Firms and individuals must apply to the Prudential Regulation Authority (PRA) for authorisation to carry out any of the activities that we regulate. There are also certain changes that they must either apply to or notify us about.

10 June 2019: Publication of EU’s revised rules on capital requirements 

The European Union published a package of legislative amendments in the Official Journal of the European Union on 7 June 2019 - see Official Journal of the European Union, L 150, 7 June 2019.

The package included a new Regulation (EU/2019/876) amending Regulation (EU/575/2013) as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, report and disclosure requirements, and Regulation (EU/648/2012) (CRR II).

CRR II includes requirements which enter into force from 27 June 2019 (see Article 3 (3)). In light of the change to CRR Article 26(3), we recognise that Rules 7.1 and 7.5 of the Definition of Capital Part of the PRA Rulebook no longer achieve the purpose for which they were made. Therefore, it has been decided to offer a modification by consent, please see our Waivers and modifications of rules page. We intend to consult in due course on amending Chapter 7 of the Definition of Capital Part of the PRA Rulebook, and any expectations we have of firms on the application of CRR Article 26(3).

CRR II resolution specific requirements will apply to UK global systemically important banks (G-SIBs) and UK material subsidiaries of non-EU G-SIBs from 27 June 2019. These firms should refer to the notice found on the Resolution page.

7 June 2019: We published Consultation Paper 12/19 ‘Strengthening individual accountability: Resolution assessments and reporting amendments’. The proposed amendments to the Senior Managers Regime: Statement of Responsibilities are relevant to all PRA-regulated firms including credit unions and small non-Directive insurers. The consultation closes on Wednesday 7 August 2019.

6 June 2019: We published the PRA Annual Report 2019, which includes information on the authorisation of new banks, insurers, and insurance special purpose vehicles (ISPVs), as well as our work on EU withdrawal. Alongside the PRA Annual Report 2018/19 we also published the: 

  • PRA Authorisations Performance Reports for 2017/18 and 2018/2019 (see below)
  • list of ring-fenced bodies as at 1 January 2019, available on the Which firms does the PRA regulate? page

PRA Authorisations Performance Report 

The Financial Services and Market Act 2000 requires the PRA to make decisions relating to the authorisations processes within set timeframes. The statutory service standards and performance against the deadlines are outlined in this report.

Current report

Historic reports

  • How we use your information

    Information we collect

    Through our authorisations forms, the Bank of England (the ‘Bank’) collects personal data about you. This personal data could include (depending on the application or notification form submitted) personal identification details, contact information, addresses, employment history and information relating to fitness and propriety such as criminal, civil and regulatory matters. Each form clearly states what personal data is being gathered. The Bank may make further enquiries and seek similar information from third parties and other data sources as we think appropriate to identify and verify information that we consider relevant to the application or notification, this could include criminal, credit and other background checks.                                                                                               

    Why we need your personal data

    The Bank collects personal data to process a range of authorisation applications and notifications, which include:

    • New firm authorisations
    • Senior Management Functions
    • Waivers and Modifications of rules
    • Variations and cancelling of Permissions
    • Change in Control
    • Standing Data
    • Passporting

    This information is used to assist the Bank of England in discharging its functions, in particular the statutory functions of the Prudential Regulation Authority under the Financial Services and Markets Act 2000 and other relevant legislation.

    What we do with your personal data

    In complying with applicable laws and for law enforcement purposes, we may disclose information to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the European Economic Area. Otherwise, we will not disclose your information without your permission. Your personal data will be retained in accordance with the Bank’s records management schedule. 

    Your rights

    You have a number of rights under data protection laws.  For example, you have the right to ask us for a copy of the personal data the Bank holds about you. You can also ask us to change how we process or deal with your personal data, and you may have the right in some circumstances to have your personal data amended or deleted. To contact us about those rights, including making a request for the personal data we hold about you, or to find out more about privacy and data protection at the Bank, please see the Privacy and the Bank of England page.

This page was last updated 10 June 2019
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