Statement
Today, the Financial Conduct Authority (FCA) has published its consultation paper on proposals to transfer the firm facing requirements of the Commission Delegated Regulation (EU) 2017/565 (MiFID Org Reg) into FCA Handbook rules. The consultation is a stage in the process to finalise Prudential Regulation Authority and FCA rules that will replace MiFID Org Reg assimilated law which is being revoked by the Government under its Smarter Regulatory Framework (SRF) programme.
The PRA plans to publish its equivalent consultation paper in 2025 Q1.
Such a consultation represents an important step in the adaptation of the UK’s prudential regime for CRR firms inherited from the European Union (EU) into a framework consistent with the UK’s approach to financial services regulation. Once the consultation period has closed, the PRA will analyse the responses with the aim of publishing a Policy Statement on the same day as the FCA in 2025 H2.