The PRA Rulebook: Part 3

Policy Statement 19/15 | Consultation Paper 17/15

Published on 3 August 2015

The PRA Rulebook: Part 3 - PS19/15

Background

This policy statement (PS) publishes final rules and supervisory statements following on from CP17/15 - The PRA Rulebook: Part 3. It is relevant to all PRA-regulated firms. It is the third in a series of publications over two years that will redraft the Handbook inherited from the Financial Services Authority to create the PRA Rulebook.

This PS further advances the commitment made by the PRA in its Approach Documents to amend and streamline substantially both the PRA Handbook and the associated materials carried over from the Financial Services Authority, creating a new Rulebook and body of supporting supervisory statements.

The PRA is planning to launch the new PRA Rulebook online this year. The new website will reshape the presentation of the PRA’s requirements by improving the online presentation and functionality of the PRA’s rules.

The PRA has decided to postpone the publication of the supervisory statement on internal governance of third-country branches (Appendix 2.2 in CP17/15) and the making of the PRA Rulebook: CRR firms: Internal governance of third-country branches instrument [Year] (Appendix 1.4 in CP17/15) as a number of expectations will be superseded or otherwise affected by the introduction of the Senior Managers Regime. The PRA will publish the final supervisory statement in due course.

Summary of content

Appendix 1 to the PS sets out final rules on:

  • Passporting
  • Regulatory Reporting
  • Reverse stress testing

Appendix 2 to the PS sets out final supervisory statements setting out expectations that relate to:

  • Aggregation of holdings for the purpose of the prudential assessment of controllers
  • The internal capital adequacy assessment process (ICAAP) and the supervisory review and evaluation process (SREP)
  • Guidelines for completing regulatory reports (entering into force on 1 January 2016)
  • Internal governance

Note: as set out in Chapter 2 of CP17/15, the PRA has moved the passporting forms, and guidance previously held in Handbook modules SUP 13, SUP 13A, SUP 14 and SUP App 3, to the PRA section of the Bank’s website (see Related Link).

PDFPolicy Statement 19/15

Appendix 2

Supervisory Statement 33/15

Supervisory Statement 31/15 UPDATE

Supervisory Statement 34/15

Supervisory Statement 21/15 UPDATE


Published on 30 April 2015

The PRA Rulebook: Part 3 – CP17/15

Background

This consultation paper (CP) sets out proposals to redraft certain modules of the Prudential Regulation Authority (PRA) Handbook. It is the third 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 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.

This CP seeks views on, amongst other proposals:

  • replacing the rules in chapter 13 (Exercise of passport rights by UK firms) of the Supervision manual (SUP) of the Handbook with a new Rulebook Part ‘Passporting’;
  • replacing the rules set out in SUP 16.12 (Integrated Regulatory Reporting) and SUP 16.16 (Prudent Valuation Reporting) with a new Rulebook Part ‘Regulatory Reporting’ and the guidance in the Annexes to SUP 16 with a new supervisory statement ‘Guidelines for completing regulatory reports’;
  • replacing the rules and policy in chapters 4 to 9 of SYSC (as they apply to UK branches of banks, building societies and investment firms incorporated outside the EU) with one new Rulebook Part ‘Internal governance of third country branches’, and one supervisory statement ‘Internal governance of third country branches’; and
  • replacing the rules and guidance in chapter 20 (Reverse stress testing) of SYSC including chapter 15 in the Internal capital adequacy assessment Part and updating the draft supervisory statement ‘The Internal capital adequacy assessment process (ICAAP) and the supervisory review and evaluation process (SREP)’ that was consulted on in CP1/15.

Responses

This consultation closed on Tuesday 30 June 2015.

PDFConsultation Paper 17/15

Draft proposals

Appendix 1: Draft instruments

PDFPRA Rulebook: Passporting instrument [Year]

PDFPRA Rulebook: Regulatory reporting instrument [Year]

PDFPRA Rulebook: Regulatory reporting amendment instrument [Year]

PDFPRA Rulebook: CRR firms: Internal governance of third country branches instrument [Year]

PDFPRA Rulebook: CRR firms: Reverse stress testing (amendment to ICAA) instrument [Year]

PDFHandbook (Rulebook consequentials No. 3) instrument [Year]

PDFPRA Rulebook: Glossary instrument (No. 2) [Year]

Appendix 2: Draft supervisory statements

PDFGuidelines for completing regulatory reports

PDFInternal governance of third country branches

PDFThe internal capital adequacy assessment process (ICAAP) and the supervisory review and evaluation process (SREP)

PDFInternal governance

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