UK PRA consults on low-impact amendments to PRA rules and policy material: July

The UK Prudential Regulation Authority (PRA) has published consultation paper LIAC02/26, proposing a series of low-impact amendments to its Rulebook and policy materials. The proposals include:

• Amendments to Supervisory Statement SS25/15 and the associated IM.03 reporting instructions to remove Lloyd's syndicates from the scope of internal model output reporting. These changes are proposed to take effect on 31 December. The PRA also makes other consequential changes.
• Amendments to the Liquidity (CRR) Part and the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook, comprising: clarification that firms are responsible for assessing third-country equivalence for non-UK covered bonds to be eligible as level 2A liquid assets; consequential changes following the expected implementation of HM Treasury's Overseas Prudential Requirements Regime (including a related update to SS24/15); and consequential changes following implementation of Basel 3.1 standards and the restatement of CRR requirements, including updated cross-references and treatment of retail and real estate exposures. These changes are proposed to take effect on 1 January 2027.

The deadline for comments is 11 September.

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