Events listed in [PRA] Prudential Regulation Authority
Results of the Semi-Annual FX Turnover Surveys in October 2022
ID 21763
Following a corresponding survey among 27 UK financial institutions in October 2022, the Bank of England has published the results on the turnover of foreign exchange (FX) trading activity for same month. The survey is conducted semi-annually to assess market activities in that regard. The results, which are outlined in a corresponding report, may be briefly summarized as follows: (1) Compared to the April ...
PRA Regulatory Digest – January 2023
ID 21671
The Prudential Regulation Authority (PRA) has published the latest version (January 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 ...
Letter from the Bank, PRA, and FCA ‘2022 CBEST thematic findings’
ID 21664
The Prudential Regulation Authority (PRA), the Bank of England (BoE), and the Financial Conduct Authority (FCA) (the regulators) have published a joint (cover) letter addressing the findings from a recent thematic review of the cyber resilience of diverse financial market participants, including banks, insurance undertakings, asset and investment managers, and Financial Market Infrastructure (FMIs). The (cover) letter briefly describes the objectives of the so-called ...
CP2/23 – Moving Senior Managers Regime forms from the PRA Rulebook
ID 21651
The Prudential Regulation Authority, PRA, has launched a consultation in connection with some forms that must be filed by supervised firms to satisfy their obligations under the Senior Managers and Certification Regime (SM&CR). The SM&CR requires senior managers of in-scope firms to be pre-approved by the regulator and to adhere to some stringent conduct of business requirements. Specifically, the PRA seeks to remove some ...
Insurance Stress Test 2022 feedback
ID 21546
The Prudential Regulation Authority, PRA, has published a Dear CEO Letter addressed at insurance undertakings to inform of the insurance stress test (IST) results 2022. According to the PRA, the key objectives of the 2022 stress tests was to assess the (financial) resilience of life insurers and general insurers, support the capacity building in the area of risk management, and provide sufficient evidence to ...
Letter from David Bailey and Charles Woods ‘UK Deposit Takers Supervision: 2023 ...
ID 21405
The Prudential Regulation Authority, PRA, has published a Dear CEO Letter addressed at chief executive officers (CEOs) of PRA-regulated financial institutions. Therein, the PRA specifies its 2023 (supervisory) priorities regarding depository institutions the key ones of which are briefly summarized below: (1) Credit risk: As global inflation and interest rates are at very high levels and as economic uncertainty continues to prevail, the PRA ...
Letter from Nathanaël Benjamin and Rebecca Jackson ‘International banks active in ...
ID 21399
The Prudential Regulation Authority, PRA, has published a Dear CEO Letter addressed at chief executive officers (CEOs) of PRA-regulated international banks. Therein, the PRA specifies its 2023 (supervisory) priorities regarding international banks operating in the UK. The key priorities are briefly summarized below: (1) Financial resilience: As the economy is on a downside and as high financial market volatility persists, the PRA expects banks ...
Letter from Charlotte Gerken and Shoib Khan ‘Insurance Supervision: 2023 priorities’
ID 21396
The Prudential Regulation Authority, PRA, has published a Dear CEO Letter addressed at chief executive officers (CEOs) of PRA-regulated insurance enterprises. Therein, the PRA specifies its 2023 (supervisory) priorities regarding insurance and reinsurance undertakings operating in the UK. The key priorities are briefly summarized below: (1) Financial resilience: As the economic outlook is rather sobering with a forecasted recession in the UK and as ...
PRA statement on the recalculation of the Transitional Measure on Technical ...
ID 21379
The Bank of England’s Prudential Regulation Authority (PRA) has published a statement addressed at insurance and reinsurance undertakings as regards the recalculation of the transitional measure on technical provisions (TMTP) which permits firms to recalculate and adjust their technical provisions on Solvency I Pillar 2 liabilities following the implementation of Solvency II over a period of time so as to reduce the overall impact ...
PRA Regulatory Digest – December 2022
ID 21361
The Prudential Regulation Authority (PRA) has published the latest version (December 2022) 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 ...