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PRA PS20/19: SM&CR Resolution Assessments & Reporting Requirements
PRA PS20/19: Resolution Assessment & Reporting Requirements
2nd October 2019
The Prudential Regulation Authority (PRA) has now issued a Policy Statement (PRA PS20/19) providing feedback on their Consultation Paper (PRA CP12/19) relating to SM&CR and the Strengthening of Individual Accountability: Resolution Assessments and Reporting Requirements.
In addition, the PRA’s latest Policy Statement (PRA PS20/19) also contains final policy decisions in respect of proposals for the following:
The regulator received minimal feedback, (just one respondent), in relation to its consultation PRA CP12/19 and has therefore announced that it will go ahead with implementing the above changes for the wording of the Prescribed Responsibility (PR) for recovery and resolution packs, with few modifications.
In respect of SS28/15, the PRA has amended the illustrative text to refer to the Senior Manager with a Prescribed Responsibility covering resolution assessments overseeing the ‘report of the’ resolution assessment being presented to the management body for approval before submission to the PRA.
In addition, the PRA has also added a cross reference to the Resolution Assessment part of the Rulebook.
All changes as detailed in PRA PS20/19 are set to take effect from Monday 9th December 2019.
It is thought that these changes will result in better aligning with the wording of Part 3 of the Resolution Assessment Part of the PRA Rulebook in addition to the wording of Supervisory Statement SS4/19 ‘Resolution assessment and public disclosure by firms’.
To read the PRA’s Policy Statement in full, view PRA PS20/19 here.
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