Featured Product

    FCA Publishes Final Rules on Investment Firms Prudential Regime

    October 25, 2021

    The Financial Conduct Authority (FCA) published the final rules on the Investment Firms Prudential Regime (IFPR) to streamline and simplify the prudential requirements for solo-regulated UK firms authorized under the Markets in Financial Instruments Directive (MiFID). FCA has converted the near-final rules from the first two policy statements of the Investment Firms Prudential Regime into final rules. FCA has also published a summary of the minor changes made since it published the near-final versions of the instruments in the second policy statement in July 2021. FCA expects to publish a third policy statement by the end of 2021. The Investment Firms Prudential Regime shall come into force on January 01, 2022.

    The published instruments include the Investment Firms Prudential Regime Instrument 2021 and the Investment Firms Prudential Regime (Consequential Amendments to Other Prudential Sourcebooks) Instrument 2021. In addition, FCA has published an updated version of general guidance on the application of ex-post risk adjustment to variable remuneration, which brings FCA investment firms into the scope of the guidance. The main purpose of this guidance is to set out the FCA expectations of the way in which firms comply with the requirements on ex-post risk adjustment. The guidance further details the FCA expectations on malus and clawback, including on how they should be invoked in an effective, timely, consistent, and transparent way. FCA also published a Remuneration Policy Statement template, which the FCA investment firms can use to document their remuneration policies and practices, along with a template, which FCA investment firms can use to record their material risk-takers. The Investment Firms Prudential Regime will apply to the MiFID investment firms authorized and regulated by FCA, the Collective Portfolio Management Investment Firms (CPMIs), and the regulated and unregulated holding companies of groups that contain either of the above. The Regime will not apply to PRA-designated investment firms and these firms will remain subject to prudential supervision by PRA.


    Related Links

    Effective Date: January 01, 2022

    Keywords: Europe, UK, Securities, IFPR, Investment Firms, Remuneration, Reporting, FCA

    Featured Experts
    Related Articles

    EBA Launches Stress Tests for Banks, Issues Other Updates

    The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.

    January 31, 2023 WebPage Regulatory News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8701