Taxonomy, DPM and Validation Rules for PRA110
The final versions are expected from the PRA in September and will be effective from 1st January 2020. Our intention is to include the changes in the next release of Wires. If the information from the PRA is delayed, then we may adjust our planned release date. As at the date of this publication, no amendment to timing has been made.
PRA 109 – Operational Continuity
Firms that meet any of the following conditions on 1st January, must submit form PRA109 within 45 business days of the calendar year end.
(1) Average total assets over the previous three years exceeds £10bn
(2) Average safe custody assets over the previous three years exceeds £10bn
(3) Average sight deposits over the previous three years exceeds £350m
The first report reference date is 31st December 2019.
The method of submission is understood to be by e-mailing the relevant Excel workbook. An update was issued by the PRA on 30th April to make clear how submissions should be made.
Please see the details via the following link – https://www.bankofengland.co.uk/prudential-regulation/publication/2016/ensuring-operational-continuity-in-resolution-reporting-requirements
Further information can be found in PRA consultation paper 28-16 and policy statement 10-17.
The EBA guidelines will apply to new contracts with effect from 30th September 2019. For existing outsourcing contracts, firms are required to review them to make sure they are compliant with the guidelines, by 31st December 2021. At a high level, Whistlebrook understands that the contracts must ensure there can be adequate oversight by the firm’s management; there are processes for renewal; where services are critical, there must be more strict control of the arrangement, etc.
Further details are in the EBA guidelines 2019-02.