The PRA has published Consultation Paper 2/17: Occasional Consultation Paper (CP2/17).
The structure of CP2/17 is as follows:
- chapter 1 concerns an administration instrument that is being used to make minor changes to the PRA Rulebook. The proposed changes are not substantive and are not intended to change PRA policy;
- chapter 2 sets out proposed amendments to Supervisory Statement 17/13: Credit risk mitigation in order to clarify the PRA’s expectation that secured guarantees should be regarded as unfunded credit protection for the purposes of the credit risk mitigation provisions in the Capital Requirements Regulation and that any callable features should be addressed through maturity mismatch;
- chapter 3 sets out proposed amendments to the Fitness and Propriety, Insurance – Fitness and Propriety and Large Non-Solvency II Firms – Fitness and Propriety Parts of the PRA Rulebook to remove superfluous language in each of these parts;
- chapter 4 sets out proposals to amend rule 2.5 of the Insurance Company – Reporting Part of the PRA Rulebook. The PRA also seeks to clarify its position on supplementary notes to a form, proposing an amendment to Insurance Company – Reporting 6.4;
- chapter 5 sets out proposed amendments to rules 7.4 and 15.17(1)(b) of the Remuneration Part of the PRA Rulebook;
- chapter 6 sets out additional reporting requirements for ring-fenced bodies and amendments to the reporting requirements in the Regulatory Reporting Part of the PRA Rulebook; and
- chapter 7 sets out proposals to update Supervisory Statement 9/13: Securitisation. This follows the publication of the final European Banking Authority guidelines on implicit support for securitisation transactions and the adoption of Commission Implementing Regulation (EU) 2016/1801 on laying down technical standards with regard to the mapping of credit assessments for securitisation.
The consultation will close on 2 March 2017 for the administration instrument proposals and on 16 May 2017 for all other proposals.
View PRA February 2017 occasional consultation paper, 16 February 2017