The regulator is clear, you and your team must review your competence and training needs regularly. This course is designed specifically to assist all staff in meeting and staying up to date with their statutory and regulatory obligations.
Coming into force on 1 January 2022, the Investment Firm Prudential Regime (IFPR) directly impacts any group that owns an FCA authorised firm that provides MiFID investment services and activities - regardless of their location.
The proposed new prudential rules introduce more complex and onerous capital, liquidity, reporting and governance requirements for affected firms - many will be hit with requirements to maintain significantly greater levels of capital.
With the IFPR countdown clock ticking, it’s critical that impacted firms make a start on their implementation of the new requirements.
Our experienced prudential team are on hand with a wide range of solutions designed to you implement and maintain your IFPR obligations. These include:
The FCA has already published one Discussion Paper and two consultation papers on IFPR, to be followed by a third consultation paper and a final policy statement.
Rooted in a firm grasp of the detail and underlying objectives of the new regime, our IFPR Implementation Planner and other briefing documents boil these requirements down to the essential details.
We will take you step-by-step through embedding the changes into your financial control and compliance frameworks.
This will include documentation such as the new ICARA and regulatory reporting formats, revised remuneration policies, plus supporting compliance and monitoring collateral. Our aim is to support you through the changes, while causing minimal disruption to your business.
We offer a comprehensive reporting solution that addresses all your FCA obligations on an on-going basis.
We also offer ICARA services as well as transparency or Annex IV reporting solutions, all of which can be built into a package of compliance review services.
IFPR by the numbers
Polls conducted during ACA’s European Regulatory Horizon virtual conference in March 2021 found that:
State of readiness
said they are ready and capitalised for the IFPR.
feel compliance systems and resources, including the drafting of new procedures, are the most impactful area of the regime.
29% see increased capital requirements as having the greatest impact.
13 Key Considerations for Successful Implementation
The Investment Firm Prudential Regime (IFPR) directly impacts any group that owns an FCA authorised firm that provides MiFID investment services and activities.
Time is ticking for firms to get their programmes in place. Download our checklist to find out top tips to address your obligations, ahead of the 1 January 2022 deadline.
James Pont is responsible for prudential reporting services, including regulatory reporting and support with ICAAPs/ICARAs and IFPR. James is a chartered accountant, who qualified with the ICAEW.
Bobby Johal is responsible for regulatory implementation projects, supporting clients on regulatory challenges, such as MiFID II, IFPR and other prudential matters, EMIR, Brexit, Libor, AIFMD marketing, and SM&CR.
James is responsible for providing technical input across a range of complex regulatory topics and specialises in supporting hedge funds.
On 26 November 2021, the FCA published its third and final Policy Statement, PS21/17, on the new Investment Firm Prudential Regime (IFPR), which subsequently came into force on 1 January 2022. The new prudential rules introduce more complex and onerous disclosure requirements for affected firms. Here we examine what these new obligations mean for MIFIDPRU firms.
The SEC staff provided additional time for firms to comply with the amendments to Rule 15c2-11 in a no-action letter published in December, 2021.
FTC 'Safeguards Rule' Strengthens Data Security Requirements and Broadens the Scope of Financial Institutions Who Must Comply
FTC Amends Gramm-Leach-Bliley Act ‘Safeguards Rule’ to Strengthen the Data Security of Financial Institutions
- Cybersecurity Resources
The FCA published Policy Statement PS 21/20 on Changes to UK MiFID’s conduct and organisational requirements on 30 November 2021, confirming the FCA’s proposals as set out in Consultation Paper CP 21/9.
Regulatory filing submission deadlines for the SEC, CFTC/NFA, and FCA/ESMA occurring from January through March 2022.
- Regulatory Technology
- Regulatory Deadlines
As we reflect on the past year, we wanted to take a moment to look back at our most popular articles from 2021.
- AML and Financial Crime
- Trade Surveillance
ACA Group announced today that ACA Aponix® is the recipient of the Accounting/Due Diligence Firm of the Year in the 20th Annual M&A Advisor Awards. The M&A Advisor Awards are the benchmark for dealmaking excellence, recognizing the leading M&A Transactions, Restructurings, Deal Financings, Product/ Services, Firms, and Professionals.
ACA is delighted to be counted among the 100 most innovative RegTech companies in the financial industry.
Financial services providers that hold or control client money or assets must follow specific rules outlined in the Financial Conduct Authority’s (FCA) Clients Assets Sourcebook (CASS). This course is specifically designed to assist teams in dealing with client money audits and the client assets report, as well as helping them stay up to date with statutory and regulatory obligations in this complicated area.
We've again partnered with the National Society of Compliance Professionals (NSCP) to provide financial services firms with an opportunity to gain insight into cybersecurity compliance programs. Join us as we present the results of the survey.