On 30 April 2024, the Prudential Regulation Authority (PRA) published an occasional consultation paper, CP6/24, which sets out its proposals to make minor amendments to PRA rules and to add a new rule to the Policyholder Protection Part of the PRA Rulebook. CP6/24 also includes, at Chapter 5, joint PRA and FCA proposals to make changes to technical standards relating to risk mitigation techniques for over-the-counter derivative contracts not cleared by a central counterparty – for more details on those proposals, see our separate blog.

The proposals set out in CP6/24 would:

  • Amend the Disclosure (CRR) Part of the PRA Rulebook.
  • Amend the Reporting (CRR) Part of the PRA Rulebook.
  • Amend Regulatory Reporting Part of the PRA Rulebook.
  • Amend the Glossary of the PRA rulebook.
  • Add a new Rule 9.5A to the Policyholder Protection Part of the PRA Rulebook (Policyholder Protection).
  • Amend Binding Technical Standards (BTS) 2016/2251 (through the joint FCA and PRA proposals).

The PRA is proposing to implement the changes set out in Chapters 2,3 and 4 of CP6/24 by the end of 2024. The PRA and FCA propose that the implementation date for the changes in Chapter 5 would be 1 November 2024 (subject to HM Treasury making the relevant commencement order to revoke the Securitisation Regulation).

The consultation closes on 30 May 2024.