On January 4, the Prudential Regulation Authority (“PRA”) published guidance on the application and supplementary forms that should be submitted by firms requesting a Financial Groups Directive waiver.
The Financial Groups Directive supplements existing sectoral rules with additional requirements for groups with substantial banking/investment and insurance business. Groups are identified as financial conglomerates according to the threshold tests found in the Financial Conglomerates section of the rulebook.
The PRA document is designed to assist firms applying for a financial conglomerate waiver and firms notifying the PRA that a consolidation group is or has ceased to be a financial conglomerate. Document.