On 28 May 2021, the PRA published Policy Statement 10/21: Resolution assessments – Amendments to reporting and disclosure dates (PS10/21).
In PS10/21 the PRA provides feedback to the responses to Consultation Paper 19/20: Resolution assessments – Amendments to reporting and disclosure dates. It also contains the PRA’s final policy, as follows:
- Amendments to Rules 3.1(1) and 4.1(1) in the Resolution Assessment Part of the PRA Rulebook. These amendments will be effective from 2 June 2021.
- An updated Supervisory Statement 4/19: Resolution assessment and public disclosure by firms. The amendments to the Supervisory Statements will be effective from 28 May 2021.
The PRA states that firms must submit their first report by 1 October 2021. Thereafter, firms must submit their report biennially by the first Friday in October of the relevant calendar year.
As part of firm’s preparations for implementing the revised operational continuity in resolution (OCIR) policy, they should submit to the PRA their plan for implementing the policy by 18 February 2022. Firms are encouraged to submit this plan, alongside other updates they may have to their reports, as they progress their implementation of capabilities ahead of the 1 January 2022 deadline specified in the updated Statement of Policy: The BoE’s Approach to Assessing Resolvability.
Firms must publish their first public disclosure by 10 June 2022. Thereafter, firms must publish their public disclosure biennially by the second Friday in June of the relevant calendar year.