IFPR: CP20/24 proposed rules

  • Date: 19 January 2021
  • Format: Recorded Webinar

The Financial Conduct Authority (FCA) released its first consultation paper (CP20/24) in a series of three on 15 December 2020, which leads up to the introduction of the IFPR in January 2022.

On 19 January 2021, Compliancy Services held our first webinar in a series of three hosted by Harpartap SinghOsita Egbubine and Gary Paulus. The webinar specifically examined the CP20/24 explaining how IFPR will affect different types of firms and the actions you should be taking now to prepare for the changes.

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Background

The FCA are consulting about the proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR). IFPR is a new prudential regime for UK firms authorised under the Markets in Financial Instruments Directive (MiFID). The aim is to streamline and simplify the prudential requirements for solo-regulated investment firms in the UK. The proposed rules will mean new requirements in respect of capital, liquidity, governance, risk management, remuneration and regulatory reporting.

The FCA are publishing three consultation papers to introduce the regime. Compliancy Services will be hosting a webinar about each consultation paper.

CP20/24 was published on 15 December 2020 - we held a webinar on 19 January 2021 and you can view the recording now by using the button at the bottom of the page.

CP21/7 was published on 19 April 2021 and we held two webinars on 25 May, one for firms categorised as 'exempt-CAD' and another for all other firms. You can view the recordings now.

The final consultation will be published in Q3 2021 and this will form our third webinar of the series.

By registering for one or both of the recorded webinars already held you will be included on an early invitation list for our third webinar.

What the webinar covered

Following the discussion paper issued on 23 June (DP20/2) the FCA released the first of three consultation papers on 15 December 2020, the others being scheduled for Q2 and Q3 of 2021. The webinar will help you to understand and interpret the consultation paper:

  • Provide you with a high level summary of the requirements
  • Identify what has changed from the June discussion paper (DP20/2)
  • Explain the implications for different types of firm
  • Detail the implementation timetable
  • Recommend the actions you should be taking now

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