October 28, 2021

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October 27, 2021

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PRA PUBLISHES POLICY STATEMENT ON PILLAR 2A REQUIREMENTS AND DISCLOSURE

The PRA has today published a policy statement on Pillar 2A requirements and disclosure (PS30/17), which provides feedback to the responses to the consultation paper ‘Pillar 2A requirements and disclosure’ (CP12/17).

The PRA has also set out the final amendments to –

  • the  Supervisory Statement (SS) 31/15 ‘The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP)’ (in Appendix 1); and
  • the Statement of Policy (SoP) ‘The PRA’s methodologies for setting Pillar 2 capital’ (in Appendix 2).

Taking into account the feedback received during the consultation period, the PRA has made a minor change from the draft SS to the Total Capital Requirement (TCR) disclosure expectation for sub-consolidated ring-fenced bodies (RFBs). This clarifies that the disclosure expectation for RFBs applies only at the sub-consolidated group level, and not at subsidiary or individual level.

Further adjustments to the SS and SoP have been made to reflect the change of terminology from individual capital guidance to TCR, and minor linguistic corrections. 

Copyright © 2021 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume VII, Number 346
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About this Author

Angie Bamboulis, Womble Carlyle Law Firm, United Kingdom, Banking and Finance Attorney
Solicitor

Angie is a solicitor in the banking and financial services team; where she assists with providing finance and regulatory advice to a wide range of client.
Prior to qualifying and during her training contract she completed a one day secondment at a private wealth bank, UBP over a 3 month period; as well as full time secondments at the firm's key clients – AIG and Post Office.

440207-788-2306
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