On 29 March 2022, the PRA updated its webpage concerning resolution planning by providing an update on the extension of the suspension of phase 1 reporting under Supervisory Statement 19/13 (SS19/13) until further notice.
The suspension was previously extended in May 2020 to all firms in scope of the Resolution Pack Part of the PRA Rulebook, and was due to expire at the end of 2022. The suspension is being further extended while the PRA assesses areas of potential duplication between reporting expectations under SS19/13, COREP13 requirements, and PRA109. Unless otherwise notified on an individual basis, the pause continues to apply to all firms in scope of the Resolution Pack Part of the PRA Rulebook.
The PRA also reminds firms of the following:
- Firms must continue to comply with the PRA’s Fundamental Rule 8 on preparing for resolution, including by being able to provide the regulators with information in a timely manner.
- Notwithstanding the pause, the PRA can request Phase 1 resolution packs from firms on a case-by-case basis.
- Phase 2 reporting under SS19/13 remains unchanged, and the PRA may still request this information from firms.
- Firms in scope of stabilisation powers must continue to submit COREP13 reporting.