IFPR: CP21/7 proposed rules

  • Date: 25 May 2021
  • Format: Recorded Webinar

The Financial Conduct Authority (FCA) released its second consultation paper (CP21/7) in a series of three on 19 April 2021, which leads up to the introduction of the IFPR in January 2022.

On 25th May 2021, Compliancy Services held our second webinar in a series of three hosted by Harpartap Singh, Osita Egbubine and Kumar Ved. The webinar specifically examined the CP21/7, explained how IFPR will affect different types of firms and the actions you should be taking now to prepare for the changes.

We held two separate webinars:

  • One for all firms EXCEPT 'exempt-CAD' firms

  • The other specifically for adviser/arranger firms including those currently categorised as 'exempt-CAD'

'Exempt-CAD' firms will face some of the biggest challenges from the new regime as they will have to hold significantly more capital and liquid assets, implement risk management and governance changes, and have to consider new remuneration requirements.

Exempt-CAD firms - register for webinar recording

Not an exempt-CAD firm - register for webinar recording

View 1st Webinar in the series - Jan 21

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.

CP21/7 is the second consultation paper and the subject of two separate webinars, one for firms categorised as 'exempt-CAD' and another for all other firms. You can view the recording using the button at the bottom of this page.

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 you will be included on an early invitation list for our third webinar.

What our IFPR 21/7 webinars covered

Our webinars on the CP21/7 will help you to understand and interpret the FCA’s proposals outlined in the consultation paper.

We provided our audience with a summary of the individual requirements including:

  • Own funds requirements (permanent minimum capital, fixed overhead requirements, and k-factor requirements for relevant firms)
  • Internal Capital Adequacy and Risk Assessment (ICARA) process, wind down planning and risk management
  • Liquidity
  • Governance
  • Remuneration
  • Regulatory reporting

We explain the practical implications, detail the implementation timetable and set out the actions you should be taking now.

Who should watch this webinar?

The webinar is particularly designed for directors, senior managers, risk and compliance executives and others with a responsibility for FCA compliance at MiFID investment firms.

We acknowledge that that adviser/arranger firms (including those currently categorised as 'exempt-CAD') will face some of the biggest challenges as they will have to hold significantly more capital and liquid assets, implement risk management and governance changes, and there are new remuneration requirements that they have to consider. That's why we are holding a separate and specific webinar for these firms.

Exempt-CAD firms - register for webinar recording

Not an exempt-CAD firm - register for webinar recording