UK PRA finalises low impact amendments to PRA rules and policy material

The UK Prudential Regulatory Authority (PRA) has finalised a series of what it refers to as low impact amendments (LIAF03/25) to its Rulebook and policy materials following its October consultation. These include:

• The conditional disapplication of certain PRA general provisions to implement the deference arrangements under the UK Swiss-Berne Financial Services Agreement, effective from 1 January.
• A minor technical amendment to the Transitional Measure on Technical Provisions Part of the PRA Rulebook, TMTP Calculation and Rule 5.2, which all took effect from 23 December.
• An amendment to the Insurance Special Purpose Vehicle Part of the PRA Rulebook, solvency requirements, Rule 2.2A(3) and related updates to supervisory statement SS2/25, which all took effect and applied from 23 December.
• Miscellaneous corrections across the PRA Rulebook to ensure its accuracy, effective from 1 January.

Further amendments made by the PRA without further consultation include updates to hyperlinks in the CRR Firms Reporting Pillar 2 Part of the PRA Rulebook and an amendment to the Fees Part of the PRA Rulebook to reflect confirmed policy reducing the minimum fee for friendly societies and small and medium sized credit unions to GBP0. These amendments entered into force on 23 December.

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