PRA issued a statement confirming that firms may use electronic signatures for submission of forms and other regulatory documents, although in specific instances PRA may request a "wet signature" where it is appropriate to do so. In the context of COVID-19 pandemic and the resulting increased remote working, PRA has been asked about the acceptability of electronic rather than "wet" signatures (that is, signing a document by hand using a pen) for submission of forms and other regulatory documents.
PRA will review this approach in the light of evolving working practices, while recognizing that many forms are already processed on an automated basis. However, PRA is unable to comment on the use of electronic signatures more generally and firms should obtain their own legal advice on the validity of such signatures in specific circumstances. PRA-regulated firms are reminded of Fundamental Rules 1-3 and 5-7 and other parts of the PRA Rulebook concerning the adequacy of systems and controls.
Related Link: Notification
Keywords: Europe, UK, Banking, Insurance, Reporting, Electronic Signature, Basel, COVID-19, PRA
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