| MIFIDPRU 7.4: baseline ICARA obligations |
| MIFIDPRU 7.4.7R | The overall financial adequacy rule | MIFIDPRU 7.4.8G | Explanation of the link between the overall financial adequacy rule and the ICARA process |
| MIFIDPRU 7.4.9R | The requirement to operate an ICARA process to identify, monitor and, if proportionate, reduce all material potential harms relevant to the firm | MIFIDPRU 7.4.16G | Guidance on how firms should seek to mitigate the risk of potential harms |
| MIFIDPRU 7.4.10R | The requirement for the ICARA process to be proportionate to the nature, scale and complexity of the firm’s business | | |
| MIFIDPRU 7.4.11R | The requirement for the ICARA process to be internally consistent | MIFIDPRU 7.4.12G | Explanation of the FCA’s expectations in relation to consistency and coherency of the ICARA process |
| MIFIDPRU 7.4.13R | The requirement to identify all material harms that may result from the firm’s business | MIFIDPRU 7.4.14G | Explanation of the basic factors that will be relevant when identifying potential harms |
| MIFIDPRU 7.4.15G | Cross-reference to additional guidance in MIFIDPRU 7 Annex 1R and MIFIDPRU 7 Annex 2R |
| MIFIDPRU 7 Annex 1G | Guidance on assessing potential harms that is potentially relevant to all firms |
| MIFIDPRU 7 Annex 2G | Additional guidance on assessing potential harms that is relevant for a firm that is dealing on own account or that has significant investments on its balance sheet |
| MIFIDPRU 7.5: Capital and liquidity planning, stress testing, wind-down planning and recovery planning |
| MIFIDPRU 7.5.2R | Business model assessment and capital and liquidity planning requirements, including stress testing | MIFIDPRU 7.5.3G | Guidance referring to Finalised Guidance FG20/1 |
| MIFIDPRU 7.5.4G | Guidance on stress testing obligations and reverse stress testing for firms with more complex businesses or operating models |
| MIFIDPRU 7 Annex 1.15G to 7 Annex 1.20G | Additional guidance on more in-depth stress testing and reverse stress testing |
| MIFIDPRU 7.5.5R | Recovery planning requirements | MIFIDPRU 7.5.6G | Guidance on issues that may be relevant when assessing potential recovery actions |
| MIFIDPRU 7.5.7R | Wind-down planning requirements | MIFIDPRU 7.5.8G | Guidance referring to the Wind-Down Planning Guide and Finalised Guidance FG20/1 |
| MIFIDPRU 7.5.9R | Requirement to use wind-down analysis to assess levels of own funds and liquid assets required under overall financial adequacy rule | MIFIDPRU 7.5.10G | Explanation of the interaction between the overall financial adequacy rule and the wind-down triggers |
| MIFIDPRU 7.6: Assessing and monitoring the adequacy of own funds |
| MIFIDPRU 7.6.2R | Requirement to produce a reasonable estimate of impact of potential harms on own funds | MIFIDPRU 7.6.4G | Guidance on how the assessment of potential harms interacts with the own funds threshold requirement and the overall financial adequacy rule and how the firm should conduct its assessment |
| MIFIDPRU 7.6.3R | Requirement to use assessment under MIFIDPRU 7.6.2R to assess if additional own funds required to meet overall financial adequacy rule |
| MIFIDPRU 7.6.6G | Guidance explaining the circumstances in which the guidance in MIFIDPRU 7.6.7G to MIFIDPRU 7.6.10G is relevant |
| MIFIDPRU 7.6.7G | Guidance on how a non-SNI MIFIDPRU investment firm should assess whether harms may be covered by its own funds requirement |
| MIFIDPRU 7.6.8G | Guidance on circumstances in which harms may not be covered by a non-SNI MIFIDPRU investment firm’s own funds requirement |
| MIFIDPRU 7.6.9G | Guidance on how an SNI MIFIDPRU investment should assess whether harms may be covered by its own funds requirement |
| MIFIDPRU 7.6.10G | Guidance on how a firm’s assessment of potential harms contributes to determining its own funds threshold requirement |
| MIFIDPRU 7.6.5R | Requirement to meet own funds threshold requirement with specified types of own funds | | |
| MIFIDPRU 7.6.11R | Notification requirements when a firm’s own funds reach certain levels | MIFIDPRU 7.6.12G | Guidance on the FCA’s ability to set an alternative early warning indicator |
