On 26 June 2020, the PRA issued a statement on its website concerning COVID-19 regulatory reporting and disclosure amendments.
The PRA statement provides that having considered the fact that firms have now had time to adjust to new ways of working, and the prudential benefits to supervisors of timely submission of regulatory data, the PRA has concluded that it would not be appropriate to continue to apply the reporting measures set out in its previous statement of 2 April 2020 to future submissions.
The PRA will, in general, expect on time submission for future regulatory reporting. Firms experiencing difficulty with timely submission should contact their usual supervisor to discuss.
The previous PRA statement concerned Pillar 3 disclosures that a firm would normally be expected to make on or before 31 May 2020. The PRA stated that it would be flexible in its expectations of firms’ publication timeline for Pillar 3 disclosures (compared to the publication date of financial statements), in light of the impact of the COVID-19 pandemic. While the PRA will continue to take a flexible approach, it expects that going forward the publication timeline for Pillar 3 disclosures should not be affected by COVID-19 in most cases.