Featured Product

    PRA Publishes Policy Statement and Templates for MREL Reporting

    June 13, 2018

    PRA published the policy statement PS11/18, which provides feedback to responses to the consultation paper CP1/18 and sets out the final expectations of PRA on minimum requirement for own funds and eligible liabilities (MREL) reporting. PS1/18 had proposed the expectations for MREL reporting, including the level of application, frequency, format, and implementation timetable, through an update to the supervisory statement SS19/13. The updated SS19/13 will take effect from January 01, 2019. The appendices to PS11/18 set out the updated SS19/13 on resolution planning (Appendix 1), along with the reporting templates and instructions (Appendix 2).

    Additionally, BoE published the responses to consultation and statement of policy on BoE's approach to setting MREL. PRA received three responses to CP1/18. Respondents were broadly supportive of the proposals. After considering the responses, PRA has made minor amendments to the draft supervisory statement, to take a more proportionate approach in respect of the frequency of reporting and to add further clarity on the draft templates and guidance. Chapter 2 of PS11/18 summarizes the issues raised by respondents and provides further details of the changes. PRA also amended the draft supervisory statement as a result of further analysis. Chapter 3 of PS11/18 includes minor amendments, including changing the numbering of the templates and adding columns to assist reporting of maturity breakdown. 

    PRA considers that these changes enhance the clarity and proportionality of the relevant expectations and will, therefore, reduce the burden on firms relative to the original proposal in CP1/18. Firms are expected to use the BoE Electronic Data Submission (BEEDS) portal for the submission of all returns. BoE is planning for firms to submit the MREL returns from January 2019 and will contact firms to facilitate reporting. 


    Related Links

    Effective Date: January 01, 2019 (SS19/13)

    Keywords: Europe, UK, Banking, MREL, Reporting, Resolution Planning, PS11/18, SS19/13, Responses to Consultation, PRA

    Featured Experts
    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5469