The Resolvability Assessment Framework (RAF) sets out how the Bank of England (BoE), as the UK’s resolution authority, assesses UK financial firms’ resolvability and introduces a public disclosure regime.
On 6 June 2024, the PRA updated its webpage on waivers and modifications of rules to set out information on a modification by consent of rule 4.1 of the Resolution Assessment Part of the PRA Rulebook.
The PRA explains that in light of the upcoming general election the BoE and PRA have chosen to delay publication of the second RAF assessment of the major UK banks to early August 2024. Publication of the BoE's assessment was due by 14 June 2024 alongside firms' own public disclosures (as required by rule 4.1). As such, the PRA is offering a modification by consent to rule 4.1 to delay the deadline for firms to publish their RAF disclosures from the second Friday in June 2024, to the second Friday in August 2024 at the latest.
The modified rule will apply to all consenting firms in scope of Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook until the relevant rule is revoked, or no longer applies to the firm.
