BoE has extended the notification window for the temporary permissions regime (TPR) until the end of April 11, 2019, with respect to the European Council and the UK Government’s decision on delay to the process of the withdrawal of UK from EU.
Additionally, BoE published a supplementary PRA Direction that clarifies the position where a firm that has submitted a notification to enter the TPR wants to withdraw its notification before exit day. If a firm withdraws its notification in writing before exit day then the firm will not enter the TPR. The European Economic Area firms that were passporting prior to exit day and do not enter the TPR may enter the Financial Services Contracts Regime (FSCR) automatically on the exit day if they require authorization in the UK to continue servicing their contracts.
Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, Temporary Permissions Regime, Notification Period, PRA Direction, PRA, BoE
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.