Basel 3.1

The final version of Bank of England Banking taxonomy 3.7.0 for Basel 3.1 is expected to be published in quarter one of 2025. Once available, Whistlebrook will continue with its development work required for Basel 3.1. PLUS clients are encouraged to contact Whistlebrook’s support desk, where they are to be subject to Basel 3.1 and feel they may have firm specific requirements.

Small Domestic Deposit Takers (SDDT) Regime

Capital requirements were proposed in the PRA’s consultation paper 7-24 with responses to be submitted by 12^th December 2024. The final policy statement will follow in due course and become effective on 1^st January 2027.

Firms that can qualify as SDDT type do have various options such as applying for an Interim Capital Regime Modification by Consent. The latter would mean that the existing regulation will continue until 31^st December 2026. A decision on whether to be subject to Basel 3.1 or obtain the SDDT Modification by Consent, will be required prior to that date.

FINREP Submission

The PRA advised that the submission due date of FINREP for the first quarter of 2025 (understood to mean for firms with a financial year that matches the calendar one), will be brought forward by the regulator to 12^th May 2025. This announcement was made in the PRA’s Regulatory Digest for November 2024.

Bank of England Statistical Returns Schedule

The Bank has published the schedule for 2025. Firms that use Whistlebrook’s regulatory software solution, will have received an update and can choose whether or not to apply the schedule in the system.

Critical Third Parties (CTP)

The CTP Oversight Regime rules were finalised in the PRA’s policy statement 16-24. These rules will be effective from 1^st January 2025. A firm will be affected only from the date that it is designated by HM Treasury as a critical third party.

Stablecoin, Tokenised Assets and Unbacked Cryptoassets

The Prudential Regulation Authority has requested that firms provide data on their current and expected exposures to stablecoin, tokenised assets and unbacked crypto. Data are required by 24^th March 2025. If a firm has no current or projected exposures of this nature, a nil return need not be provided. Further details are in the following link Data collection on firms’ exposures to tokenised assets, stablecoins and other cryptoassets | Bank of England.

This regulatory update is Whistlebrook’s understanding of the position as at 17th December 2024.