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What information will the Prudential Regulation Authority (PRA) in future require from international banks with a UK branch? Jeremy Jennings-Mares, partner on the capital markets practice at Morrion & Foerster, discusses the proposed changes and what lawyers advising international clients have to keep in mind.
Consultation: Supervising international banks—The Prudential Regulation Authority’s approach to branch supervision—CP4/14, LNB News 26/02/2014 121
The approach to be taken by the Prudential Regulation Authority (PRA) for supervising international banks is being consulted on by the Bank of England, with a specific focus on branches outside the European Economic Area (EEA). The proposed approach is contained in a set of draft rules and a draft supervisory statement. The proposals are relevant to all existing and prospective PRA-supervised deposit takers and designated investment firms operating in the UK which are not UK headquartered firms. Those wishing to respond to the consultation should do so by 27 May 2014.
What are the proposals under the PRA’s consultation?
The main proposal is setting out the PRA’s approach as to how they are going to supervise the branches of banks which are based outside the EEA. One of the main points is that, from 2015, all firms (whether EEA or non-EEA) operating in the UK through a branch will have to complete and submit, twice a year, a new data collection return to the PRA. The proposal is also to run a pilot scheme in 2014 for some branches, as part of the consultation, just to see how practical the exercise of getting firms to submit this information is going to be. Non-EEA firms will also have to make sure that their resolution plans make
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