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Clifford Chance

Clifford Chance


Capital requirements for MiFID investment firms – all change?

9 June 2016

In a December 2015 report the European Banking Authority (EBA) recommends significant changes to the EU's regulatory capital rules for MiFID investment firms. The proposed changes are relevant to asset managers and a wide range of other non-bank investment firms. The report criticises the current legal framework as overly complex and recommends replacing it with a simpler, more proportionate system that better reflects the different risk profile of investment firms compared to banks. The report's main focus is on the framework for establishing prudential requirements for investment firms rather than the eligibility of different instruments to satisfy those requirements.

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