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

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7868