PRA consults on more Rulebook modules: PRA is consulting on a third set of instruments and supervisory statements transferring materials from the current combined Handbook into the new PRA Rulebook style. The instruments it proposes to make cover:

  • exercise of passport rights (currently in chapter 13 Supervision Manual (SUP));
  • integrated regulatory reporting and prudent valuation reporting (currently in SUP 16.12 and 16.16);
  • rules and policy relating to UK branches of banks, building societies and investment firms incorporated outside the EU (currently in chapters 4 to 9 of the Senior Management Arrangements, Systems and Controls Sourcebook (SYSC)); and
  • rules and policy on reverse stress testing (currently in SYSC 15).

There will also be supervisory statements backing up the new rules, and giving detail on the Internal Capital Adequacy Assessment Process, the Supervisory Review and Evaluation Process and various consequential changes. PRA also proposes to delete certain modules of the current Handbook, but not replace them. PRA asks for comment by 30 June. (Source: PRA Consults on More Rulebook Modules)

PRA finalises branch return policy: PRA has published its policy statement with its final rule on implementing the branch return. It confirms its second pilot study involved the 152 incoming and third country firms within scope of its proposals. In a few cases the relevant firm's supervisor decided not to include a firm in the exercise. Following its review of responses, PRA has made a rule that will take effect from 1 July and will require firms to file the branch return form as at 30 June and 31 December each year within 30 days of the date to which the information relates. (Source: PRA Finalises Branch Return Policy)