CP13/12: CRD IV for investment firms

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This Consultation Paper (CP) sets out our proposed changes to the FCA Handbook as a result of the transposition of CRD IV in relation to reporting, remuneration policies and the interaction between CRD IV and AIFMD/UCITS.

Why are we issuing this consultation paper?

We are the competent authority under the Financial Services and Markets Act for the prudential regulation of a large number of investment firms subject to the Capital Requirements Directive (CRD). CRD IV is the EU implementation of Basel III for banks, which also applies to investment firms. The CP covers material we are required to transpose from CRD IV.

Consultation paper 13/12

Who is this CP aimed at?

The proposals in this paper apply principally to the following FCA-authorised firms:   

  • investment firms that are currently subject to the CRD, including firms that benefit from the current exemptions on capital requirements and large exposures for specialist commodities derivatives firms
  • management companies – as defined under the UCITS Directive – and Alternative Investment Fund Managers (AIFMs)

The proposals in this paper do not apply to credit institutions (banks and building societies) or investment firms supervised by the PRA.

What are the next steps?

Please send us your comments and/or responses to the questions on our proposals by 10 November 2013 using the online feedback form. We will consider your feedback and publish a policy statement later in 2013 so firms have the final rules available before 1 January 2014.

Want to find out more?

For more information: