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    PRA Issues Rules and Forms on Notification for Regulatory Transactions

    January 17, 2019

    PRA published a policy statement (PS2/19) that provides the final rules and forms to the consultation paper CP21/18, which proposed changes to various PRA forms related to applications or notifications for regulatory transactions. PRA received no responses to CP21/18 and has decided to make the changes to the rules and forms as consulted. The consultation closed on November 01, 2018. The final rules and accompanying forms will take effect from January 19, 2019.

    PS2/19 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. Appendix 1 to PS2/19 includes the final rules amending the Insurance Special Purpose Vehicles Part, the Passporting Part, the Change in Control Part, and the Notifications Part of the PRA Rulebook. Appendix 2 contains the following final forms:

    • Branch Notification Form
    • Cross Border Services Notification Form
    • Passporting Declaration
    • Change in Control Notification Forms used by a limited company or limited liability partnership
    • Controllers Form to be used by a partnership
    • Controllers Form to be used by an individual (other than in that individual’s capacity as a trustee, settler or beneficiary of a trust)
    • Controllers Form to be used by a person in their capacity as a trustee, settler or beneficiary of a trust
    • Controllers Form to be used by a person in their capacity as an investment manager
    • Multi-arrangement special purpose vehicle (MISPV) new risk assumption notification Form
    • Group of cells notification Form
    • Standing Data Form

    The policy contained in PS2/19 has 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 changes arising once any new arrangements with the EU take effect.

     

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    Effective Date: January 19, 2019

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

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