PRA Finalizes Changes to PRA Rulebook and Branch Return Form
PRA published a policy statement (PS33/18) that provides the final rules amending the Incoming Firms and Third Country Firms Part of the PRA Rulebook (Appendix 1) and the final Branch Return form (Appendix 2). The PS33/18 also provides feedback to responses to Chapter 2 of the occasional consultation paper CP24/18. The effective date for the revised rules and the Branch Return form is January 01, 2019. PS33/18 is relevant to all PRA-supervised firms operating through the branches in UK that are not UK-headquartered firms. These firms are required by Incoming Firms and Third Country Firms 3.1 to submit the Branch Return form on a semi-annual basis.
In CP24/18, PRA proposed to amend the Branch Return form by adding a pre-populated drop-down menu in a new field on the form to denote the accounting standards used by submitting firms. The purpose of the proposed field is to facilitate interpretation of the data provided by firms. PRA received one response to CP24/18. The respondent suggested that content of the drop-down menu be expanded to include more specific applications of accounting standards; for example, FRS 102 with IAS 39 or FRS 102 with Chapter 11 and 12 in cases where UK Generally Accepted Accounting Principles (GAAP) is applied. PRA has considered the response and decided not to make changes to the draft Branch Return form. PRA considers that the proposed level of granularity was sufficient to meet its needs while not being unduly burdensome on firms. Furthermore, UK GAAP will generally not be relevant to the non-UK firms completing the branch return.
Related Links
Effective Date: January 01, 2019
Keywords: Europe, UK, Banking, PRA Rulebook, Branch Return Form, Responses to Consultation, PS33/18, CP24/18, PRA
Previous Article
US Agencies Adopt Final Guidance for Resolution Plan SubmissionsRelated Articles
|
News
FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic BanksFSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.
May 23, 2019
WebPage
Regulatory News
|
|
News
APRA Releases Minor Changes to Reporting Standards on SA-CCR for BanksAPRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA on Industry Self-Assessments into Governance and AccountabilityAPRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
May 22, 2019
WebPage
Regulatory News
|
|
News
PRA Consults on Maintenance of TMTP Under Solvency IIPRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA Proposes to Amend Guidance on Residential Mortgage LendingAPRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.
May 21, 2019
WebPage
Regulatory News
|
|
News
IASB Proposes Improvements to IFRS 9 and IFRS 16IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.
May 21, 2019
WebPage
Regulatory News
|
|
News
Denis Beau of BDF on Supervisory Priorities for Climate-Change RisksDenis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.
May 21, 2019
WebPage
Regulatory News
|
|
News
ISDA CDM to be Deployed for UK Digital Regulatory Reporting PilotISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.
May 21, 2019
WebPage
Regulatory News
|
|
News
MAS to Consolidate Regulation of Merchant Banks Under Banking ActMAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.
May 21, 2019
WebPage
Regulatory News
|
|
News
ESAs Amend Technical Standards on Mapping of ECAIs Under CRRESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).
May 20, 2019
WebPage
Regulatory News
|
