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

    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.

    September 24, 2021 WebPage Regulatory News
    News

    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.

    September 22, 2021 WebPage Regulatory News
    News

    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.

    September 22, 2021 WebPage Regulatory News
    News

    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.

    September 22, 2021 WebPage Regulatory News
    News

    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.

    September 21, 2021 WebPage Regulatory News
    News

    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.

    September 21, 2021 WebPage Regulatory News
    News

    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.

    September 21, 2021 WebPage Regulatory News
    News

    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.

    September 20, 2021 WebPage Regulatory News
    News

    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

    September 20, 2021 WebPage Regulatory News
    News

    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.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494