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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 2023 - onwards
  Version 3 of 3    

Regulation 34 Additional Tier 1 - items

Revoked from 1 July 2023

(1) Additional Tier 1 items of a fund administrator shall consist of the following:

(a) capital instruments where the conditions laid down in paragraph (2) are met;

(b) the share premium accounts related to the instruments referred to in subparagraph (a).

(2) Capital instruments shall only qualify as Additional Tier 1 instruments with the prior written permission of the Bank and where all of the following conditions are met:

(a) the capital instruments are issued directly by the fund administrator, are paid up and their purchase is not funded directly or indirectly by the fund administrator;

(b) the capital instruments rank below Tier 2 instruments in the event of the insolvency of the fund administrator;

(c) the capital instruments are neither secured nor subject to a guarantee that enhances the seniority of the claim by any group entity or entity with which the fund administrator has a close link;

(d) the capital instruments are not subject to any arrangement, contractual or oth

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