PRA updated the policy statement PS31/17 to include the EU Benchmarking Regulations Instrument 2018, based on the legislative framework for PRA to implement the EU Benchmarks Regulation (BMR). Appendix 8 to PS31/17 contains the Benchmarking Regulations Instrument 2018, which comes into force on June 29, 2018.
PS31/17 provides final policy as part of changes to the PRA Rulebook, as outlined in Chapter 7 of occasional consultation paper, CP18/17. These changes relate to the second Markets in Financial Instruments Directive (MiFID II), Insurance Distribution Directive (IDD) forms, and BMR. PS31/17 also includes a consequential amendment to Short Form A, as outlined in Chapter 8 of CP18/17.
Effective Date: June 29, 2018
Keywords: Europe, UK, Banking, Insurance, Securities, PS31/17, Benchmarking Regulations Instrument, Benchmarks Regulation, PRA
Previous ArticleACPR Updates COREP and FINREP Taxonomy DPM Version 2.7 for Banks
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.
SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting