Person responsible for a pension arrangement.

The Prospectus Regulation Rules which form part of the FCA Handbook and contain rules and guidance relating to when a prospectus is required to be published in the UK, the form and content of a prospectus, approval and publication of a prospectus and related provisions.

Also known as the MCPS-PRS Alliance, PRS for Music collects and distributes royalties on behalf of music writers and publishers when their music is broadcast, performed, distributed or recorded (in any format, including online). MCPS stands for the ‘Mechanical Copyright Protection Society’ which used to be a separate organisation.

CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the decision of 16 June 2015; it is no longer maintained. See further, timeline and related cases. Case facts Outline European Commission merger investigation into the creation of a full-function joint venture combining the online repertoires of three collective rights management organisations, PRS for Music Limited, Föreningen Svenska Tonsättares Internationella Musikbyrå u.p.a and Gesellschaft für musikalische Aufführungs- und mechanische Vervielfältigungsrechte. There are horizontal overlaps in the markets for the licensing of online musical works and administrative services offered to option 3 publishers. Latest developments The Commission cleared the transaction subject to commitments on 16 June 2015 after a phase II investigation. The Commission has accepted the following commitments: • PRSfM will not to use its control over the performing rights that it manages to force 'Option 3 publishers' or their service providers to purchase copyright administration services from the joint venture–the joint venture will allow other collecting societies and 'Option 3 publishers' to choose which copyright administration services they want to use• the joint venture will offer

The meaning of the words ‘where occasion requires’ in section 211(3) of the Inheritance Tax Act 1984 (IHTA 1984) is ambiguous. In the estate duty case of Christie's Trustees v Christie's Trustees, Lord President Normand stated that the occasion required reimbursement of the executor by the deceased's inter vivos trustees where: • the executor had paid the estate duty • the property did not pass to the executor as such • the beneficiaries under the trust in which the property was held and under the will administered by the executor were either not identical or, being identical persons, did not have identical interests under the trust and under the will,

The Prudential Regulation Authority (PRA) has published policy statement PS13/25, setting out final rules and feedback on its implementation of the Bank Resolution (Recapitalisation) Act 2025. The rules came into force on 16 July 2025, aligning with the commencement of the Act. The Act introduces a new resolution tool that allows for the recapitalisation of failing deposit takers, with funding provided by the Financial Services Compensation Scheme (FSCS) and recovered through levies on firms. The PRA has amended the Depositor Protection Part of its Rulebook to give the FSCS the necessary powers to make recapitalisation payments and raise levies. Other changes include the creation of a new levy class (A2) for non-credit union Deposit Guarantee Scheme members, updates to the treatment of recoveries, and the removal of provisions relating to legacy costs and cross-border acquisitions.

The Financial Conduct Authority (FCA) has published policy statement PS25/2 on the derivatives trading obligation (DTO) and post-trade risk reduction services. It sets out feedback to CP24/24 and the FCA’s final rules on the classes of SOFR OIS (secured overnight financing rate overnight index swaps) subject to the derivatives trading obligation (DTO) and the framework for post-trade risk reduction services which aims to ensure investment firms benefit from various exclusions, including the exemptions from the DTO, best execution and the transparency requirements. The final rules will take effect on 30 June 2025.

The Prudential Regulation Authority (PRA) has published policy statement PS5/25 on the identification and management of step-in risk by UK Capital Requirements Regulation (CRR) firms and CRR consolidation entities. PS5/25, which builds on consultation responses from CP23/23, sets out the final policy for addressing step-in risk by introducing a new section to the PRA Rulebook and an accompanying supervisory statement SS1/25. Among other things, the PRA has introduced new Rule 6.2,removing the requirement for a firm to consider its relationship with a third-party securitisation special purpose entity for step-in risk where its only relationship is an investment in its senior securitisation position. The PRA has also renamed ‘sponsor’ to ‘step-in sponsor,’ and made several clarifications to reporting templates and instructions. The new step-in risk rules and accompanying policy material are due to be implemented on 1 January 2026.

The Prudential Regulation Authority (PRA) has published its near-final policy statement (PS7/25), which updates adjustments for small and medium-sized enterprise (SME) and infrastructure lending under bank-specific capital requirements in Pillar 2A. The policy will take effect in January 2027, concurrently with the implementation of Basel 3.1 standards. PS7/25 is published alongside a consultation on the PRA’s proposed updates to Pillar 2A methodologies and guidance (CP12/25), which is the first phase of an anticipated two-stage review. Responses to CP12/25, are sought by Friday 5 September 2025.

Probabilistic Safety Assessment, sometimes also known as PRA (Probabilistic Risk Assessment): Methodology to probabilistically estimate risks. Fault tree analysis and event tree analysis are integral techniques to PSA. This mathematical tool is used for calculating the risk of certain problems or accidents occurring at a nuclear power station.

The Phone-paid Services Authority (PSA) has launched a consultation on its business plan and budget for 2024–25. The proposed budget for 2024–25, which would amount to £3,818,616, has increased by £21,123 (1%) in cash terms, but represents an overall saving of £316,000 (8%) in real terms in comparison to 2023–24. The business plan and budget is subject to approval by Ofcom. The deadline for responses is 1 February 2024.

The Phone-paid Services Authority (PSA) has published its Annual Market Review. The review provides a comprehensive overview of the phone-paid services market, including market trends, medium-term forecast and consumer spend. Overall, the report’s findings suggest that the market is outperforming expectations, with operator billing recording strong growth, increasing by 12.8%.