In brief:
FSA sends “Dear CEO” Letter for CRD firms
The Financial Services Authority (FSA) in the UK has sent out its “Dear CEO” letter to firms required to implement the Capital Requirements Directive. The letter lists the institution’s Banks, Building Societies and Investment Firms Sourcebook (Bipru) category, as well as the base capital requirement for that firm.
Firms are required to ensure they fall under the correct category and to complete a form on whether it will use an embedded waiver, if it will use the transitional rules and if it will opt for the standardised or advanced measurement approach (AMA). Firms are requested to complete the form by September 22 this year. Click here to see the letter in full.
FSA releases handbook development newsletter
Handbook developments and upcoming consultations have been released in the FSA’s August newsletter today. Upcoming dates related to the CRD include a feedback statement to consultation on ‘Strengthening Capital Standards 2’, due to be published this October, and the corresponding text for the handbook, which is expected in the final quarter of 2006, and a policy statement on ‘Integrated Regulatory Reporting: credit institutions and investment firms’, also due to be published this October.
Changes to the handbook regarding the Markets in Financial Instruments Directive (Mifid) are expected on best execution at the end of this year, followed by the Mifid implementation policy changes in the first quarter of 2007.
Click here to see the newsletter in full.
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