meta_id 3188655

On May 27, 2026, the Bank of England's Prudential Regulation Authority (PRA) published Policy Statement 14/26 (PS14/26), providing feedback on consultation responses and finalising its approach to restating Capital Requirements Regulation (CRR) definitions within the PRA Rulebook. This policy statement follows Consultation Paper 19/25, published in July 2025, which proposed transferring CRR definitions from Articles 4, 4A, 4B and 5 into the PRA Rulebook Glossary. The PRA received three responses to its consultation, with respondents generally supporting the objective of transferring definitions into the PRA Rulebook and simplifying where possible. The PRA made targeted refinements to its draft policy based on feedback, including consistent italicisation of embedded CRR terms within Glossary definitions, amendments to the "branch" definition to better align with CRR wording, and updates to the "recognised exchange" definition reflecting policy confirmed in PS6/26. The PRA also updated Supervisory Statement 15/13 on Groups to clarify its interpretation of "maintaining links on a long-term basis" in relation to the "participation" definition. The final rules restated the vast majority of CRR definitions without material changes to policy substance, with amendments primarily enhancing clarity and coherence. The changes apply to PRA-authorised UK banks, building societies, PRA-designated UK investment firms, and their qualifying parent undertakings, though given the scope of transferred definitions and consequential amendments across multiple Rulebook Parts, the policy is potentially relevant to all PRA-regulated persons and their counterparties. The PRA Rulebook: Definitions and Interpretation (CRR) Instrument 2026, contained in Appendix 1, will become effective on January 1, 2027, alongside the Basel 3.1 package implementation.