The IFPR will apply to:
- MiFID investment firms authorised and regulated by the FCA;
- Collective Portfolio Management Investment Firms (CPMIs); and
- regulated and unregulated holding companies of groups that contain either of the above
The IFPR will not apply to PRA designated investment firms. They will remain subject to prudential supervision by the PRA.
This follows a series of 3 consultations with the industry covering new prudential classification (SNI or Non-SNI), remuneration codes, disclosure and enhanced governance and the new ICARA.
The proposed rules (MiFIDPRU) set out the requirements that will take effect on 1st January 2022 and reconfirms the outcome of the consultations along with a series of templates, including the Remuneration Policy Statement and Remuneration Code, covering basic, standard and extended remuneration information as well as a template for Material Risk Takers (MRT). The proposed MIFIDPRU Handbook module provides a further suite of templates for reporting thresholds and to seek relevant exemptions.
The rules also set out the periodic reporting that will apply to SNI or Non-SNI entities, such as the following:
|
Non-SNI |
||
|
Form |
Description |
Frequency |
|
MIF001 |
Capital |
Quarterly |
|
MIF002 |
Liquidity |
Quarterly |
|
MIF003 |
Metrics Monitoring |
Quarterly |
|
MIF004 |
Non-K-CON |
Quarterly |
|
MIF005 |
K-CON |
Quarterly |
|
MIF007 |
ICARA |
Annually [unless a material change/event] |
|
SNI |
||
|
Form |
Description |
Frequency |
|
MIF001 |
Capital |
Quarterly |
|
MIF002 |
Liquidity |
Quarterly |
|
MIF003 |
Metrics Monitoring |
Quarterly |
|
MIF007 |
ICARA |
Annually [unless a material change/event] |
These changes will come into effect on 1st January 2022.
Please refer to our eBook and blog which provides a summary of these changes.
Please contact our Compliance for further assistance and support to prepare for the implementation of these changes.
