4.1 In developing these proposals, the PRA has had regard to its framework of regulatory principles. The regulatory principles that the PRA considers are most material to the proposals include:

1. The principle that a burden or restriction which is imposed on a person should be proportionate to the benefits which are expected to result from the imposition of that burden:

- The PRA considers that it can achieve its policy aims while limiting the reporting burden on firms through the use of clear reporting requirements, materiality thresholds and the introduction of standardised templates. This includes the use of optional and conditional data fields within the proposed templates, which reflects that some data fields may not be relevant for specific incidents or material third-party arrangements. The reporting burden has been limited further by proposing to standardise the template and reporting solution to enable dual-regulated firms to submit incident reports and material third-party registers which fulfil the data requirements of the PRA and FCA.

- The PRA considers the proposals are aligned, where possible, with the frameworks set out as proposed by the EU's DORA and FSB's FIRE. This alignment aims to limit regulatory reporting burden for firms with reporting obligations in multiple jurisdictions.