The PRA Rules and Guidance
PRA Rules:
PRA Rules apply to all PRA-authorised persons and certain unauthorised persons and contain the applicable prudential requirements for PRA-regulated firms. The rules should be read by PRA-regulated firms and persons.
PRA Guidance:
PRA guidance documents are comprised of Supervisory Statements (SS) and Statements of Policy (SoP)
SS set flexible frameworks for firms, incorporating new and existing expectations. They focus on our expectations and are aimed at facilitating firm and supervisory judgement in determining whether they meet those expectations. They do not set absolute requirements – these are contained in rules.
SoP are the formal document in which the PRA details its policy on a particular matter. They do not contain our expectations, which are set out in SS.