PRA and BoE’s approach to authorisation and supervision in preparation for Brexit

The Bank of England (BoE) has published a press release setting out its regulatory approach to preparations for Brexit, including its approach to the authorisation and supervision of international banks, insurers and central counterparties (CCP).

The update follows the agreement between the UK and EU27 that there should be an implementation period until the end of 2020 as part of the UK’s Withdrawal Agreement with the EU. 

In the press release, the BoE announced the publication of the following documents:

  • the PRA’s “Dear CEO letter” on firms’ preparations for Brexit;
  • the BoE’s  “Dear CEO letter” on non-UK CCPs operating in UK post-Brexit;
  • the PRA’s policy statement on its approach to branch authorisation and supervision for international banks (and related supervisory statement); and
  • the PRA’s policy statement on its approach to branch authorisation and supervision for insurers (and related supervisory statement).