Featured Product

    PRA Proposes Amendments to the Branch Return Form and Guidance

    April 08, 2019

    PRA proposed changes to the format and content of the Branch Return Form and completion guidance. PRA proposes, in the consultation paper CP8/19, that the changes to the Branch Return Form take effect for the reporting of the "H1 2020 Branch Return," that is for the period ending June 30, 2020. Comments on the consultation are requested by July 07, 2019. CP8/19 is relevant to all existing and prospective PRA-supervised branches of deposit takers and designated investment firms that are not UK-headquartered firms.

    The Branch Return Form informs the PRA’s understanding of branches’ systemic importance and economic functions and facilitates the PRA’s approach to the supervision of branches, as set out in supervisory statement (SS1/18). The proposed changes would improve the quality of information provided by firms and enhance the ability of the Branch Return Form to meet these objectives in SS1/18. The proposals would amend the Branch Return Form in Rule 4.1 of the Incoming Firms and Third Country Firms Part of the PRA Rulebook (Appendices 1 and 2) and create reporting instructions for the form in SS34/15 (Appendices 4 and 5). The draft Branch Return Form and guidance are set out as appendices to CP8/19. In particular, PRA proposes to:

    • Provide guidance for completion of the Branch Return Form in SS34/15 alongside the other reporting guidance for deposit takers and investment firms
    • Align balance sheet concepts used in the Return with concepts and guidance used in the wider reporting framework of PRA, by requiring assets to be broken down into the standard categories such as Loans and advances and Derivatives
    • Amend the reporting content, slightly reducing the number of data points reported by most firms
    • Clarify that firms must report within 30 business days
    • Replace the current Excel reporting format for the Branch Return Form with the XBRL reporting format

    The proposals set out in CP8/19 have been designed in the context of the current UK and EU regulatory framework. PRA has assessed that the proposals will be affected if UK leaves EU with no implementation period in place. All the changes related to the withdrawal of UK from EU should be read in conjunction with the near-final PRA transitional direction published in the policy statement PS5/19. A second version of the proposed rules, which includes relevant changes related to Brexit, has been set out in Appendix 2. As these changes relate to reporting, they should be read in conjunction with SS2/19 on the PRA approach to interpreting reporting and disclosure requirements and regulatory transactions forms after the withdrawal of UK from EU.

     

    Related Links

    Comment Due Date: July 07, 2019

    Keywords: Europe, UK, Banking, Branch Return Form, CP8/19, SS1/18, PRA Rulebook, Reporting, PRA

    Featured Experts
    Related Articles
    News

    ESMA Updates Q&A on Credit Rating Agencies Regulation

    ESMA updated questions and answers (Q&A) document on the Credit Rating Agencies (CRA) Regulation.

    February 17, 2020 WebPage Regulatory News
    News

    EC Announces Funding for Sustainable Finance Project in France

    EC announced an investment for the latest projects, including a project on sustainable finance, under the LIFE program for the environment and climate action.

    February 17, 2020 WebPage Regulatory News
    News

    FDIC Releases Economic Scenarios for Stress Testing in 2020

    FDIC released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than USD 250 billion.

    February 14, 2020 WebPage Regulatory News
    News

    EBA Acknowledges EC Adoption of Amended Supervisory Reporting Standard

    EBA acknowledged the adoption, by EC, of an Implementing Act with regard to the common reporting (COREP) and financial reporting (FINREP) changes, in accordance with the Capital Requirements Regulation or CRR.

    February 14, 2020 WebPage Regulatory News
    News

    APRA and ASIC Welcome Proposed Reforms for Superannuation Sector

    APRA and the Australian Securities and Investments Commission (ASIC) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in the superannuation sector.

    February 14, 2020 WebPage Regulatory News
    News

    ESMA Responds to EC Consultation on Review of Benchmarks Regulation

    ESMA published its response to EC consultation on review of the Benchmarks Regulation in EU.

    February 14, 2020 WebPage Regulatory News
    News

    OSFI on Guide and Form for Replicating Portfolio Information Summary

    OSFI revised the instruction guide and form related to filing the Replicating Portfolio Information Summary.

    February 14, 2020 WebPage Regulatory News
    News

    ISDA Guide on Smart Contracts for Equity and Interest Rate Derivatives

    ISDA has published the fourth and fifth installments in a series of legal guidelines for smart derivatives contracts.

    February 13, 2020 WebPage Regulatory News
    News

    FED Paper Describes FLARE, A Top-Down Model for Stress Testing

    FED published a technical paper that describes the Forward-Looking Analysis of Risk Events (FLARE) model.

    February 13, 2020 WebPage Regulatory News
    News

    EC Rule Updates Data for Calculations Under Solvency II Reporting

    EC published the Implementing Regulation 2020/193, which lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from December 31, 2019 to March 30, 2020, in accordance with the Solvency II Directive (2009/138/EC).

    February 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4680