The Financial Conduct Authority (FCA) has published PS21/6: Implementation of Investment Firms Prudential Regime.
This is the FCA's response to the first of its three consultations on the new prudential regime, which was published in December 2020 (CP20/24)(see our briefing here). It contains feedback on the issues raised by respondents and a set of "near-final" rules. Generally, although there are some clarifications and a fair amount of devilish detail which will need digesting, the FCA will be implementing in line with its original proposals and the near-final rules will therefore, it says, not differ significantly from those consulted on.
The IFPR remains on course to come into force in January 2022. The second consultation paper (CP21/7)(see our briefing here) closed on 28 May 2021 and a policy statement is expected in early Q3 2021. We are also expecting the third and final consultation paper in early Q3 2021 - this will cover disclosure requirements, some consequential amendments and some overarching application provisions.
The topics covered in PS21/6 are set out at a very high level below.