Risk Management Presentation March 11 2013

7/28/2019 Risk Management Presentation March 11 2013

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International Association of Risk and ComplianceProfessionals (IARCP)

1200 G Street NW Suite 800 Washington, DC 20005-6705 USATel: 202-449-9750www.risk-compliance-association.com

Top 10 risk and compliance management related news storiesand world events that (for better or for worse) shaped the

week's agenda, and what is nextDear Member,

Wholeads the world in its implementation of

Basel II I?

According to Wayne Byres, Secretary General, Basel Committee onBanking Supervision, Asia!

I would also like to acknowledge that the Asian region leads the world inits implementation of Basel I I I .

But he continues:

Goldilocks explored the bearshouse,testing the porridge, the chairs and thebedsuntil she found things that shethought werejust right

What? Goldilocks explored the bearshouse? Oh, no, Goldilocks is notcovered in our Basel iii course. I t couldbe important.

Bears house? He means Russia? No,

no, it has nothing to do with the cold war.

Lets learn more Google Search Goldilocks:

International Association of Risk and Compliance Professionals (IARCP)www.risk-compliance-association.com
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In 1837 Robert Southey published "The Story of the Three Bears".

In Southey's tale, three anthropomorphic bears "a Little, Small, WeeBear, a Middle-sized Bear, and a Great, Huge Bear" live together in ahouse in the woods.

Southey describes them as very good-natured, trusting, harmless, tidy,and hospitable.

Each bear hashis own porridge bowl, chair, and bed.

One day they take a walk in the woods while their porridge cools.

An old woman (who is described at various points in the story as

impudent, bad, foul-mouthed, ugly, dirty and a vagrant deserving of astint in the House of Correction) discovers the bears' dwelling.

She looks through a window, peeps through the keyhole, and lifts thelatch.

Assured that no one is home, she walks in.

The old woman eats the Wee Bear's porridge, then settles into his chairand breaks it.

Prowling about, she finds the bears' beds and falls asleep in Wee Bear'sbed.

The climax of the tale is reached whenthe bears return.

Wee Bear finds the old woman in his bed and cries, "Somebody has beenlying in my bed, and here she is!"

The old woman starts up, jumps from the window, and runs away never tobe seen again.

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Twelve years after the publication of Southey's tale, Joseph Cundalltransformed the antagonist from an ugly old woman to a pretty little girlin his Treasury of Pleasure Books for Young Children.

The little girl saw a succession of names, including Goldilocks.

Here is where Basel iii comes in, when the old ugly lady (Basel 2)becomes a pretty girl (Basel 3)Disclaimer: This is how I understoodit

But yes, Wayne Byres, Secretary General of the Basel Committee onBanking Supervision said:

Goldilocks explored the bearshouse, testing the porridge, the chairs

and the bedsuntil she found things that she thought were just right.

It is encoded!!! Pillar 2, confidential. Lets break it.

Goldilocks (Basel 3) explored the bearshouse(Bear Stearns and otherbanks), testing the porridge (internal models, the butter and porridge onthe bread of consultants), the chairs (fit and proper for the board andsenior management) and the beds(bonuses) until (it will take until 2019to test everything) she found things that she thought (in Basel we haverealistic assumptions, not facts) werejust right (final Basel iii

implementation, ready for Basel iv)

You can learn more (about the speech, not Goldilocks, at Number 3 of ourlist below

Welcome to the Top 10 list.



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The UK PrudentialRegulation Authority (PRA)

On 1 April 2013 the Prudential Regulation Authority (PRA) will becomeresponsible for the prudential regulation and supervision of banks,building societies, credit unions, insurers and major investment firms.

In total the PRA will regulate around 1,700 financial firms.

The PRAs role is defined in terms of two statutory objectives to promotethe safety and soundness of these firmsand, specifically for insurers, tocontribute to the securing of an appropriate degree of protection for

policyholders.

Semiannual Monetary Policy Report to theCongressSpeech by Mr Ben S Bernanke, Chairman of the Boardof Governors of the Federal Reserve System, beforethe Committee on Banking, H ousing, and Urban

Affairs, US Senate, Washington DC

Wayne Byres, Secretary GeneralBasel Committee on BankingSupervision

SIMPLICITY, RISK SENSITIVITY AND COMPARABILITY:THE REGULATORY BALANCING ACT

BCBS-EMEAP-FSI High-Level Meeting, Seoul, Korea



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Protecting Investors through ReliableAudits

Jeanette M. Franzel, Board MemberWayne State University, George R. Husband Distinguished Lecture

Series, Detroit, MI

The creation of the PCAOB ended more than 100 years of self-regulationby the public accounting profession in the U.S., and established theBoard's regulatory framework for firms that conduct audits of companieswhose securities trade on the U.S. markets.

Council of the European UnionBasel I I I in Europe CRD4

Irish Presidency reaches breakthrough on newrules for stronger EU banks

The Irish Presidency has reached a breakthrough in

talks with the European Parliament on an overhaul of banking rulesincreasing EU financial stability.

Update on Measures to AddressUnrecorded Financial Flows

Bank Negara Malaysia would like to provide an update on measures thathave been undertaken by members of a High Level Multi-Agency SpecialTask Force (Task Force) to reduce illicit financial flows.



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PCAOB Issues Report on 2007-2010

Inspections of Domestic Firms that Audit100 or Fewer Public CompaniesWashington, D.C.

The Public Company Accounting Oversight Board today released areport summarizing inspection observations identified in the 2007through 2010 inspections of U.S. firms that audited 100 or fewer publiccompanies.

Remarks by Thomas J. Curry

Comptroller of the CurrencyBefore the National Association of Attorneys GeneralWashington, DC

NIST Solicits Views, Ideas fromStakeholders for CybersecurityFramework for Critical Infrastructure

The National Institute of Standards and Technology (NIST) issued aRequest for Information (RFI ) in the Federal Register as its first step inthe process to develop a Cybersecurity Framework, a set ofvoluntary

standards and best practicesto guide industry in reducing cyber risks tothe networks and computers that support critical infrastructure vital to thenation's economy, security and daily life.



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CRD IVFSA refreshed statement regarding CRD IV

implementation

The original proposed deadline for entry into force of the draft EuropeanUnion legislation to update the framework for capital requirements,known asCRD IV, has now passed.

Negotiations between the European Parliament, European Commissionand Council of Ministers to finalise the legislation are still underway.



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The UK Prudential Regulation Authority (PRA)

On 1 April 2013 the Prudential Regulation Authority (PRA) will becomeresponsible for the prudential regulation and supervision of banks,building societies, credit unions, insurers and major investment firms.

In total the PRA will regulate around 1,700 financial firms.

The PRAs role is defined in terms of two statutory objectives to promotethe safety and soundness of these firmsand, specifically for insurers, tocontribute to the securing of an appropriate degree of protection forpolicyholders.

In promoting safety and soundness, the PRA will focus primarily on theharm that firms can cause to the stability of the UK financial system.

A stable financial system is one in which firms continue to provide criticalfinancial services a precondition for a healthy and successful economy.

The PRA will make forward-looking judgements on the risks posed byfirms to its statutory objectives.

Those institutions and issues which pose the greatest risk to the stabilityof the financial system will be the focus of its work.

The PRA was created by the Financial Services Act (2012) and will be partof the Bank of England.



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It will have close working relationships with other parts of the Bank,including the Financial Policy Committee and the Special ResolutionUnit.

The PRA will work alongside the Financial Conduct Authority (FCA)creating a twin peaks regulatory structure in the UK.

The FCA will be a separate institution and not part of the Bank ofEngland.

The FCA will be responsible for promoting effective competition,ensuring that relevant markets function well, and for the conductregulation of all financial services firms.

This includes acting to prevent market abuseand ensuring thatconsumers get a fair deal from financial firms.

The FCA will operate the prudential regulation of those financial servicesfirms not supervised by the PRA, such as asset managers andindependent financial advisers.

Prior to 1 April 2013, the Financial Services Authority (FSA) will continueto be responsible for prudential and conduct regulation in the UK.

The Bank of England will have a responsibility for financial stability,based on an amended statutory objective to protect and enhance thestability of the financial system of the United Kingdom.

And, in support of this objective, the Financial Policy Committee (FPC)will be established within the Bank, charged with identifying, monitoringand taking action to remove or reduce systemic risks.

The FPC, which already exists in interim form, will be able to makerecommendations and give directions to the PRA and the FCA on specificactions that should be taken in order to achieve the FPCs objectives.



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Sourse: Andrew Bailey, Executive Director of the Bank of England andManaging Director of the Financial Services Authoritys PrudentialBusiness Unit, and Sarah Breeden and Gregory Stevens of the BanksPRA Transition Unit



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The letter

Dear

Latest update as we transition to the Prudential RegulationAuthority (PRA)

This letter gives you more information onwhat you need to doto be readyforlegal cutover (LCO) on 1 April 2013.

The PRAs approach to supervision was outlined in the two approachdocuments one for insurers and one for deposit-takers and investmentfirms.

We will publish revised versionsof these documents at LCO, andthereafter the documents will act as standing references for firms on thePRAs supervisory approach, key PRA policies, and how we intend tomeet our statutory objectives.