| MIFIDPRU 7.6.13G | Guidance explaining how notifications under MIFIDPRU 7.6.11R interact with general notification obligations under Principle 11 or SUP 15.3 |
| MIFIDPRU 7.6.14G and MIFIDPRU 7.6.15G | Explanation of FCA’s approach to intervention when firm’s own funds reach certain levels |
| MIFIDPRU 7.7: Assessing and monitoring the adequacy of liquid assets |
| MIFIDPRU 7.7.2R | Requirement to produce reasonable estimate of liquid assets required by the firm | MIFIDPRU 7.7.3G | Guidance on the interaction between the overall financial adequacy rule and the liquid assets that a firm must hold |
| MIFIDPRU 7.7.4G | Guidance on how a firm should assess the liquid assets required for the ongoing operation of its business |
| MIFIDPRU 7.7.5G | Guidance on the basic liquid assets requirement and how to determine the firm’s liquid assets threshold requirement |
| MIFIDPRU 7.7.6R | Requirement to meet liquid assets threshold requirement with core liquid assets and non-core liquid assets | MIFIDPRU 7.7.7G | General principles applicable to non-core liquid assets |
| MIFIDPRU 7.7.8R | Basic definition of non-core liquid assets | MIFIDPRU 7.7.9G | Guidance on exclusions for non-core liquid assets |
| MIFIDPRU 7.7.10R | Requirement to apply appropriate haircut to non-core liquid assets | MIFIDPRU 7.7.11G and 7.7.12G | Guidance on minimum haircuts for non-core liquid assets |
| MIFIDPRU 7.7.13G | Guidance on approach to applying haircuts to shares or units in collective investment undertakings |
| MIFIDPRU 7.7.14R | Notification requirements when a firm’s liquid assets reach certain levels | MIFIDPRU 7.7.15G | Guidance explaining how notifications under MIFIDPRU 7.6.14R interact with general notification obligations under Principle 11 or SUP 15.3 |
| MIFIDPRU 7.7.16G and 7.7.17G | Explanation of FCA’s approach to intervention when firm’s liquid assets reach certain levels |
| MIFIDPRU 7.8: Reviewing and documenting the ICARA process |
| MIFIDPRU 7.8.2R | Requirement to review the ICARA process at least annually | MIFIDPRU 7.8.3G | Guidance on reviewing the ICARA process following a material change in the firm’s business |
| MIFIDPRU 7.8.4R | Requirement for firm to notify the FCA of the submission date of the firm’s MIF007 (ICARA assessment questionnaire) return | MIFIDPRU 7.8.5G | Guidance on interaction between the firm’s ICARA review and its submission date for its MIF007 return |
| MIFIDPRU 7.8.6R | Requirement to submit MIF007 return following review of ICARA process due to a material change in the firm’s business | | |
| MIFIDPRU 7.8.7R | Requirement to document review of the ICARA process and minimum contents of review document | | |
| MIFIDPRU 7.8.8R | Requirement for firm’s governing body to review and approve the ICARA document | MIFIDPRU 7.8.9G | Guidance on the interaction between the obligations in COCON and the ICARA process |
| MIFIDPRU 7.8.10R | Record keeping requirements in relation to the ICARA process | | |
| MIFIDPRU 7.9: Firms forming part of a group |
| MIFIDPRU 7.9.2R | Requirement for any firm that forms part of a group to assess risks arising from that group or its other members | MIFIDPRU 7.9.3G | Guidance on the entities included within a firm’s assessment of group risk |
| MIFIDPRU 7.9.5R | Ability of investment firm group to operate the ICARA process on a group-level basis | MIFIDPRU 7.9.4G | Guidance that an investment firm group is not required to operate an ICARA process on a consolidated basis |
| MIFIDPRU 7.9.6R | Disapplication of individual ICARA process requirement in relation to MIFIDPRU investment firm included in a group ICARA process | | |
| MIFIDPRU 7.9.7R | Circumstances in which a group ICARA process cannot be used | MIFIDPRU 7.9.9G | Guidance on when the FCA may prohibit the use of a group-level ICARA process in relation to one or more firms |
| MIFIDPRU 7.9.8R | Application of requirements in MIFIDPRU 7.4 to MIFIDPRU 7.8 to an investment firm group operating a group ICARA process | | |
| MIFIDPRU 7.9.10R | Ability to include multiple firms within one ICARA document | MIFIDPRU 7.9.11G | Guidance on when a single ICARA document can be used |
