February 26, 2021

Volume XI, Number 57

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UK Financial Services Regulators Publish Joint Statement Relating to Timing for Implementation of the UK’s Investment Firms Prudential Regime

On 16 November 2020, the United Kingdom Financial Conduct Authority (“FCA”) published a statement in conjunction with HM Treasury, Prudential Regulation Authority (“PRA”) providing an update on timelines for introducing the UK’s Investment Firms Prudential Regime (the “IFPR”) and the implementation of the reforms which provide the UK equivalent to the outstanding elements of the second EU Capital Requirements Regulation (“CRR2”).

The statement by these regulators confirmed that the targeted implementation date for the introduction of the IFPR and CRR2-equivalent regimes will be 1 January 2022. The statement highlighted that the push-back on timing arises as a result of concerns in the financial services industry regarding the general volume of regulatory reform in 2021.

Furthermore, the regulators confirmed that the relevant secondary legislation would be in place in good time and that the regulators would aim to provide as much of the final rules as possible prior to 1 January 2022, so as to provide support for an effective implementation in the UK of these regimes. Firms should, therefore, be alert to further guidance expected to be published in 2021.

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© 2020 Proskauer Rose LLP. National Law Review, Volume X, Number 323
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About this Author

Kirsten Lapham FInancial Services Attorney Proskauer Rose Law Firm, United Kingdom
Partner

Kirsten Lapham is a partner specialising in financial services regulation. She advises a broad range of both institutional and individual clients on a variety of financial services regulatory and compliance issues. Her practice has a specific emphasis on the regulatory issues arising under the AIFMD, and MiFID II for a range of EU and indirectly impacted firms outside of the EU.

Experience in this area includes advising multiple clients on the EU marketing and registration regimes and overlaying local regulatory considerations, such as the U.K. retail distribution...

+44.20.7280.2031
John Verwey, UK, European Level, Finance, Attorney, Proskauer Rose Law Firm
Special Regulatory Counsel

John Verwey is a special regulatory counsel in the Corporate Department and a member of the Private Investment Funds Group.

John advises on a wide number of regulatory issues at a national UK and European level, including firm authorisations, change in control, market abuse, Electronic Money Regulations, Payment Services Regulations and client money rules. He represents a variety of clients that range from private equity firms and insurance intermediaries to global investment banks and sovereign wealth funds. 

A particular area of focus for John is the implementation of...

+44.20.7280.2033
Associate

Michael Singh is an associate in the Corporate Department and a member of the Private Funds Group. Mr. Singh graduated from the University of South Wales in 2012.

+44.20.7280.2269
Amar Unadkat Corporate Lawyer Proskauer Rose Law Firm
Associate

Amar Unadkat is an associate in the Corporate Department and a member of the Private Funds Group.

Amar advises on a variety of regulatory issues including AIFMD, PSD II and MiFID II, both in the UK and at European level.

His clients include investment fund managers, FinTech companies, wealth management businesses, crowdfunding businesses (including P2P lending platforms), banks and funds seeking to market to investors

+44.20.7280.2144
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