The released statement relates to HMT and PRA’s Solvency II reforms to be implemented until the end of 2023 on the reporting and technical measures. Main topics discussed were:
– removal of the requirement to submit RSR (put in place starting 31 December 2023) – see eventid=22007
– removal of regulatory returns reporting on certain products, such as structured products or derivative transactions (among others) – see eventid=18306 and eventid=22007
– TMTP recalculations as of 2023 year-end and removal of the financial resource requirement (FRR) by 2024
– risk margin calculation for Periodical Payment Orders (PPOs) (put in place starting 31 December 2023)
Other Features
Derivatives
insurance
margin
payment services
regulatory
reporting
risk
Date Published: 2023-12-08
Regulatory Framework: Solvency II
Regulatory Type: information
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