a) Subject Overview Deadline for AFM comment/ action Response? SS5/14 Solvency 2: calculation of Sets out PRAs expectation of general 1 January 2016 technical provisions (GI) insurers in relation to Solvency 2 technical provisions as well as internal models. PRA discussion Procyclicality and structural Sets out Bank of England’s thinking on No date given paper trends in investment the procyclical nature of insurance and allocation by insurance pension funds, and its potential impact companies and pension on consumers and on financial stability funds more generally. CP16/14 Transposition of Solvency 2: Sets out changes to PRA’s handbook 7 November AFM to respond Part 3 to reflect Solvency 2, with main sections on the long-term guarantee package, proposals on surplus funds and national reporting templates. SS8/14 Subordinated guarantees Sets out how firms might use 1 January 2016 and the quality of capital subordinated guarantees and where they do avoid affecting the quality of capital under Solvency 2 regime SS9/14 Valuation risk for insurers Sets out the PRA’s expectations of 22 August 2014 firms in relation to existing rules on the valuation of financial assets and seeks to reduce the risk caused by intended or unintended misstatement of values b) Subject Overview Deadline for AFM comments Response? CP14/10 Proposals for a price cap on Explains why and how FCA will be 1 September No AFM high-cost short-term credit introducing a price cap for high-cost response short-term credit from 1 January 2015 DP14/3 The use of dealing Reports on recent supervisory findings 10 October No AFM commission regime and stakeholder discussions on the response use of dealing commission, specifically for the purchase of research GC14/3 Retail Investment Advice: Seeks to clarify the difference sales 10 October AFM to respond clarifying the boundaries models for retail investments and their and exploring the barriers to associated regulations. Explores market development which circumstances amount to a personal recommendation CP14/11 Retirement reforms and the Sets out how FCA intends to regulate 22 September No AFM guidance guarantee the provision of the guidance response guarantee as part of the reform of the at retirement market CP14/15 Implementing the BRRD Sets out how FCA intends to 1 October No AFM implement the Bank Recovery and response Resolution Directive.
a) Subject Overview Deadline for comment/ action AFM Response? SS5/14 Solvency 2: calculation of technical provisions (GI) Sets out PRAs expectation of general insurers in relation to Solvency 2 technical provisions as well as internal models. 1 January 2016 PRA discussion paper Procyclicality and structural trends in investment allocation by insurance companies and pension funds Sets out Bank of England’s thinking on the procyclical nature of insurance and pension funds, and its potential impact on consumers and on financial stability more generally. No date given CP16/14 Transposition of Solvency 2: Part 3 Sets out changes to PRA’s handbook to reflect Solvency 2, with main sections on the long-term guarantee package, proposals on surplus funds and national reporting templates. 7 November AFM to respond SS8/14 Subordinated guarantees and the quality of capital Sets out how firms might use subordinated guarantees and where they do avoid affecting the quality of capital under Solvency 2 regime 1 January 2016 SS9/14 Valuation risk for insurers Sets out the PRA’s expectations of firms in relation to existing rules on the valuation of financial assets and seeks to reduce the risk caused by intended or unintended misstatement of values 22 August 2014 b) Subject Overview Deadline for comments AFM Response? CP14/10 Proposals for a price cap on high-cost short-term credit Explains why and how FCA will be introducing a price cap for high-cost short-term credit from 1 January 2015 1 September No AFM response DP14/3 The use of dealing commission regime Reports on recent supervisory findings and stakeholder discussions on the use of dealing commission, specifically for the purchase of research 10 October No AFM response GC14/3 Retail Investment Advice: clarifying the boundaries and exploring the barriers to market development Seeks to clarify the difference sales models for retail investments and their associated regulations. Explores which circumstances amount to a personal recommendation 10 October AFM to respond CP14/11 Retirement reforms and the guidance guarantee Sets out how FCA intends to regulate the provision of the guidance guarantee as part of the reform of the at retirement market 22 September No AFM response CP14/15 Implementing the BRRD Sets out how FCA intends to implement the Bank Recovery and Resolution Directive. 1 October No AFM response