UK:
UK Prudential Regulation Authority Statement On Extension Of Liquidity Modifications
03 March 2015
Shearman & Sterling LLP
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On February 18, 2015, the Prudential Regulation Authority issued
a statement on extending the duration of whole-firm liquidity
modifications, intragroup liquidity modifications and permissions
under the CRR. Following the European Commission's adoption of
a Delegated Act on the Liquidity Coverage Requirement which will
become the binding liquidity standard in the EU from October 1,
2015 (according to its provisions), a number of liquidity
modifications granted by the PRA under its Prudential Sourcebook
for Banks, Building Societies and Investment Firms and the CRR
expire between now and October 1, 2015. Given that the time period
between these expirations and the LCR becoming binding is
relatively short, the PRA will allow firms to extend modification
periods. The PRA statement sets out the process that is to be
followed to apply for an extension.
The PRA statement is available at: http://www.bankofengland.co.uk/pra/Documents/authorisations/waiverscrr/crrarticle8.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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