PRA Regulatory Digest – April 2023

The Prudential Regulation Authority (PRA) has published the latest version (April 2023) of its monthly regulatory digest. The digest outlines the Authority’s ongoing regulatory activities ranging from the launch of consultations, to the issuance of policy statements, to the implementation of regulatory changes and provides links to corresponding (legal) documents. The regulatory digest presents a viable source of information to stay up-to-date on regulatory issues and to ensure preparedness for upcoming changes as it furnishes a briefly summarized overview of all relevant ongoing issues.
This latest version presents the following highlights:
- The launch of Consultation Paper CP7/23 as regards the PRA’s supervisory fee and levy rates for supervisory year 2023/2024 in which the regulator specifically seeks feedback on its proposed fees and levies and their allocation to individual fee blocks based upon the PRA’s expected funding needs for that year and on the distribution (discount to the fees) of penalties and surplus funds from the previous supervisory year (please see EventID #20632 in this context for more information).
- The launch of Consultation Paper CP8/23 as regards miscellaneous amendments to the PRA Rulebook and to one Statement of Policy. Specifically, the PRA seeks to make technical and editorial changes to the PRA Rulebook that are minor in nature and for clarification and correction purposes only, including changes to the definition of „accounting principles“ (Glossary), to the definition of „participating Solvency II undertaking“ (Glossary), one rule in the „auditor’s section“ to update an erroneous notification form number, and to its „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 (please see EventID 20882 in this context for more information).
- The issuance of Feedback Statement FS1/23 as regards institutions‘ responses as to possible causes of their reluctancy to dissolve high quality liquid assets (HQLA) positions even in times when there’s an acute need for cash to service credit markets (please see EventID 20607 in this context for more information).