The PRA sets rules in the PRA Rulebook that require the firms it regulates to hold sufficient capital and have adequate risk controls. It also supervises firms so that it can step in if they are not run in a safe and sound way1. The regulation of firms' conduct belongs to the Financial Conduct Authority (FCA)2.

Within the text of the regulation, UK EMIR distinguishes persons authorized by the PRA. For a financial counterparty that is a PRA-authorized person, the BoE can make the technical standards that set the dates from which the clearing obligation takes effect, and the PRA can make the technical standards for the exchange of collateral on uncleared trades. For other financial counterparties, the FCA makes them3.

Notes

  1. BoE, "Prudential regulation" (checked on October 5, 2026), the opening text and "We are the Prudential Regulation Authority" ("We create policy for the firms we regulate to follow, enacted through the PRA Rulebook."). ↩

  2. FCA, "About the FCA" (checked on October 5, 2026), "How we operate" (the PRA described as the prudential regulator of banks, building societies, credit unions, insurers, and major investment firms). ↩

  3. The UK version of EMIR on legislation.gov.uk (checked on October 5, 2026), Article 5(2)(b) and Article 11(15). ↩