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
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
