In December 2020 the FCA has published a consultation paper (CP20/24) setting out the first tranche of proposed rules to introduce the new UK Investment Firms 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. Our analysis of the FCA's first set of proposals is now available.
The IFPR will apply to discretionary investment management firms (including BIPRU firms and IFPRU firms) and Exempt CAD firms. Although the FCA acknowledges that formal MiFID status ended when the UK left the EU, it intends to apply the IFPR to firms with current ‘MiFID’ status.
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