News & Analysis as of

Bank of England

Opening Up Access to UK Payment Schemes

by Latham & Watkins LLP on

Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly. The Bank of England has announced that a regulated payment services provider (PSP) has...more

UK Regulators Confirm Approach to Authorization and Supervision of International Banks, Investment Firms, Insurers and CCPs Under...

by Shearman & Sterling LLP on

Following the announcement on March 19, 2018 that a transitional period for Brexit had been agreed between the U.K. and the EU, the U.K. regulators have published statements setting out their expectations regarding firms'...more

2018 Set to be the Breakthrough Year for Green Loans and Green Securitisations

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 3, 2018 - While green bonds have been a high profile and popular instrument in the capital markets for the past few years, we expect 2018 to be a transformational year for the...more

UK Government Launches FinTech Sector Strategy

by Shearman & Sterling LLP on

HM Treasury has published a document entitled "FinTech Sector Strategy: Securing the Future of U.K. FinTech" to coincide with the U.K. government's second International Fintech Conference....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more

Bank of England Publishes Details of Its 2018 Stress Test

by Shearman & Sterling LLP on

The Bank of England has published a report entitled "Stress testing in the U.K. banking system: key elements of the 2018 stress test," providing details of the Annual Cyclical Scenario, which is the only stress test that the...more

UK Parliament Launches Inquiry into Digital Currencies and Distributed Ledger Technology

by Shearman & Sterling LLP on

The House of Commons Treasury Committee has launched an inquiry into digital currencies and distributed ledger technology in the U.K. The inquiry will consider the risks and opportunities of digital currencies for consumers,...more

Bank of England Consults on Incident Reporting Rule for CCPs

by Shearman & Sterling LLP on

The Bank of England has published a consultation paper on a new rule to formalize the supervisory expectation that CCPs will report any incidents relating to their information technology systems to the BoE. The BoE's move...more

Bank of England Confirms its Commitment to Wholesale Market Conduct Codes

by Shearman & Sterling LLP on

The Bank of England has published statements of commitment to the FX Global Code, the UK Money Markets Code and the Global Precious Metal Code. By issuing the statements, the BoE is demonstrating that it will abide by the...more

UK Regulators Confirm Approach to Authorization and Supervision of International Banks, Investment Firms, Insurers and CCPs...

by Shearman & Sterling LLP on

The Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority have published consultations and planning considerations affecting international banks, investment firms, insurers and CCPs...more

What now for LIBOR in finance documents?

by Dentons on

Andrew Bailey, chief executive of the FCA, announced on 27 July 2017 that the FCA would no longer use its influence or legal powers to persuade or compel LIBOR panel banks to continue making LIBOR submissions after 2021. This...more

UK Financial Stability Report Published

by Shearman & Sterling LLP on

The Financial Policy Committee of the Bank of England has published the latest UK Financial Stability Report. The FPC notes that the UK banking system is resilient and that UK banks are stronger than they were 10 years ago....more

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

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