PS21/17: Implementation of Investment Firms Prudential Regime

The Financial Conduct Authority implements the Investment Firms Prudential Regime (IFPR), establishing a single prudential framework for all solo-regulated UK MiFID investment firms that takes effect on 1 January 2022. The final rules mandate public disclosure of risk management, governance, own funds, and remuneration on an individual entity basis, while requiring the deduction of excess drawings by partners from common equity tier 1 capital. The regime removes FCA investment firms from the UK resolution scope, incorporates modified Binding Technical Standards into MIFIDPRU, and requires firms to begin collecting K-factor metrics by 1 December 2021.

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Implementation of Investment Firms
Prudential Regime
Policy Statement
PS21/17
November 2021

PS21/17 Financial Conduct Authority
Implementation of Investment Firms Prudential Regime Moving around this document Use your browser’s bookmarks and tools to navigate. To search on a PC use Ctrl+F or Command+F on MACs. This relates to Consultation Paper 21/26 which is available on our website at www.fca.org.uk/publications Telephone:
020 7066 1000
Email:
cp21-26@fca.org.uk
Sign up for our news and publications alerts See all our latest press releases, consultations and speeches. Contents 1 Summary 3 2 Disclosure 10 3 Own funds – excess drawings by partners and members 28 4 Technical Standards 29 5 Depositaries 36 6 Our approach to the UK resolution regime 40 7 Consequential changes to the Handbook 42 8 Our approach to Enforcement 45 9 Applications and notifications 46 10 Explanation of how we meet our obligations under
section 143H (2) of the Financial Services and
Markets Act when making Part 9C prudential rules 49 11 Summary of amendments to Handbook text 62
Annex 1
List of non‑confidential respondents 77
Annex 2
Amendments to the Investment Firms Prudential Regime Instrument 2021 since publication of the Near Final Version in PS21/9 78
Annex 3
Abbreviations used in this paper 80
Appendix 1
Made rules (legal instrument)
Appendix 2
Made rules (technical standards instrument)

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Timeline

Amended 1 time · last 2023-06-01

2023-06-01FCACP23/14: Quarterly Consultation Paper No. 40amends

Source: Financial Conduct Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works