The PRA has published a policy statement (PS29/21) on phase 1 of its review of reporting requirements under Solvency II. In light of the feedback received on its proposals, the PRA has made a number of changes (set out in section 1.6 of PS29/21), including:
- bringing forward by one quarter the implementation date of the technical standards instrument and the PRA Rulebook instrument, from 31 March 2022 to 31 December 2021;
- bringing forward the effective date of the updated supervisory statements and the updated Statement of Policy to 17 December 2021;
- reducing the reporting frequency of templates S.28.01 and S.28.02 from semi-annually to annually for all firms and making consequential amendments to the technical standard instrument and two of the updated supervisory statements to align the expectations with this change; and
- amending rule 4.1 of the Minimum Capital Requirement Part of the PRA Rulebook.
The PRA has also published updated versions of various supervisory statements which take effect from 17 December 2021.