UK Prudential Regulation Authority releases consultation paper on UK implementation of Basel standards

This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA’s) proposed rules in respect of the implementation of international standards through a new PRA Capital Requirements Regulation (CRR) rule instrument.

The purpose of these rules is to implement part of the set of international standards that remain to be implemented in the UK. This CP also sets out the proposed new PRA CRR rules in full, including parts of the onshored CRR that are not changing but rather are being transferred into PRA rules (although, where these do not change, they do not form part of this consultation).

This consultation is relevant to banks, building societies, PRA-designated investment firms, and PRA-approved or -designated financial or mixed financial holding companies (firms).

The CP is available at https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/consultation-paper/2021/february/cp521.pdf

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