On 14 December 2020, the Financial Conduct Authority (“
FCA”) published the first out of three consultation papers on the implementation of the Investment Firms Prudential Regime (“
IFPR”) (CP20/24) in relation to a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive (EU/2014/65) (“
MiFID”).
The UK government announced in July 2020 (please also refer to our article on these announcements) that it supported the intended outcomes of the new European prudential regime, but that it will not implement the new European prudential regime which will be introduced by the Investment Firms Regulation (EU/2019/2033) (“
IFR”) and Investment Firms Directive (EU/ 2019/2034) (“