PRA has issued an update on regulatory references in response to the feedback received to its now-closed consultation on the matter (see FReD 9 October 2015). Respondents raised several issues which PRA wishes to consider further before finalising specific rules, including:
- how best to update regulatory references;
- how to obtain regulatory references from certain overseas employers; and
- the timeline for implementation of the full regime.
As a result, PRA intends to issue a first tranche of rules in mid-February to apply from 7 March with the introduction of the Senior Managers Regime (SMR) and Senior Insurance Managers Regime (SIMR). PRA and FCA will then issue as soon as possible a second tranche of rules to address the possible gaps in the framework identified through the consultation. (Source: PRA Updates on Regulatory References)