CP8/23 – Occasional consultation paper – April 2023

The Prudential Regulation Authority (PRA) has published an occasional consultation paper (CP8/23) on proposed miscellaneous modifications to the PRA Rulebook and to one Statement of Policy. The proposed modifications are minor in nature and typically involve changes for clarification or correction purposes. They do NOT change existing policies of the Authority.
In this particular consultation, the PRA seeks to
1. modify the definition of „participating Solvency II undertaking“ in the glossary part of the Solvency II Rulebook to read as follows – as quoted: „participating Solvency II undertaking means a Solvency II undertaking that holds a participation in another undertaking“;
2. modify the PRA’s Statement of Policy: The PRA’s approach to the publication of Solvency II technical information to amend its approach to the valuation of insurance liabilities for each relevant currency;
3. modify the definition of „accounting principles“ in the glossary part of the entire PRA Rulebook to read as follows – as quoted: „accounting principles means in the case of:
(1) a firm which is a company, the applicable accounting requirements for the company concerned specified in Part 15 of the Companies Act 2006 or in any provision made under that Act;
(2) an overseas firm, the accounting requirements as would be applicable if that firm was a company with its registered or head office in the UK; or
(3) any other firm, the applicable accounting requirements for the type of firm concerned as specified in any relevant legislation;
and for this purpose ‘accounting requirements’ means accounting requirements for the purposes of external financial reporting and ‘company’ has the same meaning as in section 1(1) of the Companies Act 2006“
4. modify the reference number of a notification form in the auditor’s section of the Rulebook that is to be used by firms to notify the PRA of an auditor appointment (No 10.2).