On 15 December 2021, the Prudential Regulation Authority (PRA) published Policy Statement 27/21 ‘Designating investment firms’ (PS27/21). In PS27/21 the PRA sets out its final update to its Statement of Policy ‘Designation of investment firms for prudential supervision by the PRA’, and final rule in the Definition of Capital Part of the PRA Rulebook following Consultation Paper 15/21 ‘Designating investment firms’ (CP15/21). The PRA reports that it received no responses to CP15/21. The final policy will take effect on 1 January 2022.