30 September 2021
Under several consultative papers, the FCA is setting out a new single Prudential Regime to replace requirements currently set out under various prudential sourcebooks. The Markets in Financial Instruments Directive (MiFID) created a 'one size fits all' approach across all EU states. Now the FCA want to take the opportunity to align their prudential rules to the way firms operate within the UK. The reality of this will see greater focus and importance placed on a firm's capital position to protect consumers and other stakeholders in the event of and to ensure an orderly wind-down.
IFPR is due to take effect from 1 January 2022 following which all current definitions of investment firms, such as ‘BIPRU’ and ‘Exempt CAD’, will cease to exist. There will be a new single prudential rule book known as MIFIDPRU and at the same time any firm falling within this new regime will be known generally as a MIFIDPRU Investment Firm.
We have designed a guide to assist firm’s transition into this new regime. In this guide we focus on:
1. Firm classification – will you be an SNI or non-SNI firm?
2. The ‘own funds’ requirement – the capital you will be required to hold within the firm.
3. Eligible capital – the type of assets you can hold to support your capital requirements.
4. Liquidity requirements – the amount of ‘core liquid’ assets you must hold.
5. Professional indemnity insurance – How Exempt CAD firms will be affected.
To assist you in addressing these concerns, our expert regulatory team have compiled an IFPR guide to provide an outline of the new Prudential Regime and its implication on firms. We're pleased to offer you complimentary access to our compliance guide; click here to complete the form below to request your copy.
At Signature, we work with firms to develop robust processes and procedures to mitigate compliance risk. We offer a truly bespoke support service, designed around our understanding of your specific needs.
Our service is backed by the multi-award winning and UK’s largest and number one support service provider, enabling us to provide firms with an enviable array of support and experience, which we will call upon to ensure the firms we work with have the very best the industry has to offer.
Pooling the vast experience and array of award-winning solutions, our team will work in partnership with you, ensuring you get the service and support you need, when you need it.
If you feel that your firm could benefit from a more specialised and tailored compliance and business support service, then please get in touch and we can arrange a virtual chat to talk through what you are looking for and how we could help.
You can reach us on 01484 443 431 or email us at email@example.com.
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