This policy statement (PS) is addressed to all PRA-supervised firms operating in the United Kingdom which are not UK-headquartered firms, as well as to any firm looking to operate in the United Kingdom in the future. It follows up on the proposal to introduce a twice-yearly Branch Return, which would provide information about the UK activities of these firms. It provides an update on the development of the Branch Return and a finalised rule.
The PRA consulted on this proposal in ‘Consultation Paper 4/14 Supervising International Banks: the PRA’s approach to branch supervision’, published in February 2014, and provided feedback on the responses to the draft rule in September in ‘PS8/14 Supervising international banks: the PRA’s approach to branch supervision’. The Branch Return rule and the final form of the Branch Return are being published now, allowing the PRA to absorb the lessons from a second, voluntary pilot collection of the return.
Policy Statement 8/15