Treasury is consulting on the UK’s approach to implementation of those parts of CRD V that fall to be implemented into national law by 28 December. The Government has long said that it will transpose all EU legislation that falls to be implemented before the end of the Brexit transition period (ie before 23:00 on 31 December 2020).
Key proposals are:
- to update the changes CRD V makes to CRD IV via secondary legislation, which will, among other things, provide PRA with necessary powers to implement the changes and update its rulebook;
- legislation will need to deal with
- exempting solo-regulated institutions, given the planned IFPR in summer 2021;
- updates to capital buffer requirements;
- extending PRA’s powers for consolidated supervision, including creating a new approval regime for holding companies; and
- amending the list of exempt entities.
Comments are needed by 19 August.