PRA Proposes Amendments to the Branch Return Form and Guidance
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
Previous Article
EBA Publishes Standards on Conditions for Calculating KIRB Under CRRRelated Articles
|
News
SEC Proposes to Improve Cross-Border Application of SBS RequirementsSEC proposed a package of rule amendments and interpretive guidance to improve the framework for regulating cross-border security-based swaps (SBS) transactions and market participants.
May 24, 2019
WebPage
Regulatory News
|
|
News
US Agencies Propose to Amend Regulatory Framework for Foreign BanksUS Agencies (OCC, FED, and FDIC) proposed a regulatory framework for foreign banks operating in the U.S. that would more closely match the rules for foreign banks with the risks they pose to the U.S. financial system.
May 24, 2019
WebPage
Regulatory News
|
|
News
FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic BanksFSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.
May 23, 2019
WebPage
Regulatory News
|
|
News
OSFI Revises Covered Bond Limit Calculation for Deposit TakersOSFI is updating the covered bond limit calculation, which was last revised in December 2014.
May 23, 2019
WebPage
Regulatory News
|
|
News
APRA Releases Minor Changes to Reporting Standards on SA-CCR for BanksAPRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA on Industry Self-Assessments into Governance and AccountabilityAPRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
May 22, 2019
WebPage
Regulatory News
|
|
News
PRA Consults on Maintenance of TMTP Under Solvency IIPRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.
May 22, 2019
WebPage
Regulatory News
|
|
News
EBA Regards Regulatory Framework in Argentina to be Equivalent to EUEBA published its opinion that the supervisory and regulatory framework applicable to credit institutions in Argentina can be regarded as equivalent to that applied in EU.
May 22, 2019
WebPage
Regulatory News
|
|
News
RBNZ Reviews Restrictions on Policy for Loan to Value RatioRBNZ published a report on the review of the loan to ratio (LVR) restrictions as part of a wider review of the macro-prudential policy.
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA Proposes to Amend Guidance on Residential Mortgage LendingAPRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.
May 21, 2019
WebPage
Regulatory News
|
