PRA plans for tougher scrutiny of 'other systemic institutions'
Institutions designated as O-Siis would face tighter scrutiny and be expected to produce resolution plans, with the potential for further measures in the future
Banks and investment firms that are systemically important in the UK will be subject to tighter scrutiny but not higher capital requirements, the Bank of England's Prudential Regulation Authority (PRA) said on October 19.
The PRA set out the plans in a consultation paper on identifying "other systemically important institutions" (O-Siis), which will cover credit institutions, investment firms and European Economic Area parent mixed financial holding companies that are incorporated in the UK.
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