Prudential Regulation Authority

News & Analysis as of

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

The Prudential Regulation Authority published a Policy Statement and Supervisory Statement setting out its final policy approach to underwriting standards for buy-to-let mortgage contracts. The Supervisory Statement sets out...more

The Senior Managers Regime – should GCs be worried?

In March this year the PRA and the FCA introduced the Senior Managers Regime (‘SMR’) for individuals associated with banks and PRA regulated investment firms (from 2018 the SMR will apply to all UK authorised firms). The...more

UK Regulator Publishes Final Rules on Risk-Based Levies for the Financial Services Compensation Scheme

The Prudential Regulation Authority issued a Policy Statement relating to implementing risk-based levies for the Financial Services Compensation Scheme deposits. The Policy Statement contains final rules amending the...more

Financial Services - Preparing Your Global Workforce for the New UK Whistleblowing Regime

New rules on whistleblowing have come into effect which impact certain Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) regulated financial services firms. The aim of these rules is to promote a...more

UK Regulators Propose Extending Some of Their Whistleblowing Requirements to UK Branches of Overseas Banks

The Prudential Regulation Authority and the Financial Conduct Authority launched separate consultations on proposals to extend some of their whistleblowing requirements to UK branches of non-EEA banks. The proposals do not...more

UK Regulators Revise Rules on Regulatory References

The Prudential Regulation Authority and the Financial Conduct Authority published revised rules on regulatory references for banking and insurance firms subject to the Senior Manager and Certification Regime and the Senior...more

UK Regulators Consult on Compensation Guidance

The Prudential Regulation Authority and the Financial Conduct Authority published proposed revised guidance on remuneration, principally to bring their guidance into line with the European Banking Authority's Guidelines on...more

UK Regulators Move to Amend UK's Senior Manager & Certification Regime

The Prudential Regulation Authority and the Financial Conduct Authority launched a consultation proposing amendments to the Senior Manager & Certification Regime. Most of the changes result from the legislative changes made...more

UK Prudential Regulation Authority Publishes Final Rules for Buy-Outs of Variable Remuneration

The Prudential Regulation Authority published a Policy Statement and final rules on buy-outs of deferred variable remuneration, i.e., where a firm compensates a new employee for deferred variable remuneration not received...more

UK Financial Policy Committee Maintains Countercyclical Buffer Rate

The Financial Policy Committee of the Bank of England released a statement following its meeting on September 20, 2016....more

Blog: PRA Consultation: Dealing with a market turning event in the general insurance sector

The UK’s Prudential Regulation Authority (PRA) has published a Consultation Paper (CP) “CP32/16 Dealing with a market turning event in the general insurance sector“. The CP attaches a draft Supervisory Statement (SS), which...more

Blog: Solvency II: external audit of the Solvency & Financial Condition Report – PRA made rules

The UK’s Prudential Regulation Authority has published: - a brief Policy Statement: “Solvency II: external audit of the public disclosure requirement – PS24/16“; - a short Supervisory Statement: “SS11/16: Solvency...more

Bail-In and Contractual Recognition: The Impact on US and Other Non-EU Counterparties and the Potential Impact of Brexit

Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more

UK Prudential Regulator Reminds CRR Firms about Management Body Diversity 

The UK Prudential Regulation Authority published an open letter to all firms subject to the Capital Requirements Regulation reminding firms of the requirement in the PRA Rulebook to have in place a policy promoting diversity...more

Financial Stability Board Reports on Risks Posed by Central Counterparties and the CCP Workplan

The Financial Stability Board published a progress report on its CCP workplan. The progress report provides an update on implementation of a workplan agreed on by the FSB, the Basel Committee on Banking Supervision, the...more

ISDA Publishes Variation Margin Protocol

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol is intended as a tool to help market participants that will...more

UK Prudential Regulator Policy Statement on Operational Continuity in Resolution

The Prudential Regulation Authority published a Policy Statement on operational continuity in resolution. The Appendices to the Policy Statement set out a final Supervisory Statement and the PRA Rulebook: CRR Firms:...more

Blog: Solvency II Remuneration Requirements – PRA adopts new Supervisory Statement

The UK’s Prudential Regulation Authority has adopted and published a new Supervisory Statement: “SS10/16 Solvency II: Remuneration requirements“. Solvency II (re)insurers are already: - (actually) obliged to comply...more

UK Financial Conduct Authority—Regulated Firms Can Go to the Cloud

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more

UK Prudential Regulator Publishes Statement on the Leverage Ratio

The Prudential Regulation Authority published a statement inviting firms to apply for a temporary modification of the application of the Leverage Ratio, Public Disclosure and Reporting Leverage Ratio parts of the PRA Rulebook...more

Translating the success of UK fintech measures to the US

The successful growth of fintech within a region depends on myriad factors, but an unquestionably material one is the regulatory environment. Regulatory regimes that foster innovation and exercise oversight in a purposeful,...more

Whistleblowing Toolkit

In October last year, the FCA and PRA published policy statements containing new rules on whistleblowing. These are designed to encourage a culture in which individuals can safely raise concerns and challenge poor practice...more

UK Prudential Regulation Authority Consults on Proposed Approach to Implementation of the Systemic Risk Buffer

The Prudential Regulation Authority published a consultation paper on its proposed approach to the implementation of the systemic risk buffer. The consultation paper is relevant to ring-fenced bodies under the Financial...more

Blog: FCA introduces new Annual Financial Crime Report – first reports due March 2017

The UK Financial Conduct Authority’s new Annual Financial Crime Report rules will come into force on 31 December 2016. PRA and FCA authorised firms will have to submit an Annual Financial Crime Report within 60 business days...more

Blog: TSC publishes crowdfunding correspondence with PRA & FCA. “Tax incentives” now at risk?

The UK’s Treasury Select Committee (TSC) has published an exchange of letters with each of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In the covering press release, TSC Chair, Andrew...more

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