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

Related Articles
News

US Agencies Adopt Rule to Exclude Community Banks from Volcker Rule

US Agencies (CFTC, FDIC, FED, OCC, and SEC) adopted a final rule to exclude community banks from the Volcker Rule, in line with amendments to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

July 22, 2019 WebPage Regulatory News
News

US Agencies Adopt Amendments to Simplify Regulatory Capital Rules

US Agencies (FDIC, FED, and OCC) adopted a final rule that reduces regulatory burden by simplifying several requirements in the regulatory capital rules for banks.

July 22, 2019 WebPage Regulatory News
News

IA of Hong Kong Delegates Inspection and Investigation Powers to HKMA

HKMA and IA of Hong Kong jointly issued a statement announcing the delegation of the inspection and investigation powers of IA to HKMA, pursuant to the statutory regulatory regime for insurance intermediaries under the Insurance Ordinance.

July 19, 2019 WebPage Regulatory News
News

FSB Extends Implementation Timeline for Policy Recommendations on SFTs

FSB announced adjustments to the implementation timelines for its recommendations on securities financing transactions (SFTs), specifically those related to the minimum haircut standards for non-centrally cleared SFTs.

July 19, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for July 2019

EBA published answers to six questions under the Single Rulebook question and answer (Q&A) tool this week.

July 19, 2019 WebPage Regulatory News
News

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3482