FinBrief – Global finance updates
DLA Piper's global hub for updates and discussion on the legal issues important to finance and markets and their regulation

Tag: PRA

Bank of England and Prudential Regulation Authority approach to no-deal Brexit

On 28 February 2019, the Bank of England (BoE) and Prudential Regulation Authority (PRA) published a joint Policy Statement PS5/19 setting out the general approach they will follow in the event of a no-deal Brexit (Policy Statement). The Policy Statement sets out ‘near-final’ rules regarding the use of special transitional powers by UK regulators as […]

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FCA encourages asset managers to transition to alternative risk-free rates

On 21 February 2019, Megan Butler, the FCA’s Executive Director of Supervision: Investment, Wholesale and Specialists delivered a speech on firms’ ongoing transition from the use of the London Interbank Offered Rate (“LIBOR“) to overnight risk-free rates (“RFRs“). Butler highlighted the importance of firms managing down their LIBOR-linked derivatives books and moving portfolios across to […]

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FCA/PRA joint statement on disclosure for private issues now effective

Yesterday the FCA and PRA published their notice “Reporting of private securitisations – direction under regulation 25 of the Securitisation Regulations 2018“.  It applies to all UK-established originators, sponsors and SSPEs, has immediate effect, and was reported in FinBrief on 21st December 2018.  This is not Brexit-related, and is contemplated by section 25 of the […]

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PRA consulting on credit risk mitigation

The proposal (CP1/19) is to “clarify” some aspects of  Supervisory Statement 17/13, which relates to provisions of the CRR regarding the eligibility of financial collateral when calculating risk-weighted exposure amounts.  CRR Article 207(2) disregards collateral provided by a debtor under a non-recourse financing where the debtor’s solvency is materially dependent (has “a material positive correlation”) […]

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PRA and BoE consult on the Resolvability Assessment Framework

The Bank of England and the Prudential Regulation Authority have published two consultation papers to outline their proposed Resolvability Assessment Framework for banks. The regime is designed to ensure that banks are, and are able to demonstrate that they are, resolvable. The Bank of England, as resolution authority, proposes to assess the resolvability of banks […]

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EEA Firms can notify under Temporary Permissions Regime from 7 January

On 7 November 2018, the PRA published a notice for EEA firms looking to make notifications under the temporary permission, followed by a similar notice issued by the FCA issued two days subsequent. To obtain deemed permission or variation under the Temporary Permissions Regime, firms need to either notify the regulator or make a Part […]

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Bank of England and Prudential Regulation Authority approach to Brexit

On 25 October 2018, the Bank of England (BoE) and the Prudential Regulation Authority (PRA), preparing for a “no-deal” Brexit scenario, published a series of consultation papers (Consultation Package) with proposed amendments to the financial services legislation under the European Union (Withdrawal) Act 2018 (EUWA). This Consultation Package includes: a joint BoE and PRA consultation […]

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How the Regulators will use the Senior Managers and Certification Regimes across the financial services industry

On 25 October 2018, the Chief Executive Officer of the Prudential Regulation Authority (PRA) Sam Woods delivered an important speech at the Mansion House City Banquet. Entitled “Good Cop/Bad Cop”, he sent a message to the financial services industry that the PRA and the Financial Conduct Authority (FCA) will increasingly use the Senior Managers and […]

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