UK Withdrawl from the EU: Changes to PRA Rulebook and Onshored Binding Technical Standards


On October 25, the Bank of England (“BOE“) and the PRA published a package of consultation papers that propose changes to the relevant onshored binding technical standards (“BTS“), the rules for financial market infrastructure providers and the PRA Rulebook arising from the UK’s withdrawal from the EU. They do not reflect any other policy changes other that those related to EU withdrawal.

The deadline for comments on all four consultation papers in January 2, 2019.

The papers are relevant to:

  • All firms authorized and regulated by the PRA.
  • EEA firms undertaking cross-border activities into the UK from the rest of the EU.
  • UK financial market infrastructures (“FMIs“) regulated by the BOE.
  • Non-UK central counterparties (“CCPs“) and central securities depositories (“CSDs“) providing cross-border services into the UK.