In PS12/25 the PRA sets out its feedback to the responses to Consultation Paper 8/24 ‘Definition of Capital: restatement of CRR requirements in PRA Rulebook’ and parts of chapters 3 and 7 of Consultation Paper 13/24 ‘Remainder of CRR: Restatement of assimilated law’ concerning supervisory expectations relating to securitisations and the mapping of external credit rating agency ratings to credit quality steps. It also sets out the PRA’s final policy in respect of these proposals.
Next steps
HM Treasury has made The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 that revoke the relevant provisions of the UK Capital Requirements Regulation.
The PRA rules and policy materials in PS12/25 to restate these (Appendices 2, 4 and 5 of PS12/25) come into force on 1 January 2026.