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PIB 10.4.2

(1) An Authorised Firm must implement and maintain an ICAAP which details the processes and procedures by which the firm will assess and maintain adequate Capital Resources in relation to the risks faced by it.
(2) The firm must conduct an ICAAP assessment at least annually giving due regard to the Guidance in PIB section A10.2 of PIB App10.
(3) The ICAAP assessment conducted by the firm pursuant to (2) must be approved by its Governing Body and then submitted to the DFSA within four months from the end of the firm's financial year.
(4) In addition to (2), the firm must conduct an ICAAP assessment:
(a) whenever there is material change to the business, strategy, nature or scale of the activities of the firm which may have a significant impact on its risk profile or adequacy of its Capital Resources or Adjusted Capital Resources, as applicable; or
(b) as and when required by the DFSA.
(5) The ICAAP assessment conducted by the firm pursuant to (4) must be approved by its Governing Body and then submitted to the DFSA within two months from the date of such material change or requirement.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]