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

CP13/6
CRD IV for Investment Firms
Principle that consumers should take responsibility for their own decisions
17. This principle is not directly relevant to this CP since our proposals do not remove consumer’s
responsibility for their financial decisions.
Desirability of sustainable growth in the economy of the United Kingdom in the
medium or long term
18. Our overall approach to, in general, applying the minimum requirements and, where possible,
not seeking to change current policy as well as exercising national discretions in a proportionate
manner, should help our firms to limit any overall increase in costs pending the Commission’s
review of their prudential regime by the end of 2015.
Responsibilities of those who manage the affairs of authorised persons
19. In general, our approach to intelligent ‘copy-out’ of EU law -where possible – is consistent
with our implementation of the original requirements of the CRD. This means there will be
less prescription and guidance for firms, shifting onto them more responsibility for compliance.
Desirability of exercising our functions in a way that recognises differences in the
nature of, and objectives of, businesses carried on by different persons
20. The FCA is currently the prudential regulator of wide range of investment firms under the
current CRD – covering a range of business models (including broker dealers, wealth managers,
retail and wholesale, and some large through to many very small firms). Our overall approach
towards the discretions and derogations in the CRD IV ensures that we recognise differences
in the nature and business models of each type of investment sector firms affected by CRD IV.
Desirability of publishing information relating to persons
21. This principle is not relevant to the proposals in this CP.
Principle that we should exercise our functions as transparently as possible
22. We have engaged with trade associations and firms throughout this process in relation to our
overall approach to CRD IV transposition including our timeline for this consultation process.
Expected effect on mutual societies
23. Our proposals in this CP refer to firms in the investment sector affected by CRD IV, but they do
not refer to mutual societies.
Equality and diversity
24. We are required under the Equality Act 2010 to ‘have due regard’ to the need to eliminate
discrimination and to promote equality of opportunity in carrying out our policies, services
and functions. As part of this, we conduct an equality impact assessment to ensure that the
equality and diversity implications of any new policy proposals are considered.
25. Our equality impact assessment suggests that our proposals do not result in direct discrimination
for any of the groups with protected characteristics i.e. age, disability, gender, pregnancy and
maternity, race, religion and belief, sexual orientation and transgender, nor do we believe that
our proposals should give to rise to indirect discrimination against any of these groups. We
would nevertheless welcome any comments respondents may have on any equality issues they
believe may arise.
74 July 2013
Financial Conduct Authority