General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
August 31, 2018

PRA updated the supervisory statement SS19/13 on resolution planning. SS19/13 sets out the resolution planning information that firms are expected to provide to PRA, in accordance with the PRA Resolution Pack rule in the PRA Rulebook. Information on resolution planning will be requested from firms in two phases, with Phase 1 outlining baseline information needed to establish a resolution strategy and Phase 2 outlining the detailed information needed to support the preferred resolution strategy of authorities.

The national resolution authorities can set alternative requirements for firms subject to simplified obligations as defined in the EBA regulatory technical standards (RTS) on simplified obligations. BoE, as the resolution authority in the UK, anticipates that all UK-headquartered firms, which have been notified that the preferred resolution strategy does not involve the use of stabilization powers, will be subject to simplified obligations in respect of resolution planning. These firms will not need to submit the implementing technical standard templates, unless BoE informs them otherwise. BoE will also inform subsidiaries of third-country groups where they are not subject to simplified obligations. Firms subject to simplified obligations should continue to follow the expectations set out in SS19/13 in respect of the Phase 1 resolution planning data submissions.

EBA, in April 2018, had submitted the draft final implementing technical standards on information for resolution planning to EC for approval; these stipulate that firms are expected to start reporting using the new templates by the end of May 2019. The implementing standards set minimum data requirements and will be directly applicable to firms. Assuming that EC adopts the implementing standards in its current form, all non-simplified obligation firms will be required to submit the templates on an annual basis in accordance with the implementing standards. BoE expects firms to submit information in XBRL format. BoE and PRA recognize, however, that this could lead to duplication in reporting and put undue pressure on firms. Thus, PRA has decided to delay resolution pack Phase 1 submissions under SS19/13 for these firms until 2020 (or later as required by the supervisor), as it assesses the impact of the implementing standards on the expectations in SS19/13. During this period, resolution planning information can still be requested from firms under the SS19/13 Phase 2 requirements. The supervisory contact of a firm will get in touch by September 06, if the firm is affected by these changes.

 

Related Links

Keywords: Europe, UK, Banking, Resolution Planning, Simplified Obligations, SS19/13, Reporting, EBA, EC, PRA

Related Articles
News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News
News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News
News

US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps

US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule.

March 19, 2019 WebPage Regulatory News
News

EIOPA Requests Data on LTG Measures from Insurers Under Solvency II

EIOPA has requested the European Economic Area insurance undertakings, which are subject to Solvency II, to provide information on the long-term guarantee (LTG) measures.

March 18, 2019 WebPage Regulatory News
News

PRA Proposes Reporting Amendments to Pillar 2 Liquidity Framework

PRA proposed (CP6/19) regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.

March 18, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

OCC Updates Recovery Planning Booklet of the Comptroller's Handbook

OCC updated the Recovery Planning booklet of the Comptroller’s Handbook.

March 15, 2019 WebPage Regulatory News
News

CFTC and MAS Announce Mutual Recognition of Derivatives Trading Venues

CFTC and MAS announced the mutual recognition of certain derivatives trading venues in the U.S. and Singapore.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2763