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New EU Investment Firm Prudential (Capital and Remuneration) Regime – Analysis of Final Text

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*Note: This Update replaces our earlier Update dated January 30, 2018, on the original proposal for this new EU investment firm prudential regime.

On April 16, 2019, the European Parliament voted in its plenary session to adopt the text agreed by the European Commission (EC), the European Parliament and the Council of the EU on February 26, 2019, on a new legislative package revising the prudential framework for EU investment firms. This will take the form both of the Investment Firm Regulation (the IFR) and the Investment Firm Directive (the IFD).

The new IFR/IFD framework is expected to come into effect in Q4 2020 or Q1 2021, depending on the timing of publication of the text of the IFR/IFD in the Official Journal of the European Union — that is, after the UK leaves the EU, based on the Brexit schedule at the time of publication.

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