On 25 June 2021, the PRA issued ‘Consultation Paper 13/21: Occasional Consultation Paper – June 2021’ (CP13/21).
In CP13/21 the PRA sets out proposals to make minor amendments to PRA rules, supervisory statements, reporting data items and instructions, the Branch Return and associated guidance and notes. In particular:
- In chapter 2 the PRA proposes changes to reporting requirements to support a better understanding of schemes’ risk profiles, improve consistency, and ensure a level playing field for firms. The proposals in this chapter would result in amendments to: the Reporting Pillar 2 Part of the PRA Rulebook, Supervisory Statement (SS) 32/15 ‘Pillar 2 reporting, including instructions for completing data items FSA071 to FSA082, and PRA111’, FSA081 template and the associated FSA081 instructions.
- In chapter 3, the PRA proposes changes to reporting requirements to delete a legacy template and to prepare for the expected discontinuation of LIBOR after the end of 2021. These proposals would result in the following changes: an update to the Regulatory Reporting Part of the PRA Rulebook, an update to SS34/15 ‘Guidelines for completing regulatory reports’, deletion of the Undertakings for Collective Investment in Transferable Securities (UCITS) template (FSA042) from the PRA Rulebook, amendments to the ‘Interest rate gap report’ (FSA017) and associated instructions and amendments to the notes for completion of the Mortgage Lenders & Administrators Return (MLAR).
- In chapter 4, the PRA sets out a proposal to change the scope of the Definition of Capital Part of the PRA Rulebook, to refer to CRR (Capital Requirements Regulation) firms rather than UK banks. The proposal would result in the deletion of Rule 4.1 in the Definition of Capital Part of the PRA Rulebook and an update to SS7/13 ’Definition of capital (CRR firms)’.
- In chapter 5, the PRA sets out proposals regarding the Branch Return, to amend the method of submission, make minor formatting corrections to the return and clarify the accompanying reporting guidance. The proposals will result in amendments to the Regulatory Reporting Part of the PRA Rulebook, an update to SS34/15 ‘Guidelines for completing regulatory reports’, an updated Branch Return template and updated reporting guidance.
- In chapter 6 the PRA sets out proposals to correct and update a reference in Rule 2.4(5) in the Audit Committee Part of the PRA Rulebook and corrects an error in SS1/16 ‘Written reports by external auditors to the PRA’.
The deadline for comments on CP13/21 is 25 August 2021.