Post EU withdrawal

• PS23/21 ‘Credit risk: The identification of the nature, severity, and duration of an economic downturn for the purposes of Internal Ratings Based (IRB) models’

• Exercise by the Bank of England and Prudential Regulation Authority of sub-delegated powers under the European Union (Withdrawal) Act 2018

• Policy Statement 19/21 ‘International banks: The Prudential Regulation Authority’s approach to branch authorisation and subsidiary supervision’ ,

• Policy Statement 17/21 ‘Implementation of Basel standards’

• PRA statement on firm authorisation under the Temporary Permissions Regime

• CP7/21 ‘Credit risk: The identification of the nature, severity, and duration of an economic downturn for the purposes of Internal Ratings Based (IRB) models

• Consultation Paper 6/21 'Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251'

• PRA statement on EBA Guidelines and EU Regulatory Technical Standards relating to approaches to credit risk following the end of the transition period

• Consultation Paper 5/21 'Implementation of Basel standards'

• PRA statement on the EU requirement on prudential treatment of software assets

• Policy Statement (PS) 30/20 ‘UK withdrawal from the EU: Changes before the end of the transition period’

• Policy Statement (PS) 29/20 ‘Capital Requirements Directive V (CRD V)’

• Statement on the application of the temporary transitional power to CRD V and BRRD II derived legislation

• Temporary transitional power

• Joint Bank and PRA statement on the proposed use of temporary transitional power at the end of the transition period

• Speech on ‘The ideal post-EU regulatory framework’ from Vicky Saporta, Executive Director of Prudential Policy at the International Business and Diplomatic Exchange 2020 Annual Conference

28 February

• Letter on ‘Outstanding EU liabilities following the UK’s withdrawal from the European Union’ from Anna Sweeney, Executive Director of Insurance Supervision, to relevant PRA-regulated insurance firms

On Thursday 31 October 2019 the European Insurance and Occupational Pensions Authority (EIOPA) published member state responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. The responses are available on EIOPA’s website.

The French regulator, Autorité de contrôle prudentiel et de résolution (ACPR), has indicated in its response that it does not intend to comply with EIOPA’s Recommendation 6, relating to insurance policies originally sold in the United Kingdom by UK insurers to policyholders now resident/established in France.

For more information please see the ‘PRA Statement on Autorité de contrôle prudentiel et de résolution (ACPR) response to EIOPA Recommendations for the Insurance Sector in light of the United Kingdom’s withdrawing from the European Union’.

• Memorandum of understanding between HM Treasury, the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority (PDF)

• PS5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’ – April 2019
• Joint Bank and PRA Statement of Policy 'Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU'
• PRA Supervisory Statement (SS) 1/19 ‘Non-binding PRA materials: The PRA’s approach after the UK’s withdrawal from the EU’
• PRA SS2/19 ‘PRA approach to interpreting reporting and disclosure requirements and regulatory transactions forms after the UK’s withdrawal from the EU’
• Update to PRA SS18/15 ‘Depositor and dormant account protection’
• Bank SS ‘Non binding Bank materials relating to Financial Market Infrastructure Supervision: The Bank’s approach after the UK’s withdrawal from the EU’

Regulatory framework in a no-deal scenario page provides an update on the legal and regulatory framework that would apply in a no-deal scenario.

• News release - ‘PRA and FCA agree Memorandum of Understanding (MoUs) with EBA’

14 March

• News release - Bank of England and Financial Conduct Authority agree Memoranda of Understanding (MoUs) with EIOPA and EU insurance supervisors

• News release - Bank of England's approach to financial services legislation under the European Union (Withdrawal) Act - February 2019
• Joint Bank and PRA Policy Statement 5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’ Which includes near- final versions of policy materials including EU Exit Instruments, Supervisory Statements (SSs), and a Statement of Policy.
• Transitioning to post-exit rules and standards, including Bank and PRA transitional direction instruments and all Binding Technical Standard instruments
• Transfer of roles and responsibilities to the Bank including ‘The transfer of the function to produce Solvency II technical information to the PRA’

• Joint statement by UK and US authorities on continuity of derivatives trading and clearing post-Brexit

The Bank of England and European Securities and Markets Authority (ESMA) have agreed Memoranda of Understanding (MoUs) regarding cooperation and information-sharing arrangements with respect to central counterparties (CCPs) and central securities depositories (CSDs). 

