United Kingdom: Update to Pre-Issuance Notification Requirements
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The Prudential Regulation Authority (PRA) has published a consultation paper, outlining proposals for amendments to Pre-Issuance Notification (PIN) regime applicable to PRA-authorised Capital Requirements Regulation (575/2013) firms.
The PRA’s PIN requirements are intended to enhance and maintain the quality of firms’ capital resources by providing the regulator with the opportunity to comment on the terms and conditions of proposed capital instruments prior to the issuance of such instruments.
The consultation closes on December 9, 2019. The PRA indicates the revised PIN requirements will become effective on April 1, 2020.