News & Analysis as of

PRA publishes letter on Solvency 2 approvals

PRA has written to Solvency 2 firms providing information on regulatory approvals related to the first day of the new regime under Solvency 2 on 1 January 2016. PRA says that during the final months before implementation, it...more

PRA amends CRD4 reporting rules

PRA has published amendments to the fourth Capital Requirements Directive (CRD4) reporting rules. Following feedback in September to its occasional consultation paper PRA has removed the administrative fee for late reporting....more

PRA updates skilled persons statement

PRA has updated its supervisory statement that sets out PRA policy and expectations regarding the appointment of, and reporting powers held by, skilled persons. It says the update gives clarity on the use of skilled persons...more

PRA makes Rulebook corrections

PRA has published an administration instrument intending to make changes to the PRA Rulebook. These changes will not affect PRA policy as they provide updates and clarity. The corrections coming into place have the following...more

PRA reports to Defra on climate change adaptation

PRA has submitted its report to the Department for Environment, Food and Rural Affairs (Defra) on climate change adaptation with a focus on insurance. PRA also published a letter to insurers and other industry participants to...more

LMA updates SIMR guidance

LMA has updated its guidance clarifying the SIMR for its members. This update follows the publication of the final FCA and PRA rules....more

FCA and PRA consult on ring-fencing guidance

FCA and PRA are consulting on their approach to implementing ring-fencing and ring-fencing transfer schemes (RFTS)...more

PRA updates Solvency 2 XBRL filing manual

PRA has updated the Solvency 2 XBRL filing manual....more

PRA invites Solvency 2 reporting questions

PRA has published three Q&A documents regarding Solvency 2. It wants to encourage insurance firms and other organisations working on Solvency 2 to submit questions on reporting to their industry working group on the...more

PRA consults on audit committee requirements

PRA has issued a consultation on its proposed rules for implementing the audit committee requirements of article 39 of the revised Statutory Audit Directive. PRA proposes: - CRD credit institutions, Solvency 2 insurers,...more

PRA and FCA consult on Form A and controller form changes

PRA and FCA are consulting on amendments to forms that result from changes in the accountability regime. The changes are to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the...more

PRA updates CRD4 pillar 2 VREQ applications page

PRA has updated its information on pillar 2 voluntary requirements (VREQ) applications. Firms to which the CRR applies will be invited to apply for a VREQ under the Financial Services and Markets Act 2000 preventing them from...more

PRA updates Solvency 2 XBRL filing manual

PRA has updated the Solvency 2 XBRL filing manual....more

Upper Tribunal dismisses FCA allegations of incompetence

PRA and FCA The Upper Tribunal has clarified its decision in the case of Timothy Alan Roberts and Andrew Wilkins of Catalyst Investment Limited as reported in FReD 14 August 2015. FCA has, as a result, clarified the Tribunal...more

PRA updates CRD4 reporting

PRA has published clarifications for inconsistencies and errors identified in guidance and reporting templates on the CRD4 liquidity coverage ratio (LCR) and eligible capital reporting resources....more

PRA updates on Solvency 2

PRA has published its update letter for all Solvency 2-affected firms. The letter reminds firms of PRA’s expectations with respect to: - transitional deduction to technical provisions; - the standard formula...more

Scope of banking reform extended

The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 makes amendments to the original transitional provisions order to include all PRA-authorised firms within its scope...more

Treasury Committee takes evidence on BoE Bill

The House of Commons Treasury Select Committee has held an evidence session as part of its inquiry into the Bank of England Bill (BoE Bill), currently intended to be brought forward in autumn 2015. Among other things...more

FCA launches new Handbook website

FCA has launched a new Handbook website which it says will make it easier for firms to use and navigate the Handbook. In addition, PRA has launched its own PRA Rulebook website....more

PRA publishes Solvency 2 consultations and statement

PRA has published two consultation papers and a supervisory statement for all UK firms within the scope of Solvency 2: - one consultation seeks feedback on a draft supervisory statement setting out PRA expectations of...more

PRA consults on handbook amendments

PRA is consulting on a number of amendments to its handbook. The changes are minor and mainly implement consequential changes arising from the new senior managers and senior insurance managers regimes....more

PRA updates CRD4 liquidity reporting

PRA has made available notes and templates to facilitate interim liquidity coverage requirement (LCR) and intraday liquidity data metrics reporting from October 2015. ...more

PRA summarises SIMR

PRA has written to insurance firms summarising what they need to know and do to prepare for the senior insurance managers regime (SIMR) changes. ...more

FMLC writes to PRA on contractual stays

FMLC has written to the PRA in response to a consultation on contractual stays in financial contracts governed by third-country law. FMLC welcomes the proposed rule for a stay of early termination rights to take effect on the...more

PRA publishes credit unions’ Annual Assessment letter

PRA has published the 2015 Annual Assessment letters to directors of Category Five Credit Unions, which are not assessed individually but rather as part of their peer group. PRA has sent different letters for each of the...more

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