In the PRA’s previous statement 'Covid-19 regulatory reporting and disclosure amendments' published on Thursday 2 April 2020, the PRA set out that it would accept delayed submission of certain regulatory returns with deadlines on or before Sunday 31 May 2020. That statement noted the PRA would consider in due course the treatment of those returns with a deadline of June onwards.
Having considered the fact that firms have now had time to adjust to new ways of working, and the prudential benefits to supervisors of timely submission of regulatory data, the PRA has concluded that it would not be appropriate to continue to apply the reporting measures set out in the previous statement to future submissions.
Going forward, the PRA will therefore, in general, expect on time submission for future regulatory reporting. Firms experiencing difficulty with timely submission should contact their usual supervisor to discuss.
The previous statement set out for Pillar 3 disclosures that a firm would normally expect to make on or before Sunday 31 May 2020, the PRA would be flexible in its expectations of firms’ publication timeline for Pillar 3 disclosures (compared to the publication date of the financial statements), in light of the impact of Covid-19. While the PRA will continue to take a flexible approach to this, it expects that going forward the publication timeline for Pillar 3 disclosures should not be affected by Covid-19 in most cases.