CP13/6 - CRD IV for Investment Firms - Financial Conduct Authority

CRD IV for Investment Firms
CP13/6
1.24 As a result, the set of rules and guidance applicable to our firms subject to CRD will consist of:
• the Regulation (where most of the rules will now be located);
• supplemented by technical standards and guidelines from the European Banking Authority
(EBA); and
• FCA Handbook rules and guidance (with derogations for some types of firms): the FCA
will adopt a new Prudential Sourcebook for Investment Firms (IFPRU), make changes to
Systems and Controls (SYSC) and consequential amendments 2 to the Handbook to ensure
consistency with CRD IV.
Q1: Do you agree with our overall approach to CRD IV
transposition outlined in this section pending the
Commission’s review of the prudential regime for
investment sector firms by the end of 2015? If not,
please explain why not and what alternative you
would suggest.
Pre-consultation with the industry
1.25 We had pre-consultation discussions with industry through conferences, meetings with trade
associations, our Industry Standing Group on Prudential Issues for firms that deal on own
account and the Smaller Businesses Practitioner Panel. All of them indicated support for our
overall approach to CRD IV transposition. In particular, this extends to a consultation period of
two months with the aim of providing final rules as early as possible later in 2013 to facilitate
implementation by firms.
1.26 For most of the CRR we are not able to make our own rules and so there is no consultation.
However, we will continue engaging with the industry to see if it is possible to help firms by
producing non-CP communications on specific areas of CRD IV, while being careful not to
interpret the CRR legal text.
2 To be consulted later in 2013 (see paragraph 1.35).
Financial Conduct Authority July 2013
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