imported>Doug Williamson |
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| 1. ''Banking - regulation.''
| | ''Not for profit - limited liability companies - UK.'' |
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| (P2).
| | Community Interest Company, one of the legal structures available in the UK for establishing or incorporating a social enterprise. |
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| Pillar 2 is the aspect of banking supervision which addresses firm-wide governance and risk management, among other matters.
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| Additional capital requirements may be imposed by bank supervisors under Pillar 2, depending on their evaluation of banks' internal assessments of their risks and capital requirements.
| | ==See also== |
| | *[[Community interest company]] |
| | *[[Company]] |
| | *[[Company law]] |
| | *[[Limited liability company]] |
| | *[[Not-for-profit]] |
| | *[[Social enterprise]] |
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| '''''UK Pillar 2 supervisory reviews'''''
| | ==Other resources== |
| | *[https://assets.publishing.service.gov.uk/media/5a7c86b9ed915d6969f457f6/10-1388-community-interest-companies-benefits-of-a-cic-leaflet.pdf CICs compared with charities and ordinary limited companies - the CIC Regulator] |
| | *[https://www.gov.uk/government/organisations/office-of-the-regulator-of-community-interest-companies UK Office of the Regulator of Community Interest Companies - about us - what we do] |
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| The UK supervisor is the Prudential Regulatory Authority (PRA).
| | [[Category:Accounting,_tax_and_regulation]] |
| | | [[Category:The_business_context]] |
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| There are two main areas that the PRA considers when conducting a Pillar 2 review:
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| (i) Risks to the firm which are either not captured at all, or not adequately captured, under Pillar 1 capital requirements, referred to as Pillar 2A; and
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| (ii) Risks to which the firm may become exposed over a forward-looking planning horizon - e.g. due to external stresses - referred to as Pillar 2B.
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| The assessment will generally include an Internal Capital Adequacy Assessment Process (ICAAP) and Supervisory Review and Evaluation Process (SREP).
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| '''''IRRBB'''''
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| Most regulators worldwide treat Interest Rate Risk in the Banking Book (IRRBB) as a Pillar 2 risk.
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| 2. ''Tax - profit shifting - Global Minimum Tax - Organisation for Economic Co-operation and Development (OECD).''
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| Pillar 2 of the OECD's tax reforms agreed in 2021 provides detailed rules to implement a global minimum tax rate of 15% on large multinational enterprises.
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| :<span style="color:#4B0082">'''''Most tax territories expected to implement Pillar 2'''''</span>
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| :"Pillar 2 will require calculation of specific effective tax rates by territory: where this is below 15%, a top-up tax will arise. | |
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| :Where a territory does not collect this tax (for example, if it does not implement the rules), it is collected by other territories in which the group operates.
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| :Therefore, most territories are expected to implement Pillar 2, because the alternative is to give away tax revenues to others."
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| :''Graham Robinson, international tax and treasury partner PwC & Iain McDonald international tax and treasury director PwC - The Treasurer, Issue 4 2022 - December 2022, p40.''
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| == See also ==
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| * [[Bank supervision]]
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| * [[Base erosion and profit shifting]] (BEPS)
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| * [[Basel III]]
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| * [[Capital adequacy]]
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| * [[Corporation Tax]]
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| * [[Effective tax rate]] (ETR)
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| * [[European Union]]
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| * [[Financial reporting]]
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| * [[Global Anti-Base Erosion Rules]] (GloBE)
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| * [[Gross domestic product]] (GDP)
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| * [[Group]]
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| * [[G7]]
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| * [[Holdouts]]
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| * [[Income Inclusion Rule]] (IIR)
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| * [[Income Tax]]
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| * [[Interest Rate Risk in the Banking Book]]
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| * [[Internal Capital Adequacy Assessment Process]]
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| * [[Multinational corporation/company]]
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| * [[Nexus rule]]
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| * [[Organisation for Economic Co-operation and Development]] (OECD)
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| * [[Parent company]]
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| * [[Pillar 1]]
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| * [[Pillar 3]]
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| * [[PRA buffer]]
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| * [[Profit shifting]]
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| * [[Prudential Regulation Authority]] (PRA)
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| * [[Regime]]
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| * [[Risk management]]
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| * [[Sister company]]
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| * [[Stress]]
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| * [[Subject To Tax Rule]] (STTR)
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| * [[Supervisory Review and Evaluation Process]] (SERP)
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| * [[Tax ]]
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| * [[Tax avoidance]]
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| * [[Tax compliance]]
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| * [[Tax evasion]]
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| * [[Tax haven]]
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| * [[Tax rate]]
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| * [[Top-up Tax]]
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| * [[Transfer pricing]]
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| * [[Undertaxed Payments Rule]] (UTPR)
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| ==External links==
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| *[https://www.oecd.org/tax/beps/tax-challenges-arising-from-the-digitalisation-of-the-economy-global-anti-base-erosion-model-rules-pillar-two.htm OECD - Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two) - Commentary]
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| *[https://www.oecd.org/tax/beps/pillar-two-model-rules-in-a-nutshell.pdf Pillar Two rules in a nutshell - OECD]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:Accounting,_tax_and_regulation]] |
| | [[Category:The_business_context]] |