[author: Stephen Hancock]

On April 8, the Prudential Regulation Authority (PRA) published a consultation paper (CP8/19) on the revision of the branch return for international banks.

The PRA’s proposals relate to PRA-supervised branches of deposit-takers and designated investment firms that are not UK-headquartered firms.

The PRA proposes to change the format and the content of the branch return form for these firms and to provide additional guidance for completing the form. The changes are intended to improve the quality of the information provided by firms and to enhance the return’s ability to assist the PRA in its supervision of international banks. The changes include aligning the concepts used in the return with concepts used in the PRA’s wider reporting framework, clarifying that firms must report within 30 business days and replacing the current Excel reporting format with the XBRL reporting format.

The PRA Rulebook instrument containing the relevant changes to the Third Country Firms and Regulatory Reporting Parts (the CRR Firms: Non CRR Firms: Branch Rules Instrument 2019) is set out in Appendix 1 to CP8/19. An alternative version of the instrument, which will apply if there is a no-deal Brexit, is set out in Appendix 2. Appendixes 3 to 5 of CP8/19 contain proposals for the revisions to the branch return form and to the PRA’s supervisory statement on guidelines for completing regulatory returns (SS34/15), as well as draft reporting guidance for the branch return form.

The deadline for responses is July 7.