Prudential Regulation Authority Rulebook

9.1

A firm with a matching adjustment permission must provide to the PRA the attestation set out at (1) at the time set out in (2) by a person in (3) in the form set out in 12.1 in respect of each relevant portfolio of assets as a whole held by the firm.

1. (1) The attestation is that, as at the applicable attestation reference date:
   1. (a) the fundamental spread used by the firm in calculating the matching adjustment reflects compensation for all retained risks in accordance with 4.6; and
   2. (b) the matching adjustment can be earned with a high degree of confidence from the assets held in the relevant portfolio of assets.
2. (2) Subject to 9.2, the attestation must be provided:
   1. (a) annually, no later than 14 weeks after the firm’s financial year-end, commencing with its first financial year-end after the matching adjustment permission took effect; and
   2. (b) where there is a material change in risk profile of the firm, as soon as reasonably practicable after the applicable attestation reference date.
3. (3) The attestation must be provided by the PRA senior management function holder in the firm responsible for the prescribed responsibility of the production and integrity of the firm’s financial information and its regulatory reporting (PR Q), as provided for in Insurance – Allocation of Responsibilities 3.1(4).

9.2

In respect of a firm with a matching adjustment permission that took effect prior to 31 December 2024, that firm will not be required, but may nevertheless elect, to provide the attestation set out at 9.1(1) in respect of any financial year-end or material change in risk profile for which the applicable attestation reference date would fall within the period commencing on 30 June 2024, up to, and excluding, 31 December 2024.