PRA published a note that clarifies the interaction between the PRA and FCA proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime (TPR). The published document also includes a set of frequently asked questions on on how the proposals would apply to dual-regulated, European Economic Area firms operating in the UK via an establishment passport through a branch (EEA branches).
The note clarifies the interaction between the:
- PRA proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the TPR as set out in paragraphs. 7.8 to 7.12 of the consultation paper CP26/18 titled "UK withdrawal from the EU: Changes to PRA Rulebook and onshored Binding Technical Standards" and summarized on the BoE dedicated webpage for the TPR
- FCA equivalent proposals in paragraphs 4.92 to 4.97 of FCA CP18/29 on temporary permissions regime for inbound firms and funds
The points in this note relating to the FCA and PRA proposals for applying the SM&CR to firms in the TPR, which currently operate as an EEA branch, are subject to the outcome of the PRA and FCA consultations.
Keywords: Europe, UK, Insurance, Banking, SM&CR, Temporary Permissions Regime, Brexit, FAQ, FCA, PRA
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