PRA supervision of annuity providers: BoE speech -
The Bank of England (BoE) has published a speech (and accompanying appendix), given by Charlotte Gerken, Prudential Regulation Authority (PRA) Executive Director, Insurance...more
BoE stress testing: 2021 Climate Biennial Exploratory Scenario update -
Reports on key recent regulatory developments focussing on banking and finance. See also our Financial institutions general regulatory news and other...more
5/4/2021
/ Bank of England ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Remuneration ,
RTS ,
Stress Tests ,
UK
Solvency II: PRA supervisory disclosures -
The UK Prudential Regulation Authority (PRA) has published Solvency II: Supervisory disclosures, PRA’s supervisory approach and insurance regulations applicable in the UK year-end...more
Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission. See also our sector specific updates in the Related Materials...more
4/26/2021
/ Banks ,
Capital Requirements Regulation (CRR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Legislative Agendas ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Retail Investors ,
Solvency II ,
UK
COVID-19: BoE statement on regulatory treatment of Recovery Loan Scheme -
The Bank of England (BoE) has published a statement on the regulatory treatment of the UK Recovery Loan Scheme (RLS), which has been launched as part...more
4/19/2021
/ Bank of England ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK
Review of Solvency II effective value test parameters: PRA statement -
The UK Prudential Regulation Authority (PRA) has published a statement setting out the findings from its review of the minimum deferment rate, which is...more
Depositor protection identity verification: PRA PS4/21 -
Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
3/29/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Instruments ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
MREL ,
Payment Services Directive ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Stress Tests ,
UK ,
UK Brexit
Holding company regulatory transaction fees: PRA PS3/21 -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS3/21, on holding company regulatory transaction fees. ...more
UK Solvency II: PRA PS2/21 on expectations for work of external auditors on matching adjustment -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS2/21, setting out its expectations for the...more
UK FinTech: Kalifa Review final report -
HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more
3/1/2021
/ Bank of England ,
Data Collection ,
Equality and Human Rights Commission (EHRC) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SFDR ,
UK ,
UK Brexit ,
Vulnerable Victims
Resolvability Assessment Framework: BoE Dear CEO letter The Bank of England (BoE) has published a letter sent by Dave Ramsden, BoE Deputy Governor for Markets and Banking, to the CEOs of the eight UK banks in the scope of the...more
3/1/2021
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
CDD ,
Crowdfunding ,
Dear CEO Letter ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK ,
UK Brexit
BoE banking solvency stress test 2021 scenario - The Bank of England (BoE) has updated its stress testing webpage and published the solvency stress test 2021 scenario for banks and building societies that are not part of...more
2/22/2021
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
G-SII ,
IFRS ,
Implementing Technical Standards (ITS) ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs) ,
Stress Tests ,
UK
Operational resilience: developments in the financial services sector in the UK - In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new...more
2/22/2021
/ Benchmarks ,
Consumer Financial Products ,
ESRB ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Green Finance ,
Information Commissioner's Office (ICO) ,
International Data Transfers ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
UK
COVID-19: PRA statement on COVID-19 regulatory reporting amendments -On 5 February 2021, the UK Prudential Regulation Authority (PRA) has published a further statement on COVID-19 regulatory reporting amendments. ...more
Insurer capital requirements: PRA speech - The UK Prudential Regulation Authority (PRA) has published a speech by Anna Sweeney, PRA Executive Director, Insurance, titled "Goldilocks and the three pillars: how much capital is...more
Capital internal models: PRA statement on 2021 supervisory benchmarking exercise -
The UK Prudential Regulation Authority (PRA) has published a statement to provide greater clarity for credit institutions that are in scope...more
Solvency II: PRA letter to life insurers on application of effective value test -The UK Prudential Regulation Authority (PRA) has sent a letter to the Chief Actuaries of life insurers on feedback on the application of the...more
Capital buffers: PRA modification by consent - The UK Prudential Regulation Authority (PRA) has published a direction for modification by consent of 5.1 - 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook....more
2/2/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Infectious Diseases ,
MREL ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
UK SMCR forms: PRA PS1/21 - Following consultation, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS1/21, on updates to forms relating to the Senior Managers and Certification Regime (SMCR or...more
Depositor protection identity verification: PRA CP3/21 - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP3/21, on depositor protection identity verification....more
UK-EU trade and cooperation agreement After extensive negotiations, and within a week of the Brexit transition period ending on 31 - December 2020, the UK and the EU finally announced on 24 December 2020 that they had agreed...more
1/18/2021
/ Cloud Computing ,
Coronavirus/COVID-19 ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Gibraltar ,
Infectious Diseases ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SMCR ,
UK ,
UK Brexit
Ring-fencing and proprietary trading activities reviews: HM Treasury update - On 22 December 2020, the House of Commons Treasury Committee published a letter (dated 16 November 2020) it received from John Glen, Economic...more
UK SRR code of practice -
HM Treasury has published a revised version of the Banking Act 2009 special resolution regime (SRR) code of practice which applies to the use of the SRR after the end of Brexit transition period....more
12/21/2020
/ Basel III ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Infectious Diseases ,
Non-Performing Loans (NPL) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
UK implementation of CRD V: PRA PS26/20 - The Prudential Regulation Authority (PRA) has published a policy statement, PS26/20, on the implementation of the Capital Requirements Directive V (CRD V)....more
European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 -
The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more
12/15/2020
/ AML/CFT ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Islamic-Compliant ,
MLD4 ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK ,
UK Brexit ,
Withdrawal Agreement