The PRA, in consultation with HM Treasury, has decided to postpone the implementation of the Basel 3.1 framework by one year to 1 January 2027.
The delay will allow more time for clarity on how the framework will be implemented in the United States, taking into account competitiveness and growth considerations. In line with the approach taken for the previous 6 month delay, the transition periods in the rules will be reduced to ensure the date of full implementation remains at 1 January 2030, as originally proposed.
The PRA was set to perform a firm data collection exercise to inform an off-cycle review of firm-specific Pillar 2 capital requirements so they could be updated simultaneously with the Basel 3.1 standards. The deadline for submission was 31 March 2025, but the PRA is now pausing the data collection exercise with immediate effect until further notice.
The 28 February 2025 deadline to join the Interim Capital Regime is also being postponed, with the PRA to provide further information in due course.