Policy statement PS21/17

On 26 November we published our third policy statement, PS21/17. This means that we have now published all of the final rules for the IFPR. Please ensure you have read and digested the rules in this PS in time for implementation.

The full rules are also visible in our Handbook by setting the date to 2022 using the 'show timeline' function.

IFPR webinars

On 30 November we held two IFPR webinars on aspects of the IFPR. Thank you to those who attended and for your questions, we hope the sessions were helpful.

If you weren't able to attend or want to re-watch the webinars, recordings are available on the FCA's webinar site. You may need to register to access them.

Implementation 

Data collection

We would like to remind firms that the obligation to collect certain data has begun. This is in connection with the firm's SNI status and K-factor calculations. Please refer to MIFIDPRU 1 and MIFIDPRU 4 for more information.

Reporting

RegData will be updated with the IFPR reporting schedules in mid-January. MIF001 to MIF006 are now available in RegData via the Resources link at the bottom of the login page.

Application deadline - TP 3

If firms wish to use transitional provision TP 3 for the temporary use of the group capital test (GCT), applications must be made to the FCA by 1 February 2022.

Notification forms available

Most notification forms are now live in Connect, with the remaining few to follow in January. 

If your firm would like to submit a notification before the relevant form has been made available on Connect, please get in touch with our Supervision Hub on firm.queries@fca.org.uk. All other applications and notifications must be made in Connect via the relevant form.

Notification deadlines

The following notifications must be submitted by certain FCA investment firms and their parent undertakings using the relevant forms by 1 January 2022 and 1 February 2022 respectively:

• Notifications under MIFIDPRU TP 1.8R – FCA investment firms and their parent undertakings who are currently subject to the UK CRR and hold instruments which satisfied the conditions to be classified as additional tier 1 (AT1) instruments under the UK CRR, must notify us of their intended treatment of these instruments under MIFIDPRU 3.4 by no later than 1 February 2022.
• Notification under MIFIDPRU TP 7.4R(2)(b) – FCA investment firms and their parent undertakings who have not been subject to the UK CRR definition of capital (including BIPRU, exempt CAD and local firms) and wish to count their existing instruments as own funds for the purpose of MIFIDPRU 3, must notify us of that fact no later than 1 January 2022. As long as the instruments meet the relevant conditions and the FCA has been notified of that fact, firms will not require separate permission from us to classify their pre-MIFIDPRU capital instruments as own funds under MIFIDPRU 3.