Bank of England

News & Analysis as of

Resolution Ready? New Controls For IT Supplies to Distressed Banks

A current "hot topic" for banking technology contracts is termination rights. 1 October brings new statutory controls, potentially affecting termination rights in many IT contracts. For banks in particular, regulatory led...more

The UK’s PRA Assesses Climate Change Risks to the Insurance Industry

On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty...more

FPC assesses financial stability outlook

BoE’s Financial Policy Committee (FPC) has assessed the outlook for financial stability. Overall, the FPC judges that the outlook remains challenging and is maintaining the countercyclical capital buffer (CCB) rate for UK...more

BoE announces stress testing results timeline

BoE has published its timetable for publishing the results of the latest stress test. BoE has received firms’ initial stress testing submissions and is in the process of analysing the results....more

PRA reports to Defra on climate change adaptation

PRA has submitted its report to the Department for Environment, Food and Rural Affairs (Defra) on climate change adaptation with a focus on insurance. PRA also published a letter to insurers and other industry participants to...more

BoE updates on open forum

BoE has updated details on the open forum on 11 November. It has now published an outline programme for the event....more

BoE schedules implementation of settlement day

BoE has scheduled the implementation of the extended CHAPS and CREST settlement day for 20 June 2016 (we reported these plans on 31 July 2015)....more

BoE announces open forum

BoE has announced an open forum for 11 November for those involved in the Fixed Income, Currency and Commodities (FICC) markets. The forum’s goal is to discuss the prospects for market functioning, where regulations might...more

Treasury Committee takes evidence on BoE Bill

The House of Commons Treasury Select Committee has held an evidence session as part of its inquiry into the Bank of England Bill (BoE Bill), currently intended to be brought forward in autumn 2015. Among other things...more

Securitisation Regulation - Recast Retention Provisions Update

The Financial Times published leaked drafts of proposed EU legislation on securitisations on August 25.1 The draft regulations, which would be directly effective in EU member states if adopted, propose changes to the current...more

BBA responds to PRA consultation on contractual stays

BBA has responded to PRA proposals to mandate that banks include, in financial contracts issued under third country law, contractual provisions binding the counterparty to recognise any stay on termination rights imposed by...more

CHAPS and CREST settlement days to be extended in summer 2016

I bring good news from the Bank of England. Whether you have been up all night trying to close a £1 billion securities transaction for your client, or you are buying a house and there’s a last minute snag, the deadline for...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

Shadow Banking Remains on Regulatory Radar

The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more

The Fair and Effective Markets Review: The Final Report

Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more

Who is responsible for risk? As we continue to untangle the impact of the financial crisis, companies are finally asking who...

Prior to the financial crisis, risk management was often a box-ticking exercise of little or no interest to executives. Since then, however, it has climbed to the top of the boardroom priority list. The fall of Lehman...more

UK Regulatory Proposals on Removing Impediments to Resolvability

The Bank of England, the UK authority with powers to “resolve” failing banks, is consulting on how it might exercise its power of direction to remove impediments to resolvability. The Bank may require measures to be taken by...more

Real Guidance (Finally) On the Compliance Oversight Role of Boards

New guidance for boards of directors on what it means to have “reasonable oversight” for the implementation and effectiveness of corporate compliance programs could signal the beginning of a global trend towards more—and more...more

The UK’s Fair and Effective Markets Review

On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the...more

UK Regulators Address Manipulation of Trading Benchmarks and Other Misconduct

Concluding a year-long review, UK regulators issued the final report of the Fair and Effective Markets Review Committee last week, making a number of recommendations intended to restore confidence in the trading markets for...more

UK Authorities Publish Fair and Effective Markets Review Final Report

In June 2014, the Bank of England, H.M. Treasury and Financial Conduct Authority (UK Authorities) launched their Fair and Effective Markets Review process with the goal of identifying measures to restore confidence in the...more

Fairer and More Effective Fixed-Income, Currency and Commodity Markets?

At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”. Shortly before the Mansion House speeches began, the...more

Corporate & Financial Weekly Digest - Volume X, Issue 23

In This Issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more

Financial Regulatory Developments Focus - June 2015 #2

In This Issue: - Federal Banking Agencies Release Statement on Annual Stress Tests at Medium-Sized Financial Companies - Extension of Transitional Provisions for Exposures to CCPs Formally Announced -...more

CFTC Announces Agenda For Upcoming Market Risk Advisory Committee Meeting

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) announced its agenda for its upcoming meeting on June 2. MRAC will discuss: (1) the Bank of England’s CBEST Program and its impact on addressing...more

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