Occasional Consultation Paper – March 2020

Consultation Paper 3/20
Published on 26 March 2020

Overview

In this Consultation Paper (CP), the Prudential Regulation Authority (PRA) sets out its proposals to make minor amendments to PRA rules, supervisory statements (SS), National Specific Templates (NSTs) and associated LOG files, and the market risk sensitivities data item and associated instructions.

The chapters in this CP are relevant to different types of firms, as follows:

  • Chapters 2, 7 and 8 – PRA-authorised Capital Requirements Regulation (CRR) firms; 
  • Chapter 3 – non-Solvency II insurance firms;
  • Chapter 4 – all Solvency II firms, including the Society of Lloyd’s;
  • Chapter 5 – all PRA-authorised firms; and 
  • Chapter 6 – PRA-supervised firms that operate in the UK but are not UK-headquartered firms.

The chapters contained in this CP, the policy material they propose to change, and the appendices containing the draft amended policy are listed in the table below.

CP3/20 Chapter

Policy material

Appendix

2. Liquidity: Minor updates and amendments to instructions for completing PRA110

SS24/15 ‘The PRA’s approach to supervising liquidity and funding risks’

1

Instructions for completing PRA110

2

3. Non-Solvency II: London interbank offered rate (LIBOR) updates for small insurers

The Insurance Company – Mathematical Reserves Part of the PRA Rulebook

3

4. Solvency II Reporting: Minor updates, corrections and clarifications

The Reporting Part of the PRA Rulebook

4

NS.00 Template

5

NS.07 Template

6

NS.10 Template

7

National Specific Templates LOG files

8

Market risk sensitivities template

9

Instructions to firms when completing the market risk sensitivities data item

10

5. Senior Managers Regime: Application form updates

The Senior Managers Regime – Applications and notifications Part of the PRA Rulebook

11

Senior Managers Regime – Application Forms

12

Statement of Responsibilities Form

13

6. Regulatory Reporting: Amendments to the Branch Return

The Regulatory Reporting Part of the PRA Rulebook

14

The Branch Return form 

15

The Branch Return form validations

16

SS34/15 ‘Guidelines for completing regulatory reports’

17

7. Regulatory Reporting: Updates to SS34/15 and minor amendments to PRA101 template

The Regulatory Reporting Part of the PRA Rulebook

18

PRA101 template

19

SS34/15 ‘Guidelines for completing regulatory reports’

20

8.Securitisation: Updates to Significant Risk Transfer

SS9/13 ‘Securitisation: Significant Risk Transfer’

21

Implementation

Pending consideration of the responses to this consultation, the proposed implementation dates are on publication of the final policy.

Responses and next steps

The consultation closes on Friday 26 June 2020.

The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to OCP.responses@bankofengland.co.uk.

The proposals set out in this CP have been designed in the context of the UK’s withdrawal from the European Union and entry into the transition period, during which time the UK remains subject to European law. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework at the end of the transition period, including those arising once any new arrangements with the European Union take effect.

The PRA has assessed that the proposals would not need to be amended under the EU (Withdrawal) Act 2018 (EUWA). Please see PS5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’  for further details. 

PDFConsultation Paper 3/20

Consultation ends: 26 June 2020
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