Prudential Regulation Authority—designation of investment firms
Prudential Regulation Authority—designation of investment firms

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Prudential Regulation Authority—designation of investment firms
  • Statutory framework
  • Statement of policy
  • Designation policy
  • Procedural arrangements for designation

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Statutory framework

Section 8 of the Financial Services Act 2012 (FSA 2012) added a new section 22A to the Financial Services and Markets Act 2000 (FSMA 2000) which provides that HM Treasury may, by order, specify which regulated activities are Prudential Regulation Authority (PRA)-regulated activities. In March 2013 HM Treasury published the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013, SI 2013/556. The Order gives the PRA power to designate investment firms that are authorised to deal in investments as principal for prudential supervision by the PRA.

Statement of policy

In March 2013, the Bank of England (BoE) published the PRA's statement of policy on the designation of investment firms. The statement of policy sets out how the PRA w

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