PRA Issues Consultation Paper on PRA Rulebook

On January 21, the PRA issued a consultation paper on the proposed redrafting of certain areas of the PRA Rulebook, including the Supervision Manual, the Financial Stability and Market Confidence Sourcebook and the Principles for Business.

The new PRA Rulebook will eventually replace the current PRA Handbook, and the consultation paper sets out the approach to existing parts of the PRA Handbook and their potential destinations in the new rules. In particular, the consultation states that statements of policy required under FSMA will be published as separate documents. The PRA also intends to update its website with guidance on process issues currently contained in the PRA Handbook.

Responses to the consultation must be sent by March 14, 2013, with the final version of the new rules due later in the year.  Consultation Paper.