PRA

News & Analysis as of

FCA feeds back on SMR for bank branches

FCA has published a feedback statement with near-final rules on the Senior Managers Regime (SMR) and approved persons in UK branches of overseas banks. Unlike PRA’s paper discussed below, FCA’s paper covers UK branches of...more

FCA publishes Approved Persons changes for Solvency 2 firms

FCA has published feedback and final rules addressing: - reforms to the Approved Persons Regime for firms to which PRA has applied the Solvency 2 regime, specifically: - changes to the scope of the Approved Persons...more

FCA consults on NDFs

FCA has published a consultation paper on further aspects of its accountability rules for non-directive (non-Solvency 2) firms (NDFs). The paper complements PRA’s paper discussed below but does not mirror it. The...more

FCA and PRA announce launch date of new handbook websites

New FCA Handbook and PRA Rulebook websites are set to launch on 29 August. From this date the current web address – fshandbook.info – will no longer be in use and will instead redirect users to the new Handbook or Rulebook as...more

PRA finalises non-EEA bank branch SMR rules

PRA has published feedback on its consultation on applying the SMR to UK branches of non-EEA firms. It needs to wait for Treasury to extend the definition of “relevant authorised person” before it can make the final rules....more

PRA publishes further SIMR rules for Solvency 2 firms

PRA has published further feedback and rules on the Senior Insurance Managers Regime (SIMR) as it will apply to firms that fall within Solvency 2. The papers cover: - a policy statement providing feedback on responses to...more

PRA publishes implementation rules for NDF SIMR

PRA has published a policy statement with final rules for NDFs: this looks at the (i) scope of the SIMR; (ii) criteria for fitness and propriety; and (iii) conduct of individuals working for NDFs. The appendix sets out final...more

PRA consults on SIMR for large NDFs

PRA is consulting on further proposals for implementing the SIMR in relation to those NDFs with assets exceeding £25 million. It suggests: - detailed proposals for the application of the SIMR to large NDFs; - keeping...more

First District Holds Public Agency’s Inadvertent Disclosure of Privileged Documents In Response To PRA Request Does Not Waive...

On July 31, 2015, the Court of Appeal for the First Appellate District, Division One, filed a 23-page published opinion holding that the inadvertent disclosure of attorney-client privileged and work product protected...more

PRA consults on prudential rules for NDFs

PRA is consulting on how its Rulebook for NDFs will look. In principle it proposes separate Parts of the Rulebook for friendly societies and other insurers, but with combined rules relating to governance, actuarial...more

PRA consults on miscellaneous rule changes

PRA is consulting on minor miscellaneous changes to its rules. The changes relate to: - deleting the administrative fee for late regulatory reporting: PRA will consider late returns as part of its assessment of the...more

PRA consults on more Rulebook parts

PRA has published its fourth consultation on creating its Rulebook. In this paper, it proposes to transfer more materials from the current Handbook format into the Rulebook, including replacing the: - General Prudential...more

PRA clarifies MA requirements

PRA has issued a statement explaining that: - even if an insurer and a reinsurer are part of the same group, their respective balance sheets must be valued independently and the insurer must not take credit for any...more

PRA issues Solvency 2 reporting codes statements

PRA has published Supervisory Statements within the scope of Solvency 2 setting out: - the list of codes which firms are expected to use when reporting on life business or annuities stemming from non-life business at...more

BBA responds to PRA consultation on contractual stays

BBA has responded to PRA proposals to mandate that banks include, in financial contracts issued under third country law, contractual provisions binding the counterparty to recognise any stay on termination rights imposed by...more

Making Bankers Accountable

The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial...more

UK Insurers Probed for Cyber Risk

The UK's Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to...more

“Taking no prisoners!” The Senior Insurance Manager Regime

The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager...more

New Risks - the New Senior Manager and Senior Insurance Manager Regimes

From 7th March 2016 (and 1st January for insurers), a new regulatory financial services regime will be in place in the United Kingdom. The new regime is significant; it is intended to make it far easier for UK regulators; the...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

UK Financial Institutions Strengthen Accountability

UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

FCA and PRA Finalise New Remuneration Code for “Dual-Regulated” Firms - The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint policy statement (FCA PS15/16 and PRA PS12/15)...more

The Fair and Effective Markets Review: The Final Report

Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more

Practical Guidance on Writing an Outsourcing Policy

Regulatory Requirements - For businesses that operate within the financially regulated sector, there are invariably detailed and often prescriptive rules that apply to outsourcing arrangements. These rules aim to ensure...more

Individual Accountability at UK Financial Institutions - All Change

The new UK senior managers regime, which will come into force on 7 March 2016, is part of a major overhaul of the accountability regime for individuals working in UK banks and investment firms (firms). Overview...more

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