FCA has published its promised second consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms.
The consultation covers:
- aspects of own funds requirements not previously consulted on;
- the basic liquid assets requirement
- remuneration requirements and
- the ICARA process for risk management
Consultation closes on 28 May 2021.
There will then be one further consultation later this year together with policy statements and rules following the consultations. FCA is staggering its consultations in an attempt to consult on the most complex issues first, so as to give firms the most time possible to prepare for the regime, which will start in January 2022.