With the final versions of the Capital Requirements Directive IV and Regulation (CRD IV / CRR) having been published in the Official Journal of the EU in June 2013, EU Member States were expected to begin detailed consultations on the national implementation of the legislation from 1 January 2014. The UK's new Prudential Regulation Authority (PRA) has released a detailed Consultation Paper which sets out for consultation the changes required to the PRA's Handbook to implement CRD IV and CRR in the UK for banks, building societies and some PRA-designated investment firms. One key change to the PRA's Handbook is that the majority of the rules in the existing Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU) will be deleted and replaced with entirely new materials (including the PRA's new "Supervisory Statements") from 1 January 2014. Our Feature piece in this Edition of the SCM Briefing provides a detailed summary of the PRA's Consultation Paper. Separately, the Financial Conduct Authority is consulting on the UK implementation of CRD IV / CRR for investment firms, including alternative investment fund managers and UCITS management companies.

Useful links

Prudential Regulation Authority Consultation Paper 5/13

Financial Conduct Authority Consultation Paper 13/6