General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
October 22, 2018

PRA published an occasional consultation paper CP24/18, which sets out proposed changes to certain PRA Rulebook Parts, supervisory statements, statements of policy (SoPs), and forms. The consultation closes on November 22, 2018 for Chapter 2 of CP24/18 and on January 22, 2019 for the remaining chapters of CP24/18.

CP24/18 proposed the following amendments:

  • Chapter 2 proposes to amend Incoming Firms and Third Country Firms Part of the PRA Rulebook. It also proposes amendments to Branch Return Form.
  • Chapter 3 sets out the PRA proposal to update a SoP with respect to the imposition and amount of financial penalties for breaches by qualifying parent undertakings of ring-fenced bodies.
  • Chapter 4 proposes to update Auditors Part of the PRA rulebook. It also proposes amending supervisory statement, SS1/16, on written reports by external auditors to the PRA.
  • Chapter 5 and 6 proposes minor updates to the Depositor Protection and Policyholder Protection Parts of the PRA Rulebook, respectively.
  • Chapter 7 includes proposed amendments to SoP related to reporting templates for calculating risk based levies to reflect the transition of EBA to FINREP taxonomy.

Pending consideration of the responses to the consultation, the proposed implementation dates for the proposals are:

  • January 01, 2019 for Chapter 2
  • Audits related to periods ending on December 31, 2018 or later (the reports which would be due from April 2019) for Chapter 4
  • On publication of the final policy for Chapters 3, 5, 6, and 7

 

Related Links

Comment Due Date: November 22, 2018 (Chapter 2); January 22, 2019 (other chapters)

Keywords: Europe, UK, Banking, Branch Return Form, PRA Rulebook, SS1/16, Statement of Policy, Reporting, Ring Fencing, PRA

Related Insights
News

EBA Single Rulebook Q&A: First Update for November 2018

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

November 09, 2018 WebPage Regulatory News
News

FED Finalizes the Large Financial Institution Rating System

FED finalized the new supervisory rating system for Large Financial Institutions (LFIs), to better align with the current supervisory programs and practices for these firms.

November 09, 2018 WebPage Regulatory News
News

ECB Publishes Guides for Capital and Liquidity Management by Banks

ECB published the guides for capital and liquidity management by banks in EU.

November 09, 2018 WebPage Regulatory News
News

EC Amends Regulation on Prudent Valuation for Supervisory Reporting

EC published the amended Implementing Regulation (EU) 2018/1627 on prudent valuation for supervisory reporting. Regulation 2018/1627 amends the Implementing Regulation 680/2014.

November 09, 2018 WebPage Regulatory News
News

FED Intends to Publish the Financial Stability Report in November 2018

FED intends to begin publishing a semiannual report presenting its view of the outlook for U.S. financial stability, on November 28. The financial stability report will include a summary of the FED framework for assessing the resilience of the financial system in the United States.

November 09, 2018 WebPage Regulatory News
News

ESMA Asks Clients of CRAs and TRs to Prepare for No-Deal Brexit

ESMA issued a public statement to raise awareness, among the market participants, on the readiness of credit rating agencies (CRAs) and trade repositories (TRs) for the possibility of no agreement being reached in the context of the United Kingdom withdrawing from the European Union (Brexit).

November 09, 2018 WebPage Regulatory News
News

EIOPA Publishes Result of the Work of EU-US Insurance Dialog Project

EIOPA published four papers resulting from the work of the EU–U.S. Insurance Dialog Project (EU-U.S. Project) in 2018.

November 08, 2018 WebPage Regulatory News
News

EIOPA Publishes Q&A on Regulations in November 2018

EIOPA published new sets of questions and answers (Q&A) on implementing and delegated regulations applicable to insurers in Europe.

November 07, 2018 WebPage Regulatory News
News

APRA Finalizes CPS 234 to Help Combat Threat of Cyber Attacks

APRA has released the final version of its prudential standard focused on information security management.

November 07, 2018 WebPage Regulatory News
News

US Agencies Propose Reduced Reporting for Qualifying Institutions

US agencies (FDIC, FED, and OCC) proposed to reduce regulatory reporting burden on small institutions by expanding the number of regulated institutions eligible for streamlined reporting.

November 07, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2192