On 31 October 2024, the Prudential Regulation Authority (PRA) published a policy statement, PS17/24, setting out its responses to occasional consultation paper CP6/24 and its final policy on the areas covered. PS17/24 also includes the PRA and Financial Conduct Authority (FCA)’s joint response and policy statement (FCA PS24/13) on finalised changes to the UK EMIR bilateral margin requirements, which were also consulted on in CP6/24.
Background
In CP6/24, the PRA proposed to make minor amendments to PRA rules and to add a new rule to the Policyholder Protection Part of the PRA Rulebook.
The PRA and FCA also proposed to make consequential amendments to Binding Technical Standards (BTS) 2016/2251, to reflect the expected changes to Articles 4 and 11 of UK EMIR that will be made in the draft Securitisation (Amendment) Regulations 2024.
Final policy
In PRA PS17/24 and FCA PS24/13, the regulators confirm that they are making the changes consulted on, with some amendments to certain aspects of the proposals to reflect feedback received from respondents.
Next steps
The changes set out in PS17/24 and PS24/13 will be implemented on:
- 1 November 2024 for the amendments to BTS2016/2251.
- 4 November 2024 for the PRA rules covered by PS17/24.