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20 December 2018

BoE: UK withdrawal from the EU: Further changes to PRA Rulebook and Binding Technical Standards and Resolution Binding Technical Standards

Default: Change to:

The UK’s withdrawal from the European Union requires changes to be made to UK legislation to ensure that it remains functional. This Consultation Paper contains two consultations to fix deficiencies arising from the UK’s withdrawal from the EU.

This CP make consequential changes:

  • Part 1 sets out the Prudential Regulation Authority’s (PRA) proposals in relation to the PRA Rulebook and Binding Technical Standards (BTS) within the PRA’s remit that will be retained, or ‘onshored’, in UK law.
  • Part 2 sets out proposals by the Bank of England (Bank) acting as resolution authority in relation to two BTS under the Bank Resolution and Recovery Directive (BRRD).

This CP is published as a part of the Bank’s consultations on amending financial services legislation under the Act. The Bank and PRA are consulting on further changes in this CP to ensure an operable legal framework after the UK leaves the EU, and to reflect onshoring changes made by HM Treasury in the relevant draft Statutory Instruments (SIs) or relevant explanatory policy materials made available by HM Treasury since the publication of the Bank’s and PRA’s consultations in October 2018.

This CP is relevant to all firms authorised and regulated by the PRA (including those that expect to have a deemed permission under the ‘temporary permissions regime’ (TPR) or Financial Services Contracts Regime (FSCR), or that seek to apply for PRA authorisation in the future. It is also relevant to firms which are treated as exempt in relation to certain regulated activities under the FSCR.

This consultation closes on Monday 21 January 2019.

Full news

Consultation paper – complete

Consultation paper – split version

© Bank of England

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