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29th September 2023
Timings of Basel 3.1 implementation in the UK-PRA
The Prudential Regulatory Authority(PRA reports:
"To support firms in their planning processes, we are announcing two updates on our intended timetable to complete our work and implement the Basel 3.1 standards in the UK.
In November 2022, the PRA published consultation paper(CP) 16/22–Implementation of the Basel 3.1 standards, setting out proposals for PRA rules covering the remaining elements of the Basel III standards that are yet to be implemented in the UK. The consultation period ended on 31st March 2023. Since then, we have been considering the feedback we have received.
To support firms in their planning processes, we are announcing two updates on our intended timetable to complete our work and implement the Basel 3.1 standards in the UK.
First, we intend to move the implementation date of the final Basel 3.1 policies by six months to 1st July 2025. We intend to reduce the transitional period to 4.5 years to ensure full implementation by 1st January 2030 in line with the proposals set out in CP16/22.
Second, to allow appropriate time to fully consider the responses to the credit risk and output floor proposals in CP16/22 without delaying publication of rules on the other parts of the package, we intend to split publication of our near-final Basel 3.1 policy statements into two:
In Q4 2023, we intend to publish the near-final policies on market risk, credit valuation adjustment risk, counterparty credit risk and operational risk. In Q2 2024, we intend to publish the near-final policies on the remaining elements from CP16/22: credit risk, the output floor, and reporting and disclosure requirements."
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