On 5 December 2019, there was published in the Official Journal of the European Union (OJ):

  • the Regulation on the prudential requirements of investment firms and amending the European Banking Authority Regulation, the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the Single Resolution Mechanism Regulation (Investment Firms Regulation (IFR)); and
  • the Directive on the prudential supervision of investment firms and amending the Financial Conglomerates Directive, the UCITS Directive, the Alternative Investment Fund Managers Directive, the CRD IV Directive, the Bank Recovery and Resolution Directive and the revised Markets in Financial Instruments Directive (Investment Firms Directive (IFD)).

The legislation comes into force on the twentieth day following its publication in the Official Journal of the EU (25 December 2019). The IFR will apply from 26 June 2021, except for Articles 63(2) and (3) which will apply from 26 March 2020, and Article 62(30) which will apply from 25 December 2019.