News & Analysis as of

Bank of England

Bank of England Consults on Procedures for Decision Making in Contested Enforcement Cases

by Shearman & Sterling LLP on

Following positive feedback to its consultation in 2016 on the establishment of an Enforcement Decision Making Committee, the Bank of England has published a consultation on the detailed statement of procedure and the...more

UK Central Securities Depositaries Regulations 2017 Published

by Shearman & Sterling LLP on

HM Treasury has published the Central Securities Depositories Regulations 2017, together with an explanatory memorandum. The Regulations implement, in part, certain Articles of the EU Central Securities Depositaries...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House has made it official and nominated Fed governor Jerome Powell as the next Chair of the Federal Reserve. Powell is expected to continue the basic fiscal (though not necessarily regulatory) policies of the...more

UK SONIA Interest Rate Benchmark Implementation Date Set: April 23, 2018

by Shearman & Sterling LLP on

The Bank of England has announced the implementation date for the reformed Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The BoE took over as administrator of SONIA on April 25, 2016. SONIA is...more

Continuity of Contracts and Business on a “Hard” Brexit: Human Rights and Reverse Solicitation to the Rescue!

by Shearman & Sterling LLP on

Various industry bodies and regulators, including the Bank of England and Bafin, have recently raised fears that there will be a cliff edge on Brexit for certain types of financial contract, most notably derivatives and...more

Bank of England Consults on Policy Proposals for the Valuation Capabilities of Firms to Support Resolvability

by Shearman & Sterling LLP on

The Bank of England has published a consultation setting out policy proposals on the minimum standard of valuation capabilities that firms should have in place to ensure that their valuations are sufficiently timely and...more

The Uncertain Future of LIBOR

by Miles & Stockbridge P.C. on

Each business day, shortly before 12:00 p.m. London time, the London Interbank Offered Rate, or LIBOR, is published. The rate, which is the average of up to 20 banks’ estimates of the interest rate at which they can borrow...more

Bank of England Opens Up Access to Payment Schemes for FinTech Firms

by Latham & Watkins LLP on

The Bank of England (BoE) announced on 19 July 2017 that it is extending direct access to its real-time gross settlement (RTGS) service to non-bank payment service providers (i.e., e-money institutions and payment service...more

TIME IS UP- BOE’s Deadline for Banks to Submit Their Brexit Plans Passes …

by Reed Smith on

On 7 April, the Bank of England gave financial firms a hard deadline of 14 July for submitting their contingency plans for Brexit, which passed last Friday. ...more

Bank of England’s Response to Financial Risks Arising from Climate Change

by Latham & Watkins LLP on

On 16 June 2017, the Bank of England (BoE) published an article setting out its response to climate change, explaining that climate change and society’s response to it presents certain financial risks. These risks arise...more

UK Delivery Plan for Consolidation of Payment Systems Operators

by Shearman & Sterling LLP on

The Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England, has published a recommended Delivery Plan for the consolidation of the operators of...more

Bank of England Launches Blueprint on New RTGS Service

by Latham & Watkins LLP on

RTGS service to be interoperable with distributed ledger technology, to allow greater access and to provide sophisticated data interface for liquidity management. There is an important opportunity for early-stage...more

A five minute roundup of upcoming cases and anticipated regulatory developments of interest to the Financial Services sector

by DLA Piper on

Welcome to the fourth edition of our On the Financial Services Horizon newsletter – a regular update on upcoming cases and anticipated regulatory developments affecting the Financial Services sector....more

Bank of England Publishes Consultation on Internal Ratings Based Approach

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a consultation paper outlining the Prudential Regulation Authority's proposed changes to the Internal Ratings Based approach...more

Blockchain Week in Review – April 2017 #2

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

UK regulatory innovation: So what's the Plan?

by Hogan Lovells on

In its 2015 Productivity Plan, the government committed to working with UK regulators to publish Innovation Plans setting out how legislation and enforcement frameworks could adapt to emerging technologies and disruptive...more

Bank of England Publishes Key Elements of 2017 Stress Test

by Shearman & Sterling LLP on

The Bank of England has published the key elements of its 2017 stress test. The 2017 test will comprise two scenarios, the annual cyclical scenario and, for the first time, a biennial exploratory scenario. The stressed...more

Regulation Round Up - March 2017

by Proskauer Rose LLP on

Key developments in March 2017: 1 March - The FCA published its Consultation Paper on "Reforming the availability of information in the UK equity IPO process" (CP17/5). The CP proposes a package of policy measures...more

Bank of England Deputy Governor for Markets & Banking and Chief Operating Officer Resigns

by Shearman & Sterling LLP on

Charlotte Hogg has formally offered her resignation to the Bank of England, which was publicly accepted on March 14, 2017. Ms. Hogg held the positions of both Deputy Governor Markets & Banking and Chief Operating Officer...more

Blockchain - a revolution for the insurance sector with some risks

by DLA Piper on

Blockchain is “the most important invention since the Internet itself” according to Marc Andreessen. And there is no doubt that there are huge potentials for the insurance sector to exploit such technology, but as any new...more

Bank of England Re-Proposes Averaging Methodology for SONIA

by Shearman & Sterling LLP on

The Bank of England published a supplementary consultation paper on its revised proposed averaging methodology to be used for the Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The BoE took over as...more

New Deputy Governor for Markets and Banking at the Bank of England

by Shearman & Sterling LLP on

HM Treasury announced that Charlotte Hogg had been appointed Deputy Governor for Markets and Banking at the Bank of England, effective March 1, 2017...more

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

by Shearman & Sterling LLP on

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

by Robins Kaplan LLP on

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

by Shearman & Sterling LLP on

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

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