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    PRA Finalizes Policy Amending Certain CRR Rules for Banks

    August 08, 2022

    The Prudential Regulation Authority (PRA) published a policy statement (PS7/22) on changes under the Capital Requirements Regulation while the Bank of England (BoE) published a market notice setting out its intention to introduce a Short Term Repo (STR) facility alongside any future sales of gilts from the Asset Purchase Facility (APF).

    PS7/22 includes policy changes that fall under the Capital Requirements Regulation (CRR) and Solvency II. The implementation date for the policy changes is September 01, 2022, with certain exceptions. PRA consulted on these changes, via the occasional consultation paper CP3/22, from March 21 to May 10, 2022. PRA received no responses to proposals related to any of the chapters in CP3/22. Given that PRA has not received any responses to its consultation, the analyses, as presented in CP3/22, remain unchanged. Among the changes, CP3/22 set out amendments to leverage ratio framework, CRR rules, and Pillar 3 Liquidity disclosure template and instructions. The appendices to PS7/22 provides final policy material, including the following:

    • Amendments to Statement of Policy on PRA’s approach to the publication of Solvency II technical information
    • Amendments to SS45/15 on UK leverage ratio framework
    • PRA Rulebook: CRR Firms: (CRR 2 and Other Consequentials) Modification Instrument 2022
    • Amendments to Statement of Policy on Bank of England (BoE) and PRA approach after the UK’s withdrawal from the EU
    • Investment Firms Prudential Regime Amendment Instrument 2022
    • PRA Standards Instrument: The Technical Standards (Investment Firms Prudential Regime Consequential Amendments) Instrument
    • Amendments to Template UK LIQ2 on net stable funding ratio (NSFR)
    • Instructions on Template UK LIQ2 on disclosure of NSFR
    • PRA Rulebook: CRR Firms Administration Instrument 2022

     

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    Keywords: Europe, UK, Banking, Reporting, PRA Rulebook, CRR, Basel, Leverage Ratio, Disclosures, Pillar 3, NSFR, IFPR, Investment Firms, Regulatory Capital, CP3 22, PS7 22, BoE, PRA

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