In these pages we look at the major topics of the moment: the regulatory change agenda - currently dominated by MiFID and CRD implementation, and the big thematic projects like "Treating Customers Fairly". You will find here briefing notes on these developments and what the implications are for firms; what action firms need to be taking, and how we can help.
The Capital Requirements Directive (CRD) took effect on 1 January 2007 and overhauls the capital requirements for banks and investment firms. All affected firms need to update their systems and controls. The CRD has also led to changes in the content and frequency of financial returns that firms need to make to the FSA.
The Markets in Financial Instruments Directive (MiFID) updates the Investment Services Directive (ISD). It means significant changes to the FSA rules, which took effect on 1 November 2007. FSA have taken the opportunity to rewrite completely the old Conduct of Business sourcebook: this affects all firms doing investment business, not just those subject to MiFID.
TCF (Treating Customers Fairly) remains a big FSA priority. TCF affects any firm involved in business for retail customers in any way. FSA set a deadline of March 2007 for firms to have made significant progress in implementing TCF in their business. Their subsequent assessment of how well firms had done against that deadline showed that many firms still had some way to go, and further deadlines have been set for 2008.
TCF apart, the FSA has a whole series of other themes on the go at any one time - some of them of wide application, some more sector specific. Firms need to keep up with the ones relevant to their business.
Briefing Notes
We produce a range of briefing notes on topical issues, with a particular focus at the moment on CRD and MiFID-related matters. There are links to these from the relevant topics pages, and you can find a complete list of current notes here.