Below is an overview of the key messages from the approach documents:

- The PRA will have two statutory objectives to promote the safety andsoundness of firms and specific to insurers, to contribute to securingan appropriate degree of protection for policyholders.

A stable financial system, that is resilient in providing the criticalfinancial services the economy needs, is a necessary condition for ahealthy and successful economy.

- The PRA will not operate a zero-failure regime.

The PRA will, however, seek as far as possible with resolutionarrangements in place, to ensure that any firms that fail do so in a way

that avoids significant disruption to the supply of critical financialservices, including an acceptable degree of continuity of cover forpolicyholders; and



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- The PRAs approach to supervision will be clearly based onjudgement rather than narrowly rules-based, Supervisory judgementswill be forward-looking, taking into account a wide range of possiblerisks to the PRAs objectives.

The approach documents can be accessed via the FSA website:

Bankinghttp:/ / www.fsa.gov.uk /static/ pubs/other/pra-approach-banking.pdf

Insurancehttp:/ / www.fsa.gov.uk /static/ pubs/other/pra-approach-insurance.pdf

In December 2012, I gave a short interview entitledA new approach to

financial supervision: the Prudential Regulation Authority which can beviewed here:http:/ / www.youtube.com/ watch?v=yJDp1XY3DJM

The following is an update on certain aspects of the transition where wecan now provide greater clarity.

1. Changes in policyIndividual Guidance

The PRA will have a different regulatory and supervisory focusthan theFSA, including a new set of objectives and a different approach tosupervision, as set out in the approach documents.

This means that guidance previously issued to firms by FSA supervisorsto individual firms will not have been issued with PRA aims andobjectives in mind.

Therefore, apart from the four categories listed below, FSA individual

guidance will not automatically be permanently transitioned or confirmedby the PRA.

Guidance to be transitioned

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The following four categoriesofindividual guidancewill beautomatically transitioned at LCO:

1.Individual Capital Requirements Guidance, including capital planningbuffers for banks and capital guidance issued to insurers

2. Individual Liquidity Guidance

3.Individual guidance given by the FSA that enables a firm to move froma higher proportionality tier to a lower proportionality tieras provided forin the FSAsGeneral Guidance on Proportionality: The RemunerationCode (SYSC 19a) & Pillar 3 disclosures on remuneration (BIPRU 11)

4. Guidance on the completion and submission of Regulatory Returns

Other Guidance

Firms should review all individual guidance and their associatedbehaviourin accordance with such guidance and assess theappropriateness of that behaviour in line with the PRAs statutoryobjectives.

Firms should in many cases be able to do this by exercising judgementand without consulting the PRA.

Firms should document this review.

In certain cases, firms may wish to request that the PRA (FSA until LCO)review items of FSA individual guidance which are:

1.Not included in the categories identified above; and

2.Where the firm wishes the PRA to explicitly considerand confirmwhether behaviour or actions in line with that guidance will remainappropriate in the PRA.

This is not an opportunity to request that all previously issued individualguidance should be retained.



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Between now and 30 September 2013, firms may submit a list of thoseitems of individual guidance whichthey wish the PRA to review, togetherwith their own assessment of whether the behaviour or actions set out inthe guidance would contribute towards the advancement of the PRAsobjectives.

Relationship managed firms should submit requests for review to theirsupervisor, and non-relationship managed firms should submit them tothe Customer Contact Centre at email address [email protected] until 2April 2013 and the PRA firm enquiries at email [email protected] 2 April 2013 onwards.

Firms will be able to continue to rely on guidance referred for review untilthe PRA reaches a decision on whether the guidance remains appropriate

or otherwise.

Supervisors will confirm the timetable for the review following thesubmission of the firms list; reviews will be completed no more than 18months after LCO.

Our judgement and any resulting response that we give to a firm willfocus on the advancement of the PRAs objectives.

Any guidance that is not referred to the PRA for review will cease to have

any status as formal PRA individual guidance from 30 September 2013.

This does not mean that firms should automatically change theirbehaviour.

If firms deem that their behaviour is appropriate, they should continue toact in that way.

If firms decide to alter their behaviour, now or in the future, they should

discuss this with their supervisor, in line with Principle 11.

This approach to individual guidance does not change recentassessments of the risks that we see as being posed by a firms business.

mailto:[email protected]:[email protected]://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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In particular, we still expect Risk Mitigation Plan points (reflecting theFSAs objectives) outlined in previous ARROW letters to be concluded,where we judge that they will contribute to advancing the PRAsobjective.

