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When the UK authorities published their final policy on operational resilience at the end of March 2021, it was broadly acknowledged – including by the PRA itself – that the operational resilience landscape would continue to develop. The latest act on the UK stage is the PRA's proposals to apply the group provisions in the Operational Resilience Part of the PRA Rulebook relevant to Capital Requirements Regulation (CRR) firms to holding companies. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for December 2021 and January 2022.Read more
Just over a year ago, the European Commission published its Digital Finance Package which included the proposed Regulation on markets in cryptoassets (MiCA), Regulation on digital operational resilience (DORA) and the Regulation on DLT-based market infrastructures (DLT pilot regime). Read more
The option to participate in collective assurance activities is welcome, but this article which was originally published in the September 2021 edition of Butterworths Journal of International Banking and Financial Law makes the case for more guidance. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for July 2021.Read more
With the UK regulators' operational resilience policy package finalised at the end of March, an early May speech from Lyndon Nelson, PRA Deputy CEO & Executive Director of Regulatory Operations and Supervisory Risk Specialists was well-timed. Mr Nelson's authoritative voice has guided the evolution of operational resilience as a regulatory – or perhaps more particularly, a supervisory – concept for a number of years on both the UK and the global stages. Read more
At the end of March, the Prudential Regulation Authority (PRA) published the Policy Statement (PS7/21) and the Supervisory Statement (SS2/21) which set out its expectations of PRA-regulated firms regarding outsourcing and third party risk management. The publications are part of the wider operational resilience policy package released jointly with the Bank of England (the Bank) and the UK Financial Conduct Authority (FCA). In this post, we briefly explain the background to these publications and review the implications for both PRA-regulated firms and service providers. Read more
The latest edition of our Regulation in Focus podcast series features Clive Cunningham and Andrew Procter, both partners in our FSR practice, in conversation about the milestone publication of the UK regulators’ final policies on operational resilience. The discussion ranges from the challenges for senior managers to the nuances of setting impact tolerances in dual regulated firms to the wider global context. Read more
In this post, we revisit the background to development of operational resilience in the UK, review the publications issued by the Financial Conduct Authority (FCA), the PRA, and the Bank of England (the Bank) in March, and briefly discuss the wider context. Read more
