PRA published a direction for modification by consent of 5.1 to 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook. The modifications apply where a Pillar 2A requirement, a global systemically important institution (G-SII) buffer, or other systemically important institution (O-SII) buffer has been imposed on a firm on an individual or a consolidated basis. The modifications should be read and used in conjunction with the voluntary requirement on capital buffers and Pillar 2A model requirements, which became effective on December 31, 2020. In addition, PRA published the policy statement PS1/21 on strengthening accountability via the Senior Managers & Certification Regime (SM&CR) forms updates. PS1/21 contains the amended Notifications Part of the PRA Rulebook (Appendix 1), the updated Notification Form (Appendix 2), and the SM&CR Form L (Appendix 3). The final rules and the updated versions of the forms became applicable from January 22, 2021.
PS1/21 also provides feedback to responses to the proposed amendments (CP7/20) to the Notifications Part of the PRA Rulebook, Notifications Form, and SM&CR Form L. In CP7/20, PRA proposed to update SM&CR Form L to reinstate question 3.05, which requests firms making a notification to provide details of any disciplinary action taken. PRA also proposed to amend the Notification Form to reflect the new FCA address, following a move to new premises and the new FCA logo. In addition, PRA proposed to make minor consequential amendments to the Notification Form. These were deleting an incorrect reference to PRA as a limited company, updating references to the PRA Rulebook, and updating the General Data Protection Regulation notification. PRA received no responses to the consultation and, therefore, published the final policy as proposed.
- Notification on Direction for Modification by Consent
- Direction for Modification by Consent (PDF)
Effective Date: January 22, 2021
Keywords: Europe, UK, Banking, Insurance, PRA Rulebook, SM&CR, Regulatory Capital, Capital Buffer, Pillar 2, Basel, PS1/21
Previous ArticleECB President Answers Queries on Application of EU Taxonomy
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.