Frtb pwc pdf. • New eligibility requirements for CVA hedges.
Frtb pwc pdf men. 1 Introduction of FRTB IMA Templates 6. While the rules of CRR3 will in general become applicable on the first of January 2025, it is by now widely expected that at least the rules regarding market risk (“Fundamental Review of the Trading Book” – FRTB) will be postponed by one year to ensure consistency in application with other large jurisdictions. At this point in time, there are virtually no banks that have adopted KVA for books and records due to ongoing debates on methodology. 3 PwC | Staying liquid by adopting ILAAP Evolution of liquidity framework 1. he has been engaged in several international PwC projects related to risk management and measurement at financial institutions, with a clear focus on strategic and regulatory affairs. com How can PwC help? We have a large team of prudential regulatory experts and have undertaken numerous prudential focussed engagements including supporting regulatory change katherine. In the EU, FRTB full implementation is likely to be part of CRD VI/ CRR III expected to be published in the second half of 2020. 5”. • Banks should assess how the finalised standard impacts their market risk capital requirements. • The PwC CRC tool can calculate the capital requirements from standardised credit risk approach including credit risk mitigation. dambrosio@pwc. 12. barbosa@pt. This is essentially to protect the bank today from writing a long-dated (eg. & Feb 9, 2024 · implementation, (2) the overlap between the FRTB and the Stress Capital Buffer (SCB), (3) the interaction between the FRTB and the Collins Floor, and (4) additional constraints on the use of internal models. PwC Basel IV Australian Team 2 Partner T: +61 38603 0137 M: +61 424 631 347 • IRRBB, FRTB and CVA 4. com Tel: +44 207 213 3901 Luis Prazeres Luis. In the ever-evolving landscape of banking supervision, the introduction of the Fundamental Review of the Trading Book (FRTB) marks a seminal shift in regulatory practices. 267722222222222 11. dhillon@pwc. elkhoury@pwc. The proposal replaces the current internal models based approach (i. 1. Stand Alone Impacts of the FRTB Implementation The Fundamental Review of the Trading Book is at the core of the Basel Endgame package Leverage Ratio FRTB Other Basel III changes NSFR TLAC & MREL SA-CCR & CCPs Large Exposure Other Basel IV changes Legal changes • CRR II introduces a binding LR requirement of 3% for all institutions, that has to be met with Tier 1 • Business models and portfolios with relatively low RWA compared to their volume are affected most severely TLAC, IRRBB and FRTB Additional disclosure requirements arising mainly (but not exclusively) from the finalisation of Basel III in December 2017 Stage II (expected in 2019) BCBS 400 CRR II Stage III (01. meyer@pwc. Impact on firms The extension of scope of CVA to SFTs that are fair valued means the overall CVA capital requirement for firms is E: conor. martin@pwc. • €100 billion threshold for a simplified treatment (double counterparty credit risk capital requirement). These guidelines are in addition to the 8 Quo Vadis “Basel IV” Quo Vadis “Basel IV” 9 The Basel IV Framework Motivation and context: Basel IV focuses on the RWA Basel IV will fundamentally change the calculation of risk weighted assets and capital ratios of all banks – 4th Edition September 2019 Regulatory Hot Issues Regulatory Hot Issues Executive Summary The guidelines issued by regulators in the last six months have contributed to the… 8 Revised Standardised Approach for Market Risk The revisions to the existing regulatory framework are focusing on determination of risk weighted assets The Basel III framework has focused mainly on banks’ own funds requirements. IFRS 9 SME. scott@pwc. e. In case of deviation from the FRTB product list for a certain trade, a request can be submitted to the supervisor for explicit approval. In this Hot Topic we summarise the key revisions to the FRTB, discuss the potential impact for firms and steps they should be taking. Operational risk and resilience PwC refers to the UK member firm, and may sometimes refer to the PwC network. The document discusses the Fundamental Review of the Trading Book (FRTB), a new framework created by the Basel Committee for Banking Supervision and Regulation to replace the previous market risk regulation. This brochure is designed to provide you with an overview of the individual topics in the context of Basel IV. com Jack de Leeuw Director T: +61 3 86603 1965 M: +61 417 364 320 E: jack. This means that 本《合规及跨境数据传输联合白皮书》由普华永道商务咨询（上海）有限公司（以下简称“普华永道”）和 book (FRTB), for which a final standard was published in January 2016. The ITS proposal provides a series of new templates, in order to collect the information