PRA publishes policy statement on restatement of UK CRR definitions in Rulebook

The UK prudential regulation authority (PRA) has published a policy statement providing feedback on the PRA's July 2025 consultation paper CP19/25 on the restatement of UK Capital Requirements Regulation (CRR) definitions in the PRA Rulebook, along with its final policy. Following respondent feedback, the PRA is making the following changes to the draft policy it consulted on:

• Consistent italicisation of embedded CRR terms in the PRA Rulebook Glossary definitions and cross-references to legislative definitions throughout.
• Change to the "branch" definition in the PRA Rulebook Glossary to better align its wording with the CRR definition.
• Additional wording in Article 229(3) of the Credit Risk Mitigation (CRR) Part to specify the meaning of "market value" in that context.
• Change to the "recognised exchange" definition to reflect the policy position confirmed in PS6/26— Recognised exchanges policy and transfer of main indices.
• Update to the "securitisation" definition in the PRA Rulebook Glossary to reflect changes to the legislative definition in the Securitisation Regulations 2024, made by the CRR Definitions Statutory Instrument, for consistency with the PRA's Basel 3.1 rules.
• Amendments to certain definitions relating to regulatory capital instruments to clarify these definitions capture all relevant provisions in the Own Funds (CRR) Part.
• Further minor non-material amendments, to ensure clarity.

The changes to the Rulebook are in the PRA Rulebook: Definitions and Interpretation (CRR) Instrument 2026 (PRA 2026/16). There are also changes to the supervisory statement on Groups (SS15/13), which are in Appendix 3. The changes will come into force on 1 January 2027, alongside the Basel 3.1 package of reforms.

Return to main website.