Finalised rules
We have made final the rules covered in our first two consultations, which were published as near-final rules in PS21/6 and PS21/9. These can be found in the legal instruments FCA 2021/38 and FCA 2021/39.
The rules can now be viewed in our Handbook by using the 'show timeline' function and setting the date to or after 1 January 2022.
Please ensure you are working with the final version of the rules as you prepare for implementation on 1 January 2022.
The policy statement and final rules relating to CP21/26 will be published in due course.
Remuneration
General guidance on ex-post risk adjustment
We have published FG21/5: General guidance on the application of ex-post risk adjustment to variable remuneration. This guidance sets out how we would expect non-SNI firms to comply with the rules on malus and clawback. It includes how they should be invoked in an effective, timely, consistent and transparent way. Please read the guidance together with the rules and guidance on ex-post risk adjustment in the MIFIDPRU Remuneration Code (see SYSC 19G.6.30 to SYSC 19G.6.34).
Templates for recording remuneration policies and practices
We have also made available a Remuneration Policy Statement template. This is a tool which all FCA investment firms can use to document their remuneration policies and practices, and how these comply with the applicable parts of the MIFIDPRU Remuneration Code. There is also a template which non-SNI investment firms can use to record their material risk takers (MRTs) and the structure of their remuneration. These templates are not compulsory, so firms may choose to document their remuneration policies and MRTs in a different way.
MIFIDPRU permissions
We have opened the gateway for applications for certain MIFIDPRU permissions. Further details and copies of the application forms are available on our dedicated IFPR webpage. Applications should be made through Connect and we encourage firms to apply as early as possible.
Coming soon
Set-up questionnaire
We will soon be sending a set-up questionnaire to all firms we believe to be in scope of the IFPR, so please make sure your firm contact details are up to date in Connect. We will send a test email to your registered email address beforehand - please get in touch with your usual supervisory contact if you haven't received that by 15 November. Please do not respond to this newsletter, as it is sent from a no-reply address. The questionnaire will help us make sure everything is set up correctly for your firm on our systems, such as your reporting schedule. We will be using our formal legal powers to require you to provide this information, so it is mandatory for you to complete it by the specified deadline.
IFPR webinars
We will be holding two webinars on 30 November, one aimed at SNIs and one aimed at non-SNIs. These will include a Q&A session where we will answer your pre-submitted questions. Please visit our events page next week for further information and to register.
Reporting
We have received some queries about technical aspects of reporting under the IFPR. We would like to acknowledge these. We will publish further information about reporting including the data reference guide (DRG) later in the autumn.
|
