Waivers and modifications of rules

The Prudential Regulation Authority has the power to waive or modify rules under Section 138A of the Financial Services and Markets Act 2000 (FSMA).

Subject to any transitional relief, forms and templates applicable before 11pm Thursday 31 December 2020 should be read in conjunction with Supervisory Statement (SS) 2/19, which sets out how the PRA expects firms to interpret EU-based references in reporting and disclosure requirements and regulatory transactions forms.

In this section

Until further notice, the PRA requests that all waiver or modification applications be submitted by email only to PRA-Waivers@bankofengland.co.uk, and not sent by post.

What is a waiver or modification?

A 'waiver' from a rule means that the applicant does not have to comply with that rule. A 'modification' to a rule enables the applicant to comply with an amended rule that better fits their own circumstances.

Under section 138A FSMA we can grant a waiver or modification on application or with the consent of a person who is subject to the rules. We do not automatically grant applications for waivers or modifications: we assess the merits of individual application against the statutory tests laid out in FSMA.

Section 138A(4) of FSMA sets out the statutory tests which must be met:

  1. Compliance by a firm with the unmodified rules would be unduly burdensome or would not achieve the purpose for which the rules were made and
  2. The direction would not adversely affect the advancement of any of the PRA’s objectives.

In addition to the statutory tests, we will consider other relevant factors before a waiver or modification is granted, including whether it is compatible with European law.

In exceptional circumstances, we may decide to grant a 'general' waiver (known as a 'waiver or modification by consent' often abbreviated to MbC).

Under the new section 138BA FSMA we can grant a person subject to PRA rules permission to disapply (waive) or modify a rule. We call these ‘rule permissions’.

We have published a statement of policy (SoP) on waivers and rule permissions – The Prudential Regulation Authority’s approach to rule permissions and waivers which details our intended use of this power.

We will use this power to indicate where concessions or flexibility is available and set out criteria specific to the rule permission in subject specific SoP. 

We do not automatically grant applications for rule permissions and, where available, will take account of any permission-specific criteria that we have set out. For rules where we have not set out permission specific criteria and therefore indicated that a rule permission is available we will generally expect to consider, and place significant weight upon, the statutory tests set out under s138A FSMA.

We have a statutory duty to publish the details of waivers and modifications we approve, unless we consider it inappropriate or unnecessary to do so. Waivers and modifications are published on the Financial Services Register.

A waiver or modification will not apply retrospectively.

How to apply for a waiver or modification

Dual-regulated firms should apply to us to waive a PRA rule using the waiver/modification application form. Send it, along with supporting documentation, to PRA-Waivers@bankofengland.co.uk.

7 October 2019: To help improve user experience the PRA and FCA have updated the waivers/modifications application form to reflect revised references and format amendments.

A dual-regulated firm seeking a waiver or modification of a Financial Conduct Authority (FCA) rule should apply direct to the FCA.

When it is not immediately clear whether a rule is PRA or FCA designated, firms should ask their supervisory contact to clarify. We can only waive or modify provisions that are designated ‘PRA’. The complete list is available in the PRA Rulebook.

Details of waivers we have given are available on the FCA’s website.

If you are considering an application for a section 138BA rule permission where the PRA has not set out assessment criteria for a specific permission you are encouraged to apply for the modification or waiver under s138A FSMA using the waiver/modification application form.

If, after considering the content of our policy statement (PS) 12/24 – The Prudential Regulation Authority’s approach to rule permissions and waivers and s138BA SoP – The Prudential Regulation Authority’s Approach to Rule Permissions and Waivers, you still wish to apply under s138BA where the PRA has not set out permission specific assessment criteria, please submit a completed section 138BA rule permission application form along with a completed Supplementary information form.

What should an application include?

We find it helpful for firms to provide the following information as part of an application for a waiver/modification:

  • a list of all the entities which require the waiver/modification, including any FCA solo-regulated firms
  • details of the PRA rules that the application is seeking to waive/modify
  • detailed information about the rationale for the waiver/modification
  • detailed responses with respect to the s138A statutory tests in FSMA
  • confirmation that the firm is content for the waiver/modification to be published on the Financial Services Register if approved, and if not, an explanation of why it would be inappropriate to do so, addressing the requirements set out in s138B of FSMA
  • important timelines.

Firms are not required to provide details of a precedent direction when applying for a waiver or modification of PRA rules.

Common waiver applications

For certain types of applications, we have set out the format and content of the supporting documentation we expect to receive. The following notes are to assist firms on common applications and issues that arise when providing information to support their application. However, these are not intended to be exhaustive nor a guarantee that an application will be approved.

Firms seeking any of the waivers listed below should complete our standard waiver application form, and, where required, the supplementary information form specific to their application from the list below. Applications should be submitted to PRA-waivers@bankofengland.co.uk.   

Supplementary information and forms

What happens once my application is submitted?

We will acknowledge all applications we receive. 

In the course of our assessment, we may ask for further information. We will consult with the FCA before we make a decision to determine whether granting the waiver or modification may have a material impact on the FCA's objectives. 

There are no statutory deadlines for assessing waiver applications. Firms should submit in good time, and we will endeavour to meet a firm's request to receive a response by a particular date. However, if an application raises complex issues this may not be possible.

What happens once a decision is reached?

If we decide to grant the waiver or modification we will issue an approval letter and a Direction setting out how the rule has been waived/modified, to which entities the Direction is applicable, and the time period for which the Direction is valid. We will also set out any relevant conditions in the Direction, for example new reporting requirements.

The waiver or modification will be granted for a specific duration, after which it will cease to apply. A firm can then apply for a new waiver or modification by submitting a new application.

Failure to comply with a rule as modified, or with any condition which is attached to a waiver or modification, may incur enforcement action by the PRA and (if applicable) a right of action under s138D of FSMA (Actions for damages).

Publishing waivers and modifications

The majority of waivers and modifications are published in full. Certain waivers are published in abridged form, generally to protect the commercial interests of the firm concerned. A firm can make representations to us if it objects to the publication of the waiver. If we decide to publish a waiver or modification against the wishes of a firm, we will give the firm an opportunity to withdraw the application before the waiver is granted.

