Cross cutting publications and updates
PS12/19 ‘Regulated fees and levies: Rates proposals 2019/20’
13 June 2019
This PRA Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 9/19 ‘Regulated fees and levies: Rates proposals 2019/20’ (page 2 of 2), and sets out the PRA’s final policy.
This PS is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2019/20 fee year (the 2019/20 fee year began on 1 March 2019 and will end on 29 February 2020).
Update: PS5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’
PS5/19 ‘The Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018’ was updated to add Appendix B.2A which makes a small amendment to the PRA Rulebook: (EU Exit) Instrument 2019 in Appendix B.2. This updates the date on which new liquidity reporting rules are commenced, to take account of the extension of the Article 50 negotiating period and consequent change in exit day.
Contacting the PRA – update
If you’re from a regulated firm, please use the below for any enquiry except those relating to the BEEDS portal:
- PRA.FirmEnquiries@bankofengland.co.uk (we are available on email from 9am - 5pm)
- 020 3461 7000 - Monday to Friday: 10am - 12noon (have your six digit firm reference number (FRN xxxxxx) ready)
- Firm Enquiries Team (MG1-SE), Prudential Regulation Authority, 20 Moorgate, London, EC2R 6DA
If your query is about the Bank of England Electronic Data Submission (BEEDS) portal please contact:
CP13/19 ‘ Occasional Consultation Paper’
7 June 2019
This CP proposes minor amendments to PRA Rulebook Parts, supervisory statements (SSs), and the relevant templates and LOG files.
The chapters in this CP are relevant to different firms, as follows:
- Chapter 2 – all UK insurance firms within the scope of Solvency II, the Society of Lloyd’s, and firms that are part of a Solvency II group that will determine and classify capital instruments under the Solvency II own funds regime, together with their advisors;
- Chapter 3 – all insurance firms, insurance holding companies, and the Society of Lloyd’s;
- Chapter 4 – UK banks and UK designated investment firms with Capital Requirements Regulation, Internal Model Approach permissions; and
- Chapter 5 – all Solvency II firms, including the Society of Lloyd’s.
The consultation closes on Wednesday 7 August 2019.
During the consultation period, the PRA will be issuing a Public Working Draft (PWD) of the taxonomy update to support collection of the proposed changes to National Specific Templates, internal model output, market risk sensitivities and standard formula reporting. The PWD will include the interaction of these changes with the draft EIOPA Taxonomy 2.4 changes. The PRA plans to give firms no less than three weeks to review the PWD.
- CP13/19 ‘ Occasional Consultation Paper’
CP12/19 ‘Strengthening individual accountability: Resolution assessments and reporting amendments’
7 June 2019
In this CP, the PRA sets out its proposal to amend the prescribed responsibility (PR) for recovery plans and resolution packs that forms part of the Senior Managers and Certification Regime for strengthening individual accountability. It also sets out consequential changes to SS28/15 ‘Strengthening individual accountability in banking’ and the form ‘Senior Managers Regime: Statement of Responsibilities’ (‘SoR form’), together with other administrative changes to this form.
The proposed amendment to the PR is relevant to those UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis at the date of their most recent annual accounts.
The proposed amendments to the SoR form are relevant to all PRA-regulated firms including credit unions and small non-Directive insurers.
The consultation closes on Wednesday 7 August 2019.
Prudential Regulation Authority Annual Report 2019
6 June 2019
The PRA Annual Report 2019 includes information about its activities for the year ended 28 February 2019, and also contains some of their other reporting obligations.
Readers may also wish to refer to the Bank of England Annual Report and Accounts – 2019 – also published on Thursday 6 June – which contains the Bank’s financial and other disclosures in respect of its activities as the PRA.
As part of the PRA’s commitment to streamline the publication of its reporting obligations, it also published the:
Practitioner Panel and Insurance Sub-committee
6 June 2019
The Practitioner Panel and Insurance Sub-committee Annual Report 2019 was published.
Firms’ preparation for transition from London InterBank Offered Rate (LIBOR) to Risk-free rates (RFRs): Key themes, good practice, and next steps
5 June 2019
The PRA and FCA share key themes and good practice, and set out next steps for the transition from LIBOR.
Last Orders: Calling Time on LIBOR. Speeches and links to material available as discussed at the conference held on 5 June to discuss LIBOR transition to alternative risk-free reference rates.