PS19/25 – Restatement of CRR requirements – 2027 implementation – near-final

Key dates

28 October 2025

- PRA published near-final policy statement PS19/25

Q1 2026

- PRA intends to publish final policies and rule instruments alongside or shortly after final Basel 3.1 package publication

1 January 2026

- Implementation date for certain proposals finalized in PS12/25 (limited scope)

1 January 2027

- Implementation date for policies and requirements in PS19/25 (primary implementation date)

Suggested considerations

• *Review the final policy statement when published in Q1 2026 to understand specific rule changes applicable to your firm's business model
• *Assess securitisation impacts: If your firm engages in securitisation activities, particularly synthetic SRT structures with unfunded credit protection, evaluate compliance with clarified supervisory expectations in SS9/13
• *Evaluate mortgage capital treatment: Firms with significant mortgage lending should assess impact of new capital rules for certain mortgage exposures
• *Update ECAI mapping processes: Firms relying on external credit assessments must prepare for amendments reflecting Basel 3.1 implementation
• *Establish implementation timeline: Develop a project plan for January 1, 2027 implementation, including:
• Systems and process updates to reflect restated CRR rules

What changed

• The near-final policy confirms and finalizes the following substantive amendments: Securitisation Requirements
• Largely preserves current requirements and supervisory expectations with targeted policy changes
• Introduces a new formulaic p-factor for the standardised approach to securitisation
• Establishes new capital rules for certain mortgage exposures
• Clarifies supervisory expectations for unfunded credit protection in synthetic Significant Risk Transfer (SRT) securitisations by adding expectations to SS9/13 Level of Application of CRR Requirements
• Restates rules relating to level of application with no significant substantive changes

Who is affected

• UK banks
• Building societies
• Investment firms
• Firms with securitisation activities
• Firms with significant mortgage lending portfolios
• Firms relying on External Credit Assessment Institutions (ECAIs)

Related regulations

• *Prior Related Publications
• PS12/25
• CP13/24
• PS9/24
• SS9/13
• SS3/24