UK:
PRA Consults On Operational Continuity In Resolution
20 October 2014
Shearman & Sterling LLP
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On October 6, 2014, the Prudential Regulation Authority
("PRA") published a discussion paper on ensuring
operational continuity in resolution in banks, building societies
and investment firms regulated by the PRA. The proposals relate to
the PRA's Fundamental Rule that a firm must prepare for
resolution so that it can be resolved in an orderly manner with
minimal disruption to critical services. The proposals include
three potentially effective structures for ensuring continuity of
critical shared services, design principles which set out the
necessary outcomes to be achieved and assessment criteria for
determining whether a firm complies with the requirements.
Responses to the consultation paper are due by January 6, 2015. The
PRA states that it may issue a subsequent consultation paper with
draft rules in 2015. The discussion paper is one of four papers
published by the PRA relating to resolution and resilience. The
other papers consider proposals on depositor protection, insurance
policyholder protection and structural reform for implementing the
ring-fencing requirements.
The discussion paper is available at: http://www.bankofengland.co.uk/pra/Documents/publications/cp/2014/dp114.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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