On 31 January 2023, the Bank of England (BoE) published Consultation Paper CP2/23 – Moving Senior Managers Regime forms from the Prudential Regulation Authority (PRA) Rulebook.
CP2/23 sets out the PRA’s proposals to remove certain Senior Managers and Certification Regime (SM&CR) forms from the PRA Rulebook and to extend the length of employment history required in the long form A.
· The proposals in CP2/23 would result in changes to the Senior Managers Regime – Applications and Notifications Parts of the PRA Rulebook.
· The proposal to remove certain SM&CR forms from the PRA Rulebook would mean that when the PRA needs to make administrative or other non-material changes to these forms it would not be required to follow the statutory consultation process for rule changes. These forms would be available on the Connect system in the same manner as other regulatory transaction forms.
· The proposal to increase the length of employment history requested in long form A would bring the form in-line with MiFID requirements. This would ensure a consistent user experience with all Senior Managers Function applicants providing the same minimum length of employment history.
The deadline for responses to this consultation is 28 February 2023.
The PRA proposes that the implementation date for the changes resulting from CP2/23 would be in May 2023.