Bank of England

News & Analysis as of

UK Legislation Implementing the Bank of England and Financial Services Act Comes into Force

The Bank of England and Financial Services Act 2016 (Commencement No 4 and Saving Provision) Regulations 2017 came into force...more

Your Daily Dose of Financial News

Bad news for RBS, which is tasked with scrounging up more capital after failing its Bank of England stress test—a bad sign for a British financial system still coping with Brexit fallout....more

Financial Regulatory Developments Focus - November 2016

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

UK Bank of England Finalizes MREL Requirements

The Bank of England published the final rules on implementing the EU Minimum Requirement for own funds and Eligible Liabilities (MREL). This is the equivalent of the US Total Loss Absorbing Capacity (known as TLAC) rule. ...more

UK Bank of England Governor Set to Stay Through Brexit Transition

The Governor of the Bank of England, Mark Carney, announced that he would be extending his term of office at the Bank by a year to the end of June 2019...more

Dame Clara Furse Leaves the UK's Financial Policy Committee

The Bank of England announced that Dame Clara Furse had stepped down as an external member of the Financial Policy Committee....more

Your Daily Dose of Financial News

The CFTC’s reportedly investigating the interest rate swap activities of Citigroup and others. Swaps allow companies to “hedge against a rise or fall in interest rates on the debt that they issue or hold, with banks usually...more

Bank of England Consults on Reform of Sterling Overnight Index Average Interest Rate Benchmark

The Bank of England published a consultation paper on the Bank’s proposals to reform the Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The Bank of England, which took over as administrator of SONIA...more

Date of UK Stress Test Results Announced

The Bank of England announced that the results of the UK 2016 banking stress test would be reported to the relevant firms involved on November 29, 2016 and published on November 30, 2016...more

Bank of England Proposes Code of Practice for Recognized Payment System Operators

The Bank of England published a consultation paper proposing the introduction of a draft Code of Practice and Supervisory Statement on governance in recognized payment system operators. The final Code and the Supervisory...more

UK Regulators Move to Amend UK's Senior Manager & Certification Regime

The Prudential Regulation Authority and the Financial Conduct Authority launched a consultation proposing amendments to the Senior Manager & Certification Regime. Most of the changes result from the legislative changes made...more

UK Financial Policy Committee Maintains Countercyclical Buffer Rate

The Financial Policy Committee of the Bank of England released a statement following its meeting on September 20, 2016....more

Bank of England Deputy Governor for Markets and Banking to Leave the Bank

The Bank of England announced the departure of Minouche Shafik, Deputy Governor for Markets and Banking....more

Bank of England Proposes to Extend its Enforcement Remit

The Bank of England published a consultation paper on a proposed unified Enforcement Decision Making Committee. The EDMC would take decisions on the matters regarding: (i) firms and individuals regulated by Prudential...more

UK Financial Conduct Authority—Regulated Firms Can Go to the Cloud

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more

Your daily dose of financial news - The Brief – 8.5.16

The DOJ has asked the 2d Circuit to reconsider its May decision overturning the 2013 jury verdict (and subsequent $1.27 billion penalty) against Bank of America for fraud relating to its mortgage-generation HUSL program....more

Your daily dose of financial news - The Brief – 8.4.16

As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more

Your daily dose of financial news - The Brief – 7.14.16

The German bund broke new ground yesterday by going negative—the first 10-year debt offering in the Eurozone to do so—and still going like gangbusters.  Germany sold $5.3 billion in the bonds....more

Brexit – Real Estate Update

In the run-up to the referendum, many of the headlines focused on the economy and immigration. Little was made of the real estate market, which is surprising given that it is reported to be worth nearly £7 trillion; account...more

Your daily dose of financial news - The Brief – 7.13.16

On Tuesday, the SEC announced that Citigroup would pay $7 million and admit that it submitted “inaccurate trade data” to the Commission over a period of 15 years in order to resolve claims that it left out “thousands of...more

UK's Financial Policy Committee Responds to Brexit Vote by Eliminating the Countercyclical Buffer for Bank Capital

The Bank of England published its latest Financial Stability Report in which the Bank's Financial Policy Committee sets out the key risks to the UK's financial system and weighs them against the resilience of the system...more

UK Financial Regulatory Developments - July 2016 #4

BoE publishes SRFRR group minutes - BoE has published the minutes of the May meeting of the working group on Sterling Risk-Free Reference Rates (SRFRR). Among the issues discussed was a set of principles to facilitate...more

Your daily dose of financial news - The Brief – 7.1.16

Yesterday, Hershey rejected Kraft spinoff Mondelez’s $23 billion takeover offer, but the dealmaking efforts may not be over. The success of any increased offer lies in the hands of the Hershey Trust Company, a charitable...more

UK Financial Regulatory Developments - June 2016 #15

FCA brings investment fraud charges - FCA has charged five individuals with various offences under the Financial Services and Markets Act 2000 and with conspiracy to defraud. The offences relate to promotion and sale of...more

UK Legislation Implements Provisions of The Bank of England and Financial Services Act 2016

The Bank of England and Financial Services Act 2016 (Commencement No. 3) Regulations 2016 were made. The Regulations bring a majority of the provisions in The Bank of England and Financial Services Act 2016 into force...more

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