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Treasury and PRA consult on UK Capital Requirements Regulation regime

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Ben Maconick | CMS, Tom Callaby | CMS, James Geer | CMS, Chris Glennie | CMS+2

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Firms should prepare for PRA Rulebook migration, revised overseas recognition mechanics, and operational updates to policies, systems, and reporting.

HM Treasury (HMT) and the Prudential Regulation Authority (PRA) have advanced a coordinated package to complete the shift of the UK prudential framework for banks and PRA-designated investment firms to the Financial Services and Markets Act 2000 (FSMA) model.

In summary, HMT proposes new legislation to restate or revoke key UK

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