We have published a new briefing note concerning the CRD VI – The new rules for cross-border banking business from third countries under CRD VI: What should non-EEA firms do now?
PRA announces a delay to the implementation of Basel 3.1
On 17 January 2025, the Prudential Regulation Authority (PRA) announced that, following consultation with HM Treasury, it was delaying the implementation of Basel 3.1 in the UK by one year until 1 January 2027.
The PRA states that the delay is to allow more time for greater clarity to emerge about the United
Published in OJ – Commission Implementing Regulation 2024/3317 repealing Commission Implementing Regulation (EU) 2021/451
On 27 December 2024, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation 2024/3317 of 29 November 2024 laying down implementing technical standards for the application of the Capital Requirements Regulation (CRR) with regard to supervisory reporting of institutions and repealing Commission Implementing Regulation (EU) 2021/451.
FSB and Basel Committee publish 2024 G-SIB list and additional information
On 26 November 2024, the Financial Stability Board (FSB) published the 2024 list of global systemically important banks (G-SIBs) and the Basel Committee on Banking Supervision (Basel Committee) published additional information relating to the 2024 G-SIB assessment.
The FSB confirmed that no banks have been removed or added to
HMT publishes outcome of consultation on near-term reforms to UK ring-fencing regime
On 11 November 2024, HM Treasury (HMT) published its response to the consultation on near-term reforms to the UK ring-fencing regime. It also published the draft Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2024 (draft Order) on legislation.gov.uk, along with a draft explanatory
PRA consults on restatement of assimilated law relating to CRR
On 15 October 2024, the Prudential Regulation Authority (PRA) published consultation paper CP13/24 – Remainder of CRR: Restatement of assimilated law, which sets out the PRA’s proposals to restate the relevant provisions in the assimilated Capital Requirements Regulation No 575/2013 (CRR) in the PRA Rulebook and other policy material such
HMT publishes draft update to SRR code of practice following introduction of Bank Resolution (Recapitalisation) Bill
On 15 October 2024, HM Treasury (HMT) published a draft new chapter of the special resolution regime (SRR) code of practice (which sets out the tools and powers available under the Banking Act 2009) following the introduction of the Bank Resolution (Recapitalisation) Bill in Parliament.
The chapter sets out in draft
BoE consults on amendments to its approach to setting MREL
On 15 October 2024, the Bank of England (BoE) published a consultation paper on amendments to its approach to setting a minimum requirement for own funds and eligible liabilities (MREL).
The proposals
The consultation brings together proposals relating to the BoE’s statement of policy on its approach to setting MREL (the MREL
PRA CP10/24: Updates to the UK policy framework for capital buffers
On 12 September 2024, the Prudential Regulation Authority (PRA) published Consultation Paper 10/24: Updates to the UK policy framework for capital buffers (CP10/24).
CP10/24 is relevant to PRA-authorised UK banks, building societies, PRA-designated UK investment firms, and their qualifying parent undertakings, which for this purpose comprise financial holding companies and mixed
PRA CP9/24: Streamlining the Pillar 2A capital framework and the capital communications process
On 12 September 2024, the PRA published Consultation Paper 9/24: Streamlining the Pillar 2A capital framework and the capital communications process (CP9/24).
In CP9/24 the PRA sets out proposals to streamline the Pillar 2A capital framework and capital communications process. CP9/24 is relevant to all PRA-regulated banks, building societies, designated investment firms, and