Featured Product

    PRA Updates Permissions Regime Requirements for Third-Country Branches

    September 02, 2020

    The PRA Deputy Governor Sam Woods issued a letter to the chief executive officers of all PRA-regulated firms that are preparing for the end of the Brexit transition period and for entering the Temporary Permissions Regime. The letter informs that PRA has updated its approach to the Temporary Permissions Regime as well as the key requirements for branches. The letter reminds regulated firms that the transition period is due to end at 11 pm on December 31, 2020, when the Temporary Permissions Regime will take immediate effect. It also highlights that the actions needed to be taken to ensure operational preparedness will vary across firms.

    Firms that have submitted a valid Notification or submitted a Part 4A application (and not subsequently withdrawn it) will automatically enter the Temporary Permissions Regime. During the Temporary Permissions Regime, a firm will have a deemed Part 4A permission to carry on its existing activities for up to a maximum of three years from the end of the transition period. If the firm is passporting and already has a top-up permission, a deemed variation of that permission will need to a obtained. Given this, it is important that a firm is operationally prepared to enter the Temporary Permissions Regime and is able to meet the regulatory requirements that will apply once in it. For firms in the Temporary Permissions Regime without a branch in the UK (cross-border service providers) a more limited set of rules will apply. Finally, in the letter, PRA urges the regulated firms to review the published information on the Temporary Permissions Regime and take all appropriate actions to ensure full operational preparedness before entering the Temporary Permissions Regime.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Temporary Permissions Regime, Transition Period, Operational Requirements, Brexit, Passporting Regime, Third Country Branches, PRA

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    HKMA Announces Launch of Data Repository on Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) announced that the Green and Sustainable Finance (GSF) Cross-Agency Steering Group has launched the information and data repositories and outlined the progress made in advancing the development of green and sustainable finance in Hong Kong.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    NGFS Report on Integration of G-Cubed Model into NGFS Scenarios

    The Network for Greening the Financial System (NGFS) published a report that explores the feasibility of integrating the G-Cubed general equilibrium model into the NGFS suite of models.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8301