Cross-cutting publications and updates
Update to the PRA’s approach to supervision documents
31 October 2018
On Wednesday 31 October the PRA published updated versions of ‘The PRA’s approach to supervision’, for both banking and insurance. ‘The PRA approach’ documents set out how the PRA carries out its role in practice. They are designed to help regulated firms and the market understand how the PRA supervises these institutions, and to aid accountability to the public and Parliament.
25 October 2018
The Bank of England published a news release with links to all communications issued on Thursday 25 October. Of particular interest to those working with or at PRA-regulated firms are:
For further information and materials about the PRA's work on the UK’s withdrawal from the EU, please see the new dedicated EU withdrawal webpage that includes links to information on the authorisation of EEA banks and insurers, and the temporary permissions regime.
CP24/18 ‘Occasional Consultation Paper’
22 October 2018
This CP sets out proposed changes to PRA Rulebook Parts, SSs, statements of policy (SoPs) and forms. The proposed changes and the appendices where the draft policy is set out, are listed on CP24/18 ‘Occasional Consultation Paper’ webpage.
This CP is relevant to all PRA-authorised firms.
The consultation closes on:
- Thursday 22 November 2018 for Chapter 2; and
- Tuesday 22 January 2019 for Chapters 3, 4, 5, 6 and 7.
Superseded SS11/14 ‘CRD IV: compliance with the EBA's Guidelines on disclosure of encumbered and unencumbered assets’
22 October 2018
On Wednesday 21 June 2017 the PRA published CP10/17 ‘Compliance with the EBA’s Guidelines on disclosure: Composition of collateral for exposures to counterparty credit risk’ which proposed that SS11/14 would no longer apply to firms after the Regulatory Technical Standard (RTS) for disclosure of encumbered and unencumbered assets (EU) 2017/2295 came into effect. This RTS was published in the Official Journal of the European Union, and came into effect on Tuesday 2 January 2018. SS11/14 therefore ceased to apply to firms from Tuesday 2 January 2018.
CP23/18 ‘Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change’
15 October 2018
In this CP, the PRA seeks views on a draft SS on banks’ and insurers’ approaches to managing the financial risks from climate change (see Appendix).
The CP is relevant to all UK insurance and reinsurance firms and groups, ie those within the scope of Solvency II including the Society of Lloyd’s and managing agents (‘Solvency II firms’) and non-Solvency II firms, (collectively referred to as ‘insurers’), banks, building societies, and PRA-designated investment firms (hereinafter ‘banks’). ‘Firms’ will be used to refer to both insurers and banks.
The PRA considers that setting out its proposed expectations around how firms address the financial risks from climate change will enable firms to interpret the PRA’s rules and facilitate these intended outcomes.
This consultation closes on Tuesday 15 January 2019.
CP21/18 ‘Regulatory transactions: Changes to notification and application forms’
1 October 2018
In this CP, the PRA sets out its proposals for changes to various PRA forms relating to applications or notifications for regulatory transactions. The CP is relevant to all PRA-authorised firms as well as firms that have a qualifying holding, or which intend to acquire a qualifying holding in a PRA-authorised firm.
The reasons for the proposed changes are explained in Chapter 1. The proposals have been combined into a single consultation to avoid the PRA publishing multiple separate consultations on the same forms and to help ensure PRA resources are used efficiently.
The proposals would be expected to have effect immediately after the publication of final policy.
This consultation closes on Thursday 1 November 2018.