CP13/21 – Occasional Consultation Paper – June 2021

Consultation Paper 13/21
Published on 25 June 2021

Overview

This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposals to make minor amendments to PRA rules, supervisory statements (SS), reporting data items and instructions, the Branch Return, and associated guidance and notes.

The chapters in this CP are relevant to different types of firms, as follows:

Chapters 2 and 3 – banks, building societies, and PRA-designated investment firms;

Chapter 4 – Capital Requirements Regulation (CRR) firms;

Chapter 5 – PRA-supervised third country branches; and

Chapter 6 – 

  • Audit Committee – CRR firms, UK Solvency II insurance and reinsurance firms, and the Society of Lloyd’s and managing agents; and
  • Auditors – major UK banks and building societies.

The chapters contained in this CP, the policy material they propose to change, and the appendices containing the draft amended policy, are listed in the table below.

Chapter

Policy Material

Appendix

2. Pillar 2A: Amendments to FSA081 template, instructions, and SS32/15

Reporting Pillar 2 Part of the PRA Rulebook

1

SS32/15 ‘Pillar 2 reporting, including instructions for completing data items FSA071 to FSA082, and PRA111’

2

FSA081 template

3

FSA081 instructions

4

3. Reporting: Changes to FSA042, FSA017 instructions, and MLAR guidance notes

Regulatory Reporting Part of the PRA Rulebook

5

SS34/15 ‘Guidelines for completing regulatory reports’

6

FSA017 instructions

7

Notes for completion of the Mortgage Lenders & Administrators Return (MLAR)

8

4. Definition of Capital: Minor update to the PRA Rulebook and SS7/13

Definition of Capital Part of the PRA Rulebook

9

SS7/13 ’Definition of capital (CRR firms)’

10

5. Regulatory Reporting: Amendments to the Branch Return

Regulatory Reporting Part of the PRA Rulebook

5

SS34/15 ‘Guidelines for completing regulatory reports’

11

Branch Return

12

Reporting guidance to the Branch Return

13

6. Audit Committee and Auditors: Correction and update

Audit Committee Part of the PRA Rulebook

14

SS1/16 ‘Written reports by external auditors to the PRA’

15

Implementation

Pending consideration of the responses to this consultation, the proposed implementation dates for the changes resulting from this CP are:

  • Wednesday 1 December 2021 for Chapter 2;
  • Saturday 1 January 2022 for Chapters 4 and 6; and
  • upon publication of the final policy for Chapters 3 and 5.

Responses and next steps

This consultation closes on Wednesday 25 August 2021. The PRA invites responses on the proposals set out in this consultation. Please address any comments or enquiries to OCP.Responses@bankofengland.co.uk.

The proposals set out in this CP have been designed in the context of the UK having left the European Union and the transition period having come to an end. Unless otherwise stated, any references to EU or EU derived legislation refer to the version of that legislation which forms part of retained EU law. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework.

Consultation Paper 13/21

Appendices

Consultation end date: 25 August 2021 

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