Events listed in [PRA] Prudential Regulation Authority
The renewed RTGS service – key benefits
ID 22946
On April 25, 2023, the Prudential Regulation Authority, PRA, published a press statement in which it outlines the key benefits of the changes to the Bank of England’s (BoE’s) Real-Time Gross Settlement (RTGS) service that will be implemented by June 2024. These changes – which are in line with the BoE’s recently consulted roadmap for the RTGS (please see EventID 19759 in this context ...
Improving depositor outcomes in bank or building society insolvency
ID 22823
The Prudential Regulation Authority, PRA, has published a statement to provide an update on its work relating to the facilitation of prompt payments by the Financial Services Compensation Scheme (FSCS) to depositors in case of insolvency of a bank or building society. Specifically, the PRA states that it has been been working with stakeholders on **the evaluation of three initial measures to help effect ...
External minimum requirements for own funds and eligible liabilities (MRELs) – 2023
ID 22815
The Prudential Regulation Authority, PRA, has published a statement in which it discloses the (External) Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for all banks and building societies with a resolution entity incorporated in UK and a preferred bail-in resolution or partial transfer resolution strategy. Besides the actual MREL figures, which are set out in below noted table, the document also describes ...
The Bank of England and the Commodity Futures Trading Commission announce joint ...
ID 22777
The Bank of England (BoE) has published a press statement to inform that the Bank itself and the U.S. Commodity Futures Trading Commission (CFTC) – each responsible for the supervision of central counterparties (CCPs) – have committed to further strengthen „their commitment to close cooperation and mutual understandings on the supervision“ of CCPs operating cross-border. This commitment follows the signing of a corresponding [*Memorandum ...
CP7/23 – Regulated fees and levies: Rates proposals 2023/24
ID 22761
The Prudential Regulation Authority (PRA) has published a consultation (CP7/23) addressed at PRA-regulated firms regarding its fees and levies for the 2023/2024 supervisory year (March 1, 2023 through February 29, 2024). The proposed fees are based on the assessment of the PRA’s funding needs for same time period which have been documented as follows: Table: Assumed funding needs of the PRA The ...
Critical third parties to the UK financial sector – third party survey
ID 22731
The Prudential Regulation Authority, PRA, has published a press statement relating to the PRA’s and the FCA’s joint discussion paper (DP3/22) on a new regime for the supervision of critical third parties (CTPs) offering cloud computing or data analytics services to financial market participants and infrastructures in the UK. To recall, in the discussion paper, both regulators proposed regulatory measures to – identify potential ...
PRA Regulatory Digest – March 2023
ID 22644
The Prudential Regulation Authority (PRA) has published the latest version (March 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 ...
FS1/23 – The prudential liquidity framework: Supporting liquid asset usability
ID 22637
Following the launch of a Discussion Paper in March 2022 as regards the motivation of financial institutions to keep a large inventory of high quality liquid assets (HQLA) even in times when there’s an acute need for cash to service credit markets, the Prudential Regulation Authority (PRA) has now published a Feedback Statement on the issue. Therein, the PRA summarizes the responses it has ...
PS3/23 – Financial Services Compensation Scheme – Management Expenses Levy Limit ...
ID 22621
Following a corresponding joint consultation earlier this year, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have now published their final policy (PS3/23) on the Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2023/24. To recall, the FSCS is responsible for the processing of compensation claims in case of failures of financial services firms, the recovery ...
PS2/23 – Depositor Protection
ID 22612
Following a corresponding consultation in September 2022 (CP9/22), the Prudential Regulation Authority (PRA) has published a new policy statement (PS2/23) as regards additional protective measures to safeguard funds of customers of e-money institutions, authorized payment institutions, small payment institutions, and credit unions. Specifically, in the consultation, the PRA proposed changes to its Rulebook, to – among other things – safeguard customer deposits of ...