Overseas Banks To Get 30 Days To Submit UK Returns

Law360, London (April 8, 2019, 3:29 PM BST) -- British branches of international lenders and investment companies could be required to submit returns to the Prudential Regulation Authority within 30 business days of the period that they are reporting on, the regulator said on Monday as it set out changes to the way it collects data.

The Prudential Regulation Authority has set out proposals for rules that would give international lenders 30 business days to submit information after the end of a reporting year about assets held at their U.K. branches. The data helps the PRA — the Bank of England's regulatory arm — understand how systemically important British branches of...

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