Investment firms take note: FCA publishes second IFPR consultation

Overview and recap

On 19 April 2021, the FCA published CP 21/7: ‘A new UK prudential regime for MiFID investment firms’. This Consultation Paper (CP) introduces the FCA’s second tranche of proposed rules to introduce the Investment Firm Prudential Regime (IFPR) in the UK.  Firms following the progress of the reforms will recall that this latest consultation follows CP20/24: ‘A new UK prudential regime for MiFID investment firms’ (December 2020), covering the first tranche of proposed new rules, including overall scope of application of the regime, and certain components of the own funds and reporting requirements.  Continue reading

“Keep it Strong and Simple”: PRA speech on proposals for new post-Brexit prudential regime

On 12 November, Sam Woods (CEO of the PRA) used his Mansion House speech (the Speech) to discuss the merits of introducing a new “strong and simple” regime of prudential regulation for small banks and building societies in the wake of the UK’s exit from the EU, as well as providing some general commentary on the PRA’s post-Brexit approach.

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