The European Banking Authority has published a new roadmap under the Investment Firm Regulation and the Investment Firm Directive. The IFR and IFD introduce a more tailored regulatory regime for many EU investment firms that reflects the risks inherent in the diverse activities those firms undertake. It also aims to amend the prudential requirements imposed on certain investment firms to avoid the imposition of undue administrative burdens by removing them from the scope of the revised Capital Requirements Regulation and Capital Requirements Directive. The majority of both the IFR and IFD will apply from June 26, 2021.

The EBA's roadmap sets out the timing for the EBA to produce final versions of Regulatory Technical Standards, Implementing Technical Standards, Guidelines and Reports. The EBA must also establish a list of capital instruments and a database of administrative sanctions. The mandates will be delivered in four phases, starting from December 2020, and cover:

• Thresholds and criteria for investment firms to be subject to the CRR;
• Capital requirements and composition;
• Reporting and disclosure;
• Remuneration and governance;
• Supervisory convergence and supervisory review and Pillar 2; and
• Environmental, social and governance exposures.

View the EBA's IFR and IFD Roadmap.

View details of the IFR and IFD.

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