The European Commission has produced the first leg of its long awaited consultation on the function of the EU Securitisation Framework ("ESF") in the form of a paper setting out consultation questions....more
The UK’s banking regulator, the Prudential Regulation Authority ("PRA") has issued a consultation on its approach to the treatment of branches of international banks operating in the UK (CP11/24). Among the proposals is a...more
On 23 April, the UK’s banking regulator, the Prudential Regulation Authority (“PRA”), published a letter to Chief Risk Officers setting out the results of a thematic review of private equity related financing activities....more
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package’ that makes significant changes to the Capital Requirements Directive known as ‘CRD VI’. This article is going to focus on the CRD...more
The UK’s Financial Conduct Authority ("FCA") has published its 2024/25 business plan, setting out its priorities for the next 12 months. Against a backdrop of 13 public commitments focusing on: reducing and preventing...more
The UK’s Prudential Regulation Authority (“PRA”) has reported on the conclusions of a review of its ring-fencing rules conducted during the course of 2023. While the report concludes that most rules are ‘performing...more
Rebecca Jackson, Executive Director, Authorisations, Regulatory Technology, and International Supervision at the Prudential Regulation Authority ("PRA") has written to international banks on the PRA’s thematic supervision...more
In scale and scope, 2023 saw the most significant systemwide banking stress since the 2008 global financial crisis. The collapse of four regional and global banks coupled with significant rises in interest rates, inflation...more
The Prudential Regulation Authority ("PRA") has published its near-final policy statement (the "PS") setting out feedback to seven chapters of its consultation paper 16/22 (CP16/22) on implementation of the final elements of...more
In a speech published on 16 October, Sam Woods the Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority (“PRA”) discussed this year’s banking failures, the lessons learnt and priorities...more
The Financial Stability Board (“FSB”) has published its report on 2023 Bank Failures: Preliminary lessons learnt for resolution which follows on from the report from the Basel Committee on Banking Supervision (“BCBS”) on the...more
The UK’s banking regulator, the Prudential Regulation Authority (“PRA”) has announced its intention to move the implementation date of the final Basel 3.1 policies by six months to 1 July 2025 and commensurately reduce the...more
The European Banking Authority (“EBA”) has published its final report on amendments to its guidelines on improving resolvability under the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD)....more
Against a background of increasing reliance on models and scenario analysis to assess future risks, the UK’s bank regulator, the Prudential Regulation Authority (“PRA”), has published a supervisory statement on “Model risk...more
The UK’s Prudential Regulation Authority (“PRA“) has published its Business Plan for 2023/23 setting out its strategic priorities and anticipating its new, secondary objective to facilitate international competitiveness and...more
By way of diversion from the current crisis mode of regulators the world over, here we discuss positive regulatory initiatives on bank liquidity, CDS clearing and the development of Long Term Asset Funds.
UK bank...more
On 10 January, the UK’s Prudential Regulation Authority (“PRA“) wrote to international banks active in the UK to update them on regulatory priorities for 2023.
While these clearly reflect current macroeconomic drivers,...more
The UK’s Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have together fined a leading bank a total of £48,650,000 for IT failures that left customers unable to access their accounts. The fine...more