Responses to CP36/16 and correction to PS2/16 PIN rules

Policy Statement 4/17
Published on 23 February 2017

Overview

This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses, and final rules and supervisory statements (SS) to Consultation Paper (CP) 36/16 ‘Occasional Consultation Paper’ (the CP). It also contains corrections to the Pre-Issuance Notification (PIN) rules for an administrative error in the final rules presented in PS2/16 ‘Amendments to the Pre-Issuance Notification regime’.

This PS is relevant to all PRA-authorised firms.

The appendices to this PS provide links to the final rules and SSs consulted on in the relevant chapters of the CP, outlined in the table below:

CP36/16 chapter / name Rulebook Part / SS Appendix
2 Liquidity reporting for UK branches of third-country firms Regulatory Reporting Part
SS1/17 ‘Supervising international banks: the PRA’s approach to branch supervision – liquidity reporting’
1
2
3 Pre-Issuance Notification rules - clarifications and corrections Own Funds Part
Group Supervision Part
Insurance Company – Capital Resources Part
3
4
5
4 Internal model approach approvals – clarifications for reporting and analysis SS13/13 ‘Market Risk’ 6
6 Credit unions – lending and additional investments Credit Unions Part
SS2/16 ‘The prudential regulation of credit unions’
7
8
7 Corrections to the External Audit Part External Audit Part 9

The PIN rule amendments are included as Appendix 10.

The final rules and supervisory statement for Chapter 5 of the CP (Ring-fencing – consequential and reporting amendments), were published in PS3/17 ‘The implementation of ring-fencing: reporting and residual matters – responses to CP25/16 and Chapter 5 of CP36/16'. The final rules for the administration instrument included in the CP were published in January 2017.

The policy contained in this PS 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.

Feedback on consultation responses

The PRA received eight responses to the CP. For chapters 2, 4 and 6, respondents made a number of suggestions and requests for clarification which are set out in Chapter 2 of this PS. No responses were received for chapters 3 and 7, and so the PRA will implement the rules as presented in the CP.

PDFPolicy Statement 4/17

Appendices

  1. PRA RULEBOOK: CRR FIRMS: LIQUIDITY REGULATORY REPORTING (AMENDMENT) INSTRUMENT 2017
  2. PDFDownload PDF
  3. Supervisory Statement 1/17
  4. PRA RULEBOOK: SOLVENCY II FIRMS: OWN FUNDS (NOTIFICATION OF ISSUANCE – AMENDMENTS) INSTRUMENT 2017
  5. PDFDownload PDF
  6. PRA RULEBOOK: SOLVENCY II FIRMS: GROUP SUPERVISION (NOTIFICATION OF ISSUANCE – AMENDMENTS) INSTRUMENT 2017
  7. PDFDownload PDF
  8. PRA RULEBOOK: NON-SOLVENCY II FIRMS: INSURANCE COMPANY – CAPITAL RESOURCES (NOTIFICATION OF ISSUANCE – AMENDMENTS) INSTRUMENT 2017
  9. PDFDownload PDF
  10. Supervisory Statement 13/13
  11. PRA RULEBOOK: NON CRR FIRMS: CREDIT UNIONS AMENDMENTS INSTRUMENT 2017
  12. PDFDownload PDF
  13. Supervisory Statement 2/16
  14. PRA RULEBOOK: SOLVENCY II FIRMS AND NON-AUTHORISED PERSONS: EXTERNAL AUDIT AMENDMENTS INSTRUMENT 2017
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  16. PRA RULEBOOK: SOLVENCY II FIRMS: GROUP SUPERVISION (NOTIFICATION OF ISSUANCE – AMENDMENTS) (NO.2) INSTRUMENT 2017 PDFDownload PDF
  17. PRA RULEBOOK: SOLVENCY II FIRMS: OWN FUNDS (NOTIFICATION OF ISSUANCE – AMENDMENTS) (NO.2) INSTRUMENT 2017
  18. PDFDownload PDF
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