PRA publishes consultation responses: PRA has published its responses to consultations on miscellaneous changes to its rules. PRA had already made four instruments in December 2013 (see FReD 3 January 2014). It has now made two further instruments, to cater for the removal of designated investment exchanges as a defined term in the rulebook from 1 March 2014, and to implement its proposals on related party transaction risk from 1 February. It has also taken the opportunity to make a change to the definition of "listed" in Chapter 11 of SUP to create a wider range of PRA-regulated firms for which advanced approved applications can be made for acquisition or disposal of control and in doing so reflect current practice. This change also takes effect from 1 March. (Source: PRA Feeds Back on Rule Changes)

PRA updates on skilled persons reports: PRA has published statistics of skilled persons reports it requisitioned during the third quarter of 2013-14. There were six reports, one of which PRA commissioned using its powers under the Financial Services Act 2012 to contract directly with a skilled person. Half the reports related to banks and half to insurers. Four related to governance, controls and risk management and two to insurance prudential matters. (Source: PRA Updates on Skilled Persons Reports)