December 20, 2018

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.

 

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Effective Date: January 01, 2019

Keywords: Europe, UK, Banking, PRA Rulebook, Branch Return Form, Responses to Consultation, PS33/18, CP24/18, PRA

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