PRA published a policy statement (PS27/19) that provides final rules amending the Regulatory Reporting Part of the PRA Rulebook, Capital+ reporting templates (PRA101 and PRA102), and ring-fenced body (RFB) reporting templates (RFB003, RFB004, and RFB008). The proposals on these amendments were covered in Chapter 4 of an occasional consultation paper (CP25/19). CP25/19 proposed minor amendments to the PRA Rulebook Parts, supervisory statements, statements of policy (SoPs), and the relevant templates. The consultation period for Chapter 4 of CP25/19 closed on November 18, 2019. The policy presented in PS27/19 will take effect on March 01, 2020 for Capital+ reporting templates and on June 01, 2020 for ring-fenced body reporting templates.
PRA will also be updating links to the templates in appendices to the supervisory statement (SS34/15) on guidelines for completing regulatory reports. PS27/19 is relevant to UK banks, building societies, and PRA-designated investment firms. PRA has highlighted that version 3.3.0 of the BoE Banking XBRL taxonomy, which was published on November 28, 2019, contains minor presentational differences to the templates published in PS27/19. These differences will be corrected in a future taxonomy update.
The policy set out in PS27/19 has been designed in the context of the current UK and EU regulatory framework. PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework, including those arising once any new arrangements with EU take effect. In the event that UK leaves EU with no implementation period in place, PRA has assessed that the policy would not need to be amended under the EU (Withdrawal) Act 2018.
Effective Date: March 01, 2020 (PRA101 and PRA102); June 01, 2020 (RFB003, RFB004, and RFB008)
Keywords: Europe, UK, Banking, Securities, Reporting, PRA Rulebook, Capital+, Ring-Fencing, RFB, CP25/19, COREP, FINREP, PS27/19, CRR, PRA
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.