Which firms does this apply to?
The dates communicated here are relevant to firms to which the Resolution Assessment Part of the PRA Rulebook applies (‘firms’). See Resolution Assessment 1.1.
Updates for firms
7 January 2025: Firms are expected to submit a report by the first Friday in October 2026 and publish a disclosure by the second Friday in June 2027.
Background
Each firm to which the Resolution Assessment Part of the PRA Rulebook applies is required to carry out an assessment of its preparations for resolution and submit a report to the PRA on a periodic basis. Each firm must then publish a summary of its report on a periodic basis. Separately, the Bank of England carries out an assessment of these firms’ preparations for resolution and makes a public statement on each firm’s resolvability at the same time as the firms publish their disclosures. Previous resolvability assessment summaries are available on the Bank’s website.
Supervisory statement (SS) 4/19 sets out that the PRA will communicate its expectations for the dates for firms to submit reports under Resolution Assessment 3.1 and publish disclosures under Resolution Assessment 4.1. The PRA will communicate its expectations for these dates on this webpage. The PRA will also communicate any amendments to previously communicated dates here.
Consistent with SS4/19, the PRA and the Bank of England (as resolution authority) will also co-ordinate directly with firms, prior to the expected date, on a suitable date for disclosure to ensure that firms’ disclosures and the Bank’s public statement on these firms’ resolvability can be read alongside each other.
The PRA may take a case-by-case decision to amend an expected reporting and/or disclosure date for an individual firm, in light of circumstances such as acquisitions or mergers or when a firm not previously subject to the rules comes into scope (see SS4/19 paragraphs 7.8-7.9).