In October 2017, we blogged that the PRA published Occasional Consultation Paper 18/17 (CP18/17) setting out proposed changes to certain parts of the PRA Rulebook and certain Supervisory Statements.

The PRA has now published Policy Statement 31/17: Responses to Occasional Consultation Paper 18/17 – Chapters 7 and 8 (PS31/17). In PS31/17 the PRA sets out feedback and final rules to chapter 7 of CP18/17. These changes relate to: MiFID II, the Insurance Distribution Directive (IDD) forms; and the EU Benchmarks Regulation (BMR). The PRA also sets out a consequential amendment to Short Form A, as outlined in Chapter 8 of CP18/17.

The PRA states that PS31/17 will be updated to include the MiFID II Passporting Amendment Instrument (without reference to the relevant implementing technical standard) which includes consequential IDD-related changes to the Branch Notification and Cross Border Services Notification forms. Following publication of the relevant technical standard in the Official Journal of the EU, the PRA will update PS31/17 with a further MiFID II Passporting Instrument, referencing the technical standard.

The MiFID II changes will apply from 3 January 2018.

The BMR applies from 1 January 2018 and the PRA consulted on final rules in CP18/17. However, it has not yet published final rules, as the legislative framework for its Rulebook changes are not yet in place. Once the necessary legislative processes are complete, the PRA intends to make final rules and update PS31/17.

View PRA policy statement on changes to Rulebook outlined in occasional consultation paper, 15 December 2017