In June 2013 the European Union published legislation to implement within the EU “Basel III”, the international regulatory framework for banks developed by the Basel Committee on Banking Supervision. From 1 January 2014 this will replace the current capital requirements directives with two new legislative instruments: the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR), collectively known as CRD IV.
This policy statement publishes the final statement of policy, rules and supervisory statements required to implement CRD IV in the UK for banks, building societies, and Prudential Regulation Authority (PRA) designated investment firms. The proposals in this Policy Statement do not apply to investment firms supervised by the Financial Conduct Authority (FCA). Such firms should refer to the FCA website
for the applicable rules and guidance.
SS20/13 sets out the PRA’s approach to third country equivalence of certain credit risk provisions, and recognised exchanges, as referred to in paragraphs 7.23 and 7.13 respectively of PS7/13 and in SS10/13, SS11/13 and SS7/13.
Related Consultation Paper
Occasional Consultation Paper - CP8/13 (chapters 7 - 9)