Guidance

1. The Regulator may conduct a SREP to review and evaluate the assessments carried out by an Authorised Person under its IRAP (relevant to firms in Categories 123A3B3C or 5) and ICAAP (relevant to firms in Categories 123A or 5). Section A11.3 of App11 contains guidance in relation to a SREP.
2. The Regulator may engage with a firm in Categories 123A or 5 in a dialogue where, following an SREP, the Regulator considers that it is or may be appropriate to impose an Individual Capital Requirement on the firm.
3. It is important that a firm cooperates in an open and co-operative manner with the Regulator in the course of its conduct of the dialogue.