CP15/21 – Designating investment firms

Consultation Paper 15/21
Published on 05 July 2021

Overview

This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposals to make minor changes to its policy on designating investment firms. This includes a proposal to increase the base capital resources requirement for PRA-designated investment firms, thereby aligning it with changes to the same requirement for firms undertaking the same type of business that are only regulated by the Financial Conduct Authority (FCA) and not by the PRA – ‘solo-regulated’ firms.  

The proposals in this CP would result in amendments to: 

  • the Statement of Policy (SoP) ‘Designation of investment firms for prudential supervision by the PRA’ (Appendix 1); and 
  • the Definition of Capital Part of the PRA Rulebook (Appendix 2).  

The CP is relevant to all PRA-designated UK investment firms. 

Implementation

The PRA proposes that the changes resulting from this CP would take effect on Saturday 1 January 2022.

Responses and next steps

This consultation closes on Tuesday 5 October 2021. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP15_21@bankofengland.co.uk.

The proposals set out in this CP have been designed in the context of the UK having left the European Union and the transition period having come to an end. Unless otherwise stated, any references to EU or EU-derived legislation refer to the version of that legislation which forms part of retained EU law.

Consultation Paper 15/21

Consultation end date:
5 October 2021

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