The FSA has confirmed its authorisation forms now cover the Capital Requirements Directive (CRD).
Although the directive comes into force on 1 January 2007, the forms came into use on 27 November to account for the duration of the authorisation process.
The CRD sets out the capital requirements for firms subject to the Markets in Financial Instruments Directive (MiFID) when it is implemented in November 2007. It also sets out the capital requirements for firms that are subject to the Investment Services Directive, until it is replaced by MiFID.
GMAC-RFC confirms portfolio sale
GMAC-RFC confirmed its fourth portfolio sale of 2006 to Bradford and Bingley. The £670 million deal comprised of a blended pool of prime, buy-to-let and self-cert and completed on 24 November 2006.
Craig Beresford, director of asset sales at GMAC-RFC, said: “We expect to build on this successful partnership into 2007 and beyond.”