The decision to withhold a waiver, modification, or the identity of a firm from publication will usually only last for the duration of the relevant grounds for non-publication. If we decide to publish a waiver or modification which has previously been withheld, we will first give the firm an opportunity to make representations. 

We will update the Financial Services Register with the firm's Direction detailing the waiver or modification.

Available Waivers and modifications are also set out in the relevant pages of the Prudential and Resolution Policy Index.

19 April 2021: The consolidated list of Waivers, CRR and Solvency II Permissions granted by us to PRA-authorised firms is no longer being provided. If you wish to discuss your requirements for this report please contact the following address: PRA-Waivers@bankofengland.co.uk. Alternatively, please see the FCA Register which is the primary source of PRA Waivers and EU Permissions data and is available for external parties. Firms are not required to provide details of a precedent direction or written notice when applying for a waiver or modification of PRA rules, a CRR, or Solvency II Permission.

Revoking a waiver or modification

We may revoke a waiver or modification at any time. In deciding whether to revoke a waiver or modification, we will consider whether the conditions in s.138A (4) of FSMA are no longer satisfied and whether the waiver or modification is otherwise no longer appropriate.

Waivers and modifications by consent

We may offer a general waiver to firms. These are referred to as ‘waivers by consent’ under section 138A or 138BA of the Financial Services and Markets Act 2000 (FSMA).

A waiver by consent may be offered in exceptional circumstances where we consider that a waiver should apply to a number of firms, for example where an unmodified rule may not meet the circumstances of a particular category of firm. In these cases we will inform the firms concerned that the waiver is available, either by contacting them individually or by publishing details of the availability of the waiver on our website.

To take advantage of any of the waivers by consent listed below, a firm must email PRA-Waivers@bankofengland.co.uk, stating its agreement to comply with any conditions included within the Waiver Direction.

Available waivers and modifications by consent

The following waivers and modifications by consent are available:

Friday 29 November 2024 – Interim Capital Regime (ICR) Modifications by consent relating to the Small Domestic Deposit Taker (SDDT) Regime.

Firms that meet the SDDT criteria and CRR consolidation entities that meet the SDDT consolidation criteria are offered by the PRA separate modifications by consent to access the ICR and the SDDT measures. A decision whether to take up one of these modifications is independent of a decision about whether to take up the other modification. However, eligibility for either modification is based on the same criteria. (For details on the SDDT regime see the Strong and Simple page).

The PRA is offering the modifications to access the ICR from 29 November 2024.  Eligible firms and CRR consolidation entities may provide consent to the modifications and certification of the relevant criteria from 29 November 2024 (but not before that date). These are the two Modifications by Consent (MbCs) offered from 29 November 2024. The first modification relates to UK banks and building societies opting to become an ‘ICR firm’ and the second relates to CRR consolidation entities opting to become an ‘ICR consolidation entity’.

Where a firm is part of a consolidation group, all UK banks and building societies within the consolidation group must meet the SDDT criteria and take up the modification to become an ‘ICR firm’. In addition, the CRR consolidation entity must meet the SDDT consolidation criteria and take up the modification to become an ‘ICR consolidation entity’ and each must be willing and able to consent to a similar modification at the same time. 

Unless a firm / CRR consolidation entity has taken up the ICR MbC, or contacted the PRA to indicate that it wishes to do so, during the period between 29 November and 28 February 2025, the PRA will assume a firm / CRR consolidation entity has chosen to be subject to the Basel 3.1 standards from 1 January 2026.

Which firms or CRR consolidation entities does this apply to?

PRA-authorised banks and building societies and to CRR consolidation entities. It should be of particular interest to firms that meet the SDDT criteria and CRR consolidation entities that meet the SDDT consolidation criteria, and firms and CRR consolidation entities wishing to be treated in the same way as firms and CRR consolidation entities meeting those criteria. It may also be of interest prospectively to entities applying for authorisation as a deposit taker. The criteria are set out in Chapter 2 of the SDDT Regime –  General Application Part of the PRA Rulebook.

What does this mean for firms or CRR consolidation entities?

Firms become ICR firms and CRR consolidation entities become ICR consolidation entities by taking up the PRA’s offer of a modification by consent, as detailed in the Operating the Interim Capital Regime statement of policy (SoP), and the Strong and Simple Framework: The definition of an Interim Capital Regime (ICR) firm policy statement PS19/24.

It would be helpful to the PRA if a firm considering becoming an ICR firm speak to its supervisor about its intentions.

Firms and CRR consolidation entities may use the following forms to provide the necessary consents and certifications.

Firms and CRR consolidation entities may provide consents and certifications to the PRA on or after 29 November 2024 by sending the relevant form(s) to PRA-waivers@bankofengland.co.uk.

Following receipt of the relevant consent(s) and certification(s), the PRA will confirm in writing whether it has given a modification direction. If the PRA gives a direction, it will send the direction to the relevant firm or CRR consolidation entity and will publish it on the Financial Services Register.  A modification direction takes effect on the date stated in the direction. A firm therefore becomes an ICR from the date stated in the direction and not before (and similarly for a CRR consolidation entity becoming an ICR consolidation entity). 

ICR firms and ICR consolidation entities must notify the PRA within 14 days if the SDDT criteria or SDDT consolidation criteria cease to be met. A modification ends on the date that the relevant rule is revoked or, if earlier, the date the modification is revoked.

Friday 29 November 2024 - Modification by consent of the Solvency II Group Supervision rules 20.1 and 20.2 with reference to US-parented undertakings

Modification by consent of the Solvency II Group Supervision rules 20.1 and 20.2 with reference to US-parented undertakings. This modification is available to insurance and reinsurance undertakings authorised by the PRA, the parent undertaking of which is an insurance holding company or mixed financial holding company which has its head office in the United States.

The ‘group supervision’ provisions of the Covered Agreement signed by the UK and US on Tuesday 18 December 2018 have come into effect on Thursday 31 December 2020, and as a result provisions of Article 4 dealing with group supervision for US parented groups are fully applicable.

The PRA is inviting firms with US-parented groups to apply a rule modification to reflect the above Covered Agreement. The application process is standardised and this should improve the administrative efficiency for US-headed insurance groups in meeting UK regulatory requirements. The PRA will continue to issue bespoke individual ‘other methods’ directions only to those firms that meet the conditions set out in Article 4(g) of the Covered Agreement.

