PRA Regulatory Digest – August 2023

The Prudential Regulation Authority (PRA) has published the latest version (August 2023) of its monthly regulatory digest. The digest outlines the Authority’s ongoing regulatory activities ranging from the launch of consultations, to the issuance of policy statements, to the implementation of regulatory changes and provides links to corresponding (legal) documents. The regulatory digest presents a viable source of information to stay up-to-date on regulatory issues and to ensure preparedness for upcoming changes as it furnishes a briefly summarized overview of all relevant ongoing issues.
This latest version „only“ reminds all dually regulated firms to keep their firms‘ details up-to-date as requested by the Financial Conduct Authority (FCA). Specifically, firms need to annually review these details and verify them via the FCA’s connect system pursuant to the provisions under SUP 16.10 of the FCA’s Supervision manual. Beginning December 1, 2023, verifications must be made within 60 days following the Accounting Reference Date (ARD).
Also, the PRA informs that on August 16, 2023, it released version 3.6.0 of the Bank of England Banking XBRL taxonomy. This update serves the purpose of facilitating the collection of data pertaining to risks associated with contingent leverage and trading exposures, specifically focusing on areas where these risks are most likely to manifest, in accordance with the PRA’s newly issued policy statement PS5/23 (please see EventID 21208 in this context for more information). The updates includes the taxonomy itself, the data point model (DPM) dictionary, annotated templates, and validation rules.
Finally, the PRA informs of its annual upcoming firms survey.
—
For more complete, detailed information, please refer to the enclosed Digest.