Emma RadmoreThe PRA is consulting on how it will subsume the requirements of the MiFID Org Reg assimilated law into its Rulebook before the law itself is repealed. It is not planning to impose any new requirements on firms as a result of the changes, but including the firm-facing requirements in rules will of course give it the flexibility to make changes in the future. The proposals relate to the parts of the assimilated Org Reg on:
- general organisational requirements;
- outsourcing;
- record keeping;
- compliance and internal audit;
- risk management; and
- references to technical standards that will become outdated when the assimilated law is repealed.
The changes would affect several parts of the PRA Rulebook – the Glossary, Compliance and Internal Audit, General Organisational Requirements, Outsourcing, Record Keeping, Risk Control and Notifications.
The PRA asks for comment by 23 June and expects that the changes would be implemented some time during the second half of 2025.