regulatory vs statutory

[DanielZ]

Do the terms "regulatory" and "statutory" mean exactly the same thing?

Are "regulatory returns" the same as "statutory returns"?

Thanks

 

[Katherine Young]

Yes

 

[DanielZ]

Thanks, and they are also the same as "PRA returns", right?

 

[Katherine Young]

Yes

 

[DanielZ]

also called "Annual Returns", right?

Just choose one name already!

 

[Pede]

yes, Insurance Annual returns, DTI returns, FSA returns, PRA returns, Statutory returns, Regulatory returns. All the same thing over the decades.

Many happy returns!

 

[td290]

I'm going to go slightly against the flow here and say that I don't think these do always mean the same thing. I would define them as follows:

Statutory returns - any return required by statute.

Regulatory returns - any return required/requested by a supervisory body.

An example of a statutory return that is not regulatory would be a VAT return.

An example of a regulatory return that is not statutory would be various Lloyds' returns, e.g. the LCR.

Obviously in non-UK jurisdictions, regulatory returns will not be PRA returns.

PRA returns - any return required/requested by the PRA. In my experience this normally refers to a data collection exercise that happens around April (?) each year.

They all can mean slightly different things but the clue is always in the title!

 

[Ian Senator]

In the wider General Insurance (or even Insurance - or even financial...) arena, td290, you're absolutely right.

In the context of the SA3 Core Reading and Course Notes, however, they're all the same thing.

So I guess in the exam, if there's any doubt, just add a few more words to make it clear to the examiners what you're referring to.