Following the four responses received to its consultation paper, the PRA has published its final policy on trading activity wind down.
The policy statement is relevant to all PRA-authorised UK banks, their qualifying parent undertakings and PRA-designated investment firms that are engaged in trading activities, and relevant third country branches. The policy statement is also relevant to policymakers and practitioners that would expect to be involved in a firm’s resolution.
The policy statement consists of:
- Supervisory Statement (SS) 1/22 ‘Trading activity wind-down’ (Appendix 1);
- Statement of Policy (SoP) ‘Trading activity wind-down’ (Appendix 2); and
- Updated SS9/17 ‘Recovery Planning’ (Appendix 3).
Firms will be expected to meet the expectations in SS1/22 by 3 March 2025.