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

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FDIC Approves Proposal to Amend Swap Margin Rule

    FDIC approved what would be a joint proposal by the US Agencies (FCA, FDIC, FED, FHFA, and OCC) to amend regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3830