On 2 April 2015 the PRA published the Policy Statement 7/15 The PRA Rulebook: Part 2 following this consultation paper – see Related Links.
This consultation paper (CP) sets out proposals to redraft certain modules of the Prudential Regulation Authority (PRA) Handbook. It is the second in a planned series of consultations aimed at reshaping Handbook material inherited from the Financial Services Authority (FSA) to create a Rulebook, containing only PRA rules. The PRA Rulebook will appear in a new online website in mid-2015 and, until then, will appear on the existing Handbook site in PDF form. Detailed proposals for the presentation of the online Rulebook were outlined in Chapter 10 of CP8/13.
The proposals in this CP are relevant to all PRA firms.
Summary of the content of the CP
This CP seeks views on:
- draft rules that will be incorporated into the PRA Rulebook covering status disclosure, controllers, close links, notifications and systems and controls;
- four draft supervisory statements which set out the PRA’s expectations of firms in relation to the aggregation of holdings for the purpose of the prudential assessment of controllers, the internal governance of firms, the exercise of certain functions of building societies under the Building Societies Act 1986, and the treasury and lending activities of building societies; and
- a statement of policy that sets out the PRA’s approach to insurance business transfers.
The consultation closed on Friday 23 January 2015.
Appendix 1: Draft instruments
Appendix 2: Draft statements
Appendix 3: Rulebook mapping table