Background

This policy statement (PS) publishes final rules and supervisory statements following on from CP17/15 - The PRA Rulebook: Part 3. It is relevant to all PRA-regulated firms. It is the third in a series of publications over two years that will redraft the Handbook inherited from the Financial Services Authority to create the PRA Rulebook.

This PS further advances the commitment made by the PRA in its Approach Documents to amend and streamline substantially both the PRA Handbook and the associated materials carried over from the Financial Services Authority, creating a new Rulebook and body of supporting supervisory statements.

The PRA is planning to launch the new PRA Rulebook online this year. The new website will reshape the presentation of the PRA's requirements by improving the online presentation and functionality of the PRA's rules.

The PRA has decided to postpone the publication of the supervisory statement on internal governance of third-country branches (Appendix 2.2 in CP17/15) and the making of the PRA Rulebook: CRR firms: Internal governance of third-country branches instrument [Year] (Appendix 1.4 in CP17/15) as a number of expectations will be superseded or otherwise affected by the introduction of the Senior Managers Regime. The PRA will publish the final supervisory statement in due course.

Summary of content

Appendix 1 to the PS sets out final rules on:

• Passporting
• Regulatory Reporting
• Reverse stress testing

Appendix 2 to the PS sets out final supervisory statements setting out expectations that relate to: