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

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    News

    EIOPA Issues Technical Specifications for Market and Credit Risk Study

    EIOPA published the technical specifications, including instructions, for the market and credit risk modeling comparative study for year-end 2019.

    January 13, 2020 WebPage Regulatory News
    News

    FED Publishes FAQs on Tailoring Rules for Banks

    FED released a letter announcing the publication of an initial set of frequently asked questions (FAQs) in response to questions from institutions.

    January 13, 2020 WebPage Regulatory News
    News

    IA of Hong Kong Publishes Stress Testing Scenarios in Relation to ORSA

    IA of Hong Kong published the prescribed scenarios for stress and scenario testing to be used by the authorized insurers conducting general insurance business.

    January 13, 2020 WebPage Regulatory News
    News

    FDIC Letter on Submission of Call Reports by End of January 2020

    FDIC, in a letter to financial institutions, announced that the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2019 report date must be submitted to the Central Data Repository of the relevant US agencies by January 30, 2020.

    January 13, 2020 WebPage Regulatory News
    News

    EBA Consults on Calculation of Own Funds Requirements for Market Risk

    EBA is consulting on the draft regulatory technical standards for calculation of the own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.

    January 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4489