Banking publications and updates
PS33/18 ‘Responses to Chapter 2 of CP24/18 ‘Occasional Consultation Paper’
20 December 2018
This PRA Policy Statement (PS) provides feedback to responses, and the final rules (Appendix 1) and Branch Return form (Appendix 2), to Chapter 2 of CP24/18 ‘Occasional Consultation Paper’. The final rules amend the Incoming Firms and Third Country Firms Part of the PRA Rulebook.
This PS is relevant to all PRA-supervised firms operating through branches in the United Kingdom which are not UK-headquartered firms (‘firms’). These firms are required by Incoming Firms and Third Country Firms 3.1 to submit the Branch Return form on a semi-annual basis.
Introduction to the Resolvability Assessment Framework and CP31/18 Resolution assessment and public disclosure by firms
18 December 2018
Alongside the Bank’s consultation on ‘The Bank of England’s approach to assessing resolvability’, the PRA published a joint ‘Introduction to the Resolvability Assessment Framework’, and CP31/18. Readers are encouraged to refer first to the joint introduction for an overview of the resolvability assessment framework (RAF), before reading the consultations.
In CP31/18, the PRA sets out proposed rules for UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis, as at the date of their most recent annual accounts, to assess their preparations for resolution, submit a report of their assessment to the PRA, and publish a summary of their report (‘public disclosure’). The CP also contains a draft Supervisory Statement (‘SS’) setting out the PRA’s expectations relevant to those rules. Drafts of the proposed rules are attached in Appendices 1 and 2 (‘Rules’) and the SS in Appendix 3 of this CP.
The proposals are relevant to PRA-authorised firms in scope of the proposed rules (‘in-scope firms’).
This CP may result in a new Resolution Assessment Part of the PRA Rulebook and a new SS.
PRA published version 3 of the PRA110 Q&As
14 December 2018
The PRA published version 3 of the PRA110 Q&As which has been updated to include additional Q&A in existing sections, as well as a new section on contingencies. For more information see the Interim reporting of PRA110 section, on the Regulatory Reporting – Banking sector webpage.
PS32/18 ‘The systemic risk buffer: Updates to the Statement of Policy’
13 December 2018
This PS provides the PRA’s final Statement of Policy (SoP) (see Appendix) following CP29/18 ‘The systemic risk buffer: Updates to the Statement of Policy’.
The PS is relevant to ring-fenced bodies within the meaning of section 142A of the Financial Services and Markets Act 2000 (FSMA) and large building societies that hold more than £25 billion in deposits (where one or more of the account holders is a small business) and shares (excluding deferred shares) – jointly ‘SRB institutions’.
PRA CP30/18 ‘FCA and PRA changes to mortgage reporting requirements’
13 December 2018
In this joint CP, the Financial Conduct Authority (FCA) and the PRA set out proposals for new reporting requirements that would apply to mortgage lenders and home finance administrators. The CP contains proposals made solely by the FCA in relation to its objectives as well as joint proposals that are given effect through a combination of PRA and FCA rules. To make the proposed requirements clear for firms, the proposals are presented under the relevant reporting return or template.
This consultation will be directly relevant to:
- Mortgage lenders
- Home finance administrators
- Entities which own mortgage books but which are not authorised to lend
The FCA and PRA invite feedback on the proposals in this paper. Please send any comments or enquiries by Friday 22 March 2019 to email@example.com.
PS30/18 ‘Regulatory reporting: Responses to CP16/18’
5 December 2018
This PS contains final policy following CP16/18 ‘Regulatory reporting: occasional consultation paper’. It contains:
This PS is relevant to banks, building societies, PRA-designated investment firms, and dormant account fund operator(s).
The PRA has made the changes to the PRA110 reporting instructions as proposed in CP16/18. However, the changes to the reporting level of consolidation in PRA110 rules are subject to the outcome of CP22/18 ‘Liquidity reporting: FSA047 and FSA048'.
SS32/15 ‘Pillar 2 reporting, including instructions for completing data items FSA071 to FSA082, and PRA 111’
5 December 2018
This SS was updated following PS30/18 ‘Regulatory reporting: Responses to CP16/18’, and takes effect from Tuesday 1 January 2019. It is available under ‘Future version’ on the SS32/15 ‘Pillar 2 reporting, including instructions for completing data items FSA071 to FSA082, and PRA 111’ webpage.
SS34/15 ‘Guidelines for completing regulatory reports’
5 December 2018
This SS (available under ‘Current version’ on SS34/15 ‘Guidelines for completing regulatory reports’ webpage) was updated following PS30/18 ‘Regulatory reporting: Responses to CP16/18’. There are different effective dates for the following:
- PRA101-103 instructions (Appendix 1) take effect from Wednesday 5 December 2018;
- data items and instructions in Appendices 9 and 10 take effect from Tuesday 1 January 2019; and
- PRA110 instructions in Appendix 11 takes effect from Monday 1 July 2019.