Featured Product

    PRA Consults on Notification Forms for Regulatory Transactions

    October 01, 2018

    PRA published the consultation paper CP21/18 that proposes changes to various PRA forms related to applications or notifications for regulatory transactions. The proposals would make amendments to notification and application forms in several Parts of the PRA Rulebook (refer to Appendix 1)—namely, Passporting, Change in Control, Insurance Special Purpose Vehicles (ISPVs), and Notifications. The consultation closes on November 01, 2018.

    The proposed forms have been included in Appendix 2 of the consultation paper. The final forms would be available on the BoE website in the same manner as other regulatory transaction forms. The following is the summary of the proposals:

    • PRA proposes to update the Branch Notification Form and the Cross Border Services Notification Form (the Passporting forms) to collect passporting data set out by EIOPA’s “Decision on the collaboration of the insurance supervisory authorities” and to change references to the “insurance mediation” and the Insurance Mediation Directive (IMD) to refer instead to “insurance distribution” and the Insurance Distribution Directive (IDD); the latter change would correct an administrative error that means the wrong versions of the Passporting forms have entered the PRA Rulebook on October 01, 2018.
    • PRA proposes to update the forms in the Change in Control Part of the PRA Rulebook to improve the usability of the forms, and collect information that is otherwise requested separately by adding new questions to the forms.
    • PRA proposes to update the Passporting forms; Passporting Declaration; Controllers Forms; Multi-arrangement Insurance Special Purpose Vehicle (MISPV) Assumption of New Risk Notification Form; Group of Cells Notification Form; and the Standing Data Form to provide a link to the General Data Protection Regulation (GDPR) privacy notice.
    • PRA also proposes to amend the Change in Control Part of the PRA Rulebook to remove the Controllers forms from the PRA Rulebook. This would mean that when the PRA needs to make administrative or other non-material changes to its forms, similar to those set out in this consultation paper, it would not be required to follow the statutory consultation process for rule changes.

    The consultation 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. The proposals would be expected to have effect immediately after the publication of final policy. The proposals in this consultation paper have 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 those arising once any new arrangements with the EU take effect.

     

    Related Links

    Comment Due Date: November 01, 2018

     

    Keywords: Europe, EU, Banking, Insurance, Securities, Solvency II, CRR, Passporting, Application and Notification Forms, PRA 

    Featured Experts
    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153