Bank of England

News & Analysis as of

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

BoE publishes Court of Directors minutes

BoE has published the minutes from the meeting of its Court of Directors. The minutes focus on cyber resilience and the banking and markets reports recently carried out. ...more

BoE Bill undergoes second reading

The BoE Bill has been debated during its second reading in the House of Lords....more

CLLS responds to Treasury’s BoE Bill Consultation

CLLS has published its response to Treasury’s technical consultation on the BoE Bill’s proposals (see FReD 24 July and FReD 16 October)....more

BoE publishes approach to stress testing

BoE has published its approach to stress testing the UK banking system. The approach aims to provide clarity for firms and the wider public about stress testing plans for the next three years to 2018. Key features include...more

BoE publishes RFR meeting minutes

BoE has published the minutes from the 23 September meeting of its working group on Sterling Risk-Free Reference Rates (RFRs). The group discussed...more

Treasury introduces BoE Bill

Treasury has published the responses to the Government’s technical consultation on proposed changes to the governance of BoE (see FReD 24 July). It also introduced the Bank of England and Financial Services Bill (the BoE...more

BoE publishes FPC minutes

BoE has published the results of the Financial Policy Committee (FPC) meeting at the end of September. At the meeting FPC discussed the macroeconomic and financial environment, the resilience of the financial system and the...more

Changes to the insolvency regime

We published a blog update in May informing readers of the staggered implementation of the Small Business, Enterprise and Employment Act 2015 (the “SBEEA”). The SBEEA received Royal Assent on 26 March 2015 and a previous...more

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

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