Published on 2 April 2015
The PRA Rulebook: Part 2 - PS7/15
This policy statement (PS) publishes final rules, supervisory statements and a statement of policy following on from CP25/14 The PRA Rulebook: Part 2. It is relevant to all PRA-regulated firms. It is the second in a series of publications over two years that will redraft the Handbook inherited from the Financial Services Authority to create the PRA Rulebook.
The PRA intends to launch the Rulebook website online this summer. The Rulebook website will replace the existing Handbook site currently shared with the Financial Conduct Authority. The redesigned site will reshape the PRA’s policy material by improving the online presentation of the PRA’s rules, including style, structure and functionality.
Summary of content
Appendix 1 to the PS sets out:
- Rulebook glossary terms;
- verification of standing data rules;
- general provisions rules;
- internal governance rules; and
- Handbook consequentials.
Appendix 2 to the PS sets out:
- supervisory statement - internal governance;
- supervisory statement - exercising certain functions under the Building Societies Act 1986, this also includes forms available on the Banks and Building Societies lists webpage;
- supervisory statement - supervising building societies’ treasury and lending activities; and
- statement of policy - the Prudential Regulation Authority’s approach to insurance business transfers.
Appendix 3 sets out the final Rulebook Mapping table which was included in CP25/14. The table maps across provisions from the PRA Handbook with the corresponding provisions incorporated into the Rulebook.
Statement of Policy
Published on 24 November 2014
The PRA Rulebook: Part 2 – CP25/14
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