Existing waivers will also be automatically transitioned to the PRA.

Threshold Conditions

The existing FSA Threshold Conditions will be replaced in their entiretyby the Threshold Conditions being introduced by HMT via secondarylegislation pursuant to the Financial Services Act 2012.

The Threshold Conditions in the order that has been laid before

parliament are essentially in the form HMT consulted on in October 2012.

The new conditions will take effect at the same time as the rest of theamendments to FSMA are introduced, on 1 April 2013, for both existingauthorised firms and all in-flight cases.

The Financial Services and Markets Act (Threshold Conditions) Order2013, as laid before parliament, can be viewed at:http:/ / www.legislation.gov.uk /ukdsi/ 2013/9780111533802/ pdfs/ ukdsi_9780111533802_en.pdf

2. Interaction with the PRA

PRA web presence

A new web page for the PRA is now available on the Bank of Englandwebsite at www.bankofengland.co.uk/ pra

This will be the web address that firms should use from LCO.

At this stage firms can find a brief introduction to the PRA on the website.

http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.bankofengland.co.uk/prahttp://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_9780111533802_en.pdfhttp://www.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Corporate information About the PRA will be added and pages onpolicy and PRA news and events will be published.

The core operational information on authorisations and supervision will

be published at LCO.

Firms are welcome to send feedback including comments and ideasabout the PRA web presence to [email protected].

Firm Enquiries

The October 2012 approach documents explained that firms who do nothave a dedicated supervision team should use the Firm Enquires

Function as their first point of contact with the PRA.

The PRA Firm Enquiries will be operational from 2 April 2013 and itscontact details are:

Telephone number 020 3461 7000 (operating hours 9:00 17:00)Email [email protected]

The FSA contact centre must be used for all enquiries up to 2 April 2013.

However, during March some calls to the contact centre will betransferred to the PRAs Firm Enquiries, in preparation for taking firmsenquiries at LCO.

mailto:[email protected]:[email protected]://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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3. Publication of the PRA Handbook

As previously stated, at LCO, certain provisions from the FSA Handbookwill be split between the FCA and the PRA.

Two new Handbooks will be created: one for the PRA and one for theFCA.

Most provisions in the FSA Handbook will be incorporated into thePRAs Handbook, the FCAs Handbook, or both, in line with each newregulators set of responsibilities.

The intention is to publish the PRA Handbook in March 2013.

After LCO, the PRA will amend its own suite of policy material as anindependent body in accordance with the processes laid down in theFinancial Services Act 2012, including cooperation with the FCA andexternal consultation.

4.Enforcement Consultation

We published the consultation on the PRA's approach to enforcement,including proposed statutory statements of policy and procedure, on 20December 2012.

The consultation is on the FSA website, we welcome any comments onthe proposals by 28 February 2013.

http:/ / www.fsa.gov.uk/library/policy/cp/ 2012/12-39.shtmlAttached is a set of updated FAQs and additional information.

Yours sincerely

http://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2012/12-39.shtml


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FAQs on transition to the PRA

1. General questions

At what stage is the Financial Services Bill?

The Financial Services Bill received Royal Assent on 19 December 2012and became the Financial Services Act 2012 (The Act).

Some sections of The Actcame into force on 23 January 2013, in order toenable the Treasury to make secondary legislation, and to ensure that thenew regulators can prepare for their respective roles post legal cutover.

The rest of the provisions relating to the new regulatory regime will come

into force on 1 April, the date designated for legal cutover to the newstructure.

The Act will be supported by secondary legislation and Treasury hasconsulted on a number of draft orders which will need to be made prior tolegal cutover.

The orders detailing the new Threshold Conditions, allocatingresponsibility for making rules in relation to FSCS between the FCA andthe PRA, amending certain mutuals legislation, determining which types

of holding company the regulators new powers over qualifying parentundertakings apply to and specifying which regulated activities will besubject to the PRAs regulation have already been laid before Parliamentand are expected to be approved by both houses by mid-March.

http:/ / www.legislation.gov.uk /ukdsi/ 2013/9780111533802/ pdfs/ ukdsi_9780111533802_en.pdf

How will the PRA determine which investment firms should be

designated for prudential regulation by the PRA?

We published a draft statement of policy on the designation of investmentfirms by the PRA in October 2012:http:/ / www.fsa.gov.uk/static/ pubs/cp/ boe-pra-cp.pdf

http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.fsa.gov.uk/static/pubs/cp/boe-pra-cp.pdfhttp://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/pdfs/ukdsi_http://www.legislation.gov.uk/ukdsi/2013/9780111533802/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The policy statement and the firms to be designated by the PRA will befinalised ahead of legal cutover.