• News release

• Application of the Senior Managers and Certification Regime to firms in the temporary permissions regime: clarification of the PRA’s and FCA’s proposals

• Joint Bank/PRA Consultation Paper 32/18 ‘UK withdrawal from the EU: Further changes to – PRA Rulebook and Binding Technical Standards – Resolution Binding Technical Standards’

• Bank of England statement on equivalence of the future UK legal and supervisory framework for central counterparties and central securities depositories

• Agents’ survey on preparations for EU withdrawal and results from the Decision Maker Panel survey
• The Bank’s Agents have conducted a survey of business contacts about their preparations for Brexit, to support the Bank’s analysis of the impact of EU withdrawal on the UK economy.

• EU withdrawal scenarios and monetary and financial stability - A response to the House of Commons Treasury Committee
• Financial Stability Report - November 2018 - see in particular ‘Resilience of the UK financial system to Brexit’ on pages 17-33.

• PRA Direction: ‘Temporary permission and variation: notification before exit day’ (pdf) See amendment to this PRA Direction made on 28 March 2019.

• Follow-up letter to EU systems designated under the Settlement Finality Directive from David Bailey, Executive Director, Financial Market Infrastructure

• News release 'Bank of England's approach to financial services legislation under the European Union (Withdrawal) Act - October 2018'
• Joint Bank/PRA Consultation Paper 25/18 'The Bank of England’s approach to amending financial services legislation under the European Union (Withdrawal) Act 2018'
• PRA Consultation Paper 26/18 'UK withdrawal from the EU: changes to PRA Rulebook and onshored Binding Technical Standards'
• Bank Consultation Paper 'UK withdrawal from the EU: Changes to FMI rules and onshored Binding Technical Standards'
• Bank Consultation Paper 'UK Withdrawal from the EU: The Bank of England’s approach to resolution Statements of Policy and onshored Binding Technical Standards'
• Update to firms on the Bank’s regulatory approach, and firm preparations, for EU withdrawal - Letter from Sam Woods (PRA CEO and Deputy Governor for Prudential Regulation) to CEOs of PRA-regulated firms
• Letters from Jon Cunliffe to:
• Non-UK CCPs
• Non-UK CSDs

• News release 'Temporary permissions and recognition regimes'
• The Government published a draft of the statutory instrument that will, subject to parliamentary approval, deliver a temporary permissions regime for EEA firms operating in the UK

• Letter to EU systems designated under the Settlement Finality Directive from David Bailey, Executive Director, Financial Market Infrastructure

• News release 'Bank of England’s approach to financial services legislation under the European Union (Withdrawal) Act'

• News release 'EU Commission and HM Treasury ask the European Central Bank and the Bank of England to convene a technical working group'

• News release 'Update on the regulatory approach to preparations for EU withdrawal'

• CCPs’ preparations for the UK’s withdrawal from the European Union: update following March 2018 European Council Letter from Sir Jon Cunliffe, Deputy Governor, Financial Stability to Central Counterparties (CCPs) 

• Firms’ preparations for the UK’s withdrawal from the European Union: update following March 2018 European Council Letter from Sam Woods, Deputy Governor, Prudential Regulation and CEO, Prudential Regulation Authority 

• PRA Supervisory Statement 1/18 'International banks: the Prudential Regulation Authority’s approach to branch authorisation and supervision'

• PRA Supervisory Statement 2/18 'International insurers: the Prudential Regulation Authority’s approach to branch authorisation and supervision'

• Financial Policy Committee statement from its meeting FPC judgement of progress against actions to mitigate the risk of disruption to end users of financial services as at 12 March 2018

• News release 'The Bank of England’s approach to the authorisation and supervision of international banks, insurers and central counterparties'

• Firms’ preparations for the UK’s withdrawal from the European Union: planning assumptions Letter from Sam Woods, Deputy Governor, Prudential Regulation and CEO, Prudential Regulation Authority

• Letter to Central Counterparties (CCPs) from Sir Jon Cunliffe, Deputy Governor, Financial Stability

• Contingency planning for the UK's withdrawal from the European Union Letter to firms from Sam Woods, Deputy Governor, Prudential Regulation and CEO, Prudential Regulation Authority