Events listed in [PRA] Prudential Regulation Authority
DP2/23 – FSCS general insurance limit
ID 25626
The Prudential Regulation Authority (PRA) has issued a discussion paper in which it seeks to explore the appropriateness of increasing Financial Services Compensation Scheme (FSCS) protection for eligible policyholders to 100% for certain types of General Insurance (GI). The discussion paper follows the publication of an emergency policy statement 21/20 in October 2020 which enhanced FSCS protection for eligible policyholders of buildings guarantee insurance ...
PRA Regulatory Digest – October 2023
ID 25613
The Prudential Regulation Authority (PRA) has published the latest version of its monthly regulatory digest (October 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 ...
DP3/23 – Securitisation: capital requirements
ID 25596
In view of the upcoming replacement of all retained EU legislation (REUL), including the retained Capital Requirements Regulation (UK CRR), and the upcoming authority of the Prudential Regulation Authority (PRA) to put in place all firm facing rules and regulations for those rule replacements affecting prudential regulation of PRA authorized entities, **the PRA has launched a discussion paper (DP3/23) on various issues under the ...
Statistical Notice 2023/10
ID 25570
The Bank of England (BoE) has published a new Statistical Notice 2023/10 to inform of the availability of the latest Reporting Schedule for 2024 which sets out the due dates for filing specific reports with the Bank. The schedule also indicates the frequency of submissions and who they apply to.
Statistical Notice 2023/09
ID 25565
The Prudential Regulation Authority (PRA) has issued a statement (Statistical Notice 2023/09) addressed at banks and building societies that are subject to cash ratio deposits (CRDs) requirements at the Bank of England (BoE). This requirement applies to institutions whose reported average eligible liabilities (ELs) exceed £600 million during the previous 6-month reporting period. Specifically, the PRA informs that the calculation for the adjustment of ...
Deep, liquid, and transparent (DLT) assessment for January 2024 implementation
ID 25563
The Prudential Regulation Authority of the Bank of England, PRA, has published the latest „Deep, liquid, and transparent (DLT)“ assessment for Solvency II relevant currencies for determining the matching and volatility adjustment for purposes of determining Solvency II capital requirements (SCR). The following table reflects the latest assessment and is applicable from January 1, 2024. Table 1: DLT Assessment for Solvency II relevant Currencies ...
FS2/23 – Artificial Intelligence and Machine Learning
ID 25510
Following the launch of a discussion paper (DP5/22 or DP22/4) (eventid=17983) in October 2022 on issues surrounding the use of Artificial Intelligence (AI) and Machine Learning (ML) in supervised firms‘ operations, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have now published a corresponding feedback statement (FS2/23). In it, the regulators briefly describe the responses they have received on their discussion ...
PS13/23 – Updating UK Technical Standards on the identification of global ...
ID 25462
On October 24, 2023, the Bank of England (BoE) released a policy statement (PS13/23 as regards the update of UK technical standards on the identification of Global Systemically Important Institutions (G-SIIs). This statement follows a corresponding consultation earlier this year in which the Bank, or better its Prudential Regulation Authority (PRA), sought changes to the standards to align the UK’s approach with the changes ...
PS9/23 – Remuneration: Ratio between fixed and variable components of total ...
ID 25453
Following a corresponding consultation earlier this year (EventID 19015), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published their final joint policy statement as regards the removal of the bonus cap, that is the maximum incentive that may be paid to material risk takers of banks, building societies, and PRA-designated investment firms. To recall, based on scientific evidence, both regulators ...
Leverage ratio and risk-taking: theory and practice
ID 25431
The Prudential Regulation Authority, PRA, has published a new working paper titled „Leverage ratio and risk-taking: theory and practice“ in which it presents the findings from an analysis of the impact of leverage ratio requirements upon institutions‘ risk taking behavior and thus stability in the UK financial market. Minimum leverage ratio requirements which require a minimum fraction of Tier 1 capital (equity / retained ...