On 23 October 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS13/23: Updating UK Technical Standards on the identification of global systemically important institutions (G-SIIs). PS13/23 provides feedback to responses to Consultation Paper CP16/23, which was published in July 2023, and sets out the PRA’s final policy to amend the UK Technical Standards (UKTS) for the methodology used to identify G-SIIs.

In CP16/23, the PRA proposed to align the UKTS with updates made to the Basel Committee for Banking Supervision (BCBS) framework. The proposed updates to the UKTS were to:

  • Add ‘trading volume’ as a new indicator under the ‘substitutability/financial institution infrastructure’ category.
  • Update indicator weights for the ‘substitutability/financial institution infrastructure’ category.
  • Add insurance subsidiaries to data consolidation for several indicators.
  • Delete transitional provisions for initial implementation in 2015, which are no longer relevant.

Having considered the one response it received to CP16/23, the PRA has decided to finalise amendments to the UKTS as consulted on.

The amended UKTS will take effect on 31 October 2023.