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    PRA to Elaborate on Approach to Transposition of CRD5 by Mid-December

    November 30, 2020

    PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A. By mid-December, PRA intends to publish a policy statement that will summarize the responses to the consultations related to CRD5 and explain the policy approach of PRA, including any further supervisory processes required for implementation. CRD5 will come into effect on December 28, 2020, with most of the requirements, including those related to Pillar 2A, applying from December 29, 2020.

    In July and October 2020, PRA had published two consultation papers (CP12/20 and CP17/20) to propose changes to the PRA rules, supervisory statements, and statements of policy to implement elements of CRD5. The consultations closed on September 30, 2020 and November 17, 2020 respectively. PRA is considering whether amendments to the proposed approach are warranted in light of the responses received. By mid-December, PRA intends to publish a policy statement that will summarize the consultation responses and explain the policy approach of PRA, including any further supervisory processes required for implementation. The policy statement will also include the approach of PRA to revisions to the definition of capital for Pillar 2A, on which the PRA has consulted in CP17/20. The UK approach to implementing CRD5 will be implemented through the Financial Holding Companies (Approval etc.), the Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020, and amendments to certain PRA rules and expectations.

     

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    Keywords: Europe, UK, Banking, CRD5, Basel, Pillar 2A, CP17/20, CP12/20, Transposition of CRD5, Brexit Transition, PRA

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