The FCA expects the full powers necessary to make final rules implementing the Recovery and Resolution Directive (RRD) to come into force in early January 2015. We plan to publish our final rules as soon as is practically possible after we have been given these powers by Parliament. We will confirm the precise date in due course. The final rules and policy statement will be available on the FCA website.
The RRD was adopted in May 2014. It provides measures, tools and powers for planning for failure, intervening early and resolving firms in a way that reduces the costs to the public and mitigates the impact on the financial system.
In August 2014, we published a Consultation Paper setting out the proposed changes to our Handbook that are required to transpose the RRD into the UK regulatory regime for the FCA solo-regulated 730,000 investment firms and certain group entities that fall within the scope of the RRD.