Advisers Must Prepare for the Upcoming Expansion of the E.U. and U.K. Prudential Regimes

The European Parliament adopted a regulation on the prudential requirements for investment firms (IFR) and a directive on the prudential supervision of investment firms (IFD). E.U. member states have months to implement the IFD/IFR; the U.K. is adopting a parallel regime. The new regimes will capture many investment advisers that were not previously subject to prudential regulation. A recent ACA Compliance Group seminar examined the scope of the IFD/IFR; its capital, remuneration, risk assessment and governance requirements; and ways the IFD/IFR and U.K. regimes may differ. The program featured Bobby Johal and Andrew Welch, managing directors at ACA Compliance Europe; Bernadette King, partner at accounting firm Haysmacintyre LLP; and John Young, international counsel at Debevoise & Plimpton. This article outlines the key takeaways from the seminar. See “Implications for Investment Managers of the New E.U. Investment Firm Prudential Regime” (Jul. 11, 2019); and “What Are the Implications for Investment Managers of the Revised Prudential Framework for E.U. Investment Firms?” (Mar. 22, 2018).

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