On 19 April 2021, the Financial Conduct Authority (“ FCA”) published the second out of three consultation papers on the implementation of the Investment Firms Prudential Regime (“ IFPR”) (CP21/7). The IFPR is a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive (EU/2014/65) (“ MiFID”) and will come into force from 1 January 2022. For further details about the new prudential regime in general, please refer to our update from June 2020. We also included a summary of the key points from the FCA’s first consultation in our update from December 2020. In its second consultation, the FCA is seeking views on the following areas: