On 26 July, the Prudential Regulation Authority (PRA) published Policy Statement PS19/21 which provides feedback to responses to Consultation Paper (CP) 2/21 ‘International banks: The PRA’s approach to branch and subsidiary supervision’. PS19/21 also contains also contains the PRA’s final Supervisory Statement (SS) 5/21 ‘International banks: The PRA’s approach to branch and subsidiary supervision’ (Appendix 1) which will replace SS1/18 ‘International banks: the Prudential Regulation Authority’s approach to branch authorisation and supervision’.
The PRA received ten responses and respondents generally welcomed the PRA’s proposals and were supportive of the approach of ‘responsible openness’ – the guiding philosophy underpinning the PRA’s approach to international supervision.
The expectations in SS5/21 take effect, and will replace SS1/18, on Monday 26 July 2021.
To view the PS19/21, please click here.