Prudential Regulation Authority

News & Analysis as of

"Clawback of Bonuses: UK PRA’s Banking Proposals Cast Six-Year Shadow for Bad Actors and Their Supervisors and Line Managers"

On 13 March 2014, the Prudential Regulation Authority (PRA), the U.K. regulator responsible for prudential supervision of banks, insurers and large broker-dealers, issued a consultation paper on bonus clawback (CP6/14). ...more

Orrick's Financial Industry Week in Review - March 17, 2014

On March 12, the Honorable Katharine B. Forrest of the United States District Court for the Southern District of New York ordered Fabrice Tourre, a former Goldman Sachs trader convicted of violation of federal securities...more

"UK Banking Regulators and Foreign Banks: A Vision of Future Supervision"

The U.K.’s banking regulator, the Prudential Regulation Authority (PRA) recently published a consultation paper on its approach to supervising international banks (the Draft Supervisory Approach). ...more

New Rulebook for the PRA

The UK Prudential Regulation Authority (“PRA”) is consulting on fundamental reforms to its handbook of rules and guidance. The PRA’s current handbook of rules and guidance is inherited largely from provisions...more

Orrick's Financial Industry Week in Review - January 27, 2014

Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions in Swap - Judge James M. Peck issued a significant opinion in the Lehman Brothers bankruptcy late last month, which preserved important safe...more

PRA Issues Consultation Paper on PRA Rulebook

On January 21, the PRA issued a consultation paper on the proposed redrafting of certain areas of the PRA Rulebook, including the Supervision Manual, the Financial Stability and Market Confidence Sourcebook and the Principles...more

Prudential Regulators Announce Final Changes To Call Report

On January 14, the Federal Reserve Board, the OCC, and the FDIC announced final changes to the Call Report to implement the Basel III capital standards and consumer data collection after delaying certain changes last year....more

Co-Op Bank Subject to Enforcement Investigation by the UK PRA and FCA

On January 6, The UK Regulator, the Prudential Regulation Authority (PRA) published a press release confirming its intention to undertake an enforcement investigation into the Co-Op Bank. The UK’s other regulator, the...more

What to expect in 2014

2013 was a significant year for the UK regulatory landscape. National and international regulators continued to address the issues identified by the financial crisis in addition to responding to the LIBOR scandal with...more

PRA Updates Webpages Following Implementation of CRD IV

On January 1, the CRD IV Directive came into force, following the Prudential Regulation Authority’s (PRA) webpage update on reporting requirements for firms within the scope of CRDIV. ...more

Vickers Recommendations on Bank Ring-fencing Made Law in the UK

New laws requiring the ring-fencing of retail banking from investment banking have been enacted in the UK. The protection of retail businesses was one of many recommendations made by the Independent Commission on Banking in...more

The Financial Report - Volume 2, No. 22 • December 12, 2013 (Global)

OSC to hold derivatives reporting seminar. The Ontario Securities Commission announced that it will hold a seminar on January 15, 2014, on the reporting requirements under the new Derivatives Trade Repositories and...more

Prudential Regulators Release Stress Test Scenarios

On November 12, the FDIC released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Act. Each...more

FCA Reform of Consumer Credit Regulation

Introduction - As a response to the 2007/2008 global financial crisis, the financial regulatory system in the UK has experienced a major restructuring to address the failings of the previous system. The regulation of...more

Banking and Finance Litigation Update - Issue 68

In This Issue: - Domestic Banking 2 - Domestic General 4 - European Banking 5 - European General 6 - International Banking 6 - International General 7 - Press Releases 7 - Case Law 9 -...more

FDIC Finalizes Depositor Preference Rule

On September 10, the FDIC approved a final rule to clarify that deposits in foreign branches of U.S. banks are not insured. The impetus for the rule was the U.K. Prudential Regulation Authority’s (PRA) (formerly the Financial...more

FCA Launches Consultation on Implementation of CRD IV

On July 31, the UK’s Financial Conduct Authority (FCA) published a consultation paper on proposals for implementing CRD IV for investment firms (CP13/6)....more

"UK Government Considers Radical Changes to Approved Persons Regime"

The U.K. government recently published its response to the Parliamentary Commission on Banking Standards’ (the Commission) final report and recommendations, which partly cover the U.K.’s Approved Persons regime....more

Prudential Regulators Finalize Regulatory Capital Rule, Propose New Leverage Ratio For Large Banks

On July 9, the FDIC and the OCC approved a final rule to implement the risk-based and leverage capital requirements in the Basel III framework and relevant provisions mandated by the Dodd-Frank Act....more

Financial Services Quarterly Report - Second Quarter 2013: UK: New Regulators; New Powers

The UK Financial Services Authority (“FSA”) was abolished on 1 April 2013 and replaced by three new regulators. The Financial Services Act 2012 introduced the Financial Conduct Authority (“FCA”), the Prudential Regulatory...more

Has the FCA started as it means to go on?

Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more

FCA Urges Firms to Update Status Disclosures to Reflect Creation of the FCA and PRA

On May 1, the FCA published a press release stating that it expects firms to review their regulatory status disclosures as a priority and ensure that they are up to date and accurate following the creation of the FCA and PRA...more

Orrick's Financial Industry Week in Review - April 22, 2013

Second Circuit Rejects Edge Act Jurisdiction in AIG RMBS Case - On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving...more

Corporate Aspects of the UK Financial Services Act 2012

Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more

New UK Financial Regulation Architecture Takes Effect

The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more

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