PRA Updates Timeline for Capital+ Reporting Requirements
The PRA published the updated timeline for Capital+ reporting requirements, as previously set out in the policy statement PS32/16 titled “Responses to Chapter 3 of consultation paper, CP17/16 - forecast capital data”; this is ahead of ahead of October 01, when the requirements take effect. CP17/16 is related to regulatory reporting of financial statements, forecast capital data, and International Financial Reporting Standards (IFRS) 9 requirements. The update includes key dates and activities for firms subject to Capital+ reporting requirements, specifically onboarding activities for the Bank of England’s Electronic Data Submission (BEEDS) portal leading up to firms’ submission deadline.
Firms should refer to the indicative timeline for further details on key activities leading up to their submission date. Between October 01, 2017 and the first time a firm's return is due under the new rules, the PRA asks firms to continue to submit Capital+ returns under any current voluntary arrangements. Following this update, the PRA will contact firms directly with relevant updates on Capital+ reporting. Timelines are provided based on a firm’s first reporting deadline and will be reviewed and updated as appropriate.
Related Links
Keywords: Europe, UK, Banking, Capital+, Timeline, PS32/16, Reporting, BEEDS, PRA
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Salman Siddiqui
ESG and climate expert for P&C insurance; IFRS 17 specialist and chartered accountant; extensive experience in both life and non-life insurance, with focus on capital management, financial performance, and financial reporting.
Previous Article
ESRB Publishes Its Annual Report for 2016Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.