The New Prudential Regime for UK MiFID Firms (IFPR) - Reporting Challenges
On 1 January 2022, the FCA is due to implement a new prudential framework for UK MiFID firms, termed the Investment Firm Prudential Regime (IFPR). The regime is influenced by the European Investment Firm Regulation and Investment Firm Directive (IFR/D), but will be tailored to reflect the characteristics of the UK landscape. The IFPR was introduced through a Discussion Paper in June 2020 and the FCA sought views on its first tranche of proposed rules (CP20/24) in December 2020 and we expect two more consultation papers in the coming months.
The IFPR aims to ensure a more proportionate prudential regime and enable better supervision in regard to capital, liquidity, remuneration and other risk management rules. Investment firms will be required to comply with areas of material change to their current prudential and reporting requirements and should prepare for implementation accordingly, which will include a new dedicated reporting framework for investment firms.
During this webinar BearingPoint will discuss the FCA’s proposed changes to the prudential regime and introduce perspectives on regulatory reporting under the IFPR, including own funds requirements, concentration risk monitoring, and consolidated and group reporting requirements.
