The Consultation Paper publishes by the PRA on which it seeks comments proposes to replace the rules on cross sector groups, capital adequacy calculations for financial conglomerates, rules relevant to third country banking and investment groups, group risk systems and controls requirements and general provisions on reporting and compliance reports. The consultation closes on 13 November, 2015. At the beginning of the month the PRA published its policy statement laying out final rules and supervisory statements following part three of its public consultation.  The policy statement includes rules on passporting, regulatory reporting and reverse stress testing. Also included are expectations regarding aggregation of holdings for the purpose of the prudential assessment of controllers, the internal capital adequacy assessment process (ICAAP) and the supervisory review and evaluation process (SREP), guidelines for completing regulatory reports (entering into force on 1 January, 2016) and internal governance.