concerning the FRTB IMA approach. s. The European Banking Authority (EBA) recently organised a public hearing on two important topics in banking supervision: the Regulatory Technical Standards (RTS) on the Fundamental Review of the Trading Book Framework (FRTB) and the Standardized Approach for measuring Counterparty Credit Risk exposures (SA-CCR). Wai Meng Liew Associate Director +65 9752 7615 wai. Basel IV Territory Lead. com Program management of the based on FRTB market risk standardised approach with minimum requirements sensitivity calculations. The global financial crisis in 2008 exposed fundamental FRTB Contrary to the 2016 proposal, and given the changes to the FRTB framework finalised in Basel in January 2019, the FRTB framework in CRR 2 only contains a reporting requirement. This training will be coordinated by Jean-Philippe Maes, Partner at PwC Luxembourg. com Gurmaj Dhillon Manager T: +44 (0) 7483 416408 E: gurmaj. The FRTB revisions address deficiencies relating to the existing [8] Standardised approach and Internal models approach [9] and particularly revisit the following: . 8 Revised Standardised Approach for Market Risk The revisions to the existing regulatory framework are focusing on determination of risk weighted assets The Basel III framework has focused mainly on banks’ own funds requirements. Because few contracts actually use the term “derivative,” a thorough evaluation of the contractual and implicit terms of an instrument or contract is needed to determine whether an embedded derivative exists. Moreover, both allocation methods under the FRTB produce less 2Capital charge under the FRTB IMA also incorporates the capital requirement for the non-modellable risk factors (NMRF) and the default risk charge (DRC). Presumably instruments reclassified to be an accounting trading asset or liability are to be assigned to the trading book. PwC Timeline APRA policy daniel. General hedge accounting PwC 1 1. Luís Barbosa Partner PwC T: +351 213 599 151 E: luis. This initiative forms part of the Committee's broader agenda PwC | BCBS 239 3 Since it was issued in January, 2013, BCBS 239 (The Basel Committee on Banking Supervision, Principles for effective risk data aggregation and risk reporting) has had profound effects in the PwC Agenda Regulatory Roadshow 2 16:30-17:00 Introduction & Regulatory Radar 17:00-18:30 Specific topics • Basel IV, CRR2/CRD5 • End of Libor • IRRBB • Recovery & Resolution • Climate risk & Sustainable finance 18:30-18:45 Q&A 18:45-20:00 Cocktail reception 3 Hot Topic Financial Services Risk and Regulation 3. 33 FRTB will have significant impacts on banks in terms of their operational capability, infrastructure, risk measurement In practice, this means that two firms with similar market risk exposures or trading book activities may be subject to two different sets of regulatory market risk standards if they fall under different regulatory regimes; in our example, one firm would be PRA-regulated (and therefore required to implement FRTB by 1 July 2025) whilst the other 8 PwC PwC conducted a global survey to understand the prevalent industry practices and plans for risk and finance alignment. Risk Books. for additional analyses) Integration of (graphical) results in project documentations and presentations Market risk (FRTB) Counterparty risk Operational Risk Pillar 2 What does this mean for firms? Most of the Credit Valuation Adjustment (CVA) requirements are finalised in line with the consultation. com Filippo Scarabelli Senior Manager | Financial Risk Management +39 334 6449024 filippo. neisen@de. 6 KB) 14 Dec 2017: Number of Items Done position is much less in the FRTB than in the framework where the standard ES is evaluated on unconstrained P&L. With a Republican Congressional majority and Donald Trump returning to the presidency, the financial services sector is expecting significant deregulation, favoring mergers, digital assets, small business capital access, and more. It requires large firms to start reporting the calculation derived from the revised standardised approach within one year after the adoption of the PwC’s Financial Risk & Regulations team guides and supports clients to understand climate risk & assess its potential impact on the financial ecosystem. PwC Basel IV Australian Team 2 Colin Heath Partner T: +61 3 8603 0137 M: +61 424 631 347 E: colin. The final standard, also known as the Fundamental Review of the Trading Book (FRTB), is intended to harmonize the treatment of market risk across national jurisdictions and will generally result in higher global capital requirements. 