Regulatory Alerts2023-07-26
D5-2023 Reporting Requirements in Terms of Regulation 46
The Prudential Authority issued Directive D5-2023 to specify detailed reporting requirements for auditors of banks, controlling companies, and foreign branches under Regulation 46. The directive mandates that auditors perform audits, reviews, or limited assurance engagements on specified regulatory returns in accordance with an updated audit matrix and IRBA-approved illustrative reports. It incorporates recent regulatory updates regarding large exposures, total loss absorbing capacity holdings, and interest rate risk in the banking book, effectively replacing Directive D3/2021 for financial years ending on or after 31 December 2022.
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