Preparing for UK FCA’s Investment Firm Prudential Regime (IFPR)

The UK Investment Firm Prudential Regime (IFPR) is expected to come into effect in January 2022.

IFPR is an upcoming prudential regime which is tailored specifically for investment firms regulated by the FCA and will shift the focus of existing prudential requirements away from the risks that firms face, to address the harm that firms can pose to consumers and markets.

  • The IFPR will apply to the following:
    MiFID investment firms authorised and regulated by the FCA.
  • Collective Portfolio Management Investment Firms (CPMIs).
  • regulated and unregulated holding companies of groups that contain either of the above.

Currently, FCA investment firms are required to report different sets of regulatory reports such as COREP and FINREP as well as several of the FSA returns. depending on their prudential requirements.

From 1 January 2022, these reports will be replaced by a single suite of IFPR forms that will be submitted in XML format directly in RegData. The FCA is expected to publish the final versions of these forms towards the end of November.

The proposed forms are below:

  • MIF001 – Own Funds (Quarterly)
  • MIF002 – Liquid assets (Quarterly)
  • MIF003 – SNI Threshold monitoring (Quarterly)
  • MIF004 – Concentration risk (non-K-CON) (Quarterly)
  • MIF005 – K-CON concentration risk (Quarterly)
  • MIF006 – Group capital test (Quarterly)
  • MIF007 – ICARA questionnaire (Annually)
  • MIF008 – Remuneration (Annually)
  • FSA029 – Balance sheet (Quarterly)
  • FSA030 – Income statement (Quarterly)

Authority Software’s XML reporting software, XML Authority has supported the production of XML files for submission on Gabriel/RegData for many years, including the FSA029 and FSA030 returns. Once the MIF001-MIF008 schemas are published by the FCA (expected towards the end of November 2021), XML Authority will be updated to contain these new reports creating a solution capable of submitting any RegData return in XML format.

Contact us to arrange a demonstration of XML Authority and find out more how we can help you comply with IFPR.

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  • Seeing it operate is the best way to understand how it works.
  • We can answer any questions for your specific requirements.
  • Together we can assess how our solution will work for you.

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