The OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 have been laid before Parliament and published with an explanatory memorandum. The Regulations, made on 16 July,...more
The Bank of England (BoE) has published a consultation paper on a draft statement of policy (SoP) outlining its proposed approach to permissions, waivers and supervisory processes for central counterparties (CCPs), systemic...more
The Bank of England (BoE) has published a letter dated 15 July, responding to the Chancellor of the Exchequer's letter that set out the government's recommendations to the BoE's Financial Market Infrastructure Committee...more
- What is new: HM Treasury and the UK regulators announced a package of financial services reforms on 15 July 2025, including cross-cutting reforms in the regulatory environment, significant changes to the SMCR regime, a...more
HM Treasury has published an update on the National Payments Vision (NPV), announcing plans to implement a new collaborative model for delivering the UK's next-generation retail payments infrastructure. The Payments Vision...more
Alongside its Financial Services Growth and Competitiveness Strategy, the UK government has laid before Parliament, a draft of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (the ORR...more
HM Treasury has published a policy paper and two related statutory instruments (SI) on its approach to updating the UK's regulatory framework for central counterparties (CCPs). The Financial Services and Markets Act 2023 gave...more
The Bank Resolution (Recapitalisation) Act 2025 (Act) received Royal asset on 15 May 2025. Although deceptively short and dependant on the passing of further regulations in order to come into effect, it introduces significant...more
The UK Payment Systems Regulator (PSR) has published its annual plan and budget for 2025/26. The foreword by Aidene Walsh, Chair of the PSR, references the government's announcement to incorporate the PSR into the FCA and...more
On 8 April, the Bank of England (BoE) has published its response to the discussion paper on reviewing access to Real-Time Gross Settlement (RTGS) accounts for settlement. In the discussion paper, initially published on 8...more
The UK Chancellor of the Exchequer has announced details of the launch of the procurement process for the pilot digital gilt instrument (DIGIT) issuance. The pilot aims to: (i) enable the government to explore how distributed...more
We love a “to do” list! So, following a flurry of announcements from the FCA and publication of the Treasury’s Action Plan aimed at overhauling the current regulatory landscape, what is on the financial regulators’ “to do”...more
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 have been published, together with an explanatory memorandum. The Financial Services and Markets Act 2023 enabled the Bank of England to oversee certain...more
HM Treasury has published a letter from Rachel Reeves, Chancellor of the Exchequer, to Andrew Bailey, Governor of the Bank of England, setting out the remit and recommendations for the Financial Policy Committee for 2024/25....more
On November 14, 2024, the UK government unveiled its National Payments Vision (the Vision), a strategy designed to reshape the UK’s payments ecosystem. This Vision responds to the findings of the 2023 Future of Payments...more
The FCA, PRA, and Bank of England have published their finalised critical third party (CTP) rules (and accompanying guidance) in PS24/16 Operational resilience: Critical third parties to the UK financial sector....more
The Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement on operational resilience for critical third parties (CTPs) in the U.K. financial sector, which includes their final...more
The new regime will take effect on 1 January 2025, but will not diminish the responsibilities of financial services firms relying on the services of critical third parties....more
The U.K. Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 (together with explanatory memorandum) have been published. The Regulations come into force on November 29, 2024...more
The Financial Services and Markets Act 2023 established a framework for the regulation of third parties who provide significant services to financial institutions, giving HM Treasury power to designate an entity as a...more
The Bank of England has published the final versions of three Codes of Practice on wholesale cash distribution and accompanying Guidance relating to information gathering, third-party arrangements and cash centre closures and...more
Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more
In this alert we consider various reforms and proposals to the banking sector announced by UK regulators. On 11 January 2024, HM Treasury published a consultation paper on enhancing the UK’s Special Resolution Regime for...more
Responses to the joint Bank of England and HM Treasury consultation paper on a “digital pound” are in, with over 50,000 submissions in total. The scale of feedback shows significant interest in a discussion which could pave...more