The FCA has published a consultation paper (CP20/24) setting out the first tranche of proposed rules to introduce the new UK Investment Firm Prudential Regime (IFPR). This is the first in a series of Consultation Papers dealing with the introduction of the new regime, which is due to be implemented on 1 January 2022.
The proposed new UK regime will apply to FCA authorised, MiFID investment firms. This includes (among others) discretionary management firms and exempt CAD firms, including those currently opted into MiFID for passporting activity to other EEA states and/or for transmitting orders for unregulated collectives to non-MiFID firms.
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