March 10, 2020

Regulatory capital instruments: update to Pre-Issuance Notification (PIN) requirements

Prudential Regulation Authority publishes PS5/20

Regulatory capital instruments: update to Pre-Issuance Notification (PIN) requirements

10 March 2020
This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 20/19 ‘Regulatory capital instruments: update to Pre Issuance Notification (PIN) requirements’. It also contains the PRA’s final policy, as follows:
  • amendments to the Definition of Capital Part of the PRA Rulebook (Appendix 1);
  • an updated Supervisory Statement (SS) 7/13 ‘Definition of capital (CRR firms)’ (Appendix 2);
  • an updated PIN form (Appendix 3);
  • an updated Common Equity Tier 1 (CET1) compliance template (Appendix 4); and
  • a summary table showing the PRA’s final clarification of ’sufficiently in advance’ notification and ‘substantially the same’ terms (as defined in updated SS7/13) (Annex)
This PS is relevant to PRA-authorised Capital Requirements Regulation (CRR) firms. For avoidance of doubt, these requirements apply at both the individual and UK consolidated level.