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The Bank of England’s Prudential Regulation Authority (PRA) has issued a new consultation paper: Consultation Paper 21/21 ‘Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies (for Operational Resilience)’.

The PRA states that:

This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposals to apply the group provisions in the Operational Resilience Part of the PRA Rulebook relevant to Capital Requirements Regulation (CRR) firms to holding companies, and to make other minor formatting and clarification amendments to the Operational Resilience (Appendix 1) and Operational Continuity Parts of the PRA Rulebook (Appendix 3).

The proposals in this CP are relevant to different types of firms as follows:

  • Operational Resilience: UK banks, building societies, and, PRA-designated investment firms, financial holding companies, mixed financial holding companies, and, UK Solvency II firms, and the Society of Lloyd’s and its managing agents.
  • Operational Continuity in Resolution: UK banks, building societies, and PRA-designated UK investment firms currently in scope of, or likely to come in scope of, the Operational Continuity Part of the PRA Rulebook.

The PRA also proposes consequential amendments to Supervisory Statement (SS) 1/21 ‘Operational resilience: Impact tolerances for important business services’. 

The PRA proposes that the implementation date for the changes resulting from this CP would be:

  • Thursday 31 March 2022 for Operational Resilience; and
  • Sunday 1 January 2023 for Operational Continuity in Resolution.  

The consultation closes on Friday 14th January 2022.

More details and read CP 21/21.

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