Update on 28 April 2017: This supervisory statement was updated following publication of PS9/17 ‘Implementation of MiFID II: Part 2’, to update references in paragraph 2.26 from Markets in Financial Instruments Directive (MiFID) to MiFID II. The updates referring to MiFID II take effect from Wednesday 3 January 2018. See annex for details.
This supervisory statement is relevant to banks, building societies and Prudential Regulation Authority (PRA) designated investment firms. It sets out the PRA’s expectations of how firms should comply with the rules in the General Organisational Requirements, Skills, Knowledge and Expertise, Compliance and Internal Audit, Risk Control, Outsourcing and Record Keeping Parts of the PRA Rulebook.
Supervisory Statement 21/15 - April 2017 Opens in a new window
Update on 18 May 2016: SS21/15 was updated to remove paragraphs 2.2 and 2.3 on audit committees due to the PRA publication of new rules on audit committees in Policy Statement 16/16 ‘Implementing audit committee requirements under the revised Statutory Audit Directive’ – see Related Links for PS16/16.
This supervisory statement is relevant to banks, building societies and Prudential Regulation Authority (PRA) designated investment firms. It sets out the PRA’s expectations of how firms should comply with the rules in the General Organisational Requirements, Skills, Knowledge and Expertise, Compliance and Internal Audit, Risk Control, Outsourcing and Record Keeping Parts of the PRA Rulebook.
Supervisory Statement 21/15 - May 2016 Opens in a new window
Update on 3 August 2015: SS21/15 was updated to include a section on ‘Risk control and governance’ relating the expectations of the Chief Risk Officer and risk committee following CP17/15, ‘The PRA Rulebook: Part 3’. This update supplements the PRA’s expectations set out in the original statement, published on 2 April 2015.
This supervisory statement is relevant to banks, building societies and Prudential Regulation Authority (PRA) designated investment firms. It sets out the PRA’s expectations of how firms should comply with the rules in the General Organisational Requirements, Skills, Knowledge and Expertise, Compliance and Internal Audit, Risk Control, Outsourcing and Record Keeping Parts of the PRA Rulebook.
Supervisory Statement 21/15 - August 2015 Opens in a new window
Published on 2 April 2015
This supervisory statement is relevant to banks, building societies and Prudential Regulation Authority (PRA) designated investment firms. It sets out the PRA’s expectations of how firms should comply with the rules in the General Organisational Requirements, Skills, Knowledge and Expertise, Compliance and Internal Audit, Risk Control, Outsourcing and Record Keeping Parts of the PRA Rulebook.