Prudential Regulation Authority

News & Analysis as of

UK Financial Regulatory Developments - February #2

FCA writes to CEOs on CFD compliance - FCA has written a Dear CEO letter following its review of new client procedures for firms offering contracts for difference (CFD) products on a non-advised basis. FCA carried out a...more

UK Regulators Take Action against Three Firms and Five Individuals for Insurance Scheme Failures

The Financial Conduct Authority banned Mr. Shay Reches from performing any function in relation to a regulated activity and fined him £1,050,000. Mr. Reches also agreed to pay £13,130,000 to three insurers, which amount, if...more

UK Financial Regulatory Developments - January 2016 #13

FCA reinstates unfair contract terms library - FCA has reinstated its unfair contract terms library, which it has reorganised in the light of the Consumer Rights Act (CRA) and CMA guidance. FCA does not intend to publish...more

UK Financial Regulatory Developments - January 2016 #12

PRA has published a policy statement setting out: - feedback and links to final rules on engagement between external auditors and supervisors and giving PRA disciplinary powers over external auditors and actuaries...more

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

The PRA Publishes Guidance on Financial Conglomerate Waivers

On January 4, the Prudential Regulation Authority (“PRA”) published guidance on the application and supplementary forms that should be submitted by firms requesting a Financial Groups Directive waiver. The Financial Groups...more

2016 Trends #3: Board Expectations for Ethics & Compliance Oversight Get More Specific, Uniform and Comprehensive

According to the U.S. Sentencing Guidelines for Organizations—and similar provisions found in other guidelines worldwide—an organization’s governing body is responsible to “exercise reasonable oversight with respect to the...more

PRA publishes FICOM waivers

PRA has published guidance on the application and supplementary forms that should be submitted by firms requesting a Financial Conglomerates (FICOM) Directive waiver. ...more

PRA updates credit unions forms and guidance

PRA has updated the forms and guidance for credit unions to use when submitting quarterly and annual returns. ...more

Blog: Part VII Transfers – When Is The Independent Expert Obliged To Disclose The Documents He Relies On, As He Prepares His...

In Excess Insurance Company Limited & others, the Court was asked to sanction the transfer of an insurance business from three different insurers to a fourth. The Prudential Regulation Authority and Financial Conduct...more

BoE and PRA consult on MREL

BoE and PRA are consulting on the minimum requirement for own funds and eligible liabilities (MREL) for all UK banks, building societies and certain investment firms. BoE’s consultation looks at its approach to setting the...more

CFTC Adopts Uncleared Swaps Margin Rules

On December 16, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) adopted final rules to impose margin requirements on uncleared swaps entered into by swap dealers and major swap participants subject to...more

PRA updates on credit unions’ use of third parties

PRA has updated its webpage on PRA’s supervision of credit unions by clarifying its expectations for credit unions using third parties for internal audit services. PRA takes the view that, where appropriate, the use of third...more

PRA defines scope of consultation on structural reforms

PRA has issued an addendum to its consultation on ensuring operational continuity in resolution (see FReD 16 October) to define the scope of the application of its proposals. ...more

PRA finalises Lloyd’s and further Rulebook Project rules

PRA has published a policy statement on feedback to its consultation on the PRA Rulebook (see FReD 21 August) and to some parts of its November occasional consultation paper (see FReD 13 November). The statement includes...more

PRA updates list of UK headquartered G-SIIs

PRA has updated its CRD4 page to add the 2015 list of UK headquartered global systemically important institutions (G-SIIs), their respective sub-categories and the applicable scores and G-SII buffers....more

PRA proposes modification to Solvency 2 supervision for Bermudian undertakings

PRA has proposed a rule modification to Solvency 2 group supervision rules in respect of Bermudian-parented undertakings. PRA proposes that until their equivalence under the Solvency 2 regime is confirmed, a temporary...more

Regulators amend forms

PRA has published amended forms that it has agreed with FCA, relating to approved persons, change in control and new firm authorisation application forms. ...more

PRA publishes Leverage Ratio Buffer requirements for G-SIIs

PRA has published additional leverage ratio buffer model requirements for G-SIIs. Applications for a voluntary requirement (VREQ) will include this additional leverage ratio buffer as well as the associated reporting and...more

PRA consults on Pillar 2 reporting

PRA has issued a consultation on updates to Pillar 2 reporting data items and instructions. The minor updates are intended to clarify and assist in the completion of Pillar 2 data items....more

PRA publishes SIMR Q&A

PRA has published answers to questions received from industry participants on the application of the SIMR to Solvency 2 insurers....more

PRA writes to non-Solvency 2 firms on SIMR

PRA has written to non-Solvency 2 insurance firms on the implementation of the Senior Insurance Managers Regime (SIMR). It emphasises that SIMR goes live on 7 March 2016 so firms wishing to grandfather individuals will need...more

PRA sets out expectations for insurance market

PRA has issued a “Dear CEO” letter on continuing soft market conditions in the UK general insurance sector. The letter explains that continuing low interest rates and another year without significant natural catastrophes are...more

PRA grants first Solvency 2 internal models approvals

PRA has published a list of 19 insurers whose full or partial internal models have been approved for use under Solvency 2 from 1 January 2016. The decision on each application has been provided to the relevant firm, on an...more

PRA issues UK leverage ratio framework policy

PRA has issued a policy statement on how it intends to implement a UK leverage ratio framework following the Financial Policy Committee (FPC’s) direction. PRA considers that this framework will address the risk of excessive...more

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