Featured Product

    PRA Allows Flexibility in Regulatory Reporting in Response to COVID-19

    February 05, 2021

    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. 


    Related Links

    Keywords: Europe, UK, Banking, Securities, Accounting, COVID-19, Reporting, FCA, PRA

    Featured Experts
    Related Articles

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582