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.