Peregrine & Black Investment Management Limited is authorised and regulated by the Financial Conduct Authority. FCA Firm Reference Number: 757727. The registered address is 3rd Floor Northside Argyle House, Joel Street, Northwood Hills, Middlesex, HA6 1NW and the Head Office is located at 65 Curzon Street, Mayfair, London W1J 8PE.
The information contained in this website should not be regarded as advice or an offer, invitation or solicitation to buy or to sell securities, investments or services. The products and services outlined in this website may not be eligible for distribution in all jurisdictions and furthermore may not be suitable for all types of investors. You should not act on the information without first seeking advice from a professional advisor. Any investment decision should be based on the full information including the Terms of Business and Investor Agreement.
Past performance is not a reliable indicator of future performance. The value of an investment can go down as well as up, and you may not get back the amount you originally invested. Currency fluctuations, inflation or taxation may have an adverse effect on the price, value or income of the investments. Investment returns may also be constrained by charges levied.
The information in this website is for information purposes only and is subject to change. No part of this website can be reproduced without written permission.
These disclosures are made in accordance with the rules of the Directive 2013/36/EU (Capital Requirements Directive (CRD IV)) and the Regulation No 575/2013 (Capital Requirements Regulation (CRR)) of the European Parliament and of the Council of 26 June 2013 relating to minimum capital requirements (known as “Pillar 3” requirements in the Basel II and the new Basel 3 Accord and its European transposition by the CRR). It is this application of the CRD IV and CRR that requires Peregrine & Black Investment Management Limited (PBIM) to make these disclosures.
The new CRR framework now consists of three ‘Pillars’:
Pillar 1: Minimum capital requirements
Pillar 2: Supervisory review process: the need to assess whether the capital held under Pillar 1 is sufficient to meet the additional risks not covered by Pillar 1
Pillar 3: Disclosure requirements allowing market participants to assess information on a firms’ risks, capital and risk management procedures
The Financial Conduct Authority outlines the minimum disclosure requirements. The information below satisfies PBIM Pillar 3 requirement.
PBIM will report its Pillar 3 disclosure annually or upon material change.
These disclosures have been validated by the executive board. These disclosures are not subject to an audit except to the extent where they are equivalent to disclosures made under accounting requirements.
This disclosure is made on an individual basis.
The firm undertakes its Individual Capital Adequacy Assessment Process (ICAAP) on an annual basis. The executive board is however mindful of the changing conditions. The firm’s ICAAP is completed by the organic compliance team and validated by the board. The Pillar 2 (ICAAP) capital requirements are excluded from this summary but are reviewed annually or upon material change.
The board of the firm, in addition to the risk mapping structure of the ICAAP, is very much involved with the day to day running of the company including the continual assessment of risk. The board manages the firm’s risks through a framework of policy and procedures having regard to relevant laws, standards, principles and rules (including FCA principles and rules) with the aim to operate a defined and transparent risk management framework.
The firm’s main risk is changes in the legislative/political environment which could cause change in the regulations making the business less profitable or, potentially, removing the business altogether. To mitigate this risk, the firm monitors changes in legislation both domestically and, where possible, overseas and utilises external compliance assistance to ensure that it remains compliant. The firm has thus far continued to meet its obligations under MIFID II and Transaction reporting. PBIM’s robust compliance framework means that it is well positioned to tackle any future challenges and ensure that any inherent risk is mitigated.
At the last balance sheet date, PBIM had cash balances and readily realizable investments amounting to £110,654, thus maintaining a surplus of £60,000 over the capital resource requirement.
The firm’s trades take place in traditionally stable foreign currency i.e. USD, EUR. Regardless, the firm employs a risk team to monitor exposure carefully at all times.
Any trading activity the firm conducts will be on a matched principal basis thus position risk is zero.
This has been calculated using the standardised approach of credit risk. The requirement is calculated and the carrying value adjusted as required for appropriate risk.
The firm is BIPRU 50K firm and has a Pillar 1 minimum capital requirement which is the higher of
The firm’s Pillar 1 is therefore £44k.
However, in accordance with the obligations under Pillar 2, the firm employed an analysis of the risks faced by the Firm and allocated the following amounts of capital to the following risks:
As this is above the Pillar 1 minimum capital requirement, PBIM’s capital requirement will be £50,000.
|Total Tier 1 Capital after deductions||£110,654|
|Total Tier 2 Capital||n/a|
|Capital Resources Requirement||£50,000|
Capital adequacy has been calculated in compliance with GENPRU 2.
BIPRU 11.5.18R requires that a firm makes a disclosure of details regarding its remuneration policy.
PBIM has 4 employees and 3 contractors. The remuneration for the directors is outlined in the firm’s written remuneration policy. Executive directors receive base salaries proportionate with companies of their size, with the added opportunity to enhance their performance by receiving bonuses linked to the performance of the firm.
PBIM has two key business activities and under BIPRU 11.5.20R, the firm does not consider that it is ‘significant in terms of size, internal organisation and nature and scope of its activities’ so is not required to disclose the quantitative information referred to in BIPRU 11.5.18R at the level of senior personnel.
The firm falls within FCA proportionality Level 3 and as such this disclosure is made in line with the requirements for a Level 3 firm.
Should you have any queries please contact:
We will deal with any complaints, made in relation to our products or services, promptly and fairly. However should we be unable to resolve a complaint to your satisfaction, then eligible complainants (as defined by the FCA) have six months to refer the matter to the Financial Ombudsman Service (“FOS”). Further details on the FOS can be found at www.financial-ombudsman.org.uk.