The Financial Conduct Authority (FCA) released a Consultation Paper setting out proposed changes to the FCA Handbook as a result of the transposition of CRD IV. CRD IV is the EU implementation of Basel III, new global standards on bank capital that affect approximately 2,400 investment firms. The proposals in the Consultation Paper are directed at investment firms that are currently subject to the Capital Requirements Directive (CRD) section of CRD IV and other investment firms subject to certain CRD IV provisions.