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UK Prudential Regulator Publishes Final Rules on Implementation of CRD V
12/28/2020The U.K. Prudential Regulation Authority has published its final Policy Statement setting out the final rules for implementing CRD V in the U.K. The Policy Statement confirms the final rules set out in the PRA's near-final Policy Statement, published on December 9, 2020. The Policy Statement also confirms the PRA's proposed approach to enforcing compliance with consolidated prudential requirements for U.K. banking consolidation groups, as proposed in the PRA's consultation paper published on December 9, 2020. The Supervisory Statements and Statements of Policy attached to the Policy Statement should be read together with the PRA's Supervisory Statement, "Non-binding PRA materials: The PRA's approach after the UK's withdrawal from the EU", for guidance on how to interpret the materials after the end of the transition period.
The final Policy Statement does not, however, include relevant amendments under the European Union (Withdrawal) Act 2018, which are set out in the PRA's separate Policy Statement, "The PRA's amendments under the European Union (Withdrawal) Act 2018: Changes before the end of the transition period".
View the PRA's Policy Statement.
View the PRA's Supervisory Statement, "Non-binding PRA materials: The PRA's approach after the UK's withdrawal from the EU".
View details of the PRA's near-final Policy Statement.
View details of the PRA's consultation paper on prudential requirements for U.K. banking consolidation groups.
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