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Policy

Investment Firms Framework (IFD/IFR)

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Investment Firms Framework (IFD/IFR)

Investment firms holding a MiFID license, including private equity firms that choose to offer MIFID services such as investment advice, are subject to capital and remuneration requirements. These requirements, formerly set in the banking legislation CRD/CRR, are now detailed in the Investment Firms Directive and Regulation, which will enter into force in 2020.

How does it affect private equity?

While most private equity firms do not operate under a MiFID license, those that do have to keep aside at least a quarter of the fixed overheads. Larger MiFID firms are also subject to specific restrictions when it comes to the variable remuneration they award to their senior executives, such as the obligation to defer this remuneration and to pay it in liquid instruments. As for the wider MiFID requirements, capital and remuneration rules set in IFD/IFR generally constitute a precedent for the AIFMD.

MIFID member guide

Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry.

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IFD/IFR library

Positions & consultation responses

Position paper on the prudential treatment of investment firms

14 May 2018
Download PDF 621.73 KB
Positions & consultation responses

Response to Commission Consultation on prudential treatment of investment firms

19 Apr 2017
Download PDF 294.72 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Response to EBA Discussion Paper on the prudential treatment of investment firms

06 Feb 2017
Download PDF 821.25 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

EVCA-PAE Response to Green Paper on Capital Markets Union

13 May 2015
Download PDF 1.11 MB
Positions & consultation responses

EC Green Paper on Capital Markets Union

18 Feb 2015
Download PDF 235.29 KB
Positions & consultation responses

Response to EBA consultation

30 Sep 2013
Download PDF 417.86 KB
Meet the team

Public Affairs

Erika Blanckaert Image

Erika Blanckaert

Public Affairs

Senior Public Affairs Manager

Simon Tosserams Image

Simon Tosserams

Public Affairs

Senior Public Affairs Officer

Christophe Verboomen Image

Christophe Verboomen

Public Affairs

Senior Public Affairs Officer

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