Regulatory Update: PRA Policy Statement
PRA Policy Statement (PS 31/17) on Rulebook changes
Following Occasional Consultation Paper 18/17 (CP18/17) proposing changes to the PRA Rulebook and various Supervisory Statements, Policy Statement 31/17: Responses to Occasional Consultation Paper 18/17 has been issued, setting out feedback and final rules to chapter 7 of CP18/17. The wide ranging amendments include updates to MiFID II, the Insurance Distribution Directive (IDD) forms; and the EU Benchmarks Regulation (BMR). There is also a consequential amendment to Short Form A, as outlined in Chapter 8 of CP18/.
PS31/17 will also be updated to include the MiFID II Passporting Amendment Instrument, including consequential IDD-related changes to the Branch Notification and Cross Border Services Notification forms. Once the relevant technical standard in the Official Journal of the EU is published, the PRA will update PS31/17 with a further MiFID II Passporting Instrument, referencing the technical standard.
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Source and credit: Compliancy Services
Regulatory Update: PRA Policy Statement
