On 18 April 2019, the Bank of England (BoE) and the PRA co-published a joint Policy Statement which includes final versions of policy materials for a hard Brexit including EU Exit Instruments, Supervisory Statements and a Statement of Policy, which were published as ‘near’ final on 28 February 2019.
This version of the Policy Statement (PRA PS5/19) supplements the February 2019 version. The BoE and the PRA have not changed the policy or significantly altered the text of the published materials since their publication as ‘near final’ in February. Section B of the Policy Statement sets out the limited updates to the materials.
The BoE and the PRA are not publishing final versions of the BoE and PRA transitional directions and transitional guidance materials published as ‘near final’ in February. In light of the recent extension of the Article 50 process, the BoE and the PRA will consider whether to make any changes to these directions and guidance materials. The BoE will publish further information on this in due course.
All EU Exit Instruments appended to the Policy Statement have been finalised and have a commencement date of ‘exit day’ with one exception. The exception is that Annex BF of the PRA Rulebook: EU Exit Instrument 2018 (Appendix B.2) (amendments to regulatory reporting part) has a commencement date of 1 July 2019. The PRA will provide further updates in relation to this Annex in due course.