|
|
On 16 April 2013 the European Parliament adopted the legislative package known as “CRD IV", covering prudential rules for banks and investment firms in the European Union. The FCA is now setting out its planned timetable for implementation.
According to the legislation adopted today, if translation can be completed in time for the legislation to be published in the Official Journal before 1 July 2013, implementation of CRD IV will be from 1 January 2014. If it is published from 1 July 2013, implementation will be from 1 July 2014. On the basis of the indicated desire of the EU institutions, the FCA is currently planning on the basis of 1 January 2014 implementation.
In order to facilitate this, the FCA is intending to undertake two consultations on elements of the framework. The main consultation, which is intended to be published in Summer 2013, will set out the changes to the FCA’s rules to remove current FCA provisions covered in the new Regulation and to implement the Directive and relevant discretions provided in the Regulation. It should be noted that the Regulation will, in substance, replace the majority of the current capital requirements provisions in the FCA Rulebook (which can be found broadly in BIPRU and GENPRU).
The FCA also intends to consult on the specific issues related to the procedure for transitioning, as appropriate, existing waivers, which is expected to be conducted before or as part of the main consultation.
These consultations will set out the FCA’s approach to implementation in those areas the FCA is responsible for. In the meantime firms should discuss any queries or issues, in the first instance, with their supervisor or through their usual FCA contact.