The Financial Conduct Authority (FCA) has published a discussion paper proposing new prudential rules for UK investment firms to replace the EU's latest rulebook post-Brexit.
Following the end of the transition period there will be no obligation for the FCA to implement the EU's Investment Firm Directive and Regulation (IFD/IFR), due to take effect on 26 June 2021, and so seeks to "deliver a regime that has been designed with investment firms in mind". The proposed regulation would see firms subject to liquidity requirements "across the board", levels of initial capital required for authorisation "updated", a "brand new methodology" for calculating capital requirements and new remuneration and disclosure requirements, among others changes. According to the...
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