This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Chapter 4 of Consultation Paper 8/17 ‘Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms’ (CP8/17). It includes amendments to a number of forms used in the Senior Managers Regime (SMR forms), which the PRA shares with the Financial Conduct Authority (FCA).
This PS is relevant to banks, building societies, credit unions, and PRA designated investment firms (collectively known as Relevant Authorised Persons (RAPs)).
In CP8/17 the PRA proposed a number of consequential amendments to SMR forms. The proposed amendments sought to implement optimisations to the SMR introduced in PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.
Appendix 1 links to the instrument amending the relevant SMR forms. Appendix 2 links to the final amended forms, which will be available on the PRA’s website from 12 November 2017.
Appendices
PRA RULEBOOK: CRR FIRMS, NON CRR FIRMS: SENIOR MANAGERS REGIME AMENDMENT INSTRUMENT (No.2) 2017)
Revised SMR forms. These forms will come into effect from Sunday 12 November 2017. Until that point, firms should continue to use the current forms, available on the Senior Managers Regime – submitting, amending, withdrawing page:
- Long Form A for UK Relevant Authorised Persons and Third Country Relevant Authorised Persons;
- Short Form A for UK Relevant Authorised Persons and Third Country Relevant Authorised Persons;
- Form E Internal transfer of an approved person (for firms and individuals subject to the senior management regime);
- Statement of Responsibilities (‘SoR’); and
- Statement of Responsibilities (Third Country Relevant Authorised Persons only) (‘Third Country SoR’).