Deadline reminder - notifications on AT1 instruments under MIFIDPRU TP 1.8R

We remind you that FCA investment firms who were subject to the UK CRR immediately before 1 January 2022 and on that date held instruments which satisfied the conditions to be classified as additional tier 1 (AT1) instruments under the UK CRR, must notify us under TP1.8R of their intended treatment of these instruments (taking account of the revised conditions under MIFIDPRU 3.4) by no later than 1 February 2022.

MIFIDPRU Remuneration Code - new webpage

We have published a new MIFIDPRU Remuneration Code webpage. The MIFIDPRU Remuneration Code (SYSC 19G) applies to performance periods starting on or after 1 January 2022.  Firms can find information on application, proportionality, performance adjustment, disclosure and reporting requirements.  There are also links to self-assessment templates and tables that firms may use these to record how their remuneration policies and practices comply with the MIFIDPRU Remuneration Code. 

Connect updates

All forms for applications and notifications are now live in Connect. Firms should use the dedicated form for each notification/application and submit these via Connect. If you have submitted one of these forms by other means and have not yet received a response from us, we would appreciate you now also entering these into Connect as this will enable them to be processed more easily.

MIF007 reporting dates

We have noticed some confusion in the intended MIF007 reporting dates submitted to us. To clarify: the date that a firm sets as the submission date for MIF007 is the date we expect to receive it by. The form will become available to complete in RegData 20 business days before this date. 

Generally, the MIF007 return will be scheduled based on the day and the month provided in the setup questionnaire. However, we have adjusted the year for the first submission where the original specified date appeared to be an error. This means that where a firm has told us their first submission date would be in 2021, we have scheduled the first submission for that date in 2022. Where a firm has told us that their date would be in January 2022, we have scheduled the first submission for the same date in January 2023. If you told us your submission date would be in February or March and intended this to be 2023 rather than 2022, please contact IFPRquery@fca.org.uk. 

Please see MIFIDPRU 7.8.5G (2) for further information on setting a MIF007 submission date. If you decide that the date provided in the set-up questionnaire (or, where applicable, the adjusted date we have applied) is not the date that you intend to submit MIF007 by, please submit the relevant notification form (MIFIDPRU 7.8.4R) to amend the date.