Britain decouples from EU with delay to bank and investment rules – Reuters

New capital rules for banks and investment firms will be implemented at the start of 2022, six months later than originally indicated to give industry more time to prepare, the British authorities said on Monday.

The deadline is six months after the European Union’s June 2021 date for implementing its versions of the rules, showing how Britain is decoupling from EU financial regulations as post-Brexit transition arrangements finish at the end of 2020.

The rules comprise Britain’s Investment Firms Prudential Regime, which covers capital requirements for investment firms, and some changes to capital requirements agreed globally by the Basel Committee after the financial crisis a decade ago.

The authorities said the decision to delay was a response to feedback from the industry, which had raised “concerns about the general volume of regulatory reform in 2021.”

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