The FCA has published Policy Statement 13/10: CRD IV for investment firms (PS13/10).

In PS13/10, the FCA provides feedback to the responses to its three earlier consultations on implementing the Capital Requirements Directive IV and the Capital Requirements Regulation (together the CRD IV reforms): CP13/6, CP13/9 and CP13/12. It also sets out the final Handbook rules and guidance arising from the CRD IV reforms.

The proposals in PS13/10 do not apply to credit institutions (banks and building societies) or investment firms supervised by the PRA.

The structure of PS13/10 is as follows:

  • chapter 2: feedback to CP13/6;
  • chapter 3: feedback to CP13/9 – chapter 16;
  • chapter 4: feedback to CP13/12;
  • annex 1: list of non-confidential respondents;
  • annex 2: table with transitional provisions on capital;
  • annex 3: prudential classification for UK investment fund managers; and
  • appendix: made rules (legal instruments) and guidance.

The FCA has not made final rules on capital buffers, which it consulted on previously, as HM Treasury has not yet finalised the related secondary legislation on the capital buffers framework. The FCA expects to publish final rules in Q1 2014 once HM Treasury has made the necessary legislation.

View PS13/10: CRD IV for investment firms, 13 December 2013

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