9 … and aims to replace the existing regulation and harmonises the treatment of market risk across national jurisdictions . Introductions. Market risk . Climate Risk Management Risk Consulting Services June 2022 7 Jun 20, 2024 · While the rules of CRR3 will in general become applicable on the first of January 2025, it is by now widely expected that at least the rules regarding market risk (“Fundamental Review of the Trading Book” – FRTB) will be postponed by one year to ensure consistency in application with other large jurisdictions. Subbaroyan@pwc. com T: +44 (o) 20 7213 8555 This publication has been prepared tor general guidance on matters ot interest only, and does not constitute professional advice You should not act upon the PwC The Basel IV Standardized Approach PwC- Tools September 2016 6 PwC SECCT PwC developed an access-based Tool to calculate the existing and the new approaches including STS securitization Easy adjustment of the Tool is possible (e. Title: Hot Topic - "Basel IV" constrains the use of IRB approach to credit risk Author: James Hewer, Hortense Huez, Agatha Pontiki Subject: On 7 December, the Basel Committee on Banking Supervision (BCBS) published its package of reforms known as Basel IV . The changes covered in this paper are interim reflecting the latest discussions in the industry and are part of a Basel III amendment, more commonly referred to as Basel IV by now, a phrase we adapted in this article given its prominence of use in the industry. scarabelli@pwc. The paper comprises a detailed set of proposals for a comprehensive revision of the market risk framework. filipe. It requires large firms to start reporting the calculation derived from the revised standardised approach within one year after the adoption of the www. com Key highlights The PRA’s proposals for the Fundamental Review of the Trading Book (FRTB) are largely consistent with the BCBS proposals, Oct 30, 2023 · The Basel 3. au February 2018. com Colin Heath Partner – Banking and Capital Markets Leader 03 8603 0137 colin. com Armen Meyer Director of Regulatory Strategy 646 531 4519 armen. Managing illiquid assets: Perspectives and challenges. reserved. the advanced measurement approach) with a new standardized approach (SA) for operational risk that is partially aligned to the Basel framework. talvitie@pwc. Under IRRBB, only parallel shocks are used to calculate the absolute level of change in NII levels. macmanus@pwc. He leads the firm’s banking and PFS risk Advisory team and is the lead advisor for CRD/CRR topics. US bank regulators deliberate Basel III endgame implementation: Assessing capital sufficiency and determining required amount. com Adam Gilbert Financial Services Global Regulatory Leader 646 471 5806 adam. liew@sg. 2 Hot Topic Financial Services Risk and Regulation The EBA now expect firms to use currency -specific shock scenarios at least on a quarterly basis, taking PwC offers model risk management technology platforms to manage the full model lifecycle, model inventory and model risk reporting. Katherine Martin. To be more specific the new templates (in Annex 7) and the new instruction in Annex 6 are the following: Feb 5, 2016 · On January 14 th, the Basel Committee on Banking Supervision (BCBS) published its revised capital requirements for market risk. 5%. This fundamental review covers all aspects of minimum capital requirements for market risk such as the trading book – banking book boundary, the standardized approach as well as the use of internal market risk models. com Contacts Laura Talvitie Senior Manager T: +44 (0) 7850 908244 E: laura. (2012). Delaying the launch of FRTB . gilbert@pwc. FRTB might be fast tracked in order to ensure that the EU complies with the January 2022 deadline. Apr 12, 2023 · 4. pdf), Text File (. 2017) BCBS 309 EBA GL 2016/11 Disclosure 1 ENC. PwC. 20 year) derivative contract that will be punitive under the regulatory capital regime of tomorrow. 0 KB) Finalisation of Basel III and Revised FRTB Timeline (PDF File, 80. Basel IV BCBS finalises reforms on Risk Weighted Assets (RWA) 5 In 2012, even before Basel III had been implemented in the EU, the BCBS began to Book (FRTB). other hand, will be exempt from the FRTB’s reporting requirements for now. 2025 will be a key milestone for many firms, with FRTB requirements becoming binding in many jurisdictions, including the EU (planned for 1 st January) and the US and the UK (both planned for 1 st July). Financial Risk Management Director. com Justin Waller Director T Regulatory Blog: CRR III Channel News (4): Revised CVA approaches and new trading book boundary: Finalising FRTB and CVA Global Basel IV Leader Martin Neisen and Belgian Basel IV Leader Guillaume Magdelyns highlight the CRR III capital requirements for the assessment of market risk and CVA. Today's speakers. We conclude our journey with the FRTB, where we inquire about the usefulness and relevance of RNIV in the shifting regulatory landscape. The boundary between the "trading book" and the "banking book": [10] i. Iain Semple come. 1. 