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.
Comment Due Date: November 01, 2018
Keywords: Europe, EU, Banking, Insurance, Securities, Solvency II, CRR, Passporting, Application and Notification Forms, PRA