Regulatory Alerts2025-12-18
Added · Updated
Policy Statement application SREP guidelines on fund managers
The document confirms that DNB will continue its existing supervisory practice of applying the SREP guidelines (EBA/GL/2022/09) to fund managers providing investment services, maintaining prudential alignment with investment firms under the Wft. It rejects requests to differentiate capital requirements between fund management and investment services, requiring fund managers to assess risks and internal capital adequacy (ICAAP/ILAAP) for the entire entity rather than specific business units. The statement clarifies that group-level overlaps between a fund manager's ICARAP and a parent bank's ICAAP are determined by the specific consolidation levels mandated by regulation, with no changes to the effective date or proportional application principles.