ARTICLE
29 September 2023

UK Announces Changes To Basel 3.1 Dates

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The UK's banking regulator, the Prudential Regulation Authority ("PRA") has announced its intention to move the implementation date of the final Basel 3.1 policies...
United Kingdom Finance and Banking

The UK's banking regulator, the Prudential Regulation Authority ("PRA") has announced its intention to move the implementation date of the final Basel 3.1 policies by six months to 1 July 2025 and commensurately reduce the transitional period to 4.5 years so implementation will still be complete by 1 January 2030.

The PRA is also staggering it's responses to last November's consultation on its approach to Basel 3.1 standards and has announced that:

  • In Q4 2023, it will publish near-final policies on market risk, credit valuation adjustment risk, counterparty credit risk and operational risk.
  • In Q2 2024, it will publish publish near-final policies on the remaining requirements for credit risk, the output floor, and reporting and disclosure requirements.

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