In our May briefing, we’ll also be focusing on wider issues such as the impact on conduct risk and governance.
After a long wait, we expect the new prudential regime for investment firms to be finalised this month, and there are a few surprises in the final text.
The EU Parliament is expected to pass the Financial Supervision of Investment Firms Regulation (IFR) and the related Directive (IFD) in mid-April. The legislation will then come into effect around the end of 2020.
Now we know exactly what the new rules entail the hard work of implementation needs to start.
For the first time, firms will need to calculate Pillar 1 capital based on their activity levels which is designed to address operational risk and therefore also covering some conduct risk. For some, that will be a big change as conduct risk assessments and measures are not generally geared towards informing the prudential position of the firm.
Our next briefing will cover what’s changed (and what hasn’t) since the earlier draft, the impact on conduct risk and how much capital you should be setting aside yourselves.
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