FIN.

PRA proposes minor form changes

PRA’s latest Occasional Consultation Paper proposes minor changes to miscellaneous Rulebook Parts, Supervisory Statements and templates and LOG files in respect of:

  • Solvency II: The quality of capital instruments to reflect EU changes, and provide additional flexibility to firms in relation to tax and regulatory calls in their first 5 years after issuance of an own fund item and clarify the terms of a permitted SII-compliant restricted Tier 1 capital instrument so that an instrument which writes down or partially converts can breach the 3 month SCR trigger so long as no other mandatory trigger is breached;
  • other minor updates to the SS on subordinated guarantees and the quality of capital for insurers, and on Solvency II: Own funds – UK SII firms and the Society of Lloyd’s;
  • discontinuing the FSA006 return for CRR firms; and
  • make minor updates and corrections to National Specific Templates, Log files, internal model output templates and LOG files for Solvency II firms.

Consultation closes on 7 August.

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Roseyna Jahangir