The effect of the modification is that Solvency II Group Supervision rules 20.1 and 20.2 are amended to incorporate the ‘other methods’.

As a result, each relevant insurance group undertaking and UK insurance holding company will need to provide the PRA a copy of their most recently available Own Risk and Solvency Assessment (ORSA, or equivalent group risk report) within one month of it being reported to a US supervisor. The submission will need to provide at a minimum the elements set out in Article 4(d) of the Covered Agreement, as follows:

  • a description of the insurance or reinsurance group’s risk management framework;
  • an assessment of the insurance or reinsurance group’s risk exposure; and
  • a group assessment of risk capital and a prospective solvency assessment.

The directions to be issued through this standardised application process will be applicable for a three year period, unless the rule is revoked or ceases to apply.

If a firm wishes to take advantage of this modification, it should read the direction below and contact PRA-Waivers@bankofengland.co.uk with a suitable request, copying in their usual supervision contact. The email should include the firm name and reference number.

The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register.

Friday 15 November 2024 – Modification by consent: Insolvent Insurers

The PRA has amended the modification by consent (MbC) available to regulated insurers which are either insolvent or in an insolvency proceeding, including those which were previously in an insolvency proceeding but which are currently operating a Court sanctioned Scheme of Arrangement. The MbC facilitates a proportionate approach to their supervision while ensuring that these firms meet their regulatory requirements. The MbC has been updated following PS15/24 – Review of Solvency II: Adapting to the UK insurance market.

Firms currently holding the existing modification by consent (set out at the end of this paragraph) or equivalent individual modifications, can expect to be contacted by the PRA to consent to a replacement of their current MbC/modification with the amended direction. The existing direction will lapse at 11:59pm on 30 December 2024.

Friday 19 March 2021 – Modification by consent for Insolvent Insurers and Direction for modification by consent for Insolvent Insurers (PDF)

If a firm wants to take up this modification by consent it should read the direction below and contact PRA-Waivers@bankofengland.co.uk with a request for the modification, copying in their usual supervision contact. The email should include the firm name and reference number.

The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. 

Any firm that requires a modification to be effective before 31 December 2024 will need to request the previous version of this MbC issued on Friday 19 March 2021 (listed above).

Direction for modification by consent: insolvent insurers (effective from 31 December 2024) (PDF)

Friday 15 November 2024 – Modification by consent of the Loss Absorbing Capacity of Deferred Taxes (LACDT) – Solvency Capital Requirement – Standard Formula (SCR-SF) Part of the PRA Rulebook 

The PRA is offering a modification by consent (MbC) to modify rule 6.4(3) in the SCR-SF part of the PRA Rulebook and other relevant consequential rule modifications. This is being offered as a permission under s138BA of FSMA. The MbC allows a firm to recognise a limited increase in deferred tax assets (DTA) within its calculation of LACDT adjustment, specifically up to 5% of the Gross SCR Scenario (as defined in chapter 4 of the PRA Statement of Policy – Solvency II: The PRA’s approach to Standard Formula adaptations). This is permissible when it is probable that future taxable profits will be available to utilise against an increase in DTA following the instantaneous loss referred to in rule 6.4(1) in the SCR-SF Part of the PRA Rulebook.

The MbC is available to firms that calculate LACDT using the Solvency II Standard Formula rules and have a reported ratio of eligible own funds to SCR not less than 175%. 

Further information about MbC eligibility and how the permission operates is set out in paragraphs 4.8 to 4.11 of the PRA Statement of Policy – Solvency II: The PRA’s approach to Standard Formula adaptations. 

Firms that are eligible and wish to apply for the modification should complete the s138BA permission application form below:

s138BA permission application form (DOC)

Additionally, firms should complete the relevant sections related to MbC permission in the supplementary information form found here:  

Supplementary information - LACDT permission (DOC)

Firms should send completed application forms for LACDT permission to PRA-Waivers@bankofengland.co.uk, copying in their usual supervisory contact.

The PRA will confirm in writing whether the request has been granted and, if granted, it will publish the approved modification Written Notice in respect of each firm on the Financial Services Register.

Modification by Consent of Loss Absorbing Capacity of Deferred Taxes – Written Notice (PDF)

Friday 15 November 2024 - Modification by consent for third-country insurance branches that write business relating to risks which are not located in the UK to modify certain rules relating to reporting requirements and provisions

The PRA has updated the modification by consent (MbC) for all third-country insurance branches to exclude risks that are not located in the UK from certain rules and regulatory reporting requirements. The MbC has been extended to 30 June 2029 and has been updated following PS15/24 – Review of Solvency II: Adapting to the UK insurance market.

Category 3 and 4 branches that consent to both the modification by consent of Solvency II Reporting 2.2(1) for third country insurance branches and this MbC, need to report IR.05.02.01 (in relation to non-UK risks) as stated in this MbC, despite the waiver in the former MbC (Reporting 2.2(1) for third country insurance branches). This will enable the PRA to have sight of the size of the non-UK risks (continuing existing expectations from the deleted S.05.01.01 template).

If a firm wishes to take advantage of this modification, it should read the direction below and contact PRA-Waivers@bankofengland.co.uk, with a suitable request, copying in their usual supervision contact. The email should include the firm name and reference number. 

Firms already using this MbC can expect to be contacted by the PRA to consent to a variation of their current MbC. 

This modification will come into force at the beginning of 31 December 2024. Any firm that requires a modification to be effective before 31 December 2024 will need to request the previous version of this MbC issued on 8 March 2022.

Direction for modification by consent on reverse or mixed branches (effective from the beginning of 31 December 2024) (PDF)

Friday 15 November 2024 - Modification by consent for pure reinsurance branches

The PRA has updated the modification by consent (MbC) for all pure reinsurance third-country branches to waive the PRA Rules on third-country branch investments. The MbC has been extended to 31 July 2029 and has been updated following PS15/24 – Review of Solvency II: Adapting to the UK insurance market, whereby most of the previous MbC content will be absorbed into the Rules, effective from 31 December 2024.

If a firm wishes to take advantage of this modification, it should read the direction below and contact PRA-Waivers@bankofengland.co.uk, with a suitable request, copying in their usual supervision contact. The email should include the firm name and reference number. 

Firms already using this MbC can expect to be contacted by the PRA to consent to a variation of their current MbC. 

This modification will come into force at the beginning of 31 December 2024. Any firm that requires a modification to be effective before 31 December 2024 will need to request the previous version of this MbC issued on 13 December 2023.

Direction for modification by consent for pure reinsurance branches (effective from the beginning of 31 December 2024) (PDF)

Friday 15 November 2024 - Modification by consent of Solvency II Reporting 2.2(1) for third country insurance branches

The PRA is issuing a modification by consent (MbC) for Category 3 and 4 third country insurance branches for relief from some quarterly and annual templates following PS15/24 – Review of Solvency II: Adapting to the UK insurance market. 

This new MbC is based on the new Statement of policy – Solvency II regulatory reporting waivers (effective from 31 December 2024) and combines quarterly relief currently set out in Solvency II Reporting 2.2(1) MbC (category 3 and 4 branches), as well as the annual relief described in the current version of SS44/15 (category 4 branches). This version of SS44/15 will lapse at the end of 30 December 2024 and a new version will come into force. Concurrently, the quarterly and annual relief set out in this new MbC will come into force from 31 December 2024 and will be applicable to all category 3 and 4 branches. 

As above, for the quarterly reporting relief, Category 3 and 4 branches have been able to consent to a rule modification in relation to Solvency II Reporting 2.2(1). These existing Directions will be revoked on 30 December 2024, 23:59. Branches holding the Solvency II Reporting 2.2(1) MbC can expect to be contacted by the PRA to provide consent to the new MbC. 

If a firm wishes to take advantage of the modification, it should read the direction below and contact PRA-Waivers@bankofengland.co.uk, with a suitable request, copying in their usual supervision contact. The email should include the firm name and reference number. 

The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. 

This modification will come into force at the beginning of 31 December 2024. Any firm that requires a modification to be effective before 31 December 2024 will need to request the existing Solvency II Reporting 2.2(1) MbC as found in the section on this webpage from 31 January 2023.

Direction for modification by consent of Solvency II Reporting 2.2(1) for third country insurance branches (effective 31 December 2024) (PDF)

Friday 15 November 2024 – Modification by consent of Solvency II Reporting 2.2(1) for solo insurance firms 

The PRA has amended the modification by consent (MbC) that exempts Category 3 and 4 insurance firms (solo or part of a group) from reporting to the PRA the solo templates in the Reporting Part of the PRA Rulebook with a frequency of less than one year (ie quarterly reporting), subject to Table A in the Statement of policy - Solvency II regulatory reporting waivers. The MbC has been updated following PS15/24 – Review of Solvency II: Adapting to the UK insurance market. It does not apply to firms seeking modification at a Group level, who should apply via the standard waiver/modification form above and refer to the following questionnaire.

Firms currently holding one of the existing modifications by consent (set out at the end of this paragraph), can expect to be contacted by the PRA to consent to a  replacement of their current MbC with the amended direction. The existing directions will lapse at 11:59pm on 30 December 2024.

Wednesday 16 March 2024 - Direction for modification by consent of Solvency II Reporting 2.2(1) (PDF)

Friday 17 December 2021 - Direction for modification by consent of Solvency II Reporting 2.2(1) (PDF)

Friday 6 July 2018 - Direction for modification by consent of Solvency II Reporting 2.2(1) (PDF)

The modification for solo insurance firms will come into force on Tuesday 31 December 2024. The modification ends on the date that any part of the rules listed in the direction are revoked or cease to apply to the firm. 

If a firm wants to take up this modification by consent it should read the direction below and contact the PRA at PRA-waivers@bankofengland.co.uk with a request for the modification (listing all relevant solo regulated entities and their reference numbers).

The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. 

Any firm that requires a modification to be effective before 31 December 2024 will need to request the previous version of this MbC issued on Wednesday 16 March 2022.

Direction for modification by consent of Solvency II Reporting 2.2(1) for solo insurance firms (effective from 31 December 2024) (PDF)

Tuesday 10 September 2024  – Modification by consent of the Leverage Ratio – Capital Requirements and Buffers Part of the PRA Rulebook

The PRA is reviewing the leverage ratio requirement thresholds. Until this review is complete the PRA is offering a modification by consent to disapply the Leverage Ratio – Capital Requirements and Buffers Part of the PRA Rulebook. The modification by consent is available to a firm if it:

  • did not meet the criteria set out in 1.1 of the Leverage Ratio – Leverage Ratio – Capital Requirements and Buffers Part before Tuesday 10 September 2024;  and
  • expects to meet the criteria after the next accounting reference date or any accounting reference date before 31 December 2025.

This modification will cease to have effect at the end of 30 June 2026; the PRA may revoke the modification earlier, at an appropriate time following the completion of the review.

Firms that fulfil these criteria and wish to take advantage of this modification should consider the terms of the direction. If they want the modification to apply to themselves, they should send a short email to PRA-Waivers@bankofengland.co.uk, copying their usual supervision contact, confirming they are requesting this modification. The email should include the Firm name and Firm Reference Number. No additional supporting information is needed. 

The PRA will confirm in writing whether the request has been granted and, if granted, it will publish the approved modification direction in respect of each firm on the Financial Services Register.

Thursday 6 June 2024 – Modification by consent of Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook 

As with previous general elections, the Bank will be following the Cabinet Office’s election guidance, which includes limiting communications activities until after the election. In line with this approach the Bank and PRA have chosen to delay publication of the second Resolvability Assessment Framework (RAF) assessment of the major UK banks to early August 2024. 

The publication of the Bank’s assessment was due by Friday 14 June 2024 alongside firms’ own public disclosures (as required by Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook). As such, we are offering a modification by consent to Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook 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.  

Each firm that wishes to take advantage of this modification should consider the terms of the direction. If they want the modified Rule to apply to their firm, they should send a short email to PRA-Waivers@bankofengland.co.uk, confirming they are consenting to the modification and include their Firm name and Firm Reference Number. No additional supporting information is needed. 

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.

Available from Monday 1 January 2024 – Modifications by consent relating to the Small Domestic Deposit Taker (SDDT) Regime

The PRA is introducing a simplified prudential regime for small, UK banks and building societies, known as the SDDT regime. To access the simplifications under this regime, firms meeting the SDDT criteria will be able to consent to a rule modification to become an SDDT and CRR consolidation entities meeting the SDDT consolidation criteria will be able to consent to a rule modification to become an SDDT consolidation entity. For details on the SDDT criteria and SDDT consolidation criteria please refer to the Strong and Simple webpage.

The PRA is offering the modifications from 1 January 2024.  Qualifying firms and CRR consolidation entities may provide consent to the modifications and certification of the relevant criteria from 1 January 2024 (but not before that date). 

These are the two Modifications by Consent (MbCs) offered from 1 January 2024. The first modification relates to UK banks and building societies opting to become an SDDT and the second relates to CRR consolidation entities opting to become an SDDT consolidation entity. 

Where a firm is part of a consolidation group, all UK banks and building societies within the consolidation group must meet the SDDT criteria and take up the modification to become an SDDT. In addition, the CRR consolidation entity must meet the SDDT consolidation criteria and take up the modification to become an SDDT consolidation entity. The modifications are offered on the condition that all firms in the consolidation group and the CRR consolidation entity are willing and able to consent to similar modifications at the same time.

Which firms or CRR consolidation entities does this apply to?

PRA-regulated UK banks, building societies and CRR consolidation entities must meet sets of criteria to be eligible to become SDDTs and/or SDDT consolidation entities. The criteria are set out in Chapter 2 of the SDDT Regime – General Application Part.

What does this mean for firms or CRR consolidation entities?

Firms become SDDTs and CRR consolidation entities become SDDT consolidation entities by taking up the PRA’s offer of a modification by consent as detailed in the Operating the Small Domestic Deposit Taker (SDDT) Regime statement of policy (SoP). 

It would be helpful to the PRA if a firm considering becoming an SDDT speaks to its supervisor about its intentions. 

Firms and CRR consolidation entities may use the following forms to provide the necessary consents and certifications. 

Firms and CRR consolidation entities may provide consents and certifications to the PRA on or after 1 January 2024 by sending the relevant form(s) to: PRA-waivers@bankofengland.co.uk 

Following receipt of the relevant consent(s) and certification(s), the PRA will confirm in writing whether it has given a modification direction. If the PRA gives a direction, it will send the direction to the relevant firm or CRR consolidation entity and will publish it on the Financial Services Register.  A modification direction takes effect on the date stated in the direction. A firm therefore becomes an SDDT from the date stated in the direction and not before (and similarly for a CRR consolidation entity becoming an SDDT consolidation entity). 

SDDTs and SDDT consolidation entities must notify the PRA within 14 days if the SDDT criteria or SDDT consolidation criteria cease to be met. A modification ends on the date that the relevant rule is revoked or, if earlier, the date the modification is revoked.

Wednesday 13 December 2023 - Modification by consent for pure reinsurance branches

This modification will lapse at the end of 30 December 2024. Any firm that requires a new modification to be effective from 31 December 2024 will either need to either respond to the PRA consent communication to vary an existing direction or alternatively request the updated version issued on 15 November 2024.

On 30 November 2021, the PRA invited pure reinsurance third-country branches to apply for a modification by consent (MbC), which is due to expire on 31 December 2023. In order to allow pure reinsurance third-country branches to continue to apply the MbC until the implementation of relevant Solvency II reforms, we are now offering an updated MbC to all pure reinsurance third-country branches, which will expire on 30 December 2024. The updated MbC will extend current relief, including in relation to reporting and branch capital requirements.  

Pure reinsurance branches wishing to apply the updated MbC, whether or not they currently apply the November 2021 MbC, should read the direction and contact PRA-Waivers@bankofengland.co.uk with a suitable request, copying in their usual supervision contact. The PRA will confirm in writing whether the request has been granted and, if granted, will publish the approved modification direction in respect of the firm on the Financial Services Register.

Pure reinsurance branches should submit their request for the updated MbC before 31 December 2023.  

The guidelines for the updated MbC below are unaltered from the guidelines that accompanied the MbC published on 30 November 2021. 

The investments to be included in S.02.01.07, S.02.02.01, and S.02.03.07 are investments, which, in the opinion of the person(s) approved to perform the Head of Overseas Branch function, are managed and monitored by the Head of Overseas Branch function.

Reinsurance recoverables that are directly attributable to policies written by the branch should be included in S.02.01.07, S.02.02.01 and (if applicable) S.02.03.07. Reinsurance recoverables that are not directly attributable to policies written by the branch should be allocated to the branch as appropriate on a best efforts basis, and included in S.02.01.07, S.02.02.01 and (if applicable) S.02.03.07.

Tuesday 31 January 2023 - Modification by consent of Solvency II Reporting 2.2(1)

This modification will lapse at the end of 30 December 2024. Any firm that requires a new modification to be effective from 31 December 2024 will either need to either respond to the PRA consent communication to replace an existing direction or request the Modification by consent of Solvency II Reporting 2.2(1) for solo insurance firms or Modification by consent of Solvency II Reporting 2.2(1) for third country insurance branches, issued on 15 November 2024.

This modification will exempt Category 3 and 4 insurance firms from reporting to the PRA the solo templates provided in the Solvency II Regulations with a frequency of less than one year (ie quarterly reporting), subject to the table outlined in Supervisory Statement (SS) 11/15 ‘Solvency II: Regulatory reporting and limitations’.

What is the purpose of the modification? 

The PRA has previously stated that Category 3 and 4 firms may meet the eligibility criteria for the limitation of regular supervisor reporting with a predefined period of shorter than one year, (ie quarterly reporting templates (QRTs)), and invited these firms to make a formal application for a quarterly reporting waiver after discussing eligibility with its usual supervisory contact. 

The PRA has revised the expectations in SS11/15 regarding the application process for Category 3 and 4 firms, to replace application with a modification by consent, unless specifically instructed by the firm’s supervisory contact. This is intended to reduce the reporting burden on smaller firms. 

Which firms does this apply to?

Category 3 and 4 (solo or part of a group) insurance firms subject to Solvency II.

