News & Analysis as of

PRA consults on capital extractions

PRA is consulting on a draft supervisory statement setting out its views on capital extractions by run-off firms within the general insurance sector. The statement sets out what senior management of general insurance firms in...more

PRA consults on Solvency 2 auditing

PRA is consulting on a policy requiring external audit of elements of Pillar 3 disclosure under Solvency 2. Under Pillar 3, Solvency 2 firms must disclose publicly a Solvency and Financial Condition Report (SFCR). The...more

PRA issues statement on prudential rules for NDFs

PRA has published a supervisory statement for NDFs in relation to capital assessments. It separates parts of the Rulebook for friendly societies from other insurers, but with combined rules relating to governance...more

PRA removes pension obligation risk statement for insurers

PRA has deleted its legacy supervisory statement on pension obligation risk under the individual capital adequacy standards. It concerned the approach that PRA would expect insurers to take when evaluating their capital...more

PRA publishes modification by consent for bail-in

PRA has transposed Article 55 of the Bank Recovery and Resolution Directive (BRRD) through the rules in the Contractual Recognition of Bail-in part of the PRA Rulebook. The rules require firms and holding companies to include...more

UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay

On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These...more

PRA reminds firms of outsourcing notification expectations

PRA has noted FCA’s consultation on outsourcing guidance and reminded dual-regulated firms it would expect notification from them if they are considering outsourcing critical or important functions to a third party IT...more

PRA finalises contractual stays rules

PRA has published its policy and final rules (the PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015) to ensure that resolution action taken in relation to a relevant firm will not...more

Blog: ILS Provisions Added To The Bank Of England & Financial Services Bill, As It Makes Its Way Through The House Of Lords

The UK government has proposed amendments to the Bank of England and Financial Services Bill (the Bill), which if enacted, would pave the way for Insurance Linked Securities (ILS) and collateralised reinsurance business...more

PRA updates statement on IRB approaches

PRA has updated its supervisory statement on internal ratings based (IRB) approaches to credit risk. It has removed expectations now superseded because of actions by the Commission. The updates made include: - deleting...more

PRA publishes Solvency 2 statements

PRA has published two supervisory statements on Solvency 2 following consultation feedback (see FReD 4 September): - “Solvency 2: applying EIOPA’s Set 2, System of Governance and ORSA Guidelines” (SS41/15). This sets out...more

PRA updates liquidity reporting notes

PRA has updated its interim liquidity coverage requirement (LCR) and interim intraday liquidity reporting notes to help firms complete their returns....more

PRA publishes H2 2015 stress scenario

PRA has published its supervisory H2 2015 stress scenario for firms to consider. Firms should use the scenario as a guide to calibrate their own scenarios for Pillar 2 capital planning stress tests....more

FCC’s Consumer Advisory Committee Recommends Open Internet Consumer Disclosures

On November 3, 2015, the Federal Communications Commission’s (FCC’s or Commission’s) Consumer Advisory Committee (CAC) issued consumer disclosure recommendations that–subject to bureau-level review and approval–will enable...more

PRA speaks on governance and the role of boards

Andrew Bailey, deputy governor of PRA, spoke on governance and the role of boards. He considered the role of boards in the broader setting of firms’ executive senior management, boards with non-executive directors (NEDs) in...more

PRA consults on FEES

PRA has launched a consultation on its proposals for redrafting the FEES module of the Handbook to turn it into Rulebook format. It proposes the following layout...more

CLLS responds to Treasury’s BoE Bill Consultation

CLLS has published its response to Treasury’s technical consultation on the BoE Bill’s proposals (see FReD 24 July and FReD 16 October)....more

PRA consults on identifying O-SIIs

PRA is consulting on its approach to identifying other systemically important institutions (O-SIIs). It sets out the proposed criteria and methodology derived from the Capital Requirements Directive and EBA Guidelines. In...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

No Safe Harbour? Immediate Implications for Employers

A landmark decision of the European Court of Justice (ECJ) has held that companies may no longer rely on “Safe Harbour” to justify transferring personal data from the European Union to the US, because the US Government has a...more

Treasury proposes new disciplinary powers

Treasury has published draft legislation extending PRA’s and FCA’s disciplinary powers. The changes ensure that relevant powers extend to both PRA and FCA and give FCA new powers in respect of individuals who have knowingly...more

Treasury introduces BoE Bill

Treasury has published the responses to the Government’s technical consultation on proposed changes to the governance of BoE (see FReD 24 July). It also introduced the Bank of England and Financial Services Bill (the BoE...more

PRA consults on structural reforms

PRA has issued two consultations which form part of the post-crisis reforms to enhance the resilience and resolvability of firms: one on ring-fencing and one on operational continuity. These proposals aim to ensure that...more

UK Financial Conduct Authority Issues Final Rules Concerning Whistleblowers

On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more

Up next from FCA

The latest edition of FCA’s Policy Development Update promises by the end of November: - policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers...more

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