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    PRA Proposes Changes to PRA Rulebook Parts and Supervisory Statements

    October 03, 2017

    PRA published an occasional consultation paper CP18/17 proposing changes to the PRA Rulebook Parts and supervisory statements. The consultation is relevant to all PRA-authorized firms. PRA has consulted the Financial Conduct Authority (FCA) on the proposals in CP18/17.

    CP18/17 includes proposals on the following topics:

    • Conditions governing business: minor amendments (Chapter 2)
    • Market risk: Capital Requirements Directive (CRD) IV amendments (Chapter 3)
    • Amendments to transitional measures part to correct references (Chapter 4)
    • Application requirements: Capital Requirements Regulation (CRR) and CRD amendments (Chapter 5)
    • Whistleblowing in UK branches of non-European Economic Area deposit-takers (Chapter 6)
    • Joint PRA and FCA form, PRA rulebook, and FCA Handbook changes: Markets in Financial Instruments Directive II (MiFID II), Insurance Distribution Directive (IDD) and Benchmarking Regulation amendments (Chapter 7)
    • Consequential amendments to Short form A (Chapter 8)
    • Application of EBA Guidelines on corrections to modified duration for debt instruments (Chapter 9)
    • Naming convention for life insurers when reporting data by homogenous risk group (Chapter 10)

    The consultation paper also consults on an administration instrument. An administration instrument is used to make minor corrections to the PRA Rulebook provisions. In making this instrument, the PRA aims to ensure that rules are correct, presented clearly, and contain up-to-date references. The consultation closes on October 17, 2017 for the administration instrument; November 03, 2017 for Chapter 7 and Chapter 8; and January 09, 2018 for Chapters 2 to 6, 9, and 10.

     

    Related Link: CP18/17 (PDF)

    Comment Due Date: October 17, 2017 (for administration instrument); November 03, 2017 (Chapters 7 and 8); and January 09, 2018 (Chapters 2–6, 9, and 10)

    Keywords: Europe, UK, Banking, Insurance, Securities, CP18/17, MiFID II, IDD, CRD IV, CRR, FCA, PRA

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