Featured Product

    BoE and PRA Consult on Resolvability Assessment Framework

    December 18, 2018

    BoE and PRA are consulting on the resolvability assessment framework (RAF) package. The two consultation papers that make up the package are an important step in BoE's commitment to Parliament that major UK banks will be fully resolvable by 2022. The consultations close on April 05, 2019. Also published was an "Introduction to the Resolvability Assessment Framework," which contains an overview of the RAF, along with a foreword from Jon Cunliffe, Deputy Governor for Financial Stability, and Sam Woods, Deputy Governor for Prudential Regulation, and CEO of PRA.

    The package comprises three main components:

    • A BoE consultation paper, which proposes how the BoE, as the resolution authority, intends to assess individual banks' resolvability and the three outcomes it deems necessary to support a successful resolution. These three outcomes are having adequate financial resources; being able to continue to do business through resolution and restructuring; and being able to coordinate and communicate within BoE, with authorities and markets so that resolution and restructuring are orderly.  The BoE consultation paper would apply to UK firms whose resolution strategy is a Bank-led bail-in or partial transfer and to material UK subsidiaries of international firms for the purposes of setting internal minimum requirement for own funds and eligible liabilities (MREL) in the UK.
    • A PRA consultation paper (CP31/18), which contains proposed requirements for banks to assess their preparations for resolution, identifying any risks to implementation and their plans to address these risks. Banks will be required to submit their assessments of their preparation for resolution to PRA by September 2020 and to publicly disclose a summary of that assessment by June 2021. This would apply to the largest UK banks with at least GBP 50 billion in retail deposits on an individual or consolidated basis. 
    • Announcement that BoE will publish a statement about its assessment of resolvability of each firm, highlighting any shortcomings where it believes there is more work to do. Firms’ summaries and Bank statements are planned to be published at the same time.


    Related Links

    Comment Due Date: April 05, 2019

    Keywords: Europe, UK, Banking, Resolution Framework, Resolution Planning, Internal MREL, PRA, BoE

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5469