BoE and PRA Update PS5/19 on Approach for Withdrawal from EU
BoE and PRA updated a policy statement (PS5/19) that makes a small amendment to the PRA Rulebook under the (EU Exit) Instrument 2019 in Appendix B.2. This updates the date on which the new liquidity reporting rules will commence, to take into account the extension of the Article 50 negotiating period and consequent change in exit day. PS5/19 has been corrected to reflect that Annex BF to PRA Rulebook: (EU Exit) Instrument 2019 does not come into force on July 01, 2019 but instead comes into force on exit day, as set out in Appendix B.2A: PRA Rulebook: EU Exit (Amendment) Instrument 2019.
PS5/19 contains final versions of policy materials on EU Exit Instruments, the related supervisory statements (SS1/19, SS2/19, and SS18/15), and a statement of policy (SoP) titled "Interpretation of EU Guidelines and Recommendations: BoE and PRA approach after the UK’s withdrawal from the EU." PS5/19 also includes supervisory statement on non-binding materials related to the financial market infrastructure supervision. All EU Exit Instruments appended to the PS5/19 update have been finalized and have the commencement date of exit day. BoE will communicate further in the event of other relevant developments.
Related Links
- Notification
- PS5/19 (PDF)
- Appendix B.2A: PRA Rulebook: EU Exit (Amendment) Instrument 2019 (PDF)
- Appendix B.2: PRA Rulebook: (EU Exit) Instrument 2019 (PDF)
Keywords: Europe, EU, UK, Banking, Insurance, Brexit, EU Withdrawal, Regulatory and Supervisory Approach, PS5/19, PRA rulebook, PRA, BoE
Previous Article
FASB Issues Q&A on Estimation of Expected Credit Losses by FirmsRelated Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets
The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.