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FCA sets out reporting requirements under CRD IV

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

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