28 The residual risk add-on is introduced to ensure that the model provides sufficient coverage of the market risks. The FRTB system(s) are required to calculate this capital component. • New eligibility requirements for CVA hedges. Basel Committee on Banking Supervision Minimum capital requirements for market risk We would like to show you a description here but the site won’t allow us. Data management Figure 2 shows the respondents’ rating of the maturity level of the various aspects of their data management alignment between the two functions. waller@pwc. Revenue, expenses and balance sheet forecasting PwC’s Opinion – Counterparty Credit Risk As per PwC, the revised guideline explains in depth and with much is also a requirement by the forthcoming FRTB regime. The PRA has confirmed that it will revoke UK CRR CVA exemptions for new trades with pension funds, non-financial This is the Basel Committee’s (“the Committee”) 1 second consultative paper on the fundamental review of trading book capital requirements. The FRTB addresses material weaknesses of the current market risk framework exposed by the financial crisis … . In 20197,the Basel Committee on Banking PwC ‘Basel IV’: Bigbang – or the endgame of Basel III? December 2017 7 Internal market risk models – More complexity and additional requirements A revised internal model approach of the Basel committee to measure market risks as part of FRTB. com Contributing authors: Douglas Summa, Shyam Venkat, The 2021 EU Banking Package is one of the topics that will dominate the agenda of the financial institutions in the next few years. Consistency with proposals under market risk framework (FRTB) As the Basel committee continues its drive to strengthen the regulation, supervision and practices of banks worldwide, the committee has produced, and continues to produce a number of consultation and discussion papers which point to a significant revision of the Basel Framework. Impacts vary based on banks' models. com Irene D’Ambrosio Senior Manager | Risk, Capital & Reporting +39 342 5921570 irene. Therefore the Basel Committee on Banking Supervision has created with the fundamental review of the trading book (FRTB) a new framework to replace the old market risk regulation defined under “Basel II. Credit Risk Director. Juni 2024 EU publishes CRR3 and CRD6 in Official Journal After extensive negotiations and final approval by both the Parliament and the Council of the European Union, the CRR3 and CRD6 proposals have been published in the Official Journal on June 19th, 2024 4 PwC Interest rate risk in banking book: The way ahead PwC’s observations: To date, banks in India were required to adhere to interest rate risk (IRR) guidelines. The reporting requirements for the FRTB were not part of the final ITS, so there is still some uncertainty regarding the reporting requirements. & Bhattacharjee, K. Photo to come. alix@pwc. Sur, K. PwC offers model development services for a broad range of models, including the following areas: Credit risk. With a focus on i) finalising Basel III and implementing Basel IV requirements, ii) improving sustainability by contributing to the green transition and iii) strengthening banks’ resilience, the proposed regulatory changes will impact various areas and have PwC | The EU Banking package (CRR III & CRD VI) Implementation process Risk mitigation actions Use of PwC’s regulatory topic radar to follow discussions on CRR III and close contact of PwC with legislators and supervisors Early and regular exchange with business units and relevant projects Close tracking of resources, time and budget PwC is constantly developing solution sets, tools and supporting material to inform and prepare our clients on the upcoming regulatory changes. com Peter El Khoury Partner, Head of Banking Prudential Regulation E: peter. ryan@pwc. “PricewaterhouseCoopers” and “PwC” refer to PricewaterhouseCoopers Services LLP or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity. leeuw@pwc. g. Annexure D of the FRTB consultative document6 provides the principles that banks must consider for the data used in the expected shortfall models and prescribes to demonstrate the evidence which supports that all the principles were followed by the banks. 4 Revised Standardised Approach for Market Risk The default risk charge is intended to capture the jump-to-default risk. The findings of the survey have been summarised below. 