UK Prudential Regulation Authority Policy Statement on the April Occasional Consultation Paper

The U.K. Prudential Regulation Authority has published a policy statement to its occasional consultation paper (CP6/24). The statement provides feedback to responses the PRA received to the consultation paper, as well as the PRA's final policy, as follows: (i) amendments to the Disclosure (CRR) Part of the PRA Rulebook; (ii) amendments to the Reporting (CRR) Part of the PRA Rulebook; (iii) amendments to the Regulatory Reporting Part of the PRA Rulebook; (iv) amendments to the Glossary of the PRA Rulebook; and (v) the addition of a new Rule 9.5A to the Policyholder Protection Part of the PRA Rulebook (Policyholder Protection).

The statement also provides feedback to responses in relation to a proposal in CP6/24, which was a joint consultation with the FCA (FCA Consultation paper 24/10). It also contains the PRA's and U.K. Financial Conduct Authority's final policy in the form of amendments to Binding Technical Standards (BTS) 2016/2251. The regulators are making consequential amendments to the BTS to ensure they reflect the expected changes to the U.K. version of the European Market Infrastructure Regulation that will be made in the Securitisation (Amendment) Regulations 2024. The implementation date for these amendments is November 4, 2024 with the exception of the amendments to U.K. Commission Delegated Regulation (EU) 2016/2251, which will be effective on November 1, 2024, which is when the final Technical Standards instrument by the PRA and FCA comes into force.

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