PRA Consults on Part 2 of Implementing Extension of SM&CR to Insurers
PRA published the consultation paper CP20/18, which proposes rules for certain consequential changes and minor administrative amendments related to the extension of the Senior Managers and Certification Regime (SM&CR) for insurers. Comments are requested by October 17, 2018.
CP20/18 includes proposals for certain technical consequential changes in the PRA Rulebook for the implementation of the SM&CR; these changes are related to the “current approved person approval” status of the individuals who will be in a “designated senior management function” following the commencement of the extension of the SM&CR to insurers. CP20/18 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, along with the proposals in CP18/18 of PRA on implementing the extension of the SM&CR to insurers. The extended SM&CR for insurers will come into effect from December 10, 2018. PRA proposes that the rule changes in CP20/18 will, therefore, apply from the same date, other than one minor administrative change in Annex H of the Appendix, which will apply from January 01, 2019.
Related Links
Comment Due Date: October 17, 2018
Effective Date: December 10, 2018 (CP20/18); January 01, 2019 (Change in Annex H)
Keywords: Europe, UK, Insurance, Solvency II, SM&CR, Proportionality, CP20/18, PRA
Related Articles
|
News
US Agencies Adopt Rule to Exclude Community Banks from Volcker RuleUS 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 RulesUS 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 HKMAHKMA 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 SFTsFSB 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 2019EBA 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 ActivitiesEBA 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 BanksOSFI 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 RiskOSFI 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 IssuesESMA 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 FirmsFASB 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
|
