BoE and PRA Update PS5/19 on Approach for Withdrawal from EU

By Regulatory News

June 13, 2019

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.

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Keywords: Europe, EU, UK, Banking, Insurance, Brexit, EU Withdrawal, Regulatory and Supervisory Approach, PS5/19, PRA rulebook, PRA, BoE

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