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

    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

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    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

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    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
    RESULTS 1 - 10 OF 5480