PRA Statement on Proposals for Application of SM&CR to Firms in TPR
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.
Related Links
Keywords: Europe, UK, Insurance, Banking, SM&CR, Temporary Permissions Regime, Brexit, FAQ, FCA, PRA
Related Articles
APRA Issues Interim Update to Policy Priorities for 2021 and Beyond
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
EC Adopts Solvency II and Resolution Rules Package for Insurers
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
OCC Issues Booklets on Regulatory Reporting and Earnings
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
ECB Sets Out Results of Economy-Wide Climate Stress Tests
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
EBA Examines Implications of Increasing Use of Digital Platforms in EU
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
