On 10 March 2020, the PRA published Policy Statement 5/20 (PS5/20) providing feedback to the responses it received to Consultation Paper 20/19: Regulatory capital instruments: update to Pre Issuance Notification (PIN) requirements. The PRA also sets out in PS5/20 its final policy, as follows:

  • amendments to the Definition of Capital Part of the PRA Rulebook (Appendix 1);
  • an updated Supervisory Statement (SS) 7/13 ‘Definition of capital (CRR firms)’ (Appendix 2);
  • an updated PIN form (Appendix 3);
  • an updated Common Equity Tier 1 (CET1) compliance template (Appendix 4); and
  • a summary table showing the PRA’s final clarification of ‘sufficiently in advance’ notification and ‘substantially the same’ terms (as defined in updated SS7/13) (Annex).

The changes in PS5/20 take effect from 1 April 2020.

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