PRA's second policy statement PS9/24 on Basel 3.1
On 12 September 2024 the Prudential Regulation Authority (PRA) published the second near-final policy statement and rules covering the implementation of Basel 3.1 standards for credit risk, the output floor, reporting and disclosure requirements in response to consultation paper CP16/22. The policy statement aims to provide firms with clarity regarding their future capital requirements by adopting a more balanced and risk-sensitive approach under the Basel 3.1 framework.
Read here to know more on the PRA's near-final policy on the implementation of Basel 3.1
HM Treasury's statement on the near-term bank ring-fencing reforms
On 14 October 2024, the House of Commons published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. HM Treasury has announced the government's commitment to implementing a series of reforms to the banking regime.
Click here to read further on the government's banking reform package
Bank of England consults on amendments to approach to setting MREL
On 15 October 2024, the Bank of England (BoE) published a consultation paper on amendments to its statement of policy (SoP) on setting the minimum requirement for own funds and eligible liabilities (MREL). The proposals are designed to ensure, amongst others, that the UK’s MREL framework is simplified and consolidated where possible, to make it easier to navigate and implement.
Click here to read our insights on the proposed changes and the possible impact on firms
EBA report on credit insurance mandate under the amended CRR
On 3 October 2024, the European Banking Authority (EBA) published a report on the credit insurance (CI) mandate under Article 506 of the Capital Requirements Regulation (575/2013) (CRR) as amended by Regulation (EU) 2024/1623 (CRR III Regulation). The EBA's report examines the impact of the Basel III changes on CI, noting it will still reduce the capital requirements for banks, though not as significantly as before. The analysis considers the framework's effects on CI, including how it compares to other products and the restrictions faced by credit insurers.
Read more on the report here
ESMA updates sustainable finance implementation timeline: October 2024
On 14 October 2024, the European Securities and Markets Authority (ESMA) published an updated sustainable finance implementation timeline.
Click here to read further on the updated timeline and key milestones
Upcoming events
For information on all our upcoming training events including our Regulatory Essentials programme, please visit our Financial Regulation page on our website.
