PS4/23 – Moving Senior Managers Regime forms from the PRA Rulebook

Following a consultation earlier this year to remove some forms and references thereto that must be filed by supervised firms to satisfy their obligations under the Senior Managers and Certification Regime (SM&CR) from its Rulebook and simply make them available online on its notification and applications system (ONA) and 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, the Prudential Regulation Authority (PRA) has now published a corresponding policy statement (PS4/23).
Therein, the Authority confirms that it will proceed as proposed with NO modifications as most respondents were supportive of the action. That means that the following forms will be moved to ONA per May 11, 2023:
– 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.
In view of the fact that the move to ONA is primarily intended to no longer require the Authority to consult on any form changes, the PRA announces that – in order to ensure that all supervised entities become aware of any future form changes – it will
– publish „a PRA Direction notice of form changes on the SMR section of the Bank of England website“ and
– include a message in its monthly Regulatory Digest on any form changes.
Form changes concerning dually regulated firms, those regulated by both the PRA and the Financial Conduct Authority (FCA), will also be announced on the FCA’s Connect System, the Authority’s online user management system for filing applications and notifications.
Finally, due to some concerns raised about material changes to forms, the PRA confirms that it will continue to consult on any such „material“ changes just the way as it was done in the past.