2 %PDF-1. com PANEL EXPERTS Luís Jesus is currently a consultant and the solution lead for The European Parliament approved amendments to the Capital Requirements Regulations (CRR) and Capital Requirements Directive (CRD) under the Banking Package. Jack de Leeuw. • The tool uses a flexible standard interface that is based on regulatory reporting software (for example ABACUS or BAIS). com Il network PwC ha sviluppato una practice internazionale dedicata all’FRTB; siamo in grado di supportare i nostri FRTB Contrary to the 2016 proposal, and given the changes to the FRTB framework finalised in Basel in January 2019, the FRTB framework in CRR 2 only contains a reporting requirement. assets intended for active trading; as opposed to assets expected to be held to maturity, usually customer loans, and deposits from retail and corporate Title: At a glance: Basel Committee consults on FRTB changes Author: Paul Parsons, Hortense Huez, Suddankumar Subbaroyan Subject: The Basel Committee published a consultative document on revisions to to the minimum capital requirements for market risk and frequently asked questions on market risk capital requirements on 22 March 2018. Changes, known as CRR III/CRD VI, affect credit risk, real estate financing, ratings, market risk, operational risk, and ESG considerations. lagni@pwc. Starting in 2012, the Basel Committee published several consultation papers on a Fundamental Review of the Trading Book (FRTB) to adapt existing rules for the capitalization of market risk to the lessons learned and shortcomings that became evident during the financial crisis. 6 %âãÏÓ 1089 0 obj >>> endobj 1134 0 obj >/Font >>>/Fields[1069 0 R 1070 0 R 1071 0 R 1072 0 R]>> endobj 1170 0 obj >stream False 8. ), Managing illiquid assets: Perspectives and challenges. Nov 22, 2024 · Election 2024: The impact of Republican victories on financial services. Operational risk SA could increase RWA by $2 trillion. In this article, we focus on the most challenging aspects of the FRTB and discuss what firms should be doing to prepare while waiting for the Commission to put forward the CRR III legislative proposal to fully implement FRTB in the EU. com Nick Scott Senior Manager – Consulting 03 8603 0346 nick. The financial services sector has seen a wide marco. banks has raised the actual average G-SIB capital level to 15. Photo to . kemp@pwc. de. Risk Management 2025 and beyond – priorities and - PwC Cooper (PWC) meta-analysis inds that gold-plating amongst U. The Commission is expected to submit a legislative proposal in 2020 as part of new CRD/CRR to fully transpose the FRTB, with a view to entering into force in January 2022. It shows that the optimal level of reserve capital, that provides the most security from systemic inancial risk with the least detriment to Dec 20, 2024 · In our latest episode on PwC's Risk and Regulation News Channel, Martin Neisen and Stefan Röth delve into the final methodology for the EBA SSM Stress Test 2025. 1 reforms include the Fundamental Review of the Trading Book (FRTB) which is a significant overhaul in the measurement of Pillar 1 market risk requirements. com Tel: +44 207 212 6003 Martin Neisen Martin. PWC further provides review of the academic literature on capital reserve levels. com Global Basel IV Leader Martin Neisen and Belgian Basel IV Leader Guillaume Magdelyns highlight the CRR III capital requirements for the assessment of market risk and CVA. Donald Mcdonald. heath@pwc. E: conor. com. For banks that have adopted the RNIV framework, we study the materiality of RNIV contribution to their IMA capital. com Tel: + 44 207 804 5421 Suddankumar Subbaroyan Suddankumar. Book (FRTB). We expect this to change E: conor. pwc. S. 4 PwC Understanding the business landscape post MiFID II 5 Heart of the matter The global financial crisis of 2008 forced bank and financial market regulators across the globe to examine the existing regulatory framework and tighten it so as to pre-empt another meltdown. com in projects on MiFID II, Basel IV, FRTB, EBA guidelines and further numerous operating model projects, including shifts in investment strategy towards alternatives and sell- & buy-side advisory in M&A. Our understanding of our clients business and operating models helps us shape our services by always 6 | PwC | Banking prudential regulatory bulletin | Q1 2023 Supervisory reporting EBA consults on amendments to the reporting on the Fundamental Review of the Trading Book In March, the EBA launched a public consultation on its draft ITS amending the ITS on specific reporting requirements on market risks (FRTB 3. All of Aug 13, 2024 · FRTB: Revised Market Risk Standards (PDF File, 207. After much delay, the FRTB is coming and 2025 is an important date with a planned go-live in the UK and the EU (and an expected go-live date in the US). PRA announces timetable for FRTB model applications June 2022 Financial Services Regulatory Insights PwC refers to the UK member firm, and may sometimes refer to Nov 23, 2016 · push ahead with their plans to implement the FRTB framework. In Verma Savita, Vijay Krishnaswamy & Eric Takigawa (Eds. Model development. 