Treasury publishes prudential consultation outcome

Treasury has published the outcome of its consultation on implementation of the IFPR and Basel 3. The latest update looks at how to amend the definition of “investment firm” in s48D Banking Act 2009 to capture both PRA-designated investment firms and FCA-regulated firms with permission to underwrite or deal on own account. As stated in 2021, FCA-regulated firms will no longer be part of the UK resolution regime, and this will require a number of consequential amendments to various legislation, and a plan for an orderly change. Treasury has published draft legislation to achieve this.

Emma Radmore