Jurisdiction(s):
United Kingdom

Key definition

PRA definition

What does PRA mean? In legal practice, “PRA” refers to the UK Prudential Regulation authority, the prudential supervisor within the Bank of England responsible for the safety and soundness of banks, building societies, credit unions, insurers and certain designated (systemically important) investment firms. The PRA was established by the Financial Services Act 2012 and operates under the Financial Services and Markets Act 2000 (FSMA). Its statutory objectives include promoting the safety and soundness of PRA-authorised firms and, for insurers, securing an appropriate degree of protection for policyholders. The PRA sets prudential requirements (via the PRA Rulebook) on capital, liquidity, governance and risk management,...

UK CCP Special Resolution Regime under FSMA 2023: Stabilisation Options, Statutory Tear-up, Safeguards, Bank of England Powers and Instruments

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

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Background to Financial Services and Markets Act 2023

The Financial Services and Markets Act 2023 (FSMA 2023) delivers significant reforms to the UK’s regulatory architecture for financial services. It cancels retained/assimilated EU-derived rules in this field and empowers HM Treasury, alongside the financial services regulators, to substitute them with measures tailored for UK markets, building on the UK’s established regulatory model (see Practice Note: The Financial Services and Markets Act 2023—essentials). The accompanying Explanatory Notes explain that FSMA 2023 preserves the UK’s status as a competitive marketplace with strong regulatory standards by, among other steps, giving the Bank of England (BoE) new instruments to lessen risks arising from the failure of critical financial institutions. FSMA 2023 obtained Royal Assent on 2 June 2023, yet different provisions commence on varying dates, as indicated in section 86 and in subsequent commencement statutory instruments (SIs). Parts of the special resolution regime (SRR) for central counterparties (CCPs) began to apply from 29 August 2023, although a commencement SI is still awaited for the remaining provisions (see FSMA 2023, s 86 and Financial Services and Markets Act). These changes are intended to be bespoke to UK markets and closely align with the existing regulatory approach...

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Kelesi Blundell

Herbert Smith Freehills Kramer

Kelesi is a partner in the HSF Kramer advisory Financial Services Regulatory practice and regularly advises some of the largest investment banks, retail banks, broker-dealers and financial market infrastructure (including central counterparties and clearing houses) on financial services regulation. Kelesi has advised across a range of regulation and regulatory change in the financial services industry including Digital Assets, Payments, Anti-Money Laundering (AML) requirements, Brexit, MiFID II, Market Infrastructure Regulation and Conduct of Business requirements. Kelesi also often provides regulatory support in corporate transactions. Kelesi has been recognised as a "Next Generation Partner" in Legal 500 since 2024 and as "Up & Coming" in Chambers since 2025. She was also listed as a "Rising Star" in Legal 500 in 2022 and 2023 and by Law.com as one of 25 female "Rising Stars" across all practice areas in the City in 2022....

Dr. Ioannis Asimakopoulos

Herbert Smith Freehills Kramer

Ioannis is a non-contentious regulatory lawyer with a focus in financial services. Ioannis works on both advisory and transactional matters. He focuses his practice on UK and EU financial services regulatory law with an emphasis on prudential regulation, operational resilience and digital assets. He acts on behalf of a wide variety of clients including regulators, banks, fund managers and payment services providers. Ioannis covers a broad spectrum of regulatory issues including licensing, restructuring, multi-jurisdictional compliance and regulatory considerations arising in the context of corporate transactions....

Eleanor Wagg

Herbert Smith Freehills Kramer

Eleanor is an Associate who advises corporate clients on a range of non-contentious financial services regulatory matters. Her work includes advising on perimeter issues, change in control applications, and compliance with the Money Laundering Regulations (MLRs). She supports clients in navigating regulatory frameworks and engaging with UK regulators, including the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Eleanor also assists with the regulatory aspects of corporate transactions, as well as ongoing compliance and risk management for regulated firms....

Web page updated on 22/05/2026

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