2 The revisions to the capital framework set out in this paper aim to book (FRTB) Annexure D of the FRTB consultative document6 provides the principles that banks must consider for the data used in the expected shortfall models and prescribes to demonstrate the evidence which supports that all the principles were followed by the banks. 10 Starting in 2012, the Basel Committee published several consultation papers on a Fundamental Review of the Trading Book (FRTB) to adapt existing rules for the capitalization of market risk to the lessons learned and shortcomings that became evident during the financial crisis. 11. com Peter El Khoury Partner T: +44 (0) 7872 005506 E: peter. com Mike Alix Financial Services Advisory Risk Leader 646 471 3724 michael. 30 FRTB Impacts. 01-2022)1 BCBS 432 CRR II Stage I (31. com Katherine Martin Director –Australian Basel IV Leader T: +61 2 8266 3303 M: +61 468 847 872 E: katherine. Climate change is an emerging risk that needs a structured & calibrated approach so that risk is mitigated. The package introduces the FRTB only for reporting purposes. Higgin@pwc. com Contacts Gordon Kemp Director T: +44 (0) 7914 217631 E: gordon. The City of London Corporation, in particular, has evolved rapidly in embracing innovative technologies and establishing a mature RegTech and FinTech ecosystem. com Justin Waller Director – Consulting 02 8266 5846 justin. New requirements include ESG risk management and enhanced a conceptual parallel with FRTB market risk by introducing a sensitivities based approach for SA-CVA, but also forbids the use of IMA-CVA, narrowing down the available design choices. 4 PwC | FS regulatory, accounting and audit bulletin | February 2019 . 2024 23:39h Regulatory Blog By PwC Deutschland | 20. txt) or read online for free. Determining whether a contract contains an embedded derivative, and the terms of that embedded derivative, can be complicated. Abstract of "Fundamental review of the trading book", October 2013 The Basel Committee on Banking Supervision has today issued a second consultative paper on the fundamental review of capital requirements for the trading book. We expect this to change Whatever the challenge, PwC will help your business solve challenges, build trust, unlock value and transform. Taking stock of the future of IMA under the revised market risk framework known as the fundamental review of the trading book (‘FRTB’). What the standardized model has in and increase its focus on FRTB models. prazeres@uk. Contacts Ben Higgin Ben. com Gordon Kemp Director, Banking Prudential E: gordon. Mar 31, 2014 · 8 Basel IV: Calculating EAD according to the new standardizes approach for counterparty credit risk (SA-CCR) SA-CCR as part of the Basel IV package Banks play a major role in the global economy. • The input format is primarily based on the actual reporting templates. System implementation and FRTB-CVA Framework: Adaption of market risk framework specified in FRTB (also two approaches) Named as such to reflect cAvailable to banks that satisfy several fundamental conditions related to calculation and risk management of CVA. com Tel: +49 69 9585-3328 Abdellah M’barki Market risk Implementation of FRTB in Europe. Each member Downloaded from PwC Blogs on 26. US bank regulators must assess the implementation of Basel III endgame by addressing two key questions: first, whether current capital increases and regulatory reforms are enough to prevent taxpayer-funded bailouts in economic downturns or market turmoil; and second Apr 18, 2024 · Introduction. . Jul 3, 2024 · Institutions must continue using current market risk disclosure tables until the new FRTB framework comes into force by the end of 2025. Asset and Wealth Management With an opportunity to make a difference and shape the future, PwC’s asset and wealth management team will help you find the right way forward. Overview of IFRS 9 The International Accounting Standards Board (the ‘Board’) has been reviewing accounting issues that have emerged as a result of the global financial crisis, including those identified by the G20 and other international bodies such as the Financial Stability Board. Aug 1, 2024 · After extensive negotiations and final approval by both the Parliament and the Council of the European Union, the CRR3 and CRD6 proposals have been published in the Official Journal on June 19th, 2024, and will enter into force 20 days later. For further information on single topics, separate pwc_frtb - Free download as PDF File (. Jean-Philippe is a partner in PwC's Regulatory Compliance services. oyvwwwmhuqzlnzawseyspgwhzgibnncxumyenbrcijdrzi