Prudential Regulation Authority

News & Analysis as of

UK Regulator Consults on Reporting of Financial Statements and Forecast Capital Data

The Prudential Regulation Authority published a consultation paper on regulatory reporting of financial statements, forecast capital data and IFRS 9 requirements, setting out the PRA’s proposals on future reporting of balance...more

UK Financial Regulatory Developments - April 2016 #23

PSR reviews competition in the payments sector - Carole Begent, PSR Head of Legal, has given a review of competition in the payments sector. She discussed the three ways in which concurrency can be approached, namely the...more

Has your business appointed a whistleblowers' champion?

If your firm is a UK deposit-taker with assets greater than £250 million, a Prudential Regulation Authority (PRA) designated investment firm or a firm within the scope of Solvency II, you should have appointed a...more

UK Financial Regulatory Developments - April 2016 #19

FCA decides to ban former LIBOR trader - FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any...more

UK Financial Regulatory Developments - April 2016 #18

PRA consults on Solvency 2’s MA - PRA is consulting on its proposed statement setting out its expectations on firms in relation to the application of the matching adjustment (MA). This is for the purposes of calculating...more

UK Financial Regulatory Developments - April 2016 #17

ABI consults on language for retirement options - ABI is consulting on a draft guide to simplifying language on retirement choices to ensure customers understand their choices – and generally to improve use of terms...more

UK Regulators Proposals to Enhance Their Enforcement Decision-Making Processes

The Financial Conduct Authority and Prudential Regulation Authority published a joint consultation paper on proposals to implement certain aspects of the recommendations set out in HM Treasury's Review of Enforcement...more

Are Concerns About the UK’s New Whistleblower Rules Misplaced?

In early April, the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) began rolling out new whistleblower rules, with which financial organisations will be required to comply. These rules have...more

UK Financial Regulatory Developments - April 2016 #12

Basel Committee reports on adoption of the Basel framework - The Basel Committee has published its tenth progress report on adoption of the Basel III regulatory framework as part of the Committee’s regulatory consistency...more

Deputy Governor of the Bank of England and Chief Executive of the Prudential Regulation Authority Appointed

Sam Woods was appointed Deputy Governor of the Bank of England and Chief Executive of the Prudential Regulation Authority. Mr. Woods will succeed Andrew Bailey on July 1, 2016. Mr. Bailey will move to the Financial Conduct...more

UK Financial Regulatory Developments - April 2016 #7

PRA seeks views on equity release mortgages - PRA has issued a discussion paper seeking views on equity release mortgage valuation, capital treatment, risk management and associated matters. It is to consolidate views...more

UK Regulator Publishes Policy Statement and Supervisory Statement on Board Responsibilities

The Prudential Regulation Authority published a Policy Statement and Supervisory Statement on board responsibilities. The Policy is relevant to all PRA-regulated firms - banks, insurers, designated investment firms, building...more

UK Financial Regulatory Developments - April 2016 #2

PRA consults on regulated fees and levies proposals - PRA is consulting on proposals for its fees and levies for 2016/17. The paper sets out proposals for... - the fee rates to meet PRA’s 2016/17 Annual Funding...more

UK Financial Regulatory Developments - April 2016 #1

Basel Committee updates Basel III monitoring FAQs - The Basel Committee has published an updated version of its Basel III monitoring FAQs, including new questions on the “DefCap” worksheet, large exposures and the...more

UK Prudential Regulation Authority Consults on Implementing Aspects of MiFID II

The Prudential Regulation Authority published its proposals for transposing certain aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial Instruments Directive and the...more

Senior Managers And Certification Regime: Food For Thought For In-House Lawyers

The new Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) senior managers and certification regime (the new regime) will come into force on 7 March 2016. Many firms will see this date as marking...more

UK Regulator Proposes Standards for Underwriting Buy-to-Let Mortgages

The Prudential Regulation Authority published proposals on minimum standards for firms when underwriting buy-to-let contracts. The proposals would apply to all PRA-regulated firms undertaking buy-to-let lending that are not...more

MiFID 2: PRA Consults on Implementation

As the EU still sorts out the timing of MiFID 2 implementation, the UK authorities forge ahead. Following papers from HM Treasury and FCA, PRA is now consulting on some of the changes it intends to make to its rules to take...more

Bridging the Week - March 2016 #4

Alleged Spoofer, Blamed for Partly Causing Flash Crash, Loses UK Extradition Hearing - Navinder Sarao, the London-based futures trader who in April 2015 was sued by the Commodity Futures Trading Commission and criminally...more

MiFID 2: PRA issues consultation paper - This article looks at PRA's plans to change its rules to implement the passporting and...

MiFID 2 implementation timeline - Currently, the MiFID 2 package is still scheduled to take effect on 3 January 2017. Member States are supposed to have finalised necessary changes to domestic laws by 3 July 2016....more

PRA publishes consultation paper on ‘bail-in’ provisions

On 15 March 2016, the Prudential Regulation Authority (PRA) issued a consultation paper on its proposed amendments to the contractual recognition of bail-in provisions in the PRA Handbook. This amendment follows the temporary...more

Prudential Regulation Authority Proposes Amendments to Rules on Contractual Recognition of Bail-in

The Prudential Regulation Authority published proposals to amend its rules on contractual recognition of bail-in. Under the EU Bank Recovery and Resolution Directive, EU banks and large investment firms are required to...more

New UK Whistleblower Rules: A Roadmap

Financial firms in the UK are grappling with new whistleblower requirements aimed at helping to prevent another financial crisis. And while many in the financial community are nervous about the new requirements, we believe...more

UK Financial Regulatory Developments - March 2016 #12

PRA publishes modification by consent for dormant insolvent insurers - PRA has published a modification by consent for non-Solvency 2 firms relating to the senior insurance managers regime (SIMR) rules in the Senior...more

The Senior Managers and Certification Regime Takes Effect

The regime will monumentally affect banks, building societies, credit unions, and PRA-regulated investment firms. The much-trailed Senior Manager’s Regime (SMR) was brought into effect on Monday, 7 March by the enactment...more

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