Featured Product

    PRA Expects Data in Remuneration and High Earner Reports by September

    September 03, 2021

    The Prudential Regulatory Authority (PRA) issued an update on the submission of Remuneration Benchmarking Information Reports and High Earners Reports by the regulated firms in scope. To facilitate compliance with rules set out in Chapters 17 and 18 of the Remuneration Part of the PRA Rulebook, PRA has made available forms REP004 and REP005 on the data collection platform RegData, which is accessible via website of the Financial Conduct Authority. For third-country branches that passported into the UK, the reporting schedules for REP004 and REP005 to send data for the 2020 reporting period have been updated on RegData. PRA expects submission of these reports by September 30, 2021.

    In addition, in a letter, Andrew Bailey, the Bank of England (BoE) Governor and the Prudential Regulation Committee (PRC) Chair, responded to Rishi Sunak, the Chancellor of the Exchequer, on the HM Treasury's recommendations for PRC, which were set out in a letter dated March 2021. In the letter, the Governor welcomed the recommendation that PRC should, where relevant and practical, have regard to the government’s commitment to achieve a net-zero economy by 2050 under the Climate Change Act 2008 (Order 2019) when considering how to advance its objectives and discharge its functions. For some time, PRA has recognized the risks posed by climate change and the transition to a net-zero economy to the safety and soundness of the firms it regulates. In response, PRA has instigated a number of initiatives that help ensure that the PRA-regulated firms develop capabilities to effectively identify, measure, manage, and, where needed, mitigate the financial risks they face from climate change. In addition to improving prudential resilience, these initiatives will help support the financial system and real economy through the transition to net-zero emissions. PRA has detailed its approach to climate change as part of the climate strategy in the BoE's recent climate-related financial disclosure.

     

    Related Links

    Keywords: Europe, UK, Banking, Remuneration, High Earners, Climate Change Risk, ESG, RegData, Remuneration Benchmarking, Reporting, Systemic Risk, Net Zero Economy, PRC, 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