PS3/26 – Restatement of CRR requirements – 2027 implementation – final
Executive Summary
The Prudential Regulation Authority (PRA) has published a policy statement (PS3/26) that restates the remaining relevant provisions in the Capital Requirements Regulation (CRR) within the PRA Rulebook and other policy materials. This change aims to ensure that the PRA's rules and policies are consistent with the UK's withdrawal from the EU. The policy statement is relevant to PRA-authorised banks, building societies, and other financial institutions.
What Changed
The PRA has restated the remaining relevant provisions in the CRR within the PRA Rulebook and other policy materials, including amendments to supervisory statements and the introduction of new statements of policy. The changes include updates to the securitisation requirements and the introduction of new rules on credit risk and internal ratings-based approaches.
Action Required
- Review and update internal policies and procedures to ensure compliance with the restated CRR provisions
- Ensure that risk management practices are aligned with the updated rules on credit risk and internal ratings-based approaches
- Review and update securitisation policies and procedures to ensure compliance with the amended requirements
Key Dates
Non-Compliance Risk
Failure to comply with the restated CRR provisions may result in enforcement action, fines, or other regulatory penalties
Who is Affected
Related Regulations
Summary
Policy statement 3/26