The FCA published a second consultation paper on proposals to implement CRD IV for investment firms (CP13/12). CRD IV is a package of major reforms to EU legislation on prudential requirements for credit institutions and investment firms. The effect of the reforms will be to replace the existing CRD with a regulation (the CRR) and a directive (the CRD IV Directive).

In CP13/12, the FCA consults on proposals applying to investment firms that are currently subject to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD), and to management companies (as defined under the UCITS Directive (2009/65/EC) (UCITS IV) and alternative investment fund managers (AIFMs). Second Consultation Paper.