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Home > Prudential Regulation Authority > Amendments to various forms - CP35/15
 

Amendments to various forms - CP35/15

18 September 2015

​Background

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), together ‘the regulators’, are introducing a new accountability regime for deposit-takers, insurers and PRA-designated investment firms.

As part of implementing the new regime, the regulators have consulted on amendments to a series of forms used by firms and individuals relating to regulatory approval for certain roles. During this exercise, the regulators received feedback regarding the necessity of some of the questions asked in these forms.

Reflecting on that feedback, this paper sets out proposed amendments to two forms for the new regime and also to two forms used in the current Approved Persons Regimes. These changes alter the questions to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the regulators remain able to properly assess the fitness and propriety of those we are required to approve.

CP35/15 also includes shared forms made under the regulators’ powers of direction under the Financial Services and Markets Act. The regulators have also today amended these forms with immediate effect. This paper will be of interest to all FCA and PRA-authorised firms and individual candidates for approval as approved persons, notified non-executive directors and key function holders.

Summary of proposals

A substantial majority of the forms containing questions relating to fitness and propriety are shared forms made under the regulators’ powers of direction under FSMA. Where forms are made under such powers, there is no statutory duty on the regulators to consult when changing them. The regulators have today amended those forms with immediate effect. Appendix 1 contains the forms amended with immediate effect under powers of direction.

In practice many firms access these forms online. Accordingly, the regulators have also changed the online versions. These changes may take a few days to take effect in the system.

There are also two shared forms, and a PRA-only form, made under rulemaking powers that contain questions that mirror the questions in the forms amended today. Where forms are made under rulemaking powers, there is a statutory requirement on the regulators to consult on any proposed changes to them. The forms are as follows:

  • Form D is a shared form used by firms to notify the regulators of any changes in circumstances for approved persons.
  • Form F is a shared form and relates to overseas firms.
  • Form M is a PRA-only form that applies from 7 March 2016 and relates to the appointment of Non-Executive Directors and Key Function Holders.

The regulators believe the proposed changes to these forms are straightforward and so are consulting for a period of one month. The regulators will also review the directions made today in light of the responses to this consultation.

Appendix 2 contains the proposed changes to Forms D, F and M.

Responses

This consultation closed on Monday 19 October 2015.
Please address any comments or enquires to CP35/15@bankofengland.co.uk

Consultation Paper (including annexes)

Amendments to various forms - CP35/15 

Appendices

Appendix 1: Forms amended with immediate effect under powers of direction (5.0MB)

Appendix 2: Draft Handbook text and PRA Rulebook text – proposed changes to forms made under rulemaking powers 


Final policy in relation to this consultation is available under related links.
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