This is the second consultation paper issued by the Financial Conduct Authority (FCA) and follows the July consultation on proposed changes to the FCA Handbook as a result of the transposition of CRD IV.
It covers the following policy areas:
· CRD IV remuneration (that is, limits on bonuses);
· a change to the transitional provision on the countercyclical capital buffer;
· reporting;
· further CRD IV consequential changes to the FCA Handbook and process requirements for new permissions under the CRR; and
· interaction between the Alternative Investment Fund Managers Directive/Undertakings for Collective Investment in Transferable Securities and CRD IV.
Chapter 3 sets out the detailed reporting requirements including:
· introducing a FINREP notification rule;
· how the FCA will operate COREP/FINREP;
· which FSA0xx templates IFPRU firms will continue to submit;
· the SUP 16.12 and SUP 16.16 supervisory reporting Handbook changes including related guidance;
· FCA’s approach on transitioning existing SUP 16.12 reporting waivers; and
· reminding BIPRU firms and exempt commodities firms that they will remain on FSA0xx templates.
Comments are requested by 10 November 2013. The FCA intends to publish a policy statement later in 2013 so that firms have the final rules available before 1 January 2014.
Related Link:
http://www.fca.org.uk/static/documents/consultation-papers/cp13-12.pdf