PRA: CP4/26: UK Solvency II Own Funds - updates and fixes to rules and expectations

In this CP, PRA is proposing to (i) remove the permission requirement for equity-accounted subordinated instruments to be classified into own funds tiers, and make consequential updates to reporting templates and instructions; (ii) clarify its expectations regarding the sequencing of tender offers run concurrently with new issuances when refinancing own funds items; (iii) remove known inconsistencies in the original drafting of assimilated law which have been restated into the PRA Rulebook, and (iv) restate the remaining relevant EIOPA Guidelines on classification of own funds and ancillary own funds into PRA supervisory statements.   Responses are required by 24 April 2026.