HM Treasury, FCA, and PRA issued a joint statement on the implementation of prudential reforms in the Financial Services Bill. As the Financial Services Bill continues its progress through Parliament, the UK authorities considered it appropriate to update the industry on planned timelines for introducing the Investment Firms Prudential Regime (IFPR) and the implementation of Basel III reforms in UK (UK equivalent to the outstanding elements of the revised Capital Requirements Regulation, or CRR2, in EU). The target an implementation date for these two regimes is January 01, 2022.
This decision on the timelines follows feedback from industry in relation to these specific proposals and in response to the most recent Regulatory Initiatives Grid (September 2020), where industry raised concerns about the general volume of regulatory reform in 2021. HM Treasury will ensure that the relevant secondary legislation is in place in good time and the regulators will endeavor to provide industry with as much sight of the final rules as possible ahead of this date, to support effective implementation. Nevertheless, the April statement of HM Treasury and BoE, which welcomes the BCBS announcement to delay the implementation of the Basel 3.1 standards by one year, still applies.
Keywords: Europe, UK, Banking, Securities, Financial Services Bill, CRR2, IFPR, Basel 3.1, Basel, Investment Firms Regime, FCA, PRA, HM Treasury
Previous ArticlePRA Responds to Insurers on Framework for Assessing Climate Impact
EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).
EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.