The Prudential Regulation Authority ("PRA") issued, on 21 January 2014, proposals to redraft certain modules of its Handbook. The proposals are part of a project to reform the Handbook material inherited from the Financial Services Authority with a view to the new PRA Handbook being available on a new online website in 2015. The new PRA Handbook will only contain PRA rules which will be supplemented by separate supervisory statements setting out guidance on the PRA's expectations of firms in light of the rules. The consultation paper includes proposals on (i) replacing the Principles for Business with Fundamental Rules which will include some of the current rules (in amended form) and new rules on preparing for resolution and prohibiting the provision of false or misleading information to the PRA; (ii) replacing the rules and guidance on "Information gathering by the FSA of its own initiative" with a part called "Information Gathering"; (iii) auditors; (iv) use of skilled persons; (v) permissions and waivers; (vi) notifications; and (vii) a draft statement of policy on the exercise of the PRA's financial stability information power. The proposals are relevant to all firms regulated by the PRA. Responses are due by 14 March 2014.
The PRA's consultation paper is available at: http://www.bankofengland.co.uk/pra/Documents/publications/policy/2014/rulebo okcon214.pdf.
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