PRA consults on pre-Brexit changes

BoE and PRA have issued a consultation on changes to its rules before the end of the transition period.  The paper covers:

• an update on the use of BoE and PRA’s intended use of the temporary transitional power;
• plans to fix deficiencies arising from the withdrawal and make consequential changes before the end of the transition period – covering consequential changes needed to update references, the PRA rulebook and BTS expected to be retained, and the BoE’s proposals on BTS as FMI competent authority.

PRA will also need to make changes to implement elements of BRRD II in due course, including a draft EU exit instrument.

Consultation closes on 17 November.