This Occasional Consultation Paper (OCP) sets out proposed changes to Prudential Regulation Authority (PRA) rules and existing supervisory statements (SS).
This consultation is relevant to all PRA-authorised firms.
The chapters contained in this OCP, the Rulebook Parts and SSs they propose to change, and the appendices where the draft policy is set out, are listed in the table below:
|Chapter||Rulebook Part/Supervisory Statement||Appendix|
|1. Overview - Administration instrument||Minor amendments to several Rulebook Parts||9|
|2. Credit risk mitigation – secured guarantees||SS17/13 ‘Credit Risk Mitigation’||1|
|3. Regulatory references – minor amendments|| Fitness and Propriety
Insurance – Fitness and Propriety
Large Non-Solvency II Firms – Fitness and Propriety
|4. Non-Solvency II firms – external audit reporting and supplementary notes||Insurance Company - Reporting||3|
|5. Remuneration – committees and deferral periods||Remuneration||4|
|6. Ring-fencing – residual reporting requirements for ring-fenced bodies||Regulatory Reporting
Draft reporting templates RFB001 to RFB008
Draft reporting instructions for RFB001 to RFB008
|7. Securitisations – implicit support and external credit assessment institution (ECAI) mapping||SS9/13 ‘Securitisation’||8|
The policy contained in this OCP has been designed in the context of the current UK and EU regulatory framework. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework, including changes arising once any new arrangements with the European Union take effect.
Responses and next steps
The consultation will close on:
- Thursday 2 March 2017 for the administration instrument; and
- Tuesday 16 May 2017 for all other chapters.
The PRA invites feedback on the proposals set out in this consultation.