On November 16, the UK’s HM Treasury, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) jointly published a statement on the introduction of the new Investment Firms Prudential Regime (IFPR) and the UK implementation of Basel standards reflecting the CRR II Regulation (the Statement).
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HM Treasury Statement on the New Prudential Regime for Banks and Investment Firms
Posted in Financial Markets, UK Developments
On June 23, HM Treasury published a policy statement (the Statement) on its approach to legislating for the new prudential standards in the forthcoming Financial Services Bill (the Bill).
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Council of the EU has Adopted CRR II Regulation and CRD V Directive at First Reading
Posted in EU Developments, Financial Markets
On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the Council of the EU and the European Parliament in December 2018 on proposed revisions to CRD IV and CRR (as reported in the December 7, 2018 edition of the Corporate & Financial Weekly Digest).
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Provisional Political Agreement Reached on CRR II Regulation and CRD V Directive
Posted in EU Developments, Financial Markets
On December 4, the European Parliament published a press release announcing that it reached provisional political agreement with the Council of the European Union on the proposed revisions to the Capital Requirements Regulation (CRR), or CRR II, and to the Capital Requirements Directive (CRD) IV, or CRD V. The European Parliament also published a separate press release setting out the details of the agreement.
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