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BoE and FCA issue joint statement on the effectiveness of MoU for supervising FMIs

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The Bank of England (BoE) and the UK Financial Conduct Authority (FCA) have issued a joint statement reaffirming the effectiveness of their Memorandum of Understanding (MoU) on the supervision of Financial Market...more

A&O Shearman

BoE publishes fundamental rules for FMIs

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Following its November 2024 consultation, the Bank of England (BoE) has published final fundamental rules for financial market infrastructure firms (FMIs), a supervisory statement setting out how the BoE expects FMI to comply...more

A&O Shearman

Mansion House: HMT policy paper with update on the digital gilt instrument (DIGIT) pilot

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HM Treasury (HMT) has published a policy paper on its update on the digital gilt instrument (DIGIT) pilot. The paper follows the Preliminary Market Engagement Notice (PMEN), which closed in April and which was the first stage...more

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FSB chair letter on global outlook and priorities

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The Financial Stability Board (FSB) has published a letter from Andrew Bailey, Governor of the Bank of England, who was appointed chair of the FSB from 1 July. In the letter, the chair confirms his commitment to the FSB's...more

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BCBS report on interconnections between banks and NBFIs

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The Basel Committee on Banking Supervision (BCBS) has released a horizon-scanning report examining the interconnections between banks and non-bank financial intermediaries (NBFIs)...more

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FSB final report on leverage in NBFI and data challenges work plan

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The Financial Stability Board (FSB) has published its final report on leverage in non-bank financial intermediation (NBFI) which highlights the significant role of NBFI leverage in recent financial stress episodes and...more

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Bank of England's FPC publishes July financial stability report

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The Bank of England's Financial Policy Committee (FPC) has published its July financial stability report alongside the record of its 27 June meeting. After assessing the risks to the UK financial system, the FPC reports that...more

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PRA thematic findings from the 2024 Cyber Stress Test

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The Bank of England and the Prudential Regulation Authority (PRA) have released a letter to PRA-regulated firms and relevant financial market infrastructure (FMIs) outlining the thematic findings from the 2024 Cyber Stress...more

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UK House of Lords committee launches call for evidence on growth of private markets

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The House of Lords Financial Services Regulation Committee (the Committee) has launched a call for evidence as part of its inquiry into the growth of private markets in the UK following the regulatory reforms introduced after...more

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Key elements of the 2025 CCP Stress Test

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The Bank of England (BoE) has published key elements to its 2025 Stress Test of UK Central Counterparties (CCPs), along with a spreadsheet containing the relevant market stress scenarios. This exercise, the fourth of its...more

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BoE response to discussion paper on reviewing access to RTGS accounts for settlement

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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

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UK PRA policy statement on FSCS MELL 2025/2026

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The UK Prudential Regulation Authority (PRA) has published a policy statement providing feedback to its consultation paper CP1/25 on the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit for the...more

ArentFox Schiff

The End of LIBOR: Hotel California Edition [Part III]

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During the London InterBank Offered Rate (LIBOR) transition, and post LIBOR’s end date of June 30, 2023, the goal for all should be that (1) the effective interest rates be generally economically equivalent as a result of the...more

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Commission Implementing Decision extends temporary equivalence of UK CCPs

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Commission Implementing Decision (EU) 2025/215 has been published in the Official Journal of the European Union, extending EU equivalence for U.K. CCPs under the European Market Infrastructure Regulation (EMIR)...more

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Financial Markets Standards Board publishes standard for sharing standard settlement instructions

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The Financial Markets Standards Board has published the final version of its standard for sharing standard settlement instructions. The standard establishes core principles which set out expected practices for the sharing of...more

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UK Chancellor announces engagement with financial services leaders to bolster growth plans

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HM Treasury has announced that the Chancellor will increase engagement with financial services leaders to strengthen plans to grow the economy. Over the coming months, the Chancellor plans to host a series of Industry Forums...more

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International bodies report on effective practices for streamlining variation margin in centrally cleared markets

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The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a final report on examples of effective practices for streamlining variation margin in centrally...more

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Government response to call for evidence on pension fund clearing exemption

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HM Treasury published the Government's response to its call for evidence on the pension fund clearing exemption, which exempts pension funds from the requirement to clear certain derivative contracts via a central...more

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UK Financial Markets Standards Board updated final statement of good practice for front office supervision of wholesale traded...

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The Financial Markets Standards Board has published its updated final statement of good practice for front office supervision of wholesale traded markets. The statement of good practice sets out 15 good practice statements,...more

Hogan Lovells

The Bank of England’s consultation on Fundamental Rules for financial market infrastructures – a new basis of supervision?

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The Bank of England (the “Bank”) has published a Consultation Paper proposing a set of Fundamental Rules for UK financial market infrastructures (“FMIs”) – such as central counterparties and central securities depositories. ...more

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Bank of England policy statement and statement of policy on power to direct a CCP to address impediments to resolvability

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The Bank of England has published a statement of policy setting out its approach to exercising its power to direct a CCP to address impediments to resolvability under the Financial Services and Markets Act 2023. This power...more

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Updated memorandum of understanding on FMI supervision between Bank of England and UK Financial Conduct Authority published

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The Bank of England has published an updated memorandum of understanding between the BoE and the U.K. Financial Conduct Authority on the supervision of markets and financial market infrastructures...more

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Bank of England publishes annual report on the supervision of financial market infrastructures

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The Bank of England has published its annual report on its supervision of financial market infrastructures, covering the period December 16, 2023 —December 17, 2024. The report sets out the work undertaken by the BoE over the...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 33

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

A&O Shearman

International Organization of Securities Commissions Publishes Final Report on Evolution of Market Structures

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The International Organization of Securities Commissions has published its final report on the evolution in the operation, governance, and business models of exchanges. The Report focuses on equity exchanges, but IOSCO...more

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