PRA has published a policy statement and new rules on the prudential regime and implementation of the Senior Insurance Managers Regime (SIMR) for non-Solvency 2 firms (see FReD 21 August). It also includes links to grandfathering forms for small and large non-Solvency 2 firms to be submitted to the regulators by 8 February 2016. PRA confirmed that the £25 million threshold in the definition of a small non-Directive firm (NDF) will apply only in relation to assets that are held relating to the regulated activities of a firm. It has also modified the period over which the asset threshold is assessed for the purpose of distinguishing large NDFs from small NDFs. The statement also includes the final rules for the replacement of the current approved persons regime with the SIMR, the prudential regime for those insurance firms outside the scope of Solvency 2, and other consequential amendments to the PRA Rulebook related to all insurance firms. (Source: PRA PS26/15 – Feedback for Non-Solvency 2 Firms)