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    FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR

    November 29, 2021

    The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022. The policy statement PS21/17 provides final rules on disclosures, own funds, technical standards, depositaries, the Handbook revisions to reflect changes to the UK resolution regime (including other consequential changes to Handbook), and the use of new powers introduced under Part 9C of the Financial Services and Markets Act 2000. PS21/17 also sets out response to the feedback received on the consultation paper CP21/26, which included the third set of proposals to introduce the Investment Firm Prudential Regime.

    FCA also published the following MIFIDPRU application forms under the Investment Firm Prudential Regime:

    • Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (Disclosure by investment firms) for small and non‑interconnected firms in consolidated insurance groups
    • Application under MIFIDPRU 3.3.2R for permission to include interim or year-end profits as common equity tier 1 (CET1) capital before the firm has taken a formal decision confirming the final profit and loss for the year
    • Application under MIFIDPRU 3.6.2R for permission to reduce own funds instruments where neither condition in MIFIDPRU 3.6.3R applies
    • Application under MIFIDPRU 4.5.9R for permission to rebase fixed overhead requirement
    • Application under MIFIDPRU 4.11.9R for permission to exclude positions taken to hedge against the adverse effect of the exchange rate on the own funds or an item deducted from capital from net open currency positions
    • Application for a permission under MIFIDPRU for which there is no dedicated application form
    • Application under MIFIDPRU 4.12.4R for permission to use an advanced internal market risk model
    • Application under MIFIDPRU 4.12.6R for permission to make a material change or a material extension to the use of an advanced internal market risk model
    • Application under MIFIDPRU 4.12.66R for permission to use sensitivity models to calculate interest rate risk on derivative instruments


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    Keywords: Europe, UK, Securities, Investment Firms, IFPR, Reporting, MiFID, Resolution Regime, MiFIDPRU, Disclosures, Regulatory Capital, FCA Handbook, FCA

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