On 12 September 2019, the PRA published Policy Statement 17/19: Supervising international banks: Revision of the Branch Return (PS17/19). PS17/19 is relevant to all existing and prospective PRA-supervised branches of deposit takers and PRA-designated investment firms which are not UK headquartered firms.
In PS17/19 the PRA provides feedback to responses to Consultation Paper 8/19: Supervising international banks: Revision of the Branch Return (CP8/19) (our earlier blog is here). It also contains the PRA’s final policy, as follows:
- amendments to the Regulatory Reporting and Incoming Firms and Third Country Firms Parts of the PRA Rulebook (Appendix 1);
- reporting guidance included in updated Supervisory Statement 34/15: Guidelines for completing regulatory reports (Appendix 2); and
- revised Branch Return template (the Return) (Appendix 3).The changes to the Return and the reporting guidance will take effect for the reporting of the H1 2020 Return, i.e. for the six-month period ending 30 June 2020 and firms will need to submit their first revised Return by no later than 11 August 2020. Firms will be able to submit in Excel format and further details of the submission mechanism and validation rules will be provided by the end of 2019.
- The PRA reports that after considering the responses to CP8/19 it will implement the Return as consulted on with two minor changes to the names of data points in the template. It has also amended the reporting guidance to provide further clarity. The PRA has also decided not to proceed with the replacement of an Excel template with XBRL. The PRA will keep this decision under review.
