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.
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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
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