22 February 2018

Bank of England: Responses to CP18/17 Occasional Consultation Paper - Chapters 7 and 8

This PRA policy statement (PS) provides final policy as part of changes to the PRA Rulebook as outlined in Chapter 7 of Occasional Consultation Paper (CP) 18/17. These changes relate to the MiFID II, Insurance Distribution Directive (IDD) forms, and European Union Benchmarks Regulation (BMR).

This PS provides the majority of final rules and form changes associated with MiFID II and IDD. It will be updated to include the MiFID II Passporting Amendment Instrument (without reference to the relevant implementing technical standard) which includes consequential IDD-related changes to the Branch Notification and Cross Border Services Notification forms. Following publication of the relevant technical standard in the Official Journal of the European Union, we will update this PS with a further MiFID II Passporting Instrument, referencing the technical standard.

Following completion of the relevant legislative procedure by Parliament, this PS will also be updated to include the final BMR instrument and associated form changes.

This PS is relevant to:

• MiFID II: PRA designated investment firms and Financial Conduct Authority (FCA) regulated MiFID firms, all PRA regulated firms and all common platform firms;
• IDD: UK Relevant Authorised Persons (RAPs), third-country RAPs, Solvency II firms, small non-directive insurers and large non-directive insurers, as well as all firms completing the Authorisation form for banks, the supplements for insurance companies and Lloyd’s managing partners, the controller appendices for corporates and partnerships, the owners and influencers appendix, and the waiver application form;
• Consequential Amendments to Short Form A: Banks, building societies, credit unions, PRA designated investment firms, RAPs and third-country branches; and
• BMR: All firms completing the Senior Management Regime: Statements of Responsibilities form.

Update 21 December 2017: This PS was updated to include the MiFID II Passporting Instrument 2007 on 21 December 2017. Firms wishing to passport under MiFID II should notify the PRA by using the relevant form in Commission Implementing Regulation (EU) 2017/2382 of 14 December 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the transmission of information in accordance with Directive 2014/65/EU of the European Parliament and of the Council. The PS is near final and will be updated in due course to include the reference to this Regulation.

Update 22 February 2018: This policy statement (PS) was updated following CP4/18 ‘Insurance Distribution Directive: change to commencement date’.

Full information

Insurance Distribution Directive: change to commencement date - CP4/18

Occasional Consultation Paper - CP18/17

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