Edition 3 of the SCM Briefing provided an outline of the new legal framework for financial services regulation in the UK under the Financial Services Act 2012, which took effect on 1 April 2013. In one of the key changes brought about by the legislation, the Prudential Regulatory Authority (PRA) has assumed the Financial Services Authority's previous responsibilities for the prudential regulation and supervision of banks. To that end, it is now the PRA that is responsible for the implementation of the Capital Requirements Directive IV and Regulation (CRD IV / CRR) in the UK. The PRA has now clarified that it will publish a "main consultation" in Summer 2013 that will set out the key changes required to specific parts of the PRA Rulebook (principally GENPRU and BIPRU) to implement the CRD IV and reflect the CRR, noting that the CRR does not require transposition as its provisions are directly applicable. Before then, a shorter consultation will be conducted on specific transitional issues, to ensure that (amongst other things) existing waivers remain in place where appropriate. The PRA's planned implementation timetable envisages that CRD IV / CRR will be published in the Official Journal of the EU before 30 June 2013, but notes that the later implementation date of 1 July 2014 may apply if publication is delayed. Please see our Feature setting out some key aspects of the new regulatory regime under the Financial Services Act 2012 that may be of interest to participants in the securitisation and structured finance markets.