The Financial Conduct Authority (“FCA”) has published draft rules outlining how it will regulate Claims Management Companies (“CMCs”) when regulation passes to it on 1 April 2019. At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs. The claims management industry has grown substantially [...]
On 13 May 2015, the FCA held its first ever Prudential Supervision Forum in which it reminded firms that prudential supervision is “not just about the financials”. As such, firms should expect to be challenged by the regulator not only on the financial risks inherent within their business models but [...]
The consultation period in respect of the European Banking Authority’s (EBA) Consultation paper on ‘Sound Remuneration Policies’ (CP 2015/03) closed on 4 June. The EBA will no doubt be considering all the feedback received before final remuneration guidelines are published later this year. However in the meantime firms subject to [...]
Under CRD 4 certain firms are required to calculate their Own Funds requirements by reference to fixed overheads in line with Capital Requirements Regulation, Article 97. In addition, full-scope AIFMs and UCITS firms are also required to ensure minimum Own Funds based upon Article 97 – see Regulatory Roundup 53 [...]
One of the obligations introduced by CRD IV was the Country by Country disclosure, for the financial year, arising from Article 89 of the CRD and with the first full disclosure needing to be made on or before 31 December 2015 (initial, limited, disclosure had to be made for the [...]
The need for a Legal Entity Identifier (LEI) is most probably associated with reporting under EMIR (see Regulatory Roundup 52) although its use is encouraged elsewhere e.g. AIFMD Reporting (see Regulatory Roundup 59). Some firms may have received an email from the FCA extending the use of an LEI for [...]
Now that the transitional period under the AIFMD has passed, more firms will be getting to grips with the obligations of IPRU(INV) 11 which addresses the prudential requirements of both Collective Portfolio Management Firms (CPM) and Collective Portfolio Management Investment Firms (CPMI). As a reminder the former is a full-scope [...]
Regulatory Roundup 53 advised that the EBA had published draft Regulatory Technical Standards (RTS) relating to the calculation of own funds based upon fixed overheads required under CRR Article 97. Although possibly of little more than passing interest to BIPRU firms, the RTS is very relevant to UCITS firms, full-scope [...]
IFPRU 2.5 (‘Recovery and resolution plans’) is applicable to all IFPRU investment firms and has been in force since the beginning of this year. It must qualify as one of the shorter chapters in the Handbook, consisting as it does of only two Rules. The first rule was for a [...]
As a consequence of falling under CRD IV, IFPRU firms have to submit their COREP returns to the FCA in XBRL format in line with European requirements. The first submission deadline, for the period to 31 March 2014, is June 30 (see Regulatory Roundup 54). Responding to demand from our [...]
As will be known, SYSC 19A concerns the ‘CRD 4 Remuneration Code’ which applies to the category of staff set out in SYSC19A.3.4 e.g. staff engaged in control functions – not to be confused with the approved persons control functions regime in SUP 10A – or those whose total remuneration [...]
Those firms that fall within CRD IV should have received a FCA notification concerning a delay in the final submission date for the first quarterly COREP report by a month to 30 June. Changes have also been made to the submission dates in respect of the reporting of liquidity and [...]
Those firms that remain categorised as BIPRU firms, as opposed to those subject to IFPRU, (see e.g. Regulatory Roundup 51) will be aware that calculation of the fixed overheads requirement (FOR) is a component in the calculation of the variable capital requirement (GENPRU 2.1.45). The FOR is based upon one-quarter [...]
The European Commission has adopted Regulatory Technical Standards on the identification of ‘material risk takers’, being those staff whose professional activities have a material impact on a firm’s risk profile – see ‘Remuneration code staff’ in SYSC 19A.3.4 and which is effectively a copy-out of Article 92(2) of the CRD. [...]
HM Treasury has published ‘The Capital Requirements (Country by Country Reporting) Regulations 2013’. The draft stems from Article 89 of the Capital Requirements Directive and impacts on all ‘institutions’ – basically investment firms and credit institutions that are subject to CRD IV. The Regulations require each institution to publicly disclose [...]
Firms that will fall under IFPRU will need to submit COREP reporting (see article ‘CRD III or CRD IV?’ above and Regulatory Roundup 48). For the frequency of submission of COREP reporting, reference needs to be made to the Supervisory Reporting Implementing Technical Standards (ITS) published by the EBA (see [...]
As will be known (see e.g. Regulatory Roundup 50), CRD IV comes into force on 1 January, although certain BIPRU firms will be able to remain on the current GENPRU/BIPRU (CRD III) regime. The FCA has recently contacted a number of firms to provide them with the opportunity to apply [...]
The FCA has published its 400+ page consultation paper on CRD IV: CP13/6 “CRD IV for investment firms”. The CRD comes into effect on 1 January 2014. The paper advises that there are around 2,400 firms regulated by the FCA which are potentially subject to CRD IV – the table [...]
As a result of intensive – and prolonged – negotiations between the European Council of Ministers, European Parliament and European Commission the 1 January 2013 implementation date of CRD IV came and went. An EU press release advises us that CRD IV is now back on (albeit delayed) track following [...]
Firms that are subject to GENPRU are reminded that they must notify the FSA before issuing any capital instruments that they wish to include as regulatory capital. The rules, and guidance, are in GENPRU 2.2.61A and on. The notice period ranges from one month prior to issue to no later [...]
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