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The European Commission has published an inception impact
assessment on its review of the appropriate treatment for
investment firms.
The impact assessment relates to the Commission's review of
the prudential framework for investment firms, as required by
Articles 293(2), 498(2), 508(2) and 508(3) of the Capital
Requirements Regulation ("CRR")
(Regulation 575/2013). In November 2016, the European
Banking Authority ("EBA")
published a discussion paper on a new prudential framework, with
the aim of submitting an opinion and report to the European
Commission by June 30, 2017.
The impact assessment provides an overview of the background to
the initiative and the European Commission's ongoing work. The
European Commission states that, in light of the EBA's
consultation on the prudential framework, it does not intend to
launch its own public consultation. It is, however, carrying out a
consultation with industry stakeholders on the proposal. In
particular, it intends to liaise with the industry on aspects of
the proposal, such as the calibration and impact of any changes to
the regime and foreseeable potential costs.
The European Commission states that the bulk of any new rules
will take the form of a Regulation. This will be accompanied by a
Directive covering elements that need to take the form of a
directive for legal reasons, such as organizational and
authorization requirements and corporate governance.
The impact assessment indicates that the European Commission
will adopt a legislative proposal in the fourth quarter of
2017.
The European Commission is seeking feedback on the impact
assessment. The European Commission's website on impact
assessments states that the deadline for comments is April 19,
2017.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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