News & Analysis as of

Prudential Regulation Authority

BREXIT- Hand-over Your Contingency Plans…

by Reed Smith on

Earlier this month the Bank of England’s Prudential Regulation Authority (the ‘PRA’) wrote to all UK companies undertaking cross-border activities between the UK and the EU under passporting arrangements, requesting a summary...more

Bank of England Publishes Consultation on Internal Ratings Based Approach

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a consultation paper outlining the Prudential Regulation Authority's proposed changes to the Internal Ratings Based approach...more

Deadline Looms for Regulated Firms to Vary Their Permissions to Comply With MiFID II

by Shearman & Sterling LLP on

MiFID II comes into effect on 3 January 2018 and brings with it several important changes for regulated firms. Among these changes is an extension of the list of investment services and activities which firms require...more

What Do Recent Trends in PRA Fines Show Us About Its Enforcement Policy?

by Reed Smith on

This Client Alert looks at the enforcement activity of the PRA since its establishment to better understand its enforcement policy. At the time the disciplinary enforcement jurisdiction of the Prudential Regulation...more

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

by White & Case LLP on

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...more

Exposing Bad Practice in Financial Services – Are New Whistleblowing Regulations Working towards Encouraging a Culture of...

by NAVEX Global on

September 2016 saw the enforcement of new rules by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) that aimed at increasing confidence amongst financial services employees and encouraging...more

US Federal Bank Regulators Issue Revised Economic Scenarios for 2017 Stress Testing

by Shearman & Sterling LLP on

The US Federal Reserve Board, the US Office of the Comptroller of the Currency and the US Federal Deposit Insurance Corporation each released revised economic scenarios for use by certain financial institutions with total...more

UK Regulator Publishes Proposals on Pillar 2A Capital Framework

by Shearman & Sterling LLP on

The Prudential Regulation Authority launched a consultation on proposed changes to the Pillar 2A capital framework. The Pillar 2A framework is effectively a layer of regulatory capital beyond standard requirements based on...more

Regulators Issue Guidance on Approach to Non-compliance with the Impending Variation of Margin Exchange Requirement

by Shearman & Sterling LLP on

The European Supervisory Authorities, the Financial Conduct Authority, the US prudential regulators, including the Federal Reserve Board and the Office of the Comptroller of the Currency, and the International Organization of...more

Regulation Round Up - February 2017

by Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

"Regulators Provide Some Flexibility on the Swaps Variation Margin Compliance Deadline"

On February 23, 2017, U.S. federal banking regulators (Prudential Regulators), European regulators and the International Organization of Securities Commissions (IOSCO) issued statements clarifying their expectations on...more

Welcome changes to the Enforcement Process: more streamlined, efficient and transparent

by WilmerHale on

The Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA") (collectively referred to as "the Regulators") published a joint policy statement ("the Statement") on 1 February 2017. The Statement...more

UK Regulator Takes Enforcement Action Against Firms for Failing to be Open and Cooperative

by Shearman & Sterling LLP on

The Prudential Regulation Authority fined The Bank of Tokyo Mitsubishi UFJ Ltd and MUFG Securities EMEA plc for failing to be open and cooperative with the PRA about an enforcement action into BTMU by the New York Department...more

The Financial Report, Volume 6, Number 3

by DLA Piper on

The Ninth Circuit Court of Appeals in San Francisco is poised to rule on, with respect to President Donald Trump’s recent executive order on immigration, the question of how much power a president has to issue executive...more

Bank of Tokyo-Mitsubishi UFJ and MUFG Securities Fined by PRA

On February 9, 2017, the Prudential Regulation Authority (“PRA“) issued a notice imposing fines of £17.75m and £8.925m on Bank of Tokyo-Mitsubishi UFJ (“BTMU“) and MUFG Securities EMEA (“MUFG“), respectively, for failing to...more

Financial Services Regulation - Exchange International Newsletter - Issue 31 - February 2017

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the thirty first edition of “Exchange – International” – our newsletter designed to keep you informed of international regulatory developments in...more

UK Prudential Regulation Authority Finalizes Reporting and Prudential Requirements for Ring-Fenced Banks

by Shearman & Sterling LLP on

The UK Prudential Regulation Authority published a Policy Statement, final rules and updates on several Supervisory Statements on the reporting, prudential and recovery and resolution requirements to implement the...more

UK Regulators Finalize Changes to Enhance Their Enforcement Decision-Making Processes

by Shearman & Sterling LLP on

The Financial Conduct Authority and Prudential Regulation Authority published a joint Policy Statement on changes to their enforcement decision-making processes. The changes are in response to the recommendations set out in...more

Financial Conduct Authority and Prudential Regulation Authority Publish Final Changes to Enforcement Decision-Making Processes

On 1 February 2017, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a policy statement which outlines the changes that will be made to the regulators’ enforcement policies and...more

UK Financial Services Whistleblowing Regulation Survey: Assessing The Impact Of The FCA/PRA Senior Managers Regime Whistleblowing...

by NAVEX Global on

NAVEX Global partnered with an independent research firm to survey compliance professionals from the UK Financial Services industry about their approach to whistleblowing and incident reporting. Our findings provide insight...more

UK Regulation Round Up - January 2017

by Proskauer Rose LLP on

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers. The start of 2017 saw a number of regulatory developments including...more

UK Legislation Implementing the Bank of England and Financial Services Act Comes into Force

by Shearman & Sterling LLP on

The Bank of England and Financial Services Act 2016 (Commencement No 4 and Saving Provision) Regulations 2017 came into force...more

UK Prudential Regulator Confirms Increase in Deposit Protection Limit

by Shearman & Sterling LLP on

The Prudential Regulation Authority published a Policy Statement and final rules on raising the deposit protection limit. The Policy Statement follows the consultation paper published by the PRA in November 2016. It is...more

UK Regulators Consult on the Management Expenses Levy Limit for 2017/18

by Shearman & Sterling LLP on

The Prudential Regulation Authority and the Financial Conduct Authority published a joint consultation paper on the management expenses levy limit for the Financial Services Compensation Scheme in 2017/2018. The MELL proposed...more

Financial regulation in 2017: Europe and the US

by DLA Piper on

The result of the UK referendum on its EU membership and the outcome of the US Presidential elections of 2016 have laid the ground for 2017 to be a year of transition for both Europe and the United States. As transitions are...more

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