PRA has published an update on its plans for implementing Basel 3.1 into its rules. Its consultation finished at the end of March and it has been considering responses.
It has now decided to move the implementation date of the final policies to 1 July 2025 but to then reduce the transitional period from what was originally planned so that there will still be full implementation by 1 January 2030.
It plans also to publish its near-final policies in two parts:
- in Q4 2023 it will publish near-final policies on market, credit valuation adjustment, counterparty credit and operational risk;
- in Q2 2024 it will publish the near-final policies on credit risk, the output floor, and reporting and disclosure requirements.