Events listed in [PRA] Prudential Regulation Authority
Solvency II Review – considerations for year-end 2023
ID 26142
The released statement relates to HMT and PRA’s Solvency II reforms to be implemented until the end of 2023 on the reporting and technical measures. Main topics discussed were: – removal of the requirement to submit RSR (put in place starting 31 December 2023) – see eventid=22007 – removal of regulatory returns reporting on certain products, such as structured products or derivative transactions (among ...
CP27/23 – The Prudential Regulation Authority’s approach to policy
ID 26139
Following a discussion paper in 2022 on its future approach to policy making (please see EventID 17460 in this context for more information), the Prudential Regulation Authority (PRA) has now published a follow-up consultation paper in this matter. The consultation paper builds upon the discussion paper in that it takes into account the feedback received by respondents and sets out a „final“ approach to ...
CP26/23 – Operational resilience: Critical third parties to the UK financial ...
ID 26119
In view of the increasing use of third parties in UK financial services firms to aid in the facilitation of business services or to perform certain functions, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have launched a joint consultation in this context. Specifically, the authorities seek to establish rules for the designation of critical third parties (CTPs) that may pose ...
Financial Stability Report – December 2023
ID 26112
The Financial Policy Committee (FPC) of the Bank of England (BoE) has published its latest financial stability report. Besides providing an update on the impact of higher interest rates on households and businesses, BoE stresses the following topics relevant in 2023: 1. Crypto-assets market At the moment, the risks of unregulated crypto-assets is not a threat however global and local policies and regulations are ...
CP23/23 – Identification and management of step-in risk, shadow banking entities ...
ID 26085
The Prudential Regulation Authority (PRA) has launched a new consultation (CP23/23) on proposed new rules for CRR firms regarding step-in risk assessments and the transfer of two guidelines of the European Banking Authority (EBA), namely those on „limits on exposures to shadow banking entities“ and on „connected clients“, to new PRA supervisory statements. It’s important to note in this context that the new requirements ...
PS15/23 – The Strong and Simple Framework: Scope Criteria, Liquidity and Disclosure ...
ID 26075
The Prudential Regulation Authority (PRA) has issued a new Policy Statement (PS15/23) to finally implement a new prudential supervisory regime for smaller, less relevant institutions, including banks, building societies, and consolidated CRR firms with consolidated assets of £20 billion or less. In this context, the PRA provides responses to its consultation CP16/22 (EventID 18774), which consulted – among others – on the criteria that ...
Bank of England and the Reserve Bank of India Memorandum of Understanding
ID 26042
On December 1, 2023, the Bank of England (BoE) issued a statement in which it informs of the signing of a Memorandum of Understanding (MoU) between the Reserve Bank of India (RBI) and the BoE itself aimed at facilitating the exchange of information and cooperation regarding the supervision of incoming Indian central counterparties (CCPs) such as Clearing Corporation of India Ltd. The MoU is ...
PRA Regulatory Digest – November 2023
ID 26035
The Prudential Regulation Authority (PRA) has published the latest version of its monthly regulatory digest (November 2023). 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 ...
Consultation on the codes of practice for wholesale cash distribution market ...
ID 26025
The Bank of England has launched a consultation on the codes of practice (CoPs) for wholesale cash distribution market oversight. Following the consultation on the supervisory approach to wholesale cash distribution published in December 2022 (see eventid=19077), the Bank is now consulting on the detailed CoPs for the market oversight regime. The proposed new scheme would consist of three parts: **1. CoPs for market ...
Statistical Notice 2023/12
ID 25986
The Bank of England (BoE) has released a new Statistical Notice (2023/12) in relation to Form IPA and the proposed changes in the Form to migrate it to XBRL. Specifically, the new, adjusted form was announced to go live on December 7, 2023 (please see EventID 23395 in this context for more information). In this new notice now, the BoE states that it will ...