UK Watchdog Sets Out Proposals To Supervise Foreign Banks

Law360, London (January 11, 2021, 1:50 PM GMT) -- The Prudential Regulation Authority set out proposals on Monday for how it plans to supervise financial companies based outside the U.K. now that the country has left the European Union's regulatory orbit.

The PRA said banks and investment companies that are part of a group based outside Britain should provide it with information about the risks in their wider groups. The Bank of England's regulatory arm will then assess whether the international business is meeting the threshold conditions that would allow it operate through a U.K. branch.

The watchdog said in a consultation paper that it will also cooperate with an...

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