PRA Regulatory Digest - August 2019

The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
Published on 02 September 2019

Cross cutting publications and updates

Second meeting of the PRA and FCA’s joint Climate Financial Risk Forum (CFRF)

12 August 2019

The CFRF co-chaired by the PRA and Financial Conduct Authority (FCA), met for the second time in July 2019. The next CFRF meeting will take place in Q4 2019. See the climate change webpage for the minutes of the Forum, as well as more information on the Bank’s work on climate change.

Banking publications and updates

PRA110 reporting final taxonomy and liquidity metric monitor tool

30 August 2019

The PRA published:

New Bank Start-up Unit seminar

21 August 2019

On Tuesday 15 October, the PRA and FCA New Bank Start-up Unit will be holding a seminar for those working in, or with: organisations thinking about becoming a UK bank; currently going through the bank authorisation process; or recently authorised UK banks. 

The seminar will aim to provide guidance on good practice, lessons learned and what firms should focus on in their applications. The PRA will also deliver deep-dive sessions on key regulatory areas that are essential to setting up a successful new bank.

Please register your interest to attend by Friday 20 September 2019. The PRA will review responses and confirm attendance via email by Friday 27 September 2019. A maximum of two individuals per organisation will be permitted.

CP5/19 ‘Pillar 2 capital: Updates to the framework

20 August 2019

Following comments from firms and other industry participants on Consultation Paper (CP) 5/19 ‘Pillar 2 capital: Updates to the framework’ the final policy has been delayed. It will be published by the end of October 2019, rather than on Tuesday 1 October 2019 as originally specified.

Actual and indicative minimum requirements for own funds and eligible liabilities (MREL)

14 August 2019

The Bank of England published the actual (2019) and indicative (2020-21, 2022) minimum requirements for own funds and eligible liabilities (MRELs) for UK banks and building societies that have bail-in or partial transfer resolution strategies. 

PS16/19 ‘Regulatory reporting: EBA Taxonomy 2.9’

7 August 2019

This PRA Policy Statement (PS) follows CP19/18 ‘Regulatory reporting: European Banking Authority Taxonomy 2.9’. This PS is relevant to UK banks and building societies as well as PRA-designated UK investment firms.

This includes the updated Supervisory Statement (SS) 34/15 ‘Guidelines for completing regulatory reports’ and updates to PRA101, PRA102, PRA103 and RFB004 templates, available on the Regulatory reporting – Banks, building societies and investment firms page.

Insurance publications and updates

Insurance Stress Test 2019

16 August 2019

The PRA published updated Life Insurance Stress Test 2019 and General Insurance Stress Test 2019 templates. Following the request for technical input in a letter to firms on 11 April 2019. Information on the updates is outlined under the version control tabs in each template.

Letter from Sid Malik ‘Proxy modelling survey: Best observed practice’ 

1 August 2019

The purpose of the letter, addressed to the Chief Risk Officers of life insurers, is to share the results from the PRA’s recent Proxy Modelling Survey with firms. 

Your inputs and views on open PRA consultations and other requests closing - September 2019 

Closing date: 6 September 2019

13 September 2019

18 September 2019

27 September 2019

To view all open consultations as at 1 September 2019 please see Your input and views on open PRA consultations and other requests

Bank Underground

Bank Underground is a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England or its policy committees.

Bank Overground

The purpose of Bank Overground is to share our internal analysis. Each bite-sized post summarises a piece of analysis that supported a policy or operational decision.

KnowledgeBank

This month KnowledgeBank includes a guide on ‘What is the economy?’.

From interest rates and inflation through to bank failures and financial crisesKnowledgeBank uses everyday examples and engaging visuals to bring economics to life.

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