United Kingdom (and EU regulation)

Occasional Consultation Paper – CP41/15

By on November 12, 2015 Posted in FCA / PRA Handbook, United Kingdom

The PRA has published Consultation Paper 41/15: Occasional Consultation Paper (CP41/15).

In CP41/15 the PRA proposes miscellaneous and minor amendments to its rules and supervisory statements.

The structure of CP41/15 is as follows:

chapter 1 sets out proposed amendments to Rulebook Parts relevant to the Society of Lloyd’s;
chapter 2 sets out amendments to Supervisory Statement 13/13: Market risk. The PRA proposes to set expectations on the validation of firms’ risks not in VaR (RNIV) frameworks and reporting of extensions and changes to firms’ RNIV frameworks, and also provides clarification on the PRA’s reporting requirements around internal model approach (IMA) model changes and extensions;
chapter 3 sets out amendments to Supervisory Statement 12/13: Counterparty credit risk. The PRA proposes clarifications to the reporting requirements for model changes;
chapter 4 sets out consequential amendments to the senior managers regime and the senior insurance managers regime. The proposed changes make minor amendments to the rules already published for insurers and UK relevant authorised persons and are made primarily to align definitions and drafting discrepancies and to correct minor drafting errors; and
chapter 5 sets out amendments to definitions related to credit unions. The PRA sets out a proposal to revise certain definitions in the PRA Rulebook so that they are aligned with the relevant statutory definitions.

The deadline for comments to CP41/15 are as follows: