Update 28 March 2018
Supervisory Statement 10/14 has been replaced, see Supervisory Statement 1/18 ‘International banks: the Prudential Regulation Authority’s approach to branch authorisation and supervision’.
Published on 5 September 2014
This supervisory statement is addressed to all Prudential Regulation Authority (PRA) -supervised firms operating in the United Kingdom which are not UK-headquartered firms, as well as to any firm looking to operate in the United Kingdom in the future.
Its purpose is to set out how the PRA will supervise UK branches of banks based outside the European Economic Area (EEA) and also explains in more detail the PRA’s approach to EEA branches and subsidiaries.
The PRA’s public consultation on this statement closed on 27 May 2014. The feedback received led to minor changes being made to the supervisory statement to improve its clarity. The Branch Return rule, an additional policy statement and the final Branch Return – which was originally part of CP4/14 Supervising international banks: the PRA’s approach to branch supervision – will be published at a later date following a second pilot exercise.
Supervisory Statement 10/14