Clifford Chance

BASEL 3.1 – Ten key takeaways on UK implementation proposals

17 September 2024

On 12 September 2024, the PRA published its Policy Statement PS9/24 Implementation of the Basel 3.1 Standards, accompanied by a set of near-final rules and new and revised supervisory statements, and confirmed January 2026 as the UK implementation date. Taken together, these publications amount to a sizeable package of around 1000 pages and form the second of two instalments of the PRA's Basel 3.1 implementation package. In this briefing we give our initial reactions on the top ten themes that we find most interesting, with a focus on some of the particular features of the PRA's implementation: how the PRA's approach has changed from its opening consultation position, and how it varies from the EU's CRR3 regime.

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