Prudential Regulation Authority Rulebook

7.1

[Deleted]

7.2

[Deleted]

7.3

Firms are required to submit reports periodically under Chapter 3 of the rules and publish a summary of that report periodically under Chapter 4 of the rules. The PRA will communicate the expected dates for firms’ submission and disclosure in advance.

7.4

When setting the expected dates for report submissions and public disclosures, the PRA may vary the interval between report submissions as appropriate. However, firms are not expected to report more frequently than every two years. The PRA expects firms to leverage their internal assessment of their preparations for resolution to support the preparation of their reports to the PRA.

7.5

The PRA intends to communicate the expected reporting and disclosure dates at least 12 months before the expected submission date for firms’ reports. In practice, the PRA is likely to communicate the expected dates for the next report and disclosure at the conclusion of each reporting and disclosure cycle, to support firms with their planning. The PRA will communicate the expected dates on its website.

7.6

Notwithstanding the 12-month period referred to in paragraph 7.5, the PRA may consider that it is necessary to change a previously communicated expected submission or disclosure date. For example, in response to unforeseen events, the PRA may judge that the previously communicated dates are no longer suitable. In these circumstances, the PRA would engage with affected firms in scope of the Resolution Assessment Part, before altering a previously communicated expected submission or disclosure date for one or more firms to either bring it forward or move it back as appropriate for the circumstances. The PRA will remain mindful of the potential operational impact of such a change on firms.

7.7

In general, the PRA anticipates that, in years where firms are asked to submit reports, the latest possible expected date for the submission of the report would be the first Friday in October. The PRA further anticipates that in years where firms are asked to publish a summary of the most recent report submitted to the PRA, publication would be expected by the second Friday in June. In practice, the expectation is that the PRA, the Bank as resolution authority, and a firm would seek to co-ordinate, prior to the expected date, on a suitable date for disclosure. This is important so that firms’ disclosures and the Bank’s public statement on these firms’ resolvability can be read alongside each other and to provide transparency on firms’ preparations for resolution.

7.8

Where a firm not previously subject to the rules comes into scope, the firm should inform the PRA. The PRA will consider the circumstances and communicate to the firm when its first report submission and its first public disclosure are expected. The PRA would take into account, among other things, the proximity to the next expected reporting date and whether the firm came into scope as a result of an acquisition or through organic growth. While the PRA would take such decisions on a case-by-case basis, it is likely that a newly in-scope firm would be informed at least 12 months before its first report is due and at least 12-24 months before its first public disclosure is due.

7.9

The PRA recognises that there may be circumstances in which a firm may seek to alter an expected reporting and/or disclosure date. This could be, for example, when a firm is undergoing a significant reorganisation, restructure, merger or acquisition. In such situations, the PRA would consider a request from a firm to amend its reporting and/or disclosure date.