The FCA has published a newsletter on IFPR which, among other things, reminds firms that the obligation to collect certain data in connection with the firm’s SNI status and K-factor calculations has begun (see MIFIDPRU 1 and MIFIDPRU 4). The newsletter also sets out the following:
- RegData will be updated with the IFPR reporting schedules in mid-January;
- if firms wish to use transitional provision TP 3 for the temporary use of the group capital test, applications must be made to the FCA by 1 February 2022;
- most notification forms are now live in Connect, with the remaining few to follow in January; and
- the following notifications must be submitted by certain FCA investment firms and their parent undertakings using the relevant forms by 1 January 2022 and 1 February 2022 respectively:
- notifications under MIFIDPRU TP 1.8R – FCA investment firms and their parent undertakings who are currently subject to the UK CRR and hold instruments which satisfied the conditions to be classified as additional tier 1 (AT1) instruments under the UK CRR, must notify FCA of their intended treatment of these instruments under MIFIDPRU 3.4 by no later than 1 February 2022; and
- notification under MIFIDPRU TP 7.4R(2)(b) – FCA investment firms and their parent undertakings who have not been subject to the UK CRR definition of capital (including BIPRU, exempt CAD and local firms) and wish to count their existing instruments as own funds for the purpose of MIFIDPRU 3, must notify FCA of that fact no later than 1 January 2022. As long as the instruments meet the relevant conditions and the FCA has been notified of that fact, firms will not require separate permission from us to classify their pre-MIFIDPRU capital instruments as own funds under MIFIDPRU 3.