IFR and IFD publication

On 5 December 2019, the Regulation on the prudential requirements of investment firms (IFR) and the Directive on the prudential supervision of investment firms (IFD) were published in the Official Journal of the European Union.

The IFR and the IFD introduce a new prudential regime for investment firms.

The IFR and the IFD amend other European pieces of legislation, including the Capital Requirements Regulation, the Markets in Financial Instruments Regulation, the Single Resolution Mechanism Regulation, the Undertakings for Collective Investment in Transferable Securities Directive, the Alternative Investment Fund Managers Directive, the Capital Requirements Directive IV, the Bank Recovery and Resolution Directive and the revised Markets in Financial Instruments Directive.

The legislation comes into force on 25 December 2019.