PRA published a Policy Statement PS3/18 that provides feedback to the responses to CP29/17 on the approach to branch authorization and supervision for international banks. The new SS1/18 on the PRA approach to branch authorization and supervision for international banks replaces SS10/14 titled "Supervising international banks: the Prudential Regulation Authority’s approach to branch supervision." The new approach comes into effect from March 29, 2018.
SS1/18 is relevant to all PRA-authorized banks and designated investment firms not incorporated in the UK, which form part of a non-UK headquartered group and which are operating in the UK through a branch, as well as any such firm looking to apply for PRA authorization in the future. For the European Economic Area (EEA) firms currently branching into the UK under passporting arrangements and intending to apply for PRA authorization to continue operating in the UK after the UK’s withdrawal from EU, this approach will be relevant to authorizations for this purpose.
Effective Date: March 29, 2018
Keywords: Europe, UK, Banking, Passporting, PS3/18, SS1/18, Brexit, PRA
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