Featured Product

    PRA Consults on PRA110 Reporting Frequency Threshold

    June 25, 2019

    PRA proposed (CP14/19) to amend the reporting frequency of PRA110 reporting template (PRA110) when a firm is in stress. The consultation closes on September 27, 2019 and the proposed implementation date for the proposal in CP14/19 is May 01, 2020. PRA also published Version 6 of questions and answers (Q&A) on the PRA110 reporting template and instructions, with the new or updated Q&A appearing in italics and under the PRA110 row/column to which they refer, where possible. The Q&A update adds responses to questions related to LCR weights.

    PRA proposes to introduce a rule to require firms with total assets of GBP 5 billion or above, calculated in accordance with Council Directive 86/635/EEC, to submit the PRA110 reporting template every business day in the event of a firm-specific liquidity stress or market liquidity stress. As a consequence of the proposed change to the reporting frequency threshold, PRA also proposes an update to the supervisory statement SS24/15 (paragraph 6.2A) to align with the proposed threshold. The proposals in CP14/19 would also amend the Regulatory Reporting Part of the PRA Rulebook (Appendices 1 and 2).

    The proposals are based on the UK and EU regulatory framework as it currently stands. PRA has assessed that the proposals will be affected in case of a no-deal Brexit. A second version of the proposed rules, which includes the relevant changes related to Brexit, has been set out in Appendix 2. PRA110 will come into effect from July 01, 2019, with the frequency of submission (weekly or monthly) determined by each firm’s category. To make it easier for firms and to avoid confusion of overlapping submission dates, interim reporting will finish with the end of May data point (received June 21, 2019). PRA will not be requesting June data (which would be due in July) from any of firms participating in the interim reporting. This will be removed from the GABRIEL submission schedule.

     

    Related Links

    Comment Due Date: September 27, 2019

    Effective Date: May 01, 2020 (CP14/19); July 01, 2019 (PRA110)

    Keywords: Europe, UK, EU, Banking, Pillar 2, Reporting, Q&A, CP 14/19, SS 24/15, PRA 110, Liquidity Risk, Basel III, PRA

    Featured Experts
    Related Articles
    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

    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

    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
    News

    FDIC Approves Proposal to Amend Swap Margin Rule

    FDIC approved what would be a joint proposal by the US Agencies (FCA, FDIC, FED, FHFA, and OCC) to amend regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3830