UK Prudential Regulation Authority finalizes amendments to resolution assessment reporting and disclosure dates

The Prudential Regulation Authority has published a policy statement on amendments to resolution assessment reporting and disclosure dates. The statement provides feedback to responses the PRA received to its consultation paper (CP12/24) on the same topic. It also contains the PRA's final policy which provides greater flexibility over the timing of Resolution Assessment report submissions and disclosures by moving from fixed two-year cycles to a periodic basis. The final policy takes effect on January 10, 2025.

The PRA's final policy is reflected in: (i) amendments to the Resolution Assessment Part of the PRA Rulebook, which can be found in Appendix 1 of the statement; and (ii) an updated supervisory statement (SS4/19) on resolution assessment and public disclosure by firms, found in Appendix 2.

All respondents supported the PRA's proposal however, some made a small number of suggestions. As a result, the PRA has made minor changes to paragraph 7.6 of SS4/19 to elaborate on the context in which the PRA might need to alter expected dates for reports or disclosures after they have been communicated, and how the PRA would engage with firms before making such a change. The PRA considers that the additional clarity provided is beneficial to firms. The PRA has also made minor textual amendments to SS4/19 for consistency of language. Some responses included comments and suggestions that did not relate directly to the proposal under consultation, including comments on the threshold at which firms come into scope of the Resolution Assessment rules. The PRA confirms that it will review this threshold in due course and will consider these responses as part of that process.

In addition to the policy statement, the PRA published a document setting out the dates by which it next expects firms to submit reports under Resolution Assessment Part 3.1 and publish disclosures under Resolution Assessment Part 4.1.

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