Top news and publications
Regulatory measures for firms in response to Covid-19
Statement by the PRA on the Capital Requirements Regulation (CRR) ‘Quick Fix’ package
30 June 2020
The PRA published a statement to set out its views on some of the CRR ‘Quick Fix’ requirements, including some guidance for firms.
Covid-19 regulatory reporting and disclosure amendments
26 June 2020
The PRA published a statement which updates our approach to regulatory reporting and Pillar 3 disclosures in response to the Covid-19 outbreak.
Statement on the regulatory treatment of the UK Coronavirus Business Interruption Scheme (CBILS) and the UK Coronavirus Large Business Interruption Loan Scheme (CLBILS)’
26 June 2020
The PRA published an update to our statement on the regulatory treatment of CBILS and CLBILS to include clarifications on the application of credit risk approaches for firms.
Statement by the PRA on implementation of the EBA Guidelines to address gaps in reporting data and public information in the context of Covid-19
24 June 2020
Following the European Banking Authority (EBA)’s publication of its ‘Guidelines to address gaps in reporting data and public information in the context of Covid-19’, we published a statement providing guidance to firms on implementation of the EBA’s guidelines.
Update to Covid-19 regulatory reporting amendments
24 June 2020
The PRA announced that as part of the Bank’s response to Covid-19, the Regulatory Supervisory Report (RSR) is not required for year-end 2019. This applies to firms with a Tuesday 31 December 2019 year-end, or year-ends after that date but before Wednesday 1 April 2020.
Joint statement by the Bank and PRA on the ESRB recommendations for the restriction of distributions during the Covid-19 pandemic
8 June 2020
The Bank of England and PRA published a joint statement acknowledging the European Systemic Risk Board’s recommendations for the restriction of distributions during the Covid-19 pandemic.
Letter from Sam Woods ‘Covid-19: IFRS 9 and capital requirements – Further guidance on initial and further payment deferrals’
4 June 2020
The PRA published a letter from Sam Woods to UK deposit-takers on the IFRS 9 and capital requirements aspects of initial and further payment deferrals.
PRA Statement on the use of electronic signatures to evidence forms and other documents delivered to the PRA
2 June 2020
The PRA published a statement on the use of electronic signatures to evidence forms and other documents delivered to the PRA in light of the Covid-19 outbreak.
Cross-cutting publications and updates
Climate Financial Risk Forum (CFRF) guide
29 June 2020
The CFRF published its guide to help the financial industry approach and address climate-related financial risk. The guide considers how firms can plan for the impact of climate policies over different time horizons, how they can assess their exposure to climate-related financial risks and how they can adapt their businesses in response.
This guide includes a summary co-produced by the PRA and the FCA. There are also four industry produced chapters covering a range of topics.
Update to Notification form
29 June 2020
The PRA has been made aware that the notification form, used by firms to notify the PRA and FCA when a notifiable event occurs or is deemed likely to occur, requires updating as the address details are out of date. The PRA will consult on updating this form in due course, and has updated the Regulatory Reporting – Banking and Regulatory Reporting – Insurance pages on its website to reflect this.
FCA’s new data collection platform
22 June 2020
The FCA has announced that the new data collection platform to replace Gabriel will be called RegData. The FCA explained what firms should expect and what they will need to do before they are moved to RegData. PRA firms are not expected to migrate to the new system for submission of returns until 2021.
Prudential Regulation Authority Annual Report 2019/20
18 June 2020
The PRA published the PRA Annual Report 2019/20, which includes information about the PRA’s activities for the year ended 29 February 2020, and also contains some of their other reporting obligations. To find out more, please visit the PRA Annual Report 2019/20 page.
Readers may also wish to refer to the Bank of England Annual Report and Accounts – 2020, 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:
Insurance publications and updates
Insurance Stress Test 2019: feedback for general and life insurers
17 June 2020
The PRA published a letter to participating general and life insurance firms on feedback for general and life insurers from the 2019 Insurance Stress Test.
CP5/20 ‘Solvency II technical information: The PRA’s proposed approach to the publication at the end of the transition period’
30 June 2020
This Consultation Paper sets out the approach that the PRA proposed to take to the publication of technical information for each relevant currency from the end of the transition period.
The consultation is relevant to PRA-authorised UK insurance and reinsurance undertakings, and closes on Wednesday 30 September 2020.
Further information
For information on insurance regulatory returns and how to report them, visit the Regulatory reporting – insurance sector page.
More information
Bank Underground - 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. This month, Bank Underground launched a special series of ‘Covid-19 Briefings’.
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 - from interest rates and inflation through to bank failures and financial crises, KnowledgeBank uses everyday examples and engaging visuals to bring economics to life.
European and international developments - readers are also referred to the following websites:
Stay in touch
Subscribe to our email notifications for all the latest news and publications.
Send your comments on the PRA Regulatory Digest to PRA Communications.