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