Featured Product

    PRA Issues Direction on Capital Buffers, Finalizes PS1/21 on SM&CR

    January 22, 2021

    PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook. The modifications apply where a Pillar 2A requirement, a global systemically important institution (G-SII) buffer, or other systemically important institution (O-SII) buffer has been imposed on a firm on an individual or a consolidated basis. The modifications should be read and used in conjunction with the voluntary requirement on capital buffers and Pillar 2A model requirements, which became effective on December 31, 2020. In addition, PRA published the policy statement PS1/21 on strengthening accountability via the Senior Managers & Certification Regime (SM&CR) forms updates. PS1/21 contains the amended Notifications Part of the PRA Rulebook (Appendix 1), the updated Notification Form (Appendix 2), and the SM&CR Form L (Appendix 3). The final rules and the updated versions of the forms became applicable from January 22, 2021.

    PS1/21 also provides feedback to responses to the proposed amendments (CP7/20) to the Notifications Part of the PRA Rulebook, Notifications Form, and SM&CR Form L. In CP7/20, PRA proposed to update SM&CR Form L to reinstate question 3.05, which requests firms making a notification to provide details of any disciplinary action taken. PRA also proposed to amend the Notification Form to reflect the new FCA address, following a move to new premises and the new FCA logo. In addition, PRA proposed to make minor consequential amendments to the Notification Form. These were deleting an incorrect reference to PRA as a limited company, updating references to the PRA Rulebook, and updating the General Data Protection Regulation notification. PRA received no responses to the consultation and, therefore, published the final policy as proposed.

     

    Related Links

    Effective Date: January 22, 2021

    Keywords: Europe, UK, Banking, Insurance, PRA Rulebook, SM&CR, Regulatory Capital, Capital Buffer, Pillar 2, Basel, PS1/21

    Featured Experts
    Related Articles
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.

    June 15, 2021 WebPage Regulatory News
    News

    MAS Amends Notices on Risk-Based Capital Adequacy Requirements

    MAS revised Notices 637 and 1111 on the risk-based capital adequacy requirements, along with Notice 656 on the exposures to single counterparty groups for banks incorporated in Singapore.

    June 14, 2021 WebPage Regulatory News
    News

    ISDA Consults on Implementation of Fallbacks for Certain Swap Rates

    ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.

    June 11, 2021 WebPage Regulatory News
    News

    US Agencies Set Out Unified Agenda for Planned Regulatory Actions

    SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.

    June 11, 2021 WebPage Regulatory News
    News

    BIS and BoE Launch Innovation Hub in London

    BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.

    June 11, 2021 WebPage Regulatory News
    News

    ESRB Recommends Reciprocation of Certain Macroprudential Measures

    ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.

    June 11, 2021 WebPage Regulatory News
    News

    MAS Amends Regulatory Notices Applicable to Banks in Singapore

    MAS revised multiple notices that are applicable to banks and merchant banks in Singapore and have been issued pursuant to the Banking Act (Cap 19).

    June 11, 2021 WebPage Regulatory News
    News

    EC Publishes Regulation on Key Aspects of Implementation of SA-CCR

    EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.

    June 10, 2021 WebPage Regulatory News
    News

    BCBS Consults on Prudential Treatment of Cryptoasset Exposures

    BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.

    June 10, 2021 WebPage Regulatory News
    News

    EBA Revises List of Validation Rules for Reporting

    EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.

    June 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7097