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The PRA’s approach to waivers and permissions under Own Funds (CRR) Part

Statement of policy

Published on 17 July 2025

Overview

This statement of policy (SoP) sets out the Prudential Regulation Authority’s (PRA) approach to considering applications from PRA authorised persons not to apply rules, or to apply them with modifications, under section 138BA of the Financial Services and Markets Act 2000 (FSMA). The SoP relates to rules in the Own Funds (CRR) Part of the PRA Rulebook.

This SoP is relevant to banks, building societies, PRA-designated investment firms and PRA-approved, or PRA-designated, financial or mixed financial holding companies. It is not relevant to credit unions or third-country branches.

Current version

Published on 17 July 2025. Effective from 1 January 2026.

Statement of policy – The PRA’s approach to waivers and permissions under Own Funds (CRR) Part – July 2025 (pdf)

- following PS12/25 – Restatement of CRR and Solvency II requirements in PRA Rulebook – 2026 implementation

Prudential Regulation // Policy statement

Prudential Regulation // Statement of policy

Prudential Regulation // Supervisory statement

Prudential Regulation // Policy statement