Published on 30 September 2015
PRA Rulebook: Administration Instrument (No. 2) 2015
Following consultation on this administration instrument in CP32/15, the PRA intends to make corrections to the PRA Rulebook. The corrections are not substantive and are not intended to change PRA policy.
In making these instruments, the PRA aims to ensure that rules are correct, presented clearly and contain up-to-date references. Accurate Rulebook provisions allow the PRA to act in a way that advances the safety and soundness of PRA firms and specific to insurers, contribute to policyholder protection. For these reasons, the PRA believes that administration instruments are compatible with the requirement on the PRA to act in a way that advances its objectives (s.138J(2) of the Financial Services and Markets Act 2000 (FSMA)).
The PRA consults with the Financial Conduct Authority prior to undertaking consultations on administration instruments (s.138J(1) FSMA) and ensures that proposed corrections are consistent with the regulatory principles (s.2H FSMA). Such minor corrections are unlikely to impact on competition or on mutual societies (s.138K(2) FSMA) or give rise to any equality or diversity issues. Minor proposals are also unlikely to result in costs for firms, who will benefit from a more accurate Rulebook (s.138J(2)(a) FSMA).
PRA Rulebook: Administration Instrument (No. 2) 2015
Published on 28 August 2015
PRA Rulebook: Administration Instrument (No. [2]) 2015 – CP32/15
The Prudential Regulation Authority (PRA) consults on administration instruments. An administration instrument is used to make corrections to PRA Rulebook provisions. The corrections are not substantive and are not intended to change PRA policy. The corrections will result in rule amendments.
In making these instruments, the PRA aims to ensure that rules are correct, presented clearly and contain up-to-date references. Accurate Rulebook provisions allow the PRA to act in a way that advances the safety and soundness of PRA firms, specific to insurers and contribute to policyholder protection. For these reasons, the PRA believes that administration instruments are compatible with the requirement on the PRA to act in a way that advances its objectives (s.138J(2) of the Financial Services and Markets Act 2000 (FSMA)).
The PRA consults with the Financial Conduct Authority (FCA) prior to undertaking consultations on administration instruments (s.138J(1) FSMA) and ensures that proposed corrections are consistent with the regulatory principles (s.2H FSMA). Such minor corrections are unlikely to impact on competition or on mutual societies (s.138K(2) FSMA) or give rise to any equality or diversity issues. Minor proposals are also unlikely to result in costs for firms, who will benefit from a more accurate Rulebook (s.138J(2)(a) FSMA).
This consultation closed on Friday 11 September 2015.
PRA Rulebook: Administration Instrument (No. 2) 2015 - CP32/15