Regulatory Alerts2020-11-30
Joint Communication 8 of 2020: Joint Standard for Significant Owners
The Prudential Authority and Financial Sector Conduct Authority issued Joint Communication 8 of 2020 to formalize the December 1, 2020 effective date of their joint standard governing significant owners of financial institutions. The regulation requires prior approval or notification for entities and individuals acquiring, divesting, or materially altering their control over financial institutions, while explicitly exempting certain designated entities. It introduces standardized application and notification forms for Prudential Authority-regulated institutions and permits flexible submission formats with the Financial Sector Conduct Authority until official templates are released.
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