Featured Product

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    September 13, 2019

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP). The current waiver by consent (and individual waivers) for the Continuity of Access rules expires on December 01, 2019. Deposit-takers should consider whether they meet one of the three updated cases to be eligible for the new waiver and whether they wish to request the waiver by consent. PRA has set out the changes to the rules in the waiver direction.

    Since 2016, BoE has publicly committed to reviewing the calibration of minimum requirement for own funds and eligible liabilities (MREL) before the end of 2020. In doing so, BoE will have regard to any intervening changes in the UK regulatory framework due to the revision of the Bank Recovery and Resolution Directive and the Capital Requirements Regulation as well as firms’ experience in issuing liabilities to meet their interim MRELs. This review may lead PRA to consider adjustments to the scope, functionality, and necessity of the rules on Continuity of Access. Pending the outcome of the review, PRA is providing a new waiver by consent for the Continuity of Access rules with an expiry of December 01, 2022. The waiver exempts a firm from the Continuity of Access rules (DPP 13.4-13.8 inclusive) and from the related Continuity of Access reporting requirements (DPP 15.2-15.4 inclusive and 15.7). This waiver by consent is available in relation to a firm if it meets the criteria in a case set out below: 

    • Case 1—On March 31, 2019, the total assets a firm is required to report on FINREP (F01.01) exceed GBP 15 billion.
    • Case 2—On March 31, 2019, the aggregate amount of covered deposits a firm is required to report on COREP (C68.00.a) does not exceed GBP 2 billion; and the number of depositors a firm is required to report on PRA108 (65A) does not exceed GBP 150,000.
    • Case 3—The firm is an overseas firm that is not an incoming firm and has a Part 4A permission that includes accepting deposits.

    As part of the suite of reforms introduced during the transposition of the Deposit Guarantee Schemes Directive (DGSD) in 2015, PRA introduced rules in DPP requiring firms to put in place systems to ensure eligible depositors have continued access to Financial Services Compensation Scheme (FSCS)-covered deposits in resolution or insolvency by facilitating a transfer of such deposits (Continuity of Access). 

     

    Related Links

    Keywords: Europe, UK, Banking, Waiver by Consent, Continuity of Access, COREP, FINREP, PRA Rulebook, MREL, DGSD, Reporting, Deposit Guarantee Schemes, PRA

    Featured Experts
    Related Articles
    News

    US Agencies Requests Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Consults on Revised Technical Standards on Supervisory Reporting

    EBA launched a consultation on the revised implementing technical standards, or ITS, on supervisory reporting.

    October 16, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3997