PRA publishes capital buffers modification

PRA has published a direction for modification by consent of 5.1 – 5.3 and 5.5 of the Capital Buffers Part of its rulebook. The changes are relevant to firms applying for a VREQ in respect of a Pillar 2A requirements, a G-SII buffer or an O-SII buffer.  PRA updated the form of modification by consent with effect from 29 December 2020 to take account of CRD V. Firms can now consent to it by email by 1 February 2021.

PRA has also published a modification in conjunction with voluntary requirements, effective from 1 January 2021, and the voluntary requirement in respect of capital buffers and Pillar 2A model requirements, effective from the end of the Brexit transition period.

Emma Radmore