Global Trustee and Fiduciary Services Bite-Sized Issue 12 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2023 22 QUICK LINKS AIFMD BENCHMARK REGULATION CBDC COSTS & CHARGES CRYPTOASSETS FUND LIQUIDITY LIBOR TRANSITION MiCA OPERATIONAL RESILIENCE UK PRIIPs SUSTAINABLEFINANCE/ESG ASIA EUROPE IRELAND NORTH AMERICA UNITED KINGDOM FCA Publishes Final Report on IFPR Implementation Observations On 27 November 2023 the FCA published the final report on its multi-firm review into firms’ progress in implementing the internal capital adequacy and risk assessment (ICARA) process and reporting requirements under the Investment Firms Prudential Regime (IFPR). The report supplements the FCA’s report on its initial observations published in February 2023. The FCA’s review highlights that most firms reviewed engaged well and showed that they were able to make the transition to the new regulations. However, the FCA states that there were areas for improvement. These include improvements around group ICARA processes, internal intervention points, wind-down assessments, liquidity assessments, operational risk capital assessments and regulatory data submissions. The FCA states that firms must act now to consider its findings and assure themselves that they are meeting the rules and are mitigating harm from their operations. The multi-firm review aims to assist firms in understanding and meeting the requirements and enhancing their processes. It supports the FCA’s commitment within its 3-year strategy to reduce and prevent serious harm and to reduce harm from firm failure. Link to Report here Link to Initial Observations (Feb. 2023) here