The ever-increasing focus by the Regulators on the accountability of senior management, particularly when things go wrong, emphasises how important it is for individuals in senior positions to have a clear understanding of what is expected of them. This succinct course is designed to assist Senior Managers to have a full understanding of what they need to do to achieve compliance with the rules under the obligations created by the Senior Managers and Certification Regime (SMCR).
Regulators continue to increase their focus on a firm’s capital monitoring and forecasting, and regulatory reporting processes. In turn, investment management and advisory organisations continue to seek expertise in regulatory oversight.
In addition, the Investment Firm Prudential Regime (IFPR) comes into force for all UK MiFID investment firms on 1 January 2022. First developed by the European Union (EU) and subsequently refined by the FCA, the proposed new prudential rules introduce more complex and onerous capital, liquidity, reporting and governance requirements for affected firms.
ACA's experienced prudential team are on hand with a wide range of solutions designed to help make your regulatory reporting obligations as simplified and seamless as possible.
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.
If you are an organisations that makes discretionary investment management decisions (outside the scope of the AIFMD), you must conduct an assessment of regulatory capital held. The rules oblige your firm to:
- Implement a formal Internal Capital and Risk Assessment ("ICARA") that is an expression of confidence that capital held is commensurate with risks faced.
- Challenge the process annually or event-driven basis.
We can assist you with the preparation of the written ICARA Report by:
- Quantifying the risk appetite and identifying major sources of risks
- Documenting risk mitigation and the control environment
- Quantifying capital requirements
- Preparing financial forecasts and stress testing scenarios
- Creating a wind-down plan
Preparing and completing the regulatory reporting that organisations must give to regulators can be time-consuming and resource-intensive. Our prudential specialists have extensive experience with executing on this type of reporting in key jurisdictions, including the US, UK and Malta. Hundreds of financial services firms over that time have trusted ACA to file this important information.
We can assist your firm by:
- Providing integrated regulatory advice to principals and Head Office, as required
- Forecasting prudential resources and robust capital planning
- Preparing and filing regulatory returns on systems provided by supervisors, including RegData in the UK reporting (all financial and prudential data items)
However simple or complex your firm’s transparency reporting needs are, our regulatory and reporting team can help ease the burden of this requirement. Our transparency reporting solutions include:
- Ad hoc advice on discrete questions relating to portfolio data or Directive interpretation
- The review and/or challenge of in-house or administrator prepared filings
- Full “managed service” outsourcing for EEA and non-EEA AIFMs required to report to national regulators.
As the impending 1 January 2022 deadline gets ever closer, many firms will be hit with requirements to maintain significantly greater levels of capital.
And with just 4% of respondents at a recent ACA poll saying they were ready and capitalised for the IFPR, some firms may find themselves under considerable pressure to prepare their programmes.
Our prudential team are on hand to help you:
Understand the new rules
Implement the changes
Address your regulatory reporting obligations
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 a Managing Director at ACA.
James is responsible for providing technical input across a range of complex regulatory topics and specialises in supporting hedge funds.
July 29, 2021
The FCA’s Business Plan for 2021/22 is now live, reflecting a major shift in policy objectives and a top to bottom review of the FCA’s own objectives and priorities. We outline the key changes and challenges identified, and what they mean for firms.
- Managed Services
July 21, 2021
The FCA is now offering firms that signed up to the Temporary Permissions Regime a “landing slot” to apply for full authorisation. Firms that miss their slot risk losing their temporary permissions completely. Read our FAQ's to learn more about your requirements.
July 01, 2021
Data from a Freedom of Information Request to the FCA has revealed that firms are either transaction reporting incorrectly or not adhering to the MiFIR requirement to monitor their reporting using submission data made available to them by the FCA.
- Trade & Transaction
- ACA News
June 29, 2021
Brexit is another in a long line of moving goalposts that requires firms to revisit their EMIR reporting arrangements. Are you confident your reports are being submitted correctly? Download our guidance to learn more.
- Trade & Transaction
EEA Firms in the TPR: Have you Received your Landing Slot to Apply for Full Authorisation in the UK?
June 24, 2021
Firms that signed up to the Brexit Temporary Permissions Regime (TPR) will shortly be sent a ‘landing slot' from the FCA to apply for full authorisation in the UK. Learn more about the process, and why this is not as straightforward as it seems.
June 10, 2021
With less than 150 working days until the Investment Firm Prudential Regime (IFPR) comes into force, we've created a checklist capturing 13 considerations for successful implementation of the required changes ahead of the 1 Jan 2022 deadline
- Regulatory Deadlines
With less than six months to go until UK investment firms are subjected to a completely new prudential regime, a recent survey reveals that the industry is vastly underprepared. The data shows that just 4% of respondents are ready and capitalised for the FCA’s new Investment Firm Prudential Regime (IFPR) coming into effect in January 2022. Learn more about what this means for firms.
Waters Rankings 2021 Name ACA Group's ComplianceAlpha® Best Anti-Money Laundering Compliance Solution Provider
Our ComplianceAlpha® platform has been named Best Anti-Money Laundering Compliance Solution Provider in the Waters Rankings 2021.
ACA's Regulatory Reporting Monitoring & Assurance (ARRMA) service winner of the 2021 HFM European Technology Awards
Within a year of launching, ACA Group is delighted to announce that our ACA Regulatory Reporting Monitoring & Assurance (ARRMA) service has been selected as Best Regulatory Reporting Solution in the 2021 HFM European Technology Awards.
Senior management in Financial Services firms have a responsibility to ensure their employees have sufficient knowledge and understanding of the Regulatory environment they are working in. This knowledge helps in emphasising the need for compliance with policies and procedures in order to protect the firm and the individual from failing to “do the right thing”.
This course is specifically designed to assist Senior Management in meeting their statutory and regulatory obligations.