PRA publishes near final CRR restatement

The PRA has released its near-final policy statement on the restatement of the remainder of the assimilated CRR into its Rulebook. The feedback covers elements not finalised previously, specifically securitisation requirements and ECAI mapping, as well as a few other outstanding CRR requirements.

It has also published its near final policy on streamlining the Pillar 2A capital framework and the capital communications process.

HM Treasury now needs to make commencement regulations to allow the CRR provisions to be revoked before the PRA can put its replacement rules in place.  It is also waiting to make the Pillar 2A rules as part of the Basel 3.1 package. It is intended that the new capital framework, including that for SDDTs, will take effect from 1 January 2027.