Featured Product

    BoE and PRA Propose to Amend Rulebook and Binding Standards for Brexit

    December 20, 2018

    BoE and PRA published a consultation paper (CP32/18) that proposes to fix deficiencies arising from the withdrawal of UK from EU and make consequential changes. Part 1 of CP32/18 sets out the PRA proposals in relation to the PRA Rulebook and binding technical standards, within the PRA remit, that will be retained, or onshored, in the UK law. Part 2 of CP32/18 sets out proposals by BoE, acting as resolution authority, in relation to two binding technical standards under the Bank Resolution and Recovery Directive (BRRD). Comments are requested by January 21, 2019.

    The consultation paper consists of the following appendices:

    • Appendix 1 includes update to draft supervisory statement on PRA approach to interpreting reporting and disclosure requirements after the withdrawal of UK from EU
    • Appendix 2 consists of draft EU Exit Instrument in the PRA Rulebook
    • Appendix 3 includes list of binding technical standards in the PRA remit and draft binding technical standards on EU Exit Instrument
    • Appendix 4 contains list of binding technical standards in the BoE remit and draft binding technical standards on EU Exit Instrument

    CP32/18 has been published as a part of the BoE consultations on amending financial services legislation under the European Union (Withdrawal) Act 2018. BoE and PRA are consulting on further changes in CP32/18 to ensure an operable legal framework after Brexit and to reflect onshoring changes made by HM Treasury in the relevant draft Statutory Instruments or relevant explanatory policy materials made available by HM Treasury since the publication of the BoE and PRA consultations in October 2018. The changes proposed in the CP32/18 would take effect on March 29, 2019 (exit day) and that too only in the event that there is no implementation period. If the Withdrawal Agreement between UK and EU is ratified and the implementation period commences on exit day, the proposed changes would not take effect until after the end of the implementation period. Further modifications to the PRA Rulebook and onshored binding technical standards may be required to reflect any arrangements made between the UK and EU as part of their future relationship.

     

    Related Links

    Comment Due Date: January 21, 2019

    Effective Date: March 29, 2019 (if no implementation period)

    Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, FMI, Withdrawal Agreement, BRRD, Binding Technical Standards, PRA Rulebook, CP32/18, PRA, BoE

    Related Articles
    News

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages

    OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.

    April 13, 2021 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in April 2021

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.

    April 12, 2021 WebPage Regulatory News
    News

    OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR

    OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.

    April 12, 2021 WebPage Regulatory News
    News

    EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks

    EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.

    April 09, 2021 WebPage Regulatory News
    News

    EIOPA Study Examines Internal Model Market and Credit Risks Under SII

    EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.

    April 09, 2021 WebPage Regulatory News
    News

    ESMA Issues Notification Templates for STS Synthetic Securitizations

    ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.

    April 09, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    EBA Updates Lists of Entities for Use in Capital Calculations under SA

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    FED Proposes to Automate Bank Stock Adjustment Using Call Report Data

    FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.

    April 08, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6835