PRA Proposes to Amend Rulebook, Notifications Form, and SM&CR Form L
PRA launched a consultation (CP7/20) to make minor amendments to the Notifications Part of the PRA Rulebook, the Notifications Form, and the Senior Manager & Certification Regime (SM&CR) Form L. The Appendices to CP7/20 include draft Notifications Part of the PRA Rulebook and draft amendments to the Notifications Form and SM&CR Form L. Pending consideration of the responses to this consultation, the proposed implementation date for these amendments is the publication date of the final policy. The consultation closes on October 13, 2020.
PRA is proposing to update the SM&CR Form L to reinstate question 3.05, which requests firms making a notification to provide details of any disciplinary action taken. This question was erroneously deleted when the form was updated as part of the extension of SM&CR to insurers in December 2018. Another proposal involves making minor consequential amendments to the Notifications Form. These amendments include the deletion of an incorrect reference to PRA as a limited company, the updated references to PRA Rulebook, and an update to the General Data Protection Regulation notification. PRA is also proposing to amend the Notifications Form to reflect the new FCA address and the new FCA logo. PRA does not expect firms would incur additional costs as a direct result of the proposals.
The proposals set out in this consultation have been designed in the context of withdrawal of UK from EU and entry into the transition period, during which time UK remains subject to European law. PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework at the end of the transition period, including those arising once any new arrangements with EU take effect. PRA has assessed that the proposals would not need to be amended under the EU (Withdrawal) Act 2018.
Related Links
Comment Due Date: October 13, 2020
Effective Date: Publication Date of Final Policy
Keywords: Europe, UK, Banking, Insurance, PRA Rulebook, SM&CR, Notification Form, CP7/20, PRA
Previous Article
EC Outlines Implications of Brexit for Insurance Firms in EU and UKRelated Articles
EC Delegated Regulation on Specialized Lending Exposures Under CRR
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages
OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.
ECB Updates List of Supervised Entities in EU in April 2021
ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.
OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR
OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.
EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks
EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.
EIOPA Study Examines Internal Model Market and Credit Risks Under SII
EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.
ESMA Issues Notification Templates for STS Synthetic Securitizations
ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.
EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
EBA Updates Lists of Entities for Use in Capital Calculations under SA
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
FED Proposes to Automate Bank Stock Adjustment Using Call Report Data
FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.