Should I continue to submit my return through GABRIEL?

The PRA will have itsown data collection and quality assurance teamthe Regulatory Data Group - which will take over the PRA regulatory datarelated work previously undertaken by the FSAs Data Monitoring Team(the FSAs central data collection team).

For firms who report regulatory data via GABRIEL there will be nochange to this reporting and you will continue to use the GABRIELsystem to report as you do now.

GABRIEL will be operated by FCA. Firms are to continue to use theircurrent URL and login details to access the system.

The existing data items will remain with only minor changes to thewording.

Any technical queries about the system should be raised with the FCAContact Centre on 0845 606 9966 or email address [email protected].

Where should I submit my firmsemail/ paper returns?

For firms who report regulatory data via email or in hard copy (paper)more detail of where to submit your returns will be provided on the PRAsinternet site www.bankofengland.co.uk /prasoon.

Where firms provide data directly to FSA supervisors or policy teams, youwill continue to do so after LCO.

If, after LCO, you are unsure where to report data, please firstly check thePRAs internet site under the section on regulatory data or contact PRAsFirm Enquiries.

Contact details will be:Telephone number 020 3461 7000

mailto:[email protected]://www.bankofengland.co.uk/prahttp://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/prahttp://www.bankofengland.co.uk/pramailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Email [email protected]

When will the PRA release further contact details/ new address?

Moves to 20 Moorgate are taking place in stages, having started in early

January 2013.

Below is a table listing the move dates for each division:

Supervisors will confirm outstanding contact details such as telephonenumbers, email addresses and email addresses around their move dates.

For firms with PGP encrypted keys, communication on new access codes

will also be included.

Will the FCA and PRA have separate registers?

There will be one registermaintained by the FCA. I t will be available toall firms, reflecting the position of both the PRA and the FCA.

Will I retain the same registration number?

Yes. Your FSA numbers will be carried across to the new Register.

Will there be a Practitioner Panel?

Yes. The PRA will establish a Practitioner Panel.

mailto:[email protected]://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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2. Authorisations and transitional arrangements

What will happen to our existing permissions and waivers?

Transitional arrangements forgrandfatheringexisting provisions aredependent on secondary legislation.

We are in discussion with H M Treasury, with a view to the legislationproviding that existing Part IV permissions, controlled functions,passports, limitations and requirements are grandfathered without theneed for a firm to take action.

Exact details of grandfathering arrangements will be finalised oncesecondary legislation has been published.

We also published more detail on transitional arrangements for approvedpersons, and on Handbook transitionals more generally, on 25 January inCP13/3http:/ / www.fsa.gov.uk/library/policy/cp/ 2013/13-03.shtml

What happens if we are applying for a new or varied permission or waiversover the period including LCO?

The PRA will ensure that applications to the FSA that are made before

legal cutover but not determined until after legal cutover are transitionedto the appropriate regulator and made against the appropriate statutorytests.

Exact details ofin-flight authorisation arrangements will be finalisedonce secondary legislation has been published.

When will we know the final changes being made to the ApprovedPersons regime?

There is more detail on our approved person regime in our ApproachDocuments and in the consultation paper (CP12/26) covering changes tothe approved persons Handbook sections.

http://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.risk-compliance-association.com/http://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtmlhttp://www.fsa.gov.uk/library/policy/cp/2013/13-03.shtml


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This paper can be accessed here:

http:/ / www.fsa.gov.uk/library/policy/cp/ 2012/12-26.shtml

Consultation for CP 12/26 closed on 7 December 2012, we are currently

reviewing the proposals in light of responses to the consultation andexpect the final PRA rules on approved persons to be made by the PRABoard at or around LCO, when other substantive changes to theHandbook will also be made, and accompanying Policy Statementsissued.

Please see section 4 Policy Materialbelow for more detail on finalisingthe PRA Handbook.

We also published more detail on transitional arrangements for approvedpersons on 25th January in CP13/3

http:/ / www.fsa.gov.uk/library/policy/cp/ 2013/13-03.shtml

Will the new threshold conditions be more specific?

HM Treasury has published indicative threshold conditions. Dualregulated firms will need to meet two sets of conditions, one set from thePRA and one set from the FCA.

For the PRA there will be threshold conditions specific to insurers andthreshold conditions for all other firms regulated by the PRA.

http:/ / www.hm-treasury.gov.uk /d/ condoc_fin_regulation_draft_secondary_leg.pdf

Will authorisation and the different approval processes take more or lesstime with the PRA?

The statutory time limit on authorisations in FSMA will remainunchanged after legal cutover.

The PRA will report against statutory time limits.

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