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

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk

    The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.

    January 18, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7903