PRA published the consultation paper CP18/18, which sets out its proposed rules for a technical correction to the "Solvency II firms: Insurance General Application Part of the PRA Rulebook." CP18/18 also includes some consequential changes and minor administrative amendments related to the extension of the Senior Managers and Certification Regime (SM&CR) to insurers. Responses are requested by October 01, 2018.
CP18/18 includes a proposal for a technical correction to rule 2.2 in the Solvency II firms: Insurance General Application Part of the PRA Rulebook. CP18/18 also includes proposals for technical changes to rules in the PRA Rulebook for the implementation of the SM&CR related to the following:
- Application of an overlap rule for individuals with FCA responsibilities (as defined in the FCA Handbook)
- Updates to the cross-references in the PRA Rulebook to the FCA Handbook
- Transitional arrangements for widening of scope of the application of regulatory reference requirements
- Deletion of certain previous transitional rules that are now obsolete
- Other minor consequential amendments
CP18/18 should be read in conjunction with the policy statements—PS15/18 of PRA and PS18/15 of FCA—on the extension of SM&CR to insurers. The extension of the regime to insurers is being introduced by amendments to the Financial Services and Markets Act 2000 (FSMA) through the BoE and Financial Services Act 2016 (the 2016 Act). The extended SM&CR for insurers will come into effect from December 10, 2018, subject to commencement regulations to be made by HM Treasury for the relevant amendments to the FSMA in the 2016 Act. Thus, PRA proposes that the rule changes in CP18/18 will apply from December 10, 2018.
Comment Due Date: October 01, 2018
Keywords: Europe, UK, Insurance, Solvency II, SM&CR, Accountability, CP18/18, PS15/18, PS18/15, PRA
Previous ArticleECB Paper on Institutional Continuity Between Eurosystem and SSM
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).