Featured Product

    PRA Published Final Policies for Banking and Insurance Sectors

    July 20, 2017

    The PRA published two policy statements (PS19/17 and PS20/17) relevant to the banking and insurance sectors. These policy statements address changes to guidelines for completing regulatory reports, including reporting templates and instructions. The PRA also updated SS9/13, along with SS34/15, following PS19/17 and PS20/17.

    PS19/17 provides feedback to responses to the consultation paper CP2/17. It also includes the final rules and updated supervisory statements SS34/15 titled “Guidelines for Completing Regulatory Reports,” and SS9/13 titled “Securitization,” along with the ring-fenced bodies' reporting templates and instructions, specifically RFB001 to RFB008. This statement is relevant to all PRA-authorized firms. The PRA is still considering the response received to Chapter 2 on "Credit risk mitigation – secured guarantees" and will provide feedback in a separate PRA publication. Additionally, PS20/17 provides feedback to responses to consultation paper CP6/17. It contains final rules, updated SS34/15, and updated PRA101 to PRA103 (Capital+) templates and instructions, along with instructions for PRA108. It is relevant to PRA-authorized UK banks, building societies, PRA-designated investment firms, and non-European Economic Area banks authorized to accept deposits through a branch in the United Kingdom.

     

    The PRA also updated SS34/15which contains guidelines for completing regulatory reports and is addressed to all PRA-regulated firms that are required to submit supervisory reports under the Regulatory Reporting, Close Links, and Change in Control Parts of the PRA Rulebook. It sets out the PRA’s expectations on how firms should complete the data items and returns required by those Parts. Additionally, SS9/13 was updated following PS19/17 and it is aimed at firms to which Capital Requirements Directive (CRD IV) applies. It sets out the PRA’s expectations of firms in respect of securitization and supplements the rules in the Benchmarking of Internal Approaches and Credit Risk Part of the PRA Rulebook.


    Related Link: Press Release

    Keywords: Europe, United Kingdom, Banking, Insurance, PRA, Reporting Requirements, Securitization, Securities

    Related Articles
    News

    SEC Adopts Rules and Amendments Under Regulatory Regime for Swaps

    SEC announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers (SBSDs) by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.

    September 19, 2019 WebPage Regulatory News
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    BIS Formalizes Agreement to Set Up Innovation Hub in Hong Kong SAR

    BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR).

    September 18, 2019 WebPage Regulatory News
    News

    PRA Proposal on Probability of Default and LGD Estimation

    PRA proposed, via the consultation paper CP21/19, an approach to implementing EBA’s recent regulatory products relating to Probability of Default (PD) estimation, Loss Given Default (LGD) estimation, and the treatment of defaulted exposures in the internal ratings-based (IRB) approach to credit risk.

    September 18, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    APRA Observations from Thematic Review on Recovery Plans of Insurers

    APRA issued a letter to general insurers and life insurers, outlining observations from a recent thematic review on recovery planning by insurers.

    September 18, 2019 WebPage Regulatory News
    News

    BNM Publishes Financial Stability Review for the First Half of 2019

    BNM published Financial Stability Review for the first half of 2019.

    September 18, 2019 WebPage Regulatory News
    News

    CFTC Extends Comment Period for Proposals on Cross-Border Clearing

    CFTC announced that it is extending, until November 18, 2019, the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) that are organized outside of U.S. and that do not pose substantial risk to the U.S. financial system.

    September 18, 2019 WebPage Regulatory News
    News

    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019.

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3848