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.
Effective Date: January 01, 2019
Keywords: Europe, UK, Banking, PRA Rulebook, Branch Return Form, Responses to Consultation, PS33/18, CP24/18, PRA
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.