Bank of England

News & Analysis as of

UK Financial Regulatory Developments - February 2016 #3

Treasury plans lending perimeter changes - Treasury has published the draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 for approval by both Houses of Parliament. Treasury...more

UK Financial Regulatory Developments - January 2016 #13

FCA reinstates unfair contract terms library - FCA has reinstated its unfair contract terms library, which it has reorganised in the light of the Consumer Rights Act (CRA) and CMA guidance. FCA does not intend to publish...more

UK Financial Regulatory Developments - January 2016 #9

FCA updates IPRU-INV, FC and EG - FCA is updating its Handbook on its website to convert the Interim Prudential sourcebook for Investment Businesses (IPRU-INV), the Financial Crime Guide (FC) and the Enforcement Guide...more

2016 Trends #3: Board Expectations for Ethics & Compliance Oversight Get More Specific, Uniform and Comprehensive

According to the U.S. Sentencing Guidelines for Organizations—and similar provisions found in other guidelines worldwide—an organization’s governing body is responsible to “exercise reasonable oversight with respect to the...more

BRRD – The UK’s Approach to MREL

The Bank of England (“BoE”) recently published a consultation paper1 (“Consultation”), detailing its approach to setting a minimum requirement for own funds and eligible liabilities (“MREL”) to be maintained by UK banks and...more

BoE issues statement on resolution planning

BoE has issued a policy statement on its power to direct institutions to address impediments to resolvability under the Banking Act 2009. It sets out the circumstances in which BoE would consider using its powers of...more

BoE and PRA consult on MREL

BoE and PRA are consulting on the minimum requirement for own funds and eligible liabilities (MREL) for all UK banks, building societies and certain investment firms. BoE’s consultation looks at its approach to setting the...more

Treasury consults on FPC housing market powers

Treasury is consulting on what powers the Financial Policy Committee within BoE should have in relation to the buy-to-let mortgage market, following FPC recommendations earlier in the year. ...more

BoE Bill passes through Lords Report Stage

The Bank of England and Financial Services Bill (BoE Bill) completed its Report Stage in the House of Lords. The Lords rejected an amendment to disapply the reverse burden of proof for senior managers, and said they would...more

BoE speaks to ECON

BoE Governor, Mark Carney, gave the opening statement at the meeting of EP’s Economic and Monetary Affairs Committee (ECON) in Brussels. He outlined the contributions of the European Systemic Risk Board to market resilience...more

BoE publishes FPC minutes

BoE has published the results of the Financial Policy Committee (FPC) meeting at the end of November. FPC made no new recommendations and kept the countercyclical capital buffer rate for UK exposures set at 0%. ...more

Parliament publishes structure Bill amendments

Amendments to the Bank of England and Financial Services Bill to be discussed at the Report stage in the House of Lords have been published. These include an amendment to...more

IFSB admits BoE

IFSB has admitted six new members and admitted BoE as an associate member. ...more

BoE issues Financial Stability Report

The latest Financial Stability Report says the UK financial system has become more resilient in line with regulatory requirements since the report in July (see FReD 3 July). It reports that stress-test results and banks’...more

BoE discusses prudential regulation and supervision priorities

BoE Director of General Insurance, Chris Moulder, has spoken to the Westminster Business Forum on the policy priorities for prudential regulation and supervision. He discussed the approach to the Solvency 2 regime, preferred...more

BoE publishes systemic risk results

BoE has published the results from its systemic risk survey for the second half of 2015 up to 25 September. The report finds that the perceived probability of a high-impact event in the UK financial system over the short...more

BoE Governor speaks to BoE open fourm

BIS has published Governor of the Bank of England (BoE) Mark Carney’s speech from the BoE Open Forum. He discussed the low level of trust in institutions and market mechanisms as a result of misconduct and a perceived lack of...more

Your daily dose of financial news The Brief – 12.2.15

Remember the suggestion a few weeks ago that Yahoo ditch its core business altogether and focus on its Alibaba stake? Well, it wasn’t just a fleeting idea. Yahoo’s board puts all options on the table later this week – WSJ...more

UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay

On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These...more

BoE publishes RFR meeting minutes

BoE has published the minutes from the 13 October meeting of its working group on Sterling Risk-Free Reference Rates (RFRs). The group...more

BoE responds to SONIA reform consultation

BoE has published the revised arrangements for its new sterling money market data collection. This reflects feedback received on BoE’s consultation (see FReD 7 August). Respondents expressed broad support for BoE’s plans to...more

BoE response to capital requirements consultation

PRA has published BoE’s response to the Commission’s consultation on the potential impact of CRR and CRD 4 on bank lending to the economy (see FReD 17 July and 23 October). The Commission will hold a conference later this...more

BoE Bill Committee stage announced

The Committee stage for the Bank of England and Financial Services Bill (BoE Bill) has been scheduled for 9 November and 11 November in the House of Lords....more

BoE speaks on Solvency 2

BoE Executive Director of Insurance Supervision, Sam Woods, has spoken to the Association of British Insurers about what is in store for those affected by Solvency 2 and offered some reflections on the new regime. He said PRA...more

EBA consults on BRRD guidelines

EBA is consulting on draft guidelines on how confidential information collected under the BRRD should be disclosed in summary or collective form without identifying individual institutions or entities. The guidelines say this...more

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