PRA has published guidance, for regulated firms, on submitting annual and other types of regulatory reporting, in response to the ongoing COVID-19 conditions. These PRA-regulated firms include UK banks, building societies, designated investment firms, and credit unions. In the guidance, PRA recognizes that the pandemic may be posing challenges for some firms in terms of their ability to meet the regulatory reporting deadlines. PRA is prepared to consider being flexible in its expectations of firms’ submissions for such reporting where the remittance deadlines fall on or before March 31, 2021 and where the reporting is not time-critical for supervisors.
Additionally, consistent with the measures announced by FCA and Financial Reporting Council (FRC), PRA will accept a delay in the submission by UK banks and designated investment firms of their annual reports and accounts by up to two calendar months, where the remittance deadlines in the PRA Rulebook fall on or before July 31, 2021. For building societies, while PRA is prepared to accept a similar delay, firms considering this may need to consider other statutory requirements that apply to them. As highlighted by FCA and FRC, the recent government guidance on COVID-19 restrictions and an increase in COVID-19 cases may impact the time needed by firms and their auditors to complete the work necessary to finalize annual report and accounts. Particularly, the requirement for annual report to be audited may make timely submission challenging for some firms. Firms are advised to keep their supervisory contact at PRA informed about any significant developments in their financial circumstances; nevertheless, firms that are able to submit before the end of the delayed submission window are encouraged to do so.
Keywords: Europe, UK, Banking, Securities, Accounting, COVID-19, Reporting, FCA, PRA
The European Commission (EC) published three Delegated Regulations (2021/2153, 2021/2154, and 2021/2155) to supplement the Investment Firms Directive (IFD or Directive 2019/2034).
The Financial Stability Board (FSB) published a report that presents results of the sixth non-bank financial intermediation monitoring exercise in the Americas.
The Bank for International Settlements (BIS) published the December issue of the Quarterly Review, which analyzes the non-bank financial intermediation mechanisms that could undermine financial stability.
The Bank of England (BoE) opened the Alternative Liquidity Facility, or ALF, for deposits from the participating UK-based Islamic banks for the first time.
APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
The European Banking Authority (EBA) launched three consultations on technical aspects of the revised framework capturing interest rate risks for banking book (IRRBB) positions, with the comment period ending on April 04, 2022.
The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).
The European Banking Authority (EBA) published the sample of banks for the mandatory Basel III monitoring exercise, which will refer to the December 2021 data.
The Board of Governors of the Federal Reserve System (FED) is adopting a proposal to revise and extend for three years the Complex Institution Liquidity Monitoring Report (FR 2052a) for banks.
The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.