Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 published The Benchmarks (Provision of Information and Documents) (Amendment) Regulations 2021 (SI 2021/920) (Amending Regulations) have been...more
Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 The Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 (SI 2021/869) has been published, together with an explanatory...more
SMCR for FMIs: HM Treasury consultation HM Treasury has published a consultation paper proposing a Senior Managers and Certification Regime (SMCR or SM&CR) for financial market infrastructures (FMIs). The consultation closes...more
8/2/2021
/ Bank of England ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
IOSCO ,
Listing Rules ,
MiFID ,
UK
HM Treasury has launched a consultation on creating a Senior Managers and Certification Regime (SMCR) for financial market infrastructures (FMIs) supervised by the Bank of England (BoE). ...more
UK open-ended funds review: BoE and FCA conclusions On 13 July 2021, the Bank of England (BoE) and the Financial Conduct Authority (FCA) set out the conclusions of their joint review into UK open-ended funds in a section on...more
Future framework for regulation of UK financial services: Treasury Committee report - The House of Commons Treasury Committee has published its Fifth Report of Session 2021-22 on the future framework for regulating financial...more
7/13/2021
/ Bank of England ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Financial Stability Board ,
General Data Protection Regulation (GDPR) ,
Libor ,
Prudential Regulation Authority (PRA) ,
UK
Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 The Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 (SI 2021/774) have been published, together with an...more
7/6/2021
/ Bank of England ,
Consultation Papers ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services and Markets Act ,
Financial Services Industry ,
Insolvency ,
IOSCO ,
Prospectus Regulation (PR3) ,
Prudential Regulation Authority (PRA) ,
UK
ISO 20022 payment messages: Pay.UK and BoE collaboration The Bank of England (BoE) and Pay.UK have published a joint press release announcing collaboration on ISO 20022 payment messages. The BoE and Pay.UK are implementing...more
Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) The Payment and Electronic Money Institution Insolvency Regulations 2021 (SI 2021/716) have been published, together with an explanatory...more
Climate change: BoE speech on course to net zero - The Bank of England (BoE) has published a speech by Sarah Breeden, Executive Director, UK Deposit Takers Supervision in which she talks about how financial services firms in...more
PRA supervision of annuity providers: BoE speech -
The Bank of England (BoE) has published a speech (and accompanying appendix), given by Charlotte Gerken, Prudential Regulation Authority (PRA) Executive Director, Insurance...more
Queen's Speech 2021 and Dormant Assets Bill -
On 11 May 2021, the Queen's Speech set out the government's legislative priorities for the next parliamentary session. ...more
BoE stress testing: 2021 Climate Biennial Exploratory Scenario update -
Reports on key recent regulatory developments focussing on banking and finance. See also our Financial institutions general regulatory news and other...more
5/4/2021
/ Bank of England ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Remuneration ,
RTS ,
Stress Tests ,
UK
Recent regulatory developments focussed on the payments sector. Reports on a BoE update on its policy for omnibus accounts in its RTGS service, and an LSB update on the CRM Code for APP scams. ...more
Omnibus accounts for payment systems operators and prefunding accounts: BoE update - The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in...more
COVID-19: BoE statement on regulatory treatment of Recovery Loan Scheme -
The Bank of England (BoE) has published a statement on the regulatory treatment of the UK Recovery Loan Scheme (RLS), which has been launched as part...more
4/19/2021
/ Bank of England ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK
UK FinTech: Kalifa Review final report -
HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more
3/1/2021
/ Bank of England ,
Data Collection ,
Equality and Human Rights Commission (EHRC) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SFDR ,
UK ,
UK Brexit ,
Vulnerable Victims
Resolvability Assessment Framework: BoE Dear CEO letter The Bank of England (BoE) has published a letter sent by Dave Ramsden, BoE Deputy Governor for Markets and Banking, to the CEOs of the eight UK banks in the scope of the...more
3/1/2021
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
CDD ,
Crowdfunding ,
Dear CEO Letter ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK ,
UK Brexit
BoE banking solvency stress test 2021 scenario - The Bank of England (BoE) has updated its stress testing webpage and published the solvency stress test 2021 scenario for banks and building societies that are not part of...more
2/22/2021
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
G-SII ,
IFRS ,
Implementing Technical Standards (ITS) ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs) ,
Stress Tests ,
UK
Depositor protection identity verification: PRA CP3/21 - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP3/21, on depositor protection identity verification....more
Draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2020 -
A draft version of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2020 has been...more
11/30/2020
/ Bank of England ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
FSCS ,
G20 ,
Green Finance ,
Infectious Diseases ,
Libor ,
UK
Submission of statistical data: BoE Green Notice 2020/02 -
The Bank of England (BoE) has published a Green Notice 2020/02 announcing future changes to the submission of statistical data to its Data and Statistics Division...more
CRD V and BRRD II-derived UK legislation: PRA statement on application of temporary transitional power -
The UK Prudential Regulation Authority (PRA) has published a statement on the application of its temporary...more
Approach to assessing resolvability: BoE consultation -
The Bank of England (BoE) and the Prudential Regulation Authority (PRA) are consulting in parallel on a package of proposals relating to their policies for...more
11/10/2020
/ Bank of England ,
Bank Recovery and Resolution Directive (BRRD) ,
Basel Committee on Banking Supervision (BCBS) ,
Basel III ,
CRD IV Directive ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs)
BoE and CFTC MoU for supervision of cross-border clearing organisations -
The Bank of England (BoE) and the US Commodity Futures Trading Commission (CFTC) have signed an updated memorandum of understanding (MoU) regarding...more
10/26/2020
/ Bank of England ,
Central Counterparties ,
CFTC ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Libor ,
RTS ,
Securities Regulation ,
UK ,
UK Brexit