Tag Archives: PRA

Preparing for Brexit: EEA Firms – UK Temporary Permissions Regime (“TPR”)

The UK FCA and PRA propose to implement the TPR if the UK leaves the European Union on 29 March 2019 without an implementation (or transitional) period, to ensure that EEA firms currently operating under an incoming passport (either from … Continue reading

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Filed under UK, UK Regulations, UK-EU Negotiations

HM Treasury and Financial Regulators’ updates on Brexit preparation

Almost a year after it was introduced, a key piece of UK domestic Brexit legislation has now been passed.  The European Union (Withdrawal) Act 2018 (EUWA), which aims to provide a functioning statute book on the day the UK leaves the … Continue reading

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Filed under UK

PRA Business Plan 2018/19

Today, 9 April 2018, the Prudential Regulatory Authority (PRA) has published its Business Plan 2018/19.  The Business Plan sets out: An overview of the PRA’s responsibilities and approach; The PRA strategy; Business Plan 2018/19; and Budget 2018/19. Alongside the Business … Continue reading

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Filed under FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting … Continue reading

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Filed under Announcements, FCA, PRA, UK, UK Regulations

UK: A guide to the PRA’s proposals on the Solvency II remuneration rules

The PRA has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance).  The Draft Guidance is, in certain respects, materially more onerous than may have been expected.  In particular, it … Continue reading

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Filed under European Guidance, Insurance, PRA, Remuneration

UK: PRA confirms approach to supervising insurers

Documents published over the summer provide some insight into how the PRA is supervising insurers.  In particular, firms should be aware of a new version of the PRA’s “Approach to insurance supervision” (Approach Document) and of an update on the … Continue reading

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Filed under Insurance, PRA, UK

UK: Regulatory reform: FCA and PRA Handbooks published

The FSA has published future versions of the Handbooks of the FCA and PRA, together with a Guide to how the Handbook rules have been designated,.  The FSA Handbook has been split between the two new regulators to form two … Continue reading

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Filed under FCA, PRA, Regulatory Reform, UK, UK Regulations

UK: PRA Board members appointed

The Court of the Bank of England has announced the appointment of three independent directors to the Board of the Prudential Regulation Authority (PRA) which will be responsible for the safety and soundness of banks, insurance companies and major investment … Continue reading

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Filed under Bank of England, PRA, Regulatory Reform, UK