Emma RadmoreFCA has published its second “near final” rules on elements of the new IFPR. These rules cover :
- own funds requirements
- firms acting as clearing members and indirect clearing firms
- basic liquid assets requirement
- risk management, ICARA and SREP
- the MIFIDPRU Remuneration Code – scope, application, and basic, standard and extended remuneration requirements
- governance
- regulatory reporting
- interaction of MIFIDPRU with other prudential sourcebooks and
- applications and notifications.
The rules also include amendments to other Handbook text.
FCA does not expect to make any changes to the rules now, and will be publishing a further consultation shortly, with a further policy statement and all its final rules during Q4 2021, in the expectation of the new regime taking effect in January 2022 once Treasury has made the necessary secondary legislation under the FS Act.
