Featured Product

    PRA Issues Rules and Forms on Notification for Regulatory Transactions

    January 17, 2019

    PRA published a policy statement (PS2/19) that provides the final rules and forms to the consultation paper CP21/18, which proposed changes to various PRA forms related to applications or notifications for regulatory transactions. PRA received no responses to CP21/18 and has decided to make the changes to the rules and forms as consulted. The consultation closed on November 01, 2018. The final rules and accompanying forms will take effect from January 19, 2019.

    PS2/19 is relevant to all PRA-authorized firms as well as firms that have a qualifying holding, or that intend to acquire a qualifying holding in a PRA-authorized firm. Appendix 1 to PS2/19 includes the final rules amending the Insurance Special Purpose Vehicles Part, the Passporting Part, the Change in Control Part, and the Notifications Part of the PRA Rulebook. Appendix 2 contains the following final forms:

    • Branch Notification Form
    • Cross Border Services Notification Form
    • Passporting Declaration
    • Change in Control Notification Forms used by a limited company or limited liability partnership
    • Controllers Form to be used by a partnership
    • Controllers Form to be used by an individual (other than in that individual’s capacity as a trustee, settler or beneficiary of a trust)
    • Controllers Form to be used by a person in their capacity as a trustee, settler or beneficiary of a trust
    • Controllers Form to be used by a person in their capacity as an investment manager
    • Multi-arrangement special purpose vehicle (MISPV) new risk assumption notification Form
    • Group of cells notification Form
    • Standing Data Form

    The policy contained in PS2/19 has been designed in the context of the current UK and EU regulatory framework. PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework, including changes arising once any new arrangements with the EU take effect.

     

    Related Links

    Effective Date: January 19, 2019

    Keywords: Europe, EU, Banking, Insurance, Securities, Solvency II, CRR, Passporting, Application/Notification Forms, PRA

    Featured Experts
    Related Articles
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    HKMA Announces Repayment Deferment Under Payment Holiday Scheme

    HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.

    August 05, 2020 WebPage Regulatory News
    News

    ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal

    The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.

    August 05, 2020 WebPage Regulatory News
    News

    MAS Announces Key Initiatives to Support Adoption of SORA

    MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.

    August 05, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    News

    PRA to Extend Temporary High Balance Coverage Amid COVID Crisis

    PRA published the policy statement PS19/20 on the final policy for extending coverage under the Financial Services Compensation Scheme (FSCS) for Temporary High Balance.

    August 04, 2020 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure and Reporting of MREL and TLAC

    EBA published the final draft implementing technical standards for disclosures and reporting on the minimum requirements for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) requirements in EU.

    August 03, 2020 WebPage Regulatory News
    News

    EBA Releases Erratum for Phase 2 Package on Reporting Framework 2.10

    EBA published an erratum for the phase 2 of technical package on the reporting framework 2.10.

    August 03, 2020 WebPage Regulatory News
    News

    EC Sets Out Updated Technical Information for Solvency II Calculations

    EC published the Implementing Regulation 2020/1145, which lays down technical information for calculation of technical provisions and basic own funds.

    August 03, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5635