Featured Product

    PRA Updates Policy on Liquidity Reporting Under FSA047/048 and PRA110

    January 08, 2019

    PRA published the policy statement PS1/19 that provides feedback to responses to the consultation paper CP22/18 titled "Liquidity reporting: FSA047 and FSA048" and the proposal in CP16/18, which intended to correct the level of consolidation of the PRA110 reporting requirements. It also contains the PRA’s final policy specifying amendments to the Regulatory Reporting Part of the PRA Rulebook (Appendices 1 and 2), along with the updated supervisory statement SS34/15 on guidelines for completing regulatory reports (Appendix 3). PS1/19 is relevant to banks, building societies, and PRA-designated investment firms.

    SS34/15 was updated following the finalization of PS1/19 to reflect the extension to the FSA047 and FSA048 end date from June 30, 2019 to 31 December 2019 in Chapter 2 and Appendix 1.The changes to SS34/15 (Appendix 3) will take effect from the date of publication of PS1/19. The final policy confirms: 

    • Delay in terminating the FSA047 and FSA048 for six months from July 01, 2019 
    • Reduction in the reporting frequency of the FSA047 and FSA048 liquidity reports to align with that of the PRA110 liquidity report, in cases where it would otherwise differ, from July 01, 2019
    • Extension of the submission deadline for firms that would report PRA110 on a weekly basis in business-as-usual conditions from one business day to two business days from July 01, 2019 until October 31, 2019

    PRA had received six responses to CP22/18 and no comments were received in response to the proposal in CP16/18 to correct the applicable consolidation levels at which PRA110 will be reported. All six respondents noted, in qualitative terms, the additional reporting burden that extending the requirement to report the FSA047 and FSA048 for a further six months would entail. PRA has considered this feedback and has decided not to delay implementing the PRA110 report or to amend the associated reporting requirements. Following consideration of responses to CP22/18, PRA has made one change to PRA110 remittance dates during the dual reporting period and one clarification to reporting expectations in stress. The amendments to the Regulatory Reporting Part will be implemented by repealing instrument PRA 2018/3 (Appendix 1) and issuing a new instrument (Appendix 2).

    The rules will take effect from the dates outlined in the new instrument. Six months remain until the implementation of PRA110 on July 01, 2019. PRA is reminding firms taking part in interim reporting to refer to the most recent questions and answers on the template and instructions and submit any questions that are not covered. PRA expects all other firms to continue to familiarize themselves with the policy, template and instructions, including the Q&As, to prepare for implementation on July 01, 2019. 

     

    Related Links

    Keywords: Europe, UK, Banking, Reporting, PRA110, Liquidity Risk, Pillar 2, PRA

    Featured Experts
    Related Articles
    News

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    OSFI Consults on Instruction Guide for Termination of Pension Plan

    OSFI is consulting on draft revisions to the instruction guide for termination of a defined benefit pension plan.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4535