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ARTICLE · 04 AUGUST 2006

CRD - Are You Ready?

Smith & Williamson
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Few investment firms are fully prepared for the impact of the Capital Requirements Directive (CRD). In fact, where resource is a constraint, many are unlikely to have even read the consultation document. In this article, we address some of the key considerations for firms in this position.

United KingdomStrategy
Neil Fung-On
Neil Fung-On

Few investment firms are fully prepared for the impact of the Capital Requirements Directive (CRD). In fact, where resource is a constraint, many are unlikely to have even read the consultation document. In this article, we address some of the key considerations for firms in this position.

The consultation period for ‘Strengthening Capital Standards 2’ (CP06/3) ended on 28 April 2006 giving interested parties little time to digest and assess the impact of over 1,300 pages of consultation and draft rules. With the feedback statement due in July and the finalised handbook rules and guidance in October, what should investment firms be doing to prepare?

Scope

Only investment firms subject to the Markets in Financial Instruments Directive (MiFID) must meet the requirements of the CRD (the re-cast Capital Adequacy Directive). The Financial Services Authority’s (FSA) consultation paper ‘Organisational systems and controls’ (CP06/9), Annex 5: Perimeter Guidance (MiFID and the Recast CAD

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