Prudential Regulation Authority

News & Analysis as of

Financial regulation in 2017: Europe and the US

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

UK Financial Conduct Authority Proposes Changes to Financial Services Compensation Scheme Levies and Rules

The Financial Conduct Authority launched a consultation on the future funding of the Financial Services Compensation Scheme as well as changes to the FSCS rules. The FSCS is the compensation scheme for customers of UK...more

Moving the Goalposts: U.K. and U.S. Trends in Fintech Bank Licensing

The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology...more

UK Prudential Regulator Consults on Raising the Deposit Protection Limit

The Prudential Regulation Authority published a consultation paper on proposals to reset the deposit protection limit at £85,000. The purpose of the update is to provide depositors with PRA-authorized firms commensurate...more

UK Prudential Regulation Authority Publishes its Final Approach to Implementing the Systemic Risk Buffer

The Prudential Regulation Authority published a Statement of Policy setting out its approach to the implementation of the systemic risk buffer. The SRB is used to prevent and mitigate long term non-cyclical macro-prudential...more

UK Prudential Regulation Authority Issues Second Consultation Paper on Implementing MiFID II

The Prudential Regulation Authority launched its second consultation on implementing certain aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial Instruments Directive...more

Transforming bank prudential regulation – Issue 1 of 3

On 23 November 2016 the European Commission published proposed amendments to the Capital Requirements Regulation and Directive, the Bank Recovery and Resolution Directive, and the Single Resolution Mechanism...more

"Non-Cleared Swap Variation Margin Requirements to Spark Credit Support Annex Amendments for Financial End Users"

On March 1, 2017, new rules adopted by U.S. Prudential Regulators and the Commodity Futures Trading Commission (CFTC) will require registered swap dealers to post and collect daily variation margin for over-the-counter,...more

Blog: UK Government & Regulators consult on new ILS regime for the UK

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016...more

Financial Regulatory Developments Focus - November 2016

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

Love (Financially Speaking) in the Time of Trump

This commentary is not customarily about politics, although those with a subtle cast of mind might get an inkling of some my personal views from my always dry and balanced language. However, right now, it’s hard not to think...more

UK Prudential Regulation Authority Confirms MREL Buffer and Threshold Conditions Policy

The Prudential Regulation Authority published its final Supervisory Statement on the relationship between a firm's Minimum Requirement for own funds and Eligible Liabilities (MREL) and capital and leverage buffers as well as...more

Blog: PRA consultation: Supervisory Statement on affirmative & silent cyber underwriting risk

The PRA has published a Consultation Paper, which proposes the adoption of a new Supervisory Statement on affirmative and silent cyber underwriting risk. The consultation closes on 14 February 2017. For these purposes,...more

UK Prudential Regulation Authority Confirms Rules on Passporting and Algorithmic Trading under MiFID II

The Prudential Regulation Authority published its final rules for transposing passporting and algorithmic trading aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial...more

Blog: Solvency II: Group supervision – PRA to update supervisory statement

The PRA has just published “Consultation Paper | CP38/16 Solvency II: group supervision“. The consultation proposals are intended to clarify which parts of the PRA’s “Solvency II: An update on implementation” letter of 25...more

UK Legislation Implements Financial Services and Markets Act 2000 Updates to Secondary Legislation

The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016 was made...more

Governance & Securities Law Focus: Latin America Edition - October 2016

This newsletter provides a snapshot of the principal US and selected global governance and securities law developments during the third quarter of 2016 that may be of interest to Latin American corporations and financial...more

Blog: Solvency II: the PRA on monitoring model drift & standard formula reporting for internal model firms

The UK’s Prudential Regulation Authority has published a brief Supervisory Statement, “SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model“. The PRA...more

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

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