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ARTICLE · 17 SEPTEMBER 2014

PRA Final Supervisory Statement On Its Approach To Supervising Branches

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On September 5, 2014, the Prudential Regulation Authority published a Policy Statement and a Supervisory Statement on supervising international banks.

United KingdomFinance and Banking
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On September 5, 2014, the Prudential Regulation Authority ("PRA") published a Policy Statement and a Supervisory Statement on supervising international banks and the PRA's approach to branch supervision. The Policy Statement includes final rules which, from September 5, 2014, will require a firm to ensure that its resolution plan provides adequately for the resolution of the UK branch. The PRA intends to introduce, at a later date, a rule for all EEA and non-EEA branches to submit a data return twice a year.

PRA's Supervisory Statement sets out its approach to supervising non-UK headquartered firms which the PRA states is unchanged from its proposed approach set out in its February 2014 consultation paper. Non-EEA branches will need to be authorized by the PRA which will involve an assessment by the PRA of: (i) the equivalent supervision and resolution requirements by the home state supervisor of the bank; (ii) the risks posed by the activities the branch intends to

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