Consultation outcome

Consultation on updating the UK’s Prudential Regime before the end of the Transition Period

• From: HM Treasury
• Published: 16 July 2020
• Last updated: 15 October 2020 — See all updates

This was published under the 2019 to 2022 Johnson Conservative government

This consultation has concluded

Read the full outcome

Updating the UK’s Prudential Regime before the end of the Transition Period Consultation Response

Ref: ISBN 9781913635411

PDF, 234 KB, 18 pages

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Detail of outcome

The government ran a consultation on its proposed approach to the implementation of the Capital Requirements Directive V (CRDV) from 16 July 2020 to 20 August 2020. This Directive updates the prudential legislative framework that applies to banks and systemic investment firms. The consultation outlined the government’s proposals for new requirements on financial holding companies, changes to the macro-prudential toolkit and the intention to exempt non-systemic investment firms from the scope of CRDV and sought comment. The government received eight responses from a mixture of industry bodies and financial institutions. This document provides a summary of the responses received and outlines the government’s response.

The government has laid the secondary legislation implementing the relevant CRDV provisions before parliament on 15 October 2020.

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Original consultation

Summary

This consultation sought views on the UK’s approach to updating the UK’s Prudential Regime before the end of the Transition Period

This consultation ran from
10am on 16 July 2020 to 12:15am on 20 August 2020

Consultation description

The Capital Requirements Directive V (CRDV) entered into force on 27 June 2019.

The Directive makes amendments to the original 2013 Capital Requirements Directive IV (CRDIV) provisions, in order to update the EU’s regulatory framework for capital and liquidity requirements.

The Directive must be transposed into national law by 28 December 2020. This consultation seeks views on the UK’s approach to the transposition of CRDV before the end of the Transition Period.

Documents

Updating the UK’s Prudential Regime before the end of the Transition Period: consultation

PDF, 301 KB, 24 pages

Published 16 July 2020
Last updated 15 October 2020 + show all updates

1. 15 October 2020

   Added consultation outcome.

2. 16 July 2020

   First published.