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
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.
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
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
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
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
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
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
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
On 12 September 2024, the PRA published Consultation Paper 8/24: Definition of Capital; restatement of CRR requirements in PRA Rulebook (CP8/24).
CP8/24 is relevant to banks, building societies, PRA-designated investment firms and PRA-approved, or PRA-designated, financial or mixed financial holding companies. It is not relevant to credit unions or third-country branches.
Following HM