UK:
Prudential Regulation Authority Sets Interim LCR Reporting Requirements
27 July 2015
Shearman & Sterling LLP
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On July 20, 2015, the Prudential Regulation Authority published
a Supervisory Statement setting out the liquidity coverage
requirement reporting standards which firm's will need to
comply with on an interim basis between October 1, 2015, the date
the LCR applies under the original implementing technical
standards, and the date of the new LCR requirements come into
effect following the adoption by the European Commission of revised
ITS on liquidity reporting. Firms are required to submit LCR data
to national regulators under the CRR and CRD. The PRA considers
that firms should report their LCR positions in the interim period
so that their liquidity resilience can be monitored. However, if
firms report their LCR positions according to the provisions of the
original ITS, their LCR positions will not be properly determined.
Therefore, the PRA has set out in the Supervisory Statement the
data that firms are required to submit in the interim period.
The Supervisory Statement is available at: http://www.bankofengland.co.uk/pra/Documents/publications/ss/2015/ss2915.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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