CP2/23 – Moving Senior Managers Regime forms from the PRA Rulebook

The Prudential Regulation Authority, PRA, has launched a consultation in connection with some forms that must be filed by supervised firms to satisfy their obligations under the Senior Managers and Certification Regime (SM&CR). The SM&CR requires senior managers of in-scope firms to be pre-approved by the regulator and to adhere to some stringent conduct of business requirements.
Specifically, the PRA seeks to remove some forms and any references thereto from its Rulebook and simply make them available online on its notification and applications system (ONA). By removing the forms from the Rulebook, the PRA would no longer need to launch a consultation, if any changes to the forms appear necessary. The following documents would be affected by this action:
– form A (long form) including an „Application to perform controlled functions including senior management functions“ (for new applications);
– form A (short form) including an „Application to perform controlled functions including senior management functions“ for applicants that are currently already approved or were approved within the past six months;
– form B including a „Notice to withdraw an application to perform controlled functions“;
– form E for notification of the „Internal transfer of a person performing a controlled function for dual regulated firms“;
– form I containing an „Applications to add, vary or remove a conditional approval for the performance of a senior management function“;
– form J for the notification of „significant“ changes of responsibilities of a person performing a controlled function, and
– the statement of responsibilities.
Additionally, the PRA seeks to modify form A (long form) to require the filing of the employment history for the past 10 years instead of the past 5 years. This change is in line with the reporting and filing obligations of other financial market participants under the UK MiFID regime.
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The consultation will run through February 28, 2023.