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    PRA Proposes Changes to its Rulebook Parts, SS1/16, SoPs, and Forms

    October 22, 2018

    PRA published an occasional consultation paper CP24/18, which sets out proposed changes to certain PRA Rulebook Parts, supervisory statements, statements of policy (SoPs), and forms. The consultation closes on November 22, 2018 for Chapter 2 of CP24/18 and on January 22, 2019 for the remaining chapters of CP24/18.

    CP24/18 proposed the following amendments:

    • Chapter 2 proposes to amend Incoming Firms and Third Country Firms Part of the PRA Rulebook. It also proposes amendments to Branch Return Form.
    • Chapter 3 sets out the PRA proposal to update a SoP with respect to the imposition and amount of financial penalties for breaches by qualifying parent undertakings of ring-fenced bodies.
    • Chapter 4 proposes to update Auditors Part of the PRA rulebook. It also proposes amending supervisory statement, SS1/16, on written reports by external auditors to the PRA.
    • Chapter 5 and 6 proposes minor updates to the Depositor Protection and Policyholder Protection Parts of the PRA Rulebook, respectively.
    • Chapter 7 includes proposed amendments to SoP related to reporting templates for calculating risk based levies to reflect the transition of EBA to FINREP taxonomy.

    Pending consideration of the responses to the consultation, the proposed implementation dates for the proposals are:

    • January 01, 2019 for Chapter 2
    • Audits related to periods ending on December 31, 2018 or later (the reports which would be due from April 2019) for Chapter 4
    • On publication of the final policy for Chapters 3, 5, 6, and 7

     

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    Comment Due Date: November 22, 2018 (Chapter 2); January 22, 2019 (other chapters)

    Keywords: Europe, UK, Banking, Branch Return Form, PRA Rulebook, SS1/16, Statement of Policy, Reporting, Ring Fencing, PRA

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