Interpretation of EU Guidelines and Recommendations: Bank of England and PRA approach after the UK’s withdrawal from the EU

This is a Statement of Policy to deliver the general approach being taken to ensure there is a functioning legal framework when the UK leaves the EU.

First published on 18 April 2019 

Overview

This joint Bank of England (Bank) and Prudential Regulation Authority (PRA) Statement of Policy (SoP) sets out the Bank’s and PRA’s approach to EU Guidelines and Recommendations in light of the UK’s withdrawal from the European Union (EU).

This SoP is relevant to all PRA-regulated firms, and all Bank-regulated financial market infrastructure providers (FMIs) operating, or intending to operate, in the UK. 

Current version

Confirmed as final in October 2021, following near-final future version published July 2021. Updated on 17 December 2021 to incorporate those changes. Effective from Saturday 1 January 2022.

Confirmed final by PS22/21 ‘Implementation of Basel standards’. First published as near-final as part of PS17/21 ‘Implementation of Basel standards’. Updated on 17 December 2021 to incorporate changes from PS29/21 ‘Review of Solvency II: Reporting (Phase 1)’.

Past versions

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