It does not apply to firms seeking modification at a Group level, who should apply via the standard waiver/modification form above.

What does this mean for firms? 

The modification will exempt Category 3 and 4, whether solo or part of a group, firms from submitting quarterly reporting, subject to the table outlined in SS11/15.

The modification takes effect on Friday 17 December 2021 onwards. The modification ends on the date that the relevant rule is revoked, or no longer applies to the firm (in whole or in part). 

If a firm wants to take up this modification by consent, it should read the direction and contact the PRA with a request for the modification at (listing all relevant solo regulated entities):

Authorisations 
Prudential Regulation Authority 
20 Moorgate 
London 
EC2R 6DA 

Or 

PRA-waivers@bankofengland.co.uk 

The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. 

This section previously stated that the modification was available to Category 3, 4 and 5 firms. The PRA has since removed Category 5, with effective from 31 January 2023, as part of its update to categorising the ‘potential impact’ of firms. If you were previously a Category 5 firm then you are still eligible to apply for this modification.

Wednesday 26 October 2022 – Modification by Consent of Rule 6.57 of Annex II of Part 6 (Templates and instructions) of the Reporting (CRR) Part of the PRA Rulebook

The modification is offered under section 138A of the Financial Services and Markets Act 2000 (FSMA). As stated in PRA statement on the regulatory treatment of retail residential mortgage loans under private mortgage insurance schemes with similar contractual features to the Mortgage Guarantee Scheme, the PRA is offering firms that participate in these schemes this Modification by Consent to report C.14 and C14.01 on an aggregated basis for loans under these schemes.  If you believe your firm meets the requirements and should be able to take advantage of the modification, please read the direction and contact the Waivers and Permissions Team (PRA-waivers@bankofengland.co.uk) with a suitable request.

The PRA will confirm in writing whether the request has been granted and, if granted, will publish the approved modification direction in respect of your firm on the Financial Services Register.

Wednesday 26 October 2022 – Modification by Consent of Rule 3.1 of the Securitisation – Recognition of Significant Risk Transfer Chapter of the Credit Risk Part of the PRA Rulebook for CRR Firms

This modification is offered by us under section 138A of the Financial Services and Markets Act 2000. As stated in PRA statement on the regulatory treatment of retail residential mortgage loans under private mortgage insurance schemes with similar contractual features to the Mortgage Guarantee Scheme, the PRA is offering firms that participate in these schemes this modification by consent to provide for a single notification within one month of underwriting loans under the private retail residential mortgage scheme. If you believe your firm meets the requirements and should be able to take advantage of the modification, please read the direction and contact the Waivers and the EU Permissions Team (PRA-waivers@bankofengland.co.uk) with a suitable request.

The PRA will confirm in writing whether the request has been granted and, if granted, will publish the approved modification direction in respect of your firm on the Financial Services Register.

Tuesday 14 June 2022 - Modification by Consent of Regulatory Reporting Rule 21.2

Firms that are in scope of Operational Continuity in Resolution policy (‘OCIR firms’) can opt in to a waiver by consent (WBC) to Rule 21.2 of the Regulatory Reporting Part of the PRA Rulebook, exempting them from having to submit the completed reporting template ‘PRA109’ until consulted changes come into force, or until the rule is revoked. 

The PRA109 reporting template was intended to support compliance with OCIR policy, launching alongside Supervisory Statement (SS) 9/16 ‘Ensuring Operational Continuity in Resolution’. That policy has recently been updated via SS4/21, which comes into force in January 2023. At that point, PRA109 will no longer reflect extant policy, and submitting it will not serve its intended purpose. The PRA is also aware of overlaps in the information required of firms in PRA109, COREP13 and Phase 1 reporting under SS19/13 (the latter of which has been paused until further notice (see Resolution Planning SS19/13).)

The PRA will consult in due course on PRA109. In line with PRA protocol on implementing a systems change, the PRA will give firms reasonable notice to submit returns under any updated requirements. 

If a firm wishes to opt into this waiver, it should read the direction above and contact PRA-Waivers@bankofengland.co.uk with a request, copying in their usual supervision contact. The email should include the firm name and reference number. The PRA will confirm in writing whether the request has been granted and will publish the approved direction on the Financial Services Register. 

Tuesday 15 March 2022 - Modification by consent for indirect derivative client clearing; Articles 411 and 428da of the Liquidity (CRR) Part of the PRA Rulebook

In light of supervisory intelligence that the PRA has received following publication of PS17/21 ‘Implementation of Basel standards’, the PRA has considered further the treatment of derivative client clearing under the Net Stable Funding Ratio (NSFR).

The PRA has decided to offer a modification by consent (MBC) in respect of certain rules in the Liquidity (CRR) part of the PRA rulebook. The MBC extends the carve-out that is applied to derivative client clearing activities, to capture situations in which firms face a clearing broker to clear client trades, rather than facing a QCCP directly.

A copy of the template modification direction is available above.

Firms are invited to apply for the rule modification by email. To apply, firms should contact PRA-Waivers@bankofengland.co.uk, copying in their usual supervisory contact. The email should include the firm name(s) and reference number(s), but no supporting information is required. The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. 

Modifications will remain in place until the modification is revoked, varied or superseded, or the relevant rules are revoked or no longer apply to the firm.

Tuesday 8 March 2022 - Modification by consent for third-country branches that write business relating to risks which are not located in the UK to modify certain rules relating to capital requirements (including technical provisions) and reporting requirements

This modification will lapse at the end of 30 December 2024. Any firm that requires a new modification to be effective from 31 December 2024 will either need to either respond to the PRA consent communication to vary an existing direction or alternatively request the updated version issued on 15 November 2024.

Following the UK’s departure from the EU, a significant number of EEA firms have entered the Temporary Permissions Regime. In some cases, the operations effected by the branches of insurance firms in the Temporary Permissions Regime include, in whole or in part, risks that are not located in the UK. We are now offering a modification by consent to all third-country insurance branches to exclude risks that are not located in the UK when calculating branch technical provisions and branch capital requirements. These changes will have consequential implications for branch assets, branch own funds and the localisation of assets required to cover the branch SCR. Where third-country insurance branches solely write risks that are not located in the UK, we are also offering a waiver by consent to waive certain reporting requirements. Branches which consent to this modification should submit the reporting templates applicable to their respective reporting groups as set out in Supervisory Statement SS44/15 ‘Solvency II: third-country insurance and pure reinsurance branches’, excluding the reporting templates that have been waived.

