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What next for the Prudential Regulation Authority (PRA) Rulebook? Richard Cowan, senior associate at Pannone Corporate, says the Rulebook will be going online and has been tailored towards firms’ requirements.
Prudential Regulation Authority set to launch final Rulebook, LNB News 02/04/2015 69
The PRA intends to amend and streamline both the PRA Handbook and the associated materials inherited from the Financial Services Authority (FSA) to create a new Rulebook and a body of supporting supervisory statements. The final rules are published in a policy statement, supervisory statements and a statement of policy with a view to creating the PRA Rulebook.
What is the background to this policy statement?
The PRA Rulebook: Part 2—PS7/15 (the policy statement) is part of a sequence of publications which will replace the Handbook shared with the Financial Conduct Authority. The publications have come out of the PRA’s commitment to ‘substantially amend and streamline’ its rules inherited from the FSA. This summer (2015), the PRA will also be launching a new Rulebook website in order to improve the online presentation of the PRA’s rules, which will be divided into two sections: deposit-takers and investment firms (banking) and insurance, and will be further split into directive firms and those applying to non-directive firms.
In November 2014, the PRA consulted on the policy statement, following which the only change was the PRA’s decision to postpone the PRA Rulebook Change in Control Instrument, Close Links Instrument and the supervisory statement on the aggregation of holdings for the purpose of prudential assessment of controllers. It was decided that as these parts are interlinked, they should all be made at a later date.
What are the main points covered by it?
Further to the consultation paper (CP25/14) in November 2014, the policy statement sets out the final rules, supervisory statements and a statement of policy.
The first appendix of the policy statement sets out glossary terms, Handbook consequentials and rules on verification of standing data, internal governance and general provisions.
The second appendix sets out:
The third appendix contains the final Rulebook mapping table, as set out in the CP25/14 and contains derivations and destinations.
The Rulebook has been tailored towards firms’ requirements and aims to be easily searchable, using a new numbering system, so that firms may locate many of its applicable rules within one section.
What action, if any, do firms need to take in light of this policy statement?
As the PRA moves away from the Handbook, firms should ensure that they are fully compliant with both the PRA Handbook and Rulebook until the final version of the Rulebook has been fully implemented.
Interviewed by Nicola Laver.
The views expressed by our Legal Analysis interviewees are not necessarily those of the proprietor.
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