On 7 January 2025, the Prudential Regulation Authority (PRA) published Policy Statement PS1/25 – Resolution assessments: Amendments to reporting and disclosure dates.
Background
In CP12/24, published in October 2024, the PRA proposed to amend rules 3.1 and 4.1 of the Resolution Assessment Part so that the timing of future report submissions and disclosures would no longer be fixed to two-year cycles. Under the proposals, firms would continue to be subject to reporting and disclosure obligations on their preparations for resolution on a periodic basis, with the expected dates to be communicated by the PRA well in advance.
Final policy
In PS1/25, the PRA provides feedback to the responses received to CP12/24, as well as setting out its final policy. The final policy reflects the proposals consulted on (with minor changes for clarity and consistency) and aims to provide greater flexibility over the timing of Resolution Assessment report submissions and disclosures by moving from fixed two-year cycles to a periodic basis.
The PRA’s final policy is reflected in:
- Amendments to the Resolution Assessment Part of the PRA Rulebook.
- An updated supervisory statement, SS4/19 – Resolution assessment and public disclosure by firms.
The policy set out in PS1/25 comes into effect on 10 January 2025.
Expected reporting and disclosure dates
The PRA has also published its expectations for the dates of reports under Resolution Assessment 3.1 and disclosures under Resolution Assessment 4.1, noting in particular that the firms are expected to:
- Submit a report by the first Friday in October 2026.
- Publish a disclosure by the second Friday in June 2027.
These expected reporting and/or disclosure dates may be amended by the PRA for an individual firm on a case-by-case basis, in light of circumstances such as acquisitions or mergers or when a firm not previously subject to the rules comes into scope.