PS25/21 | CP13/21 – Responses to CP13/21 ‘Occasional Consultation Paper’

Published on 08 November 2021

PS25/21 – Responses to CP13/21 ‘Occasional Consultation Paper’

Overview

This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 13/21 ‘Occasional Consultation Paper’ (see page 2 of 2). It also contains the final rules, updated Supervisory Statements (SS), and updated templates, instructions, and associated guidance and notes.

This PS is relevant to different firms, in accordance with the CP chapters, as follows:

• Chapters 2 and 3: banks, building societies, and PRA-designated investment firms;
• Chapter 4: Capital Requirements Regulation (CRR) firms;
• Chapter 5: PRA-supervised third country branches; and
• Chapter 6:
  • Audit Committee – CRR firms, UK Solvency II insurance and reinsurance firms, and the Society of Lloyd’s and managing agents; and
  • Auditors – major UK banks and building societies.

Please see the PS for a full list of all of the policy material that is changing.

Summary of responses

The PRA received no responses to proposals relating to Chapters 3, 4, and 6. It received four responses to Chapters 2 and 5. Details of the responses and the PRA’s feedback is set out in Chapter 2 of the PS.

Implementation

The implementation dates for the policy changes set out in the PS are (with reference to the chapters in the CP):

• Chapter 2: Wednesday 1 December 2021;
• Chapter 3: Wednesday 10 November 2021 for the deletion of FSA042, and Saturday 1 January 2022 for FSA017 instructions and MLAR guidance notes;
• Chapters 4 and 6: Saturday 1 January 2022; and
• Chapter 5: Tuesday 31 May 2022.

References related to the UK’s membership of the EU in the rules and any other material covered by the policy in this PS have been updated as part of these proposals to reflect the UK’s withdrawal from the EU. Unless otherwise stated, any remaining references to EU or EU-derived legislation refer to the version of that legislation which forms part of retained EU law.

Policy Statement 25/21

Appendices

• Appendix 1: PRA RULEBOOK: CRR FIRMS: REPORTING PILLAR 2 (AMENDMENT) INSTRUMENT 2021 (pdf)
• Appendix 2: SS32/15 ‘Pillar 2 reporting, including instructions for completing data items FSA071 to FSA082, and PRA111
• Appendix 3: FSA081 template (xltx)
• Appendix 4: FSA081 instructions (pdf)
• Appendix 5: PRA RULEBOOK: CRR FIRMS, NON CRR FIRMS: REGULATORY REPORTING AMENDMENT INSTRUMENT 2021 (pdf)
• Appendix 6: SS34/15 ‘Guidelines for completing regulatory reports’
• Appendix 7: FSA017 instructions (pdf)
• Appendix 8: Notes for completion of the Mortgage Lenders & Administration Return (pdf)
• Appendix 9: PRA RULEBOOK: CRR FIRMS: DEFINITION OF CAPITAL (AMENDMENT) INSTRUMENT 2021 (pdf)
• Appendix 10: SS7/13 ‘Definition of capital (CRR firms)’
• Appendix 11: Branch Return (pdf)
• Appendix 12: Reporting guidance for the Branch Return (pdf)
• Appendix 13: PRA RULEBOOK: CRR FIRMS AND SII FIRMS: AUDIT COMMITTEE (AMENDMENT) INSTRUMENT 2021 (pdf)
• Appendix 14: SS1/16 ‘Written reports by external auditors to the PRA’

Published on 25 June 2021

CP13/21 – Occasional Consultation Paper – June 2021

Overview

This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposals to make minor amendments to PRA rules, supervisory statements (SS), reporting data items and instructions, the Branch Return, and associated guidance and notes.

The chapters in this CP are relevant to different types of firms, as follows:

Chapters 2 and 3 – banks, building societies, and PRA-designated investment firms;

Chapter 4 – Capital Requirements Regulation (CRR) firms;

Chapter 5 – PRA-supervised third country branches; and

Chapter 6 – 

• Audit Committee – CRR firms, UK Solvency II insurance and reinsurance firms, and the Society of Lloyd’s and managing agents; and
• Auditors – major UK banks and building societies.

The chapters contained in this CP, the policy material they propose to change, and the appendices containing the draft amended policy, are listed in the table below.

Implementation

Pending consideration of the responses to this consultation, the proposed implementation dates for the changes resulting from this CP are:

• Wednesday 1 December 2021 for Chapter 2;
• Saturday 1 January 2022 for Chapters 4 and 6; and
• upon publication of the final policy for Chapters 3 and 5.

Responses and next steps

This consultation closes on Wednesday 25 August 2021. The PRA invites responses on the proposals set out in this consultation. Please address any comments or enquiries to OCP.Responses@bankofengland.co.uk.

The proposals set out in this CP have been designed in the context of the UK having left the European Union and the transition period having come to an end. Unless otherwise stated, any references to EU or EU derived legislation refer to the version of that legislation which forms part of retained EU law. The PRA will keep the policy under review to assess whether any changes would be required due to changes in the UK regulatory framework.

Consultation Paper 13/21

Appendices

• Appendix 3: Draft amendments to FSA081 template (XLSX)
• Appendix 12: Draft amendments to Branch Return (PDF)
• Appendix 13: Draft amendments to reporting guidance for the Branch Return (PDF)