As noted in Edition 5 of this Briefing, the final texts of the Capital Requirements Directive IV and Regulation (CRD IV / CRR) were published in the Official Journal of the EU on 27 June 2013, and take effect across Europe from 1 January 2014. Supervisory authorities in European Member States have been consulting on the national measures required to implement CRD IV / CRR, and Edition 6 of this Briefing summarised the UK Prudential Regulation Authority's (PRA, the new regulatory body which assumed responsibility for the prudential regulation of banks under the Financial Services Act 2012) latest Consultation Paper on the changes required to the PRA's Rulebook to implement CRD IV and CRR in the UK for banks, building societies and some PRA-designated investment firms. A PRA Policy Statement, containing the final PRA implementing rules and 'supervisory statements' for CRD IV / CRR, is expected to be published in December 2013. This material will represent the first brand new elements of the all-new PRA Rulebook, but its last-minute publication gives UK financial institutions only a matter of weeks in which to digest its content and prepare for implementation.
Please note that the European Council has also published a further Corrigendum to the CRR, which contains numerous, minor amendments to the text of CRR (by way of example, adding punctuation marks, including extra "thes" and "ands" where necessary, removing and adding spaces between words, adding and updating footnote references, etc). However, we have also noticed that the Corrigendum also makes several deletions which are not highlighted. An amended version of the CRR, incorporating these corrigenda (or not, as the case may be), is expected to be published in the Official Journal in due course. Publication of a definitive version of the final CRR text (ahead of the 1 January 2014 implementation date, preferably) will be welcomed.