PRA published a policy statement (PS33/18) that provides the final rules amending the Incoming Firms and Third Country Firms Part of the PRA Rulebook (Appendix 1) and the final Branch Return form (Appendix 2). The PS33/18 also provides feedback to responses to Chapter 2 of the occasional consultation paper CP24/18. The effective date for the revised rules and the Branch Return form is January 01, 2019. PS33/18 is relevant to all PRA-supervised firms operating through the branches in UK that are not UK-headquartered firms. These firms are required by Incoming Firms and Third Country Firms 3.1 to submit the Branch Return form on a semi-annual basis.
In CP24/18, PRA proposed to amend the Branch Return form by adding a pre-populated drop-down menu in a new field on the form to denote the accounting standards used by submitting firms. The purpose of the proposed field is to facilitate interpretation of the data provided by firms. PRA received one response to CP24/18. The respondent suggested that content of the drop-down menu be expanded to include more specific applications of accounting standards; for example, FRS 102 with IAS 39 or FRS 102 with Chapter 11 and 12 in cases where UK Generally Accepted Accounting Principles (GAAP) is applied. PRA has considered the response and decided not to make changes to the draft Branch Return form. PRA considers that the proposed level of granularity was sufficient to meet its needs while not being unduly burdensome on firms. Furthermore, UK GAAP will generally not be relevant to the non-UK firms completing the branch return.
Effective Date: January 01, 2019
Keywords: Europe, UK, Banking, PRA Rulebook, Branch Return Form, Responses to Consultation, PS33/18, CP24/18, PRA
EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).
EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.