1.27 The policy material in this near-final PS is published as near-final. The PRA does not intend to change the policy or make substantive alterations to the instruments before the making of the final policy material. This will also be the case for the policy material in the second near-final PS that the PRA intends to publish in Q2 2024, covering the remaining chapters of CP16/22 not addressed in this near-final PS.

1.28 The PRA intends to publish the final rule instruments, technical standards instrument, and policy in a single subsequent final PS covering the entire Basel 3.1 package, once HMT has made the SI to revoke the relevant parts of the CRR that the final PRA rules will replace.

1.29 In CP16/22, the PRA consulted on an implementation date of 1 January 2025, with a five-year transitional period. The PRA received five responses relating to the proposed implementation date. All five respondents requested the PRA publish its final rules for implementing the Basel 3.1 standards sufficiently in advance of the implementation date to allow firms to robustly complete their implementation efforts. Three respondents provided estimates on the minimum period required to implement following the publication of near-final rules, suggesting a minimum period of 12 months would be necessary for a robust implementation.