If a firm wishes to take advantage of this modification, it should read the direction above and contact PRA-Waivers@bankofengland.co.uk with a suitable request, copying in their usual supervision contact. The email should include the firm name and reference number. 

Firms in the Temporary Permissions Regime should apply in advance of their Part 4A authorisation, or expiry of transitional relief, whichever is the earliest. Firms in the Supervised Run-off Regime should apply in advance of the expiry of transitional relief.

The investments to be included in S.02.01.07, S.02.02.01, S.02.03.07, are investments, which, in the opinion of the person(s) approved to perform the Head of Third Country Branch function, are managed and monitored by the Head of Third Country Branch function.

Reinsurance recoverables that are directly attributable to policies written by the branch which are included in branch technical provisions should be included in S.02.01.07, S.02.02.01 and (if applicable) S.02.03.07. Reinsurance recoverables that are not directly attributable to policies written by the branch which are included in branch technical provisions should be allocated to the branch as appropriate on a best efforts basis, and included in S.02.01.07, S.02.02.01 and (if applicable) S.02.03.07. Reinsurance recoverables that are directly or indirectly attributable to policies written by the branch which are not included in technical provisions should not be included in S.02.01.07, S.02.02.01 or (if applicable) S.02.03.07. 

Thursday 9 December 2021 - Modification by consent for the treatment of assets representing claims on EEA central governments

In light of supervisory intelligence that the PRA has received following publication of PS17/21 ‘Implementation of Basel standards’, the PRA has considered further the treatment of assets that represent claims on or are guaranteed by European Economic Area (EEA) central or regional governments, local authorities, or public sector entities (EEA government assets) under the PRA’s liquidity regime.

The PRA has decided to offer a modification by consent (MBC) in respect of certain rules in the Liquidity Coverage Ratio (LCR) part of the PRA Rulebook. The MBC allows any Capital Requirements Regulation (CRR) firm or CRR consolidation entity to continue treating certain EEA government assets as Level 1 HQLA for the purpose of the LCR and Net Stable Funding Ratio (NSFR)

A copy of the template modification direction is available below.

Firms are invited to apply for the rule modification by email. To apply, firms should contact PRA-Waivers@bankofengland.co.uk, copying in their usual supervision contact. The email should include the firm name(s) and reference number(s), but no supporting information is required. The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. 

Modifications will take effect on or after Saturday 1 January 2022, and remain in place until the modification is revoked, varied or superseded or the relevant rules are revoked or no longer apply to the firm.

Friday 15 October 2021 – Modification by consent of the Solvency II Group Supervision rules 20.1 and 20.2 with reference to US-parented undertakings

Modification by consent of the Solvency II Group Supervision rules 20.1 and 20.2 with reference to US-parented undertakings. This modification is available to insurance and reinsurance undertakings authorised by the PRA, the parent undertaking of which is an insurance holding company or mixed financial holding company which has its head office in the United States.

The ‘group supervision’ provisions of the Covered Agreement signed by the UK and US on Tuesday 18 December 2018 have come into effect on Thursday 31 December 2020, and as a result provisions of Article 4 dealing with group supervision for US parented groups are fully applicable.

Solvency II, as currently transposed in the UK by the Solvency 2 Regulations 2015, requires the PRA to achieve the ‘objectives of group supervision’ through ‘other methods’ if not by imposing the Solvency II group capital requirement and other group requirements at the level of the head of the insurance group.

The PRA is inviting firms with US-parented groups to apply a rule modification to reflect the above Covered Agreement. The Solvency 2 Regulations 2015 are modified to align the Solvency II framework with the provisions of the Covered Agreement. The application process is standardised and this should improve the administrative efficiency for US-headed insurance groups in meeting UK regulatory requirements. The PRA will continue to issue bespoke individual ‘other methods’ directions only to those firms that meet the conditions set out in Article 4(g) of the Covered Agreement.

The effect of the modification is that Solvency II Group Supervision rules 20.1 and 20.2 are amended to incorporate the ‘other methods’.

As a result, each relevant insurance group undertaking and UK insurance holding company will need to provide the PRA a copy of their most recently available Own Risk and Solvency Assessment (ORSA, or equivalent group risk report) within one month of it being reported to a US supervisor. The submission will need to provide at a minimum the elements set out in Article 4(d) of the Covered Agreement, as follows:

  • a description of the insurance or reinsurance group’s risk management framework;
  • an assessment of the insurance or reinsurance group’s risk exposure; and
  • a group assessment of risk capital and a prospective solvency assessment.

The directions to be issued through this standardised application process will be applicable for a three year period, unless the rule is revoked or ceases to apply.

If a firm wishes to take advantage of this modification, it should read the direction (available on the Bank of England website) and contact the Waivers and Permissions Team with a suitable request:

Waivers and Permissions
Prudential Regulation Authority
20 Moorgate
London
EC2R 6DA 

Or PRA-Waivers@bankofengland.co.uk.

The PRA will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register.

We are offering a modification for CRR firms to exclude (from identification as MRTs) employees who meet the pay based criteria but are deemed not to have a material impact on the firm’s risk profile, if they choose to do so. Attached below is further guidance on the information to be provided to us when applying for this modification by consent.

If you wish to apply for this modification, please read the direction, guidelines, and contact your supervisory contacts and our Authorisations division (PRA-waivers@bankofengland.co.uk) with a suitable request. 

We will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register. Where granted, the modification has effect in respect of the relevant performance year. A new application is required for each performance year.

 

19 April 2021 - Modification by consent: Help to Buy Scheme

The modification is given by the PRA under section 138A of the Financial Services and Markets Act 2000 (FSMA). As stated in PRA statement on the Regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme, firms that participate in this scheme will be offered a modification by consent to provide for a single SRT notification to the PRA on a programme level.

We will publish such modification by consent on the website. If you believe your firm meets the requirements and should be able to take advantage of the modification, please read the direction and contact the Waivers and the EU Permissions Team (PRA-waivers@bankofengland.co.uk) with a suitable request.

We will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register.

19 March 2021 – Modification by consent: Insolvent Insurers

This modification will lapse at the end of 30 December 2024. Any firm that requires a new modification to be effective from 31 December 2024 will either need to either respond to the PRA consent communication to vary an existing direction or alternatively request the updated version issued on 15 November 2024.

We are offering a modification by consent to regulated insurers which are either insolvent or in an insolvency proceeding, including those which were previously in an insolvency proceeding but which are currently operating a Court sanctioned Scheme of Arrangement. This will facilitate a proportionate approach to their supervision while ensuring that these firms meet their regulatory requirements.

Firms are invited to consent to the rule modification by email, and should contact PRA-Waivers@bankofengland.co.uk, copying in their usual supervision contact. The email should include the firm name and reference number.

The modification will come into effect on the date that the PRA confirms the receipt of the consent to the rule modification by the firm.  

29 December 2020 - Modification by consent: PRA Rulebook, Reporting Frequencies for Submission of Data Items (PRA107)

Policy Statement (PS) 26/20 'Capital Requirements Directive V (CRD V)' confirms that firms reporting funding plans to the PRA in accordance with the EBA Guidelines for Funding Plans of Credit Institutions will be offered a modification by consent to waive the 31 December PRA107 ‘Statement of profit or loss – forecast data’ submission where both the funding plans and PRA107 are reported on the same reporting reference date. 

Firms are invited to consent to the rule modification by email, and should contact PRA-Waivers@bankofengland.co.uk, copying in their usual supervision contact. The email should include the firm name and reference number. 

The modification will come into effect for all consenting firms on Tuesday 29 December 2020.

 

Capital buffers and Pillar 2A: Modification by Consent and Model Requirements

To ensure the capital stack operates as intended, we have published a direction for modification by consent of 5.1 to 5.3 of the Capital Buffers Part of the PRA Rulebook. 

For more information please see Capital buffers and Pillar 2A: Modification by Consent and Model Requirements.

7 October 2020 - Model direction modifying a PRA rule on minimum provisioning requirements. 

This modification is available to all credit unions authorised by the PRA.

We sent a letter to all PRA-regulated credit unions to reiterate our messages on engagement with the PRA, regulatory reporting, and to notify them of our decision to publish a model direction modifying a PRA rule on minimum provisioning requirements.

Credit unions that have consented to the current modification must also consent to the new modification if they wish the modified rules to continue to apply to them after Friday 1 January 2021. Credit unions wishing to use this modification should email prudential_creditunions@bankofengland.co.uk, confirming they are consenting to the modification, and giving the credit union’s name and Firm Reference Number. No further supporting information is needed.

The modification will come into effect for all consenting credit unions on Saturday 2 January 2021, and will be available until Saturday 31 December 2022.

7 May 2020 - Modification by consent of the Resolution Assessment Part of the PRA Rulebook: Rules 3.1(1) and Rule 4.1 (1)

To alleviate operational burdens on firms in light of the Covid-19 outbreak, we are offering a temporary modification by consent to Rules 3.1(1) and 4.1(1) of the PRA’s Resolution Assessment Rules which would delay the first Resolvability Assessment Framework (RAF) cycle by one year. 

Each firm that wishes to take advantage of this modification should consider the terms of the direction. If they want the modified Rules to apply to their firm, they should send a short email to PRA-Waivers@bankofengland.co.uk, confirming they are consenting to the modification and include their Firm name and Firm Reference Number. No additional supporting information is needed. 

The PRA intends to consult in due course, principally with a view to aligning the dates in the Resolution Assessment Part of the PRA Rulebook with those in the modification. 

The modified Rules will apply to the Firms specified in the direction until the earlier of:

  1. the date on which Rules made by the Prudential Regulation Authority, following the outcome of the consultation which the PRA proposes to undertake in respect of the Resolution Assessment Part of the PRA Rulebook, become effective or;
  2. the date on which the relevant Rule is revoked or no longer applies to a Firm (in whole or in part).
 

4 May 2020 – Modification by consent of the exclusion of loans under the Bounce Back Loan scheme from the calculation of the total exposure measure of the Leverage Ratio.

We published a statement on credit risk mitigation eligibility and leverage ratio treatment of loans under the Bounce Back Loan Scheme. We are offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under this scheme from the leverage ratio total exposure measure, if they choose to do so. 

9 April 2020 – Modification by consent of the calculation of the total exposure measure of the Leverage Ratio

We note incoming changes in the amending Regulation to the Capital Requirements Regulation. We are offering a modification by consent so that banks which are subject to the UK Leverage Ratio would be required to apply this article (outlined in the below modification), for the purpose of PRA rules, if they choose to do so. 

8 April 2020 – Modification by consent of the Credit Union Part of the PRA Rulebook, Rule 3.11.

This modification is available to all credit unions authorised by the PRA.

We have sent a letter to all PRA-regulated credit unions inviting them to consent to a modification of Rule 3.11 of the Credit Unions Part of the PRA Rulebook in accordance with the direction available below.

Each credit union that wishes to take advantage of this modification should consider the terms of the direction. If they want the modified rule to apply to their credit union, they should send a short email to prudential_creditunions@bankofengland.co.uk, confirming they are consenting to the modification and including their CU name and Firm Reference Number. No supporting information is needed.

The modified rule will apply to those credit unions specified in Section A of the direction until Friday 1 January 2021.

This modification by consent in respect of Credit Union Part 3.11 of the PRA Rulebook, dated 8th April 2020, is longer in effect. Please see details above of a current modification by consent dated in respect of this rule, dated 7th October 2020. 

26 July 2018 - Modification by consent of the Solvency II Group Supervision rules 20.1 and 20.2 with reference to US-parented undertakings 

2 February 2018 - Modification by consent of Fitness and Propriety 2.7

December 2014 - Supervision (SUP)

14 October 2019: We have removed the ‘Modification by consent of SUP 16.12.5R (Note 5), SUP 16.12.15BR (Note 3), SUP 16.12.22CR (Note 3) and SUP 16.12.25CR (Note 3)’ and the ‘Direction for modification by consent of SUP’, as these are no longer available.

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This page was last updated 12 December 2024