Welcome to the culmination of our seven-part series on Building a Gold Standard Compliance Program. In Session 7, we turn our attention to the ongoing challenge of updating and maintaining your compliance program to meet new and evolving business demands.
Prudential Reporting Services
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) came 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.
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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 -
Download our checklist to find out top tips to make sure you have addressed your obligations.
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.
Under the new rules, many firms have been hit with requirements to maintain significantly greater levels of capital.
Our prudential team are on hand to help you:
Understand the new rules
Implement the changes
Address your regulatory reporting obligations
We have pulled together in-house expertise to produce an ICARA focused training session, designed to help simplify this complicated key risk management process. By attending this this new training course, you will learn more how to approach the ICARA process, including business strategy, stress testing, recovery, and wind-down planning.
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
Regulatory change, COVID-19 fallout, and a rapidly mutating ecosystem of risks make this a challenging year for financial services firms. In our complimentary whitepaper, we examine the future of risk and compliance and how firms must respond to rapidly evolving circumstances.
- Trade & Transaction
- Managed Services
- Regulatory Deadlines
- GIPS Standards
FCA Market Watch 66 – Communications Recording Remains a Focus as Employees Continue to Work From Home
In its Market Watch 66, the FCA reminds firms around of their obligations to record telephone conversations and electronic communications - regardless of COVID-19 induced work environments. We examine considerations and requirements for firms.
The implementation of the much anticipated and discussed Investment Firms Prudential Regime ("IFPR") has been delayed in the UK until 1 January 2022. We examine what this means for financial services firms.
The FCA recently published details for reporting net short positions in relevant UK shares and sovereign debt from 1 January 2021. We examine how the on-shored regime for short selling will operate in the UK firms once the Brexit transition period ends.
The FCA recently provided updates about the impact of on-shoring EU legislation at the end of the Brexit transition period. We examine what this, the Temporary Transition Power, and changes to the FCA's handbook mean for firms.
Introducing ACA Vantage for ESG; a straightforward and comprehensive solution to track and analyze ESG data, and support PE, private credit, and leveraged loan portfolios.
ACA Group (ACA) is honored to be recognized by the exchange-traded fund (ETF) industry for two awards during the 2023 ETF Express U.S. Awards.
ACA released two new solutions aimed at helping private fund managers worldwide comply with the recently adopted SEC Private Fund Adviser Rules.