Publication
Impact of PSR and other financial rules on ownership
An in-depth analysis of the Premier League’s PSR framework, its enforcement and its influence on club ownership, valuations and financial strategy.
What is the ICARA process and what is an ICARA document? Practical issues for firms
Thomson Reuters
The new Investment Firm Prudential Regime introduces an internal capital and risk assessment (ICARA) process for both small and non-interconnected investment firms (SNI firms) and non-SNI firms. The Financial Conduct Authority (FCA) has highlighted that the introduction of this new regime is an opportunity to re-establish the expectations for firms' internal governance and risk management that reflects and builds upon the framework previously established in FCA guidance.
The intention is that the ICARA process will be the centrepiece of MIFID investment firms' risk management processes. The process will incorporate business model assessment, forecasting and stress testing, recovery planning and wind-down planning. The new regime also introduces the Overall Financial Adequacy Rule (OFAR), which establishes the standard the FCA will apply to determine if an FCA investment firm has adequate financial resources.
As part of the ICARA process, firms will also be expected to identify whether they comply with the OFAR.
Associate
Email
victoria.pridmore@nortonrosefulbright.com
Recent publications
Publication
Keeping possession: English football enters a new era of regulation
Now in its sixth year, our annual English Premier League (EPL) football report, Keeping Possession, captures insights from our global sports law team on the key trends and topics shaping the landscape of English football.
Subscribe and stay up to date with the latest legal news, information and events . . .