/p>\n<p>The K-AUM requirement of a firm is 0.02% of a firm\u2019s average AUM calculated on a prescribed basis, while the K-COH requirement of a firm is equal to the sum of:<\/p>\n<ul>\n<li>1% of its average COH attributable to cash trades<\/li>\n<li>01% of its average COH attributable to derivatives trades<\/li>\n<\/ul>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Regulatory data reporting<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>The key additional regulatory reporting requirements on becoming non-SNI are as follows:<\/p>\n<p><strong>MIF001 \u2013 Capital<\/strong><\/p>\n<p>A breakdown of K-factor calculations must be reported within the firm\u2019s MIF001 report.<\/p>\n<p><strong>MIF004 \u2013 Concentration risk<\/strong><\/p>\n<p>This return (which is not applicable to SNI firms) determines the concentration risk of the firm. It consists of, on a quarterly basis:<\/p>\n<ul>\n<li>The value of exposures\/positions with each of the top five counterparties<\/li>\n<li>The location of own cash, client money and client securities<\/li>\n<li>The percentage of total revenue earned from each of the top five clients<\/li>\n<\/ul>\n<p><strong>MIF005 \u2013 K-CON Concentration risk<\/strong><\/p>\n<p>Applicable to firms dealing on their own account and relates to their trading book exposure.<\/p>\n<p><strong>MIF007 \u2013 ICARA questionnaire<\/strong><\/p>\n<p>Additional questions for non-SNI firms include a breakdown of additional own funds requirements to address risks from ongoing activities, and a description of those risks that the firm deems to require additional capital.<\/p>\n<p><strong>MIF008 \u2013 Remuneration<\/strong><\/p>\n<p>Part A of the return will now need to be answered in relation to Material Risk Takers (MRTs) and non-MRTs, while Part B will now also be applicable and relates to adjustments to variable remuneration. Part C is only appliable to large non-SNI firms.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>MIFIDPRU 8 disclosures <\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>A firm\u2019s published MIFIDPRU 8 disclosures will no longer be restricted to <a href=\"https:\/\/iqeq.com\/insights\/mifidpru-remuneration-code-disclosure-and-interaction-with-other-remuneration-codes\/\">remuneration<\/a> arrangements. What is currently disclosed as an SNI firm will need to be expanded on. This includes an obligation to disclose:<\/p>\n<ul>\n<li>The firm\u2019s own funds, its own funds requirements and its approach to assessing the adequacy of its own funds<\/li>\n<li>How the firm addresses key risks<\/li>\n<li>Enhanced qualitative and quantitative disclosures covering remuneration, incentivisation, performance criteria and a breakdown of fixed and variable remuneration paid out in the financial year, split across Senior Managers, MRTs and \u2018Other\u2019 staff<\/li>\n<li>The firm\u2019s investment policy where it falls under the large non-SNI firm classification<\/li>\n<\/ul>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Remuneration<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>All non-SNI firms, in addition to the requirements that SNI firms are subject to, will have to:<\/p>\n<ul>\n<li>Identify MRTs, i.e. staff members whose professional activities have a material impact on the risk profile of the firm or of the assets that the firm manages<\/li>\n<li>Set ratios between fixed and variable remuneration for each MRT in their policies<\/li>\n<li>Ensure they have malus and\/or clawback arrangements in place in respect of MRTs<\/li>\n<li>Disclose the types of staff they have identified as MRTs, including any criteria they have used to identify MRTs in addition to those specified in the <a href=\"https:\/\/iqeq.com\/insights\/mifidpru-remuneration-code-disclosure-and-interaction-with-other-remuneration-codes\/\">MIFIDPRU Remuneration Code<\/a><\/li>\n<li>Disclose the framework and criteria used for ex-ante and ex-post risk adjustment of remuneration, including a summary of how malus (where relevant) and clawback are applied<\/li>\n<li>Disclose the total amount of guaranteed variable remuneration and severance payments awarded during the relevant financial year and the number of Senior Managers and other MRTs receiving those awards<\/li>\n<\/ul>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>ICARA<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Changing classification will be considered a material change, so the firm\u2019s <a href=\"https:\/\/iqeq.com\/insights\/fca-clarifies-expectations-for-icaras-wind-down-plans-and-governance-relating-to-ifpr\/\">ICARA<\/a> will need to be updated, including the K-factor calculations. This may also result in the MIF007 report needing to be brought forward to reflect the date of signing off the updated ICARA.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <\/div>\n<\/section>\n\n<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <h2>Get in touch<\/h2>\n<p>With so many firms growing and rapidly approaching the threshold to no longer be classified as SNI, IQ-EQ is helping firms understand and meet their requirements and notify the regulator when the time comes.<\/p>\n<h4><strong>IQ-EQ\u2019s UK Regulatory Compliance Consulting team offers extensive knowledge of UK and EU regulatory initiatives and offers full regulatory compliance support for all FCA regulated firms. <\/strong><a href=\"https:\/\/iqeq.com\/services\/compliance-consulting-uk\/\"><strong>Click here to find out more and get in touch<\/strong><\/a><strong>.<\/strong><\/h4>\n            <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":74,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[16,17],"service_category":[],"class_list":["post-73","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crossing the IFPR threshold: A guide to navigating the transition to non-SNI classification | IQ-EQ UK<\/title>\n<meta name=\"description\" content=\"Kat Cockram outlines the steps a UK firm should take when they cross the SNI to non-SNI threshold and need to reclassify to ensure